The TSX Index is in a better spot going into September, but don't let your guard down just yet! Even as tech stocks (think the ones innovating the most on generative AI) lead the way, I'd argue that it makes more sense to go with the value trade to finish off a year that's sure to be a stomach churner. The U.S. election is up ahead, and it's looking like it could go either way. Indeed, whenever the outcome is uncertain, you can expect extreme choppiness in the market waters.

Though I don't think it's anything to be concerned about (trading the outcome of an election is typically a bad idea), investors should insist on getting more per invested dollar. With investing legend Bill Ackman recently picking up some shares of Canadian companies, I'd argue that it's the TSX Index and its value focus that could stand tall for the rest of the year and the early part of 2025.

Without further ado, here are two Candian stocks for your radar while they're still trading at a nice discount. Though they could stay dirt cheap for a few more quarters, I find that sooner or later, Mr. Market will recognize the discount. Whether that entails a correction to the upside, however, remains the big question.

TFI International

TFI International (TSX:TFII) is a well-run less-than-load (LTL) trucking company that could experience a surge of business as Canadian rail strikes linger for longer. Undoubtedly, trucking can't replace rail, but it can do just a bit more of the heavy lifting to get bulk shipments from point A to B.

And like the rails, TFI serves Canada and the U.S. markets. At writing, shares are still down just over 7% from their all-time highs hit earlier this year. Undoubtedly, the pullback is on the back of a second quarter that saw weaker profits, though revenue came in pretty strong.

In any case, I view TFII stock as a bargain at 21.6 times forward price-to-earnings (P/E). The 1.1% dividend yield may be small, but it's a nice bonus for investors looking for a wide-moat firm that could have a competitive edge in this environment.

Brookfield Corp.

Bill Ackman recently loaded up on shares of Canadian alternative asset manager Brookfield Corp. (TSX:BN). I think there's no mystery as to why, especially in today's turbulent market. The company has some legendary managers and some enviable assets that span renewable energy, infrastructure, and, of course, asset management services. Further, the valuation is also quite modest at current levels. In a prior piece, I also praised the state of the balance sheet, which I thought would open windows of opportunity if the markets were to tank tomorrow.

Personally, I find BN stock to be the most intriguing holding in Ackman's Pershing Square portfolio. At writing, BN stock is up more than 50% over the past year. And I think more gains could be made as the firm plays every card it's dealt to the best of its ability. In many ways, BN stock is the ultimate one-stop-shop for investors seeking to do well over the long run. One of the newest additions to the Pershing Square portfolio may very well be its best.