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Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth <\/p>\nKyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth, joins BNN Bloomberg to discuss the Canadian markets. <\/p>\n
Stock markets steadied as oil prices eased, though investors remain focused on whether the conflict in the Middle East will escalate and push crude prices higher.<\/p>\n
BNN Bloomberg spoke with Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth, about how rising oil prices are affecting markets and investment strategy.<\/p>\n
Key TakeawaysCanada\u2019s stock index may be more insulated than global peers during an oil shock because of its large energy sector weighting.Rising oil prices could eventually push inflation higher, reduce consumer spending and delay business investment.Historically, major oil shocks that triggered stock market declines of more than 15 per cent were linked to sustained price spikes, weak economies or aggressive central bank tightening.Geopolitical events that drive oil higher have often favoured value and dividend-paying stocks while weighing on growth stocks.Investors should avoid making major portfolio changes during geopolitical shocks and rely on diversified portfolios designed to withstand volatility.Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth <\/p>\n
Read the full transcript below:<\/p>\n
ROGER: Stock markets steadied this morning before turning slightly lower as oil prices eased and investors waited to see whether the conflict in the Middle East will escalate further. Our next guest says Canada\u2019s markets are more insulated than most because of the weight of the energy sector. However, he says that will mean little to consumers who will have to deal with higher prices as a result of the conflict.<\/p>\n
Joining us now is Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth. Kyle, thanks very much for joining us.<\/p>\n
KYLE: Thank you.<\/p>\n
ROGER: It is a difficult balance right now. There are some opportunities, but overall consumers are going to be paying for a lot of this. How are you approaching what is unfolding right now?<\/p>\n
KYLE: I was going to say that at least winter is over. But yes, it\u2019s certainly a mixed bag. From the TSX perspective, having such a large energy weighting has been a bit of an insulator for Canadian investors. But from the consumer and business perspective, obviously there are rising costs associated with that.<\/p>\n
What I would say, though, is that even though we have seen a sustained increase in oil prices so far, businesses are unusually strong, even though some of the headlines appear quite negative. Global earnings growth \u2014 not just in Canada and the United States but internationally \u2014 is exceptionally strong and at a level you don\u2019t often see outside post-recession recoveries or major economic booms.<\/p>\n
There are a few other elements as well. Consumer spending on energy-related products as a share of total disposable income has actually trended down over the past several decades. And there has been a long-term decline in energy intensity \u2014 the number of barrels needed to produce each dollar of global GDP.<\/p>\n
So it is an interesting environment for investors. It\u2019s not entirely surprising that equities are especially sensitive to a shock given how we started the year, with equities largely priced to perfection. Really, this year has been about who played the best defence and who was able to rebalance portfolios away from some of the more expensive areas of the market toward value, quality and dividend-paying names.<\/p>\n
ROGER: They say defence wins championships. Can I throw in the soft jobs numbers too, just to stir it up a little more?<\/p>\n
KYLE: Absolutely. There is certainly a cloud of uncertainty hanging over the Canadian economy. It\u2019s something that\u2019s been talked about a lot, and a weakening labour market certainly isn\u2019t helping.<\/p>\n
As we move into the summer with the review of CUSMA, I think as long as energy markets remain strong, who knows what the TSX can do. But from a broader perspective, most investors would like to see some of these issues dissipate so we can return to longer-term trends.<\/p>\n
ROGER: So how are you playing defence right now?<\/p>\n
KYLE: For us, it was really about how we entered the year and making sure our portfolios were built for resilience. My job is to help clients navigate uncertainty with portfolios that were already constructed to handle it.<\/p>\n
Once the shock of the day and the volatility currently gripping investors dissipate, it can become an opportunity where you look back and see that value was added to portfolios.<\/p>\n
One interesting development recently has been in software and technology. As you know, the first couple of months of the year were brutal because of concerns about AI disruption and questions around AI monetization, which weighed on many software stocks. Interestingly, a lot of those stocks are now starting to meet our investment screens, which suggests valuations have come down and entry points may be forming.<\/p>\n
Over the past couple of weeks, some of those names have actually provided support for portfolios while other areas have declined.<\/p>\n
ROGER: Looking at your notes, Deutsche Bank pointed out that historically when oil shocks hit and stock markets drop more than 15 per cent, it tends to occur alongside one of three conditions: a 50 to 100 per cent oil price spike sustained for several months, a slow-moving economy, or a sharp hawkish pivot from the Fed to fight inflation. We could potentially see all three right now, couldn\u2019t we?<\/p>\n
KYLE: We could. A lot of this has prompted investors to revisit what happened in the 1970s during the OPEC oil embargo. People are understandably concerned about stagflation.<\/p>\n
One key factor that helped the U.S. and global economies through that period was the credibility of the U.S. Federal Reserve. That credibility has come into question at times in recent months, and with a new Fed chair there will likely be pressure to reinforce the Fed\u2019s independence and credibility if these conditions persist.<\/p>\n
But the big question remains whether oil prices stay elevated for a sustained period. That will likely determine how markets respond. Over the past couple of weeks we have already seen the inverse relationship between oil prices and stocks, and I think investors will continue to watch that closely.<\/p>\n
ROGER: All right, I want to get to a couple of notable stocks you\u2019re following. OpenText.<\/p>\n
KYLE: OpenText was a recent addition for us. As I mentioned, there are some opportunities emerging in software. OpenText is a well-known Canadian company, and after recent declines the valuation became too compelling for us to ignore, with forward earnings around five times.<\/p>\n
I don\u2019t think it\u2019s as simple as saying hardware wins and software loses, which has been part of the narrative behind software stock declines over the past couple of months. As companies continue investing in AI adoption, that could actually benefit businesses like OpenText.<\/p>\n
They have a strong acquisition and integration strategy and a solid margin profile. What sets the stock apart from many peers is its nearly five per cent dividend. We see it as a quality company where investors are effectively paid to wait for sentiment around AI monetization and integration to improve.<\/p>\n
ROGER: We\u2019re almost out of time, but let\u2019s quickly touch on Canada Packers before we go. What do you like about it?<\/p>\n
KYLE: Canada Packers is the result of the spin-off of Maple Leaf Foods\u2019 pork business last year. We\u2019ve owned Maple Leaf Foods for a long time and it\u2019s been a strong performer for us.<\/p>\n
Canada Packers is essentially a pure-play pork company with strong fundamentals. It offers a roughly 4.6 per cent dividend and trades at a lower valuation than peers, likely because it\u2019s still relatively new as a standalone company and has a smaller footprint.<\/p>\n
As it builds a longer operating track record, that could lead to greater analyst coverage and potentially reward investors who get involved earlier.<\/p>\n
ROGER: We\u2019ll have to leave it there. Kyle, thanks very much for joining us. Have a great weekend.<\/p>\n
KYLE: Thank you.<\/p>\n
ROGER: Kyle Taylor is wealth advisor and portfolio manager at Tridelta Private Wealth.<\/p>\n
—<\/p>\n
This BNN Bloomberg summary and transcript of the March 13, 2026 interview with Kyle Taylor 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.<\/p>\n","protected":false},"excerpt":{"rendered":"Kyle Taylor, wealth advisor and portfolio manager at Tridelta Private Wealth, joins BNN Bloomberg to discuss the Canadian…\n","protected":false},"author":2,"featured_media":534639,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-534638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/534638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=534638"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/534638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/534639"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=534638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=534638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=534638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}