The Big Story Weekend Listen: How to invest during geopolitical volatility
Jan 17, 2026
In this discussion, Andrew Pyle, a seasoned investment advisor at CIBC Wood Gundy, shares his insights on navigating the turbulent waters of geopolitical volatility. He highlights how markets often show surprising resilience despite chaotic headlines. Pyle emphasizes the pivotal role of the U.S. consumer in economic stability and explores Canada's external trade challenges. He also touches on the allure of precious metals as safe havens while cautioning that gold's value may shift if risks diminish.
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Markets Price Policy Bluster, Not Worst Case
- Markets have learned to adapt to policy volatility and often price in bluster rather than worst-case actions.
- Equity players are pricing benefits from tax cuts and deregulation despite headline risks.
The Consumer Dictates 2026 Growth
- The U.S. consumer is the Achilles heel of North American growth because consumption drives roughly 70% of GDP.
- If consumers retreat, AI-driven gains and corporate valuations risk a significant correction.
Trade Policy Will Drive Canada’s Focus
- External geopolitics and trade diversification will stay at the top of Canada’s policy agenda in 2026.
- The situation echoes 2018 where early-year gains masked a later volatile midterm-driven market drop risk.