The Globe and Mail reports in its Tuesday edition that while U.S. President Donald Trump may not like the stock market's reaction to his chaotic first few months in office, he still seems to think that a new "golden age" is just around the corner. Guest columnist Gordon Pape writes that industry leaders in both Canada and the U.S. are trying to figure out the precise implications of the tariffs and whether we should be preparing for a temporary conflict or trench warfare. At times like this, it is important to remember that there is never a crisis without opportunity. During the Great Financial Recession of 2007-09, banking stocks became ridiculously cheap as investors panicked after seeing the likes of Bear Stearns and Lehman Brothers go down. At one stage, Bank of Montreal shares were offering an 11-per-cent yield as investors expected a dividend cut. It never happened and the stock eventually rebounded. The same thing will probably happen this time. Some first-rate companies with little or no direct exposure to tariffs will see big declines in their share prices. Nobody can predict when they will hit bottom and start to rally, but this phase will eventually pass and when it does there will be rewards for investors.