Canadian markets delivered solid gains in 2025 despite sharp swings driven by tariffs, profit-taking and renewed anxiety around artificial intelligence valuations. As 2026 approaches, investors face a potentially choppy start to the year that may reward discipline over momentum.
BNN Bloomberg spoke with Grant White, portfolio manager and investment advisor at Endeavour Wealth Management, about staying diversified, focusing on balance sheets and cash flow, and navigating volatile names across energy, airlines, technology and AI-linked stocks.
Key Takeaways
- Canadian markets produced strong returns in 2025, but early 2026 could bring renewed volatility and profit-taking.
- Concerns about an AI bubble persist, though long-term opportunities remain for companies with durable fundamentals.
- Balance sheets and cash flow are becoming more important as valuations tighten and speculative trades fade.
- Energy-related stocks continue to benefit from rising power demand linked to AI and electrification trends.
- Selectivity matters in 2026, with investors weighing quality and resilience over hype-driven momentum.
Read the full transcript below:
ANDREW: Between tariffs and fears of an AI bubble, 2025 has been a volatile year, but a pretty good one for stock market investors. Let’s get more on the price swings we’ve seen for certain stocks. We’re joined by Grant White, portfolio manager and investment advisor at Endeavour Wealth Management. Grant, great to see you. Broadly speaking, how are you approaching 2026?
GRANT: Good to see you as well, Andy. I think 2026 is going to be an interesting start to the year, to say the least. As you pointed out, 2025 has been a very interesting year with lots of volatility, and I think that’s going to continue into 2026. We’ll probably see some profit-taking continue. We’re already seeing a bit of that, especially among the Magnificent Seven.
I think everyone wants to finish 2025 on a strong note, but heading into 2026, I wouldn’t be surprised at all to see a dip in the markets. Investors need to stay focused on fundamentals and high-quality companies. Diversification is going to be important if you want consistency in your portfolio.
I’m not saying 2026 can’t be a good year. I just think we’ll see some rockiness early on, and then we’ll see where things go from there. A lot can happen.
ANDREW: When you say “high quality,” what do you mean? We hear portfolio managers use that phrase a lot.
GRANT: It’s an easy phrase to toss out. What it really means for me right now is focusing on balance sheets and cash flow. I want to make sure we’re holding companies that can sustain storms and weather volatility.
I am concerned about valuations, but I’m less focused on short-term share price movements and more focused on the strength of the balance sheet and the cash flow profile. I’m avoiding speculative bets. We’ve seen a lot of speculation this year, particularly around where AI could go.
Heading into 2026, I’m much more focused on company fundamentals.
ANDREW: You’ve been watching some stocks that were volatile this year. Let’s start with Cameco. You see it as a buy, but it’s had some big swings.
GRANT: It’s gone through a lot this year. We saw downside of roughly 30 to 40 per cent earlier in the year, followed by a lot of upside as momentum picked up, including around Liberation Day and the broader AI trade.
I still really like Cameco. The long-term story is still there. From a valuation perspective, I think it’s fairly priced — not super cheap, but reasonable. There are a lot of tailwinds that could lift the company going forward.
Energy production will need to keep increasing to meet demand, and AI has only amplified that need. Cameco is well positioned, and companies tied to energy production should continue to play an important role.
ANDREW: Another name you’re more cautious on is Air Canada, which you describe as a hold or conditional buy. What’s your view there?
GRANT: I always struggle with airlines, Andy. Air Canada is a well-run company, and management has handled some significant challenges this year, including labour disruptions and strikes.
There have been plenty of headwinds, including a tougher travel environment, particularly for U.S. travel. That said, I think Air Canada has weathered the storms relatively well.
The stock is down meaningfully over the past year, after seeing a sharp decline and a rebound before settling out. From a pricing perspective, it’s reasonable, but you really have to like the forward-looking story. I’m not a huge fan of airlines as an investment overall.
ANDREW: Tesla is not a stock you’d be putting new money into right now.
GRANT: No. With Tesla, you’re really buying into speculation at this point. You’re betting on things like robotaxis, autonomy at scale and future technologies like robotics.
If you fully believe those stories, Tesla could be undervalued today. But there are a lot of things that can get in the way, including competition. In Europe, for example, many consumers are buying Chinese-made electric vehicles instead.
We’re holding Tesla. I’m a long-time personal shareholder, but we’re not adding at these levels. I like the company, but I don’t like the valuation. If there were a better price opportunity, it would be more attractive.
ANDREW: Micron Technology has also seen major swings, at one point falling about 75 per cent.
GRANT: It’s really been a tale of two years. Micron struggled significantly earlier in the year, and then it’s been on fire since early April.
We still really like the company. If you believe in the AI story — and it’s hard not to — Micron plays a key role as a memory chip producer. It’s a classic pick-and-shovel investment in AI and broader technology infrastructure.
From a valuation standpoint, it’s fairly priced. It’s not cheap, but there’s a lot of runway ahead. I expect Micron to continue benefiting from these long-term trends.
ANDREW: We’ll leave it there. Grant, thanks very much.
GRANT: Thanks, Andy. Always a pleasure.
ANDREW: Grant White, portfolio manager and investment advisor at Endeavour Wealth Management.
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This BNN Bloomberg summary and transcript of the Dec. 17, 2025 interview with Grant White are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
