Geopolitical tensions involving Iran have pushed oil prices higher and added volatility to global equities, even as investors sift through a fresh round of corporate earnings.
BNN Bloomberg spoke with Grant White, portfolio manager at Endeavour Wealth Management, about how investors should navigate the market reaction and the latest results from companies including MDA Space, CrowdStrike and George Weston.
Key Takeaways
- Oil prices have climbed above roughly US$85 per barrel amid concerns the conflict involving Iran could disrupt shipping through the Strait of Hormuz and threaten global energy supply.
- Markets reacted in a typical risk-off pattern, with equities pulling back while oil and safe-haven assets gained on geopolitical headlines.
- Volatility tied to geopolitical events is often short-lived, meaning investors should stay disciplined and focus on company fundamentals rather than reacting to headlines.
- MDA Space remains a higher-risk buy as demand for satellites and defence-related space infrastructure supports long-term growth, despite expected share volatility.
- CrowdStrike and George Weston remain hold-rated, reflecting strong cybersecurity fundamentals but a premium valuation for the former and steady but limited upside for the latter.
Read the full transcript below:
ANDREW: Apart from the fighting in the Middle East and the attacks on Iran and its retaliation, investors have more earnings results to unpack this morning, including MDA Space, George Weston and CrowdStrike. Let’s get more from Grant White, portfolio manager at Endeavour Wealth Management. Grant, it’s great to see you. Thanks very much. I saw a headline in the Globe today indicating that war is never a time to sell your stocks.
GRANT: No, I mean, I think the headline is right. Despite, obviously, the tragedy of the events going on, from a market perspective markets have very short memories for these types of geopolitical events. So you want to be very careful. I’ve had a few emails from investors talking about this as well and showing some concerns, and that’s natural. But it is something you want to be really careful about right now.
I think volatility can really be your ally, though. If you’re a disciplined investor, one of the things you have to be looking for right now — and we’ve been talking about this for months — is that fundamentals are really climbing to the top here. I think you want to focus on those fundamentals, and if you can find good opportunities to buy because of volatility, that’s a great thing for you as an investor. You want to be very disciplined right now because the headlines can be scary, but that doesn’t necessarily mean there will be a long-term impact on your portfolio.
ANDREW: Let’s get on to some companies reporting. MDA Space — what jumped out for you with those numbers, Grant?
GRANT: MDA Space is a company that I love. This is a really great Canadian story. If you’re interested in the economy of space, MDA Space has to be on your radar screens.
This is a great company with a lot of Canadian history in space — the Canadarm and Canadarm2. This is the company that brought that to life. Today they are big in the satellite game, particularly telecommunications satellites.
What stood out to me in the earnings is what we were really looking for, which is that continued flow of upcoming business — that pipeline — and how consistent that is going to be. What is looking really strong is that we are seeing that consistency. I’m very optimistic about this company going forward. We have it as a buy rating. Now it’s a buy with a little bit of volatility to be considered. I think there will be volatility in this company, but it’s very well managed, they do a great job, and the space economy is just picking up steam. This is a great Canadian story at the forefront of it.
ANDREW: Quite the jump — revenue surging 44 per cent. Geo-intelligence is one of their big businesses, along with robotics and satellite systems. Desjardins saying once again satellite systems were the star performer.
GRANT: Yes, satellites — telecommunications satellites — but defence spending as well. We know defence spending is going up in many parts of the world right now. A company like MDA Space, which builds satellites with defence in mind, is probably going to do pretty well in that environment. That’s also why we’re seeing that pipeline of upcoming projects looking so strong.
ANDREW: And their backlog apparently is above four per cent. It was down nine per cent quarter over quarter, but Desjardins doesn’t see this as a real problem. Apparently it excludes, for example, Radarsat-plus business.
GRANT: Yes, we don’t see it as a problem either. Again, what we were looking for is consistency going forward and the ability for them to execute on that. I think that’s exactly what we’re still seeing from this report. It’s still a very strong report from a great company.
ANDREW: What about CrowdStrike? What should investors pay attention to there?
GRANT: CrowdStrike is another really great company. They are one of the best in the game at what they do — cybersecurity. They’re one of the best in the world at it.
This was a decent report from them. The real challenge we find with CrowdStrike is pricing more than anything. They have great growth — we’ve seen that year over year — but that growth is priced in at this point. What we’re looking for is whether we can get in at a better entry point.
This is a company that, if volatility helps us out and brings the price lower, we would be very interested in. Right now we just find the entry point challenging from a pricing perspective. Outside of that, it’s a fantastic business. They’ve done very well, and we expect them to continue to grow at a reasonable rate going forward.
ANDREW: George Weston — it’s really the definition of a Canadian blue-chip stock controlled by the Weston family and Loblaw. They have that vast stake in that company. You reckon it’s not that cheap?
GRANT: Yes, it’s not that expensive, but it’s not that cheap either. When we look at pricing compared with historical averages — price-to-earnings or other metrics — we’re trading slightly above historical averages.
It’s a great defensive stock at the same time. We know this company is essentially recession-proof with the businesses it holds. If you’re looking at good core holdings, George Weston is a good company that many people across Canada will own.
But we don’t expect to see a major growth uptick from a share price perspective, especially at this price point right now. It’s a very good defensive stock that will continue to chug along. I don’t see any concerns with it. The report was fine — it was OK. There was nothing that stood out to me that said this is something we need to jump into right now.
It’s a good defensive stock that you can feel very comfortable owning. If the price comes down a little bit, it’s something we might add to. But right now it’s just a little bit expensive for what the company is.
When we’re looking at yields on it as well, there’s nothing super attractive. It’s an OK dividend yield. If you include the share buybacks, you’re closing in on about a three per cent total yield. Overall it’s nothing to write home about right now. I think there are better opportunities elsewhere.
ANDREW: Finally, what are your thoughts on Apple these days?
GRANT: Apple is such an interesting company. It’s one of those companies that I think is really going to surprise people.
They’ve been waiting in the weeds and playing that typical Apple playbook as it relates to AI. Now we’re seeing some strong releases this week, with the M5 chip being implemented into a lot of devices and more to come.
I like Apple because I think it’s the sleeper pick in the AI race. With their user base and what they’ve been able to execute in the past — and what I believe they can execute going forward — Apple could end up being the main entry point for AI for most consumers.
They’ve been slow, we all know that, and the share price has been punished because of that. But that may also be giving investors an opportunity to look at the company again. It’s a fantastic business.
ANDREW: They’ve been rolling out multiple products. There’s speculation they may unveil a new lower-cost MacBook today — although the company is saying it’s hosting an experience in New York.
GRANT: In any case, we’re all watching it. I think it’s going to be very interesting. Some of that magic might be coming back to Apple.
It’s not like the early iPhone days with Steve Jobs, but there is something to be excited about. That ecosystem of devices is perfect to implement and execute an AI strategy. If they can execute well — which I believe they can — Apple is going to be one to watch going forward. It could become the central hub for how more than two billion people access AI.
ANDREW: Grant, thank you very much indeed. Grant White of Endeavour Wealth Management.
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This BNN Bloomberg summary and transcript of the March 4, 2026 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.
