Investors are navigating elevated valuations, geopolitical uncertainty and shifting expectations around artificial intelligence as they look for opportunities in the second half of the year. Despite ongoing volatility, corporate fundamentals and earnings growth continue to support equities.
BNN Bloomberg spoke with Grant White, portfolio manager and investment adviser at Endeavour Wealth Management, about where he sees value in today’s environment and why he favours Alphabet, Exchange Income Corporation and Sea Limited for long-term investors.
Key Takeaways
- White believes strong corporate fundamentals and earnings growth continue to support equities despite ongoing macroeconomic uncertainty.
- He cautions investors about elevated valuations and warns against chasing momentum-driven themes or highly anticipated IPOs.
- Alphabet remains attractive due to its cash generation, AI capabilities and exposure to multiple long-term growth drivers, including its investment in SpaceX.
- Exchange Income Corporation offers stable cash flows, disciplined acquisitions and defensive characteristics that could help investors weather volatility.
- Sea Limited provides exposure to Southeast Asia’s growing digital economy through its e-commerce, fintech and gaming businesses while trading at what White views as an attractive valuation.
Read the full transcript below:
MATT: Well, investors continue to digest interest rate expectations, geopolitical tensions, fiscal deficits and questions surrounding global growth. Now, despite those concerns, our next guest points out that earnings growth has generally remained supportive of equity markets. Let’s get more from Grant White, portfolio manager and investment adviser at Endeavour Wealth Management. Grant, good to see you. Thanks for being here.
GRANT: Hey, my pleasure. Thanks so much for having me.
MATT: So, I’m curious. Given all those factors, given everything we have seen, the volatility in the markets, you remain positive. Tell us why.
GRANT: Well, naturally, I’m generally positive about the markets, and I think that pays off over time. Obviously, you go through ebbs and flows in the markets, but I think we’re actually seeing a lot of really strong trends still, especially when you look at the fundamentals of the companies that are out there performing well.
I think this is a time when you’ve really got to be careful about the short-term noise because there are some really high-quality assets and companies that are doing very, very well at this time. And, yeah, maybe some of the pricing has gotten a little ahead of itself, but at the same time, if you focus on fundamentals, there are good opportunities either now or that will be coming out of these markets.
So, it’s not going to be a straight-up line. We know that it never is. But there are lots of great opportunities out there and, generally, yeah, I’m quite optimistic about where we go over the next few months and throughout the remainder of the year.
MATT: Where are those opportunities for you? Where do you think the biggest ones are?
GRANT: I think you’ve got to be choosy in this type of market because there are some companies that got a little ahead of themselves. But there’s been so much noise over the last little while, whether it’s from the SpaceX IPO or anything related to AI, that there are a lot of companies flying under the radar.
A company that I actually really like talking about right now is Alphabet. It’s weird to say Alphabet is flying under the radar because it’s obviously one of the best companies in the world, in my mind. But I think Alphabet has done an incredible job.
If you’re looking at big trends like SpaceX, for example, people often forget Alphabet is one of the major shareholders in SpaceX. They’ve compounded at about 51 per cent per year over the last 11 or so years on that position. So, there are some really good opportunities. Like I said, you’ve just got to get into the details a little more than just the headlines.
MATT: Where is the biggest risk right now for investors, given where we stand?
GRANT: Pricing. I absolutely think pricing is the biggest risk. That’s an ongoing theme, but especially right now there are some pretty high valuations out there.
We’re hitting records on a regular basis, and I think you’ve got to be a little careful about what you’re buying. I’ll use SpaceX as a prime example. I think it’s a fantastic business, but they’re not going public right now because they think the valuation is a bargain. The reality is they’re pricing it as high as they think it can go right now.
I think investors should be cautious about buying into a trend or buying into the momentum of some of these companies because you could quite easily see a 20 to 30 per cent dip in some of these assets. Not necessarily the broader market, but some of these individual assets could see a significant pullback. So, be very careful on pricing right now.
MATT: The valuations certainly seem sky-high. I’m curious where you fall on some of the other IPOs that could be coming. When we talk about OpenAI and Anthropic here in the next little bit, where do you stand on that? We’re likely going to see investors pulling money out of other things in order to invest there. How much of an impact is that going to have?
GRANT: I think it’s going to have a pretty good impact, but I’d be very cautious about these things.
We use Anthropic products on a daily basis. Claude is one of the best tools we’ve ever had. So, I don’t think there’s a question about the quality of the businesses. I do think there’s a question about pricing, and frankly, that’s something the market will work through in time.
I’d be cautious about buying into the IPOs. I think there will be better opportunities down the road.
The other thing I’d be really cautious about is this. If we were talking six months ago, Alphabet was at the top of the AI game and everybody was really excited about everything they were doing. Now they seem kind of boring and are sitting in the background.
This story is changing so dramatically and so quickly. I’d be very careful about buying what you might call a one-trick pony where they’re so reliant on their model working out because I think these products are becoming increasingly commoditized and very similar across the board.
When it gets to that point, what happens if a company like Alphabet aggressively prices Gemini and scoops up a significant amount of corporate business simply because it can afford to do that? They’ve got the cash to do it.
So, I’d be very cautious on an Anthropic IPO and an OpenAI IPO because the next few years are going to be interesting, to say the least, for all of those companies.
MATT: Yeah, very interesting for the next little while. You talked about Alphabet a little bit there. Another one of your picks is Exchange Income Corporation. Tell us why that’s so interesting right now.
GRANT: On the opposite side of the scale, Exchange Income is one of those more boring companies. I love this company because it continues to chug along all the time.
I think why you want to have something like this in your core holdings is that people often make the mistake of buying it mainly for the yield. I think that’s a mistake. They’ve got a three to four per cent dividend yield right now, which is good, obviously, but if you’re focusing too much on that, you’re missing the real story.
They’ve got great management, consistent cash flow and revenue streams from things like government contracts related to essential services, especially in places like the North through air travel and other operations.
What you should really like about this company is the acquisitions they make on a consistent basis. They’ve shown a strong track record of doing that, and I believe they will continue to do so long into the future.
Again, this is a good core holding. It’s on the opposite end of the excitement scale from AI, Anthropic, OpenAI or SpaceX. But it’s a really good compounder in a portfolio, and it has historically weathered storms well. If we see volatility over the next little while, Exchange Income is one that could be a nice holding in a portfolio.
MATT: And quickly, Grant, before I let you go, you also like Sea Limited. Just give us a quick breakdown there.
GRANT: Yeah, Sea Limited. I love this company. We’ve owned it for many years.
There are a lot of reasons we like it. There’s definitely the consumer side. It’s a bit like an Amazon-style company based out of Southeast Asia, particularly Singapore.
The pricing is great on this right now. It was sold off a few years ago when there was all the turmoil around Chinese companies. I think people mistakenly assumed it was Chinese when, in fact, it’s based in Singapore.
You can still buy this company at what I think is a really attractive price. Revenues are increasing at roughly 47 to 50 per cent per year right now, and they’ve got some really great products, whether it’s related to consumer activity, financing, banking or payments.
This is just a fantastic business. If you like an Amazon-style company and want exposure to a growing market in Southeast Asia, Sea Limited is one of the best companies out there right now. Again, I think it’s available at an attractive valuation.
MATT: Grant White, portfolio manager and investment adviser at Endeavour Wealth Management. Grant, appreciate this today. Thanks so much.
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This BNN Bloomberg summary and transcript of the June 18, 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.
