The time to buy is when interest rates start to rise. This would...

The time to buy is when interest rates start to rise. This would seem to be the case in the U.S.A. with bond yields indicating a rise in interest rates.

ALF is sitting on shareholders funds with the cash generated from the sale of borrowed shares, forming their short portfolio, used to buy the shares that are in their long portfolio. Consequently, in round figures, for every percentage point rise in interest rates a similar rise occurs in ALF's net profit.

This is the very stock you should own when interest rates rise.