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Anything but
Being ‘Not America’ is helping Canadian stocks right now since the TSX doesn’t live or die under the same bigoted leadership. US indexes can feel like a referendum on a small group of tech giants. Canada spreads its weight across banks, energy infrastructure, utilities, industry and materials. That mix can mitigate the damage if a busy trade comes to a halt, and the Canadian portfolio can still participate if global growth continues.
It also helps that Canada tends to look more reasonably priced when U.S. valuations run high. This does not require Canada to perform better every year. You just need a starting point that doesn’t require perfection. When you buy a market with more cash flow companies and fewer hype multiples, your return path may depend more on earnings, dividends and buybacks, and less on the market giving you a richer valuation.
There is also a practical geopolitical advantage to being “non-America.” Canada can benefit from supply chain shifts, resource security and a global push for critical minerals without being at the center of every trade battle. It still feels the blow when the US changes policy, but it is not always the target. In an environment where companies and governments want stable suppliers, Canada’s reputation as a reliable producer of raw materials, energy and infrastructure may be more important than it was a few years ago. So how can investors get in on the action?
TECK
Teck Resources (TSX:TECK.B) shows how this ‘non-America’ advantage can translate into a real investment case. The Canadian stock is a major Canadian mining company with a growing focus on copper, plus zinc and other byproducts. The last year of news around Teck has largely revolved around operational execution and copper leverage. Copper prices rose, and Teck’s results soon reflected that.
It also gave investors a clearer roadmap towards 2026. Teck reaffirmed a broad but meaningful 2026 copper production outlook of 455,000 to 530,000 tonnes. Teck also published unit cost guidance that investors should watch closely, estimating the net cash cost per unit of copper at about $1.85 to $2.20 per pound. Additionally, Teck reported fourth-quarter 2025 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.5 billion, up $678 million from the prior year quarter. Adjusted earnings from continuing operations attributable to shareholders amounted to $671 million, or $1.37 per share.
If you want to check in mid-cycle, Q2 2025 showed the company can still make money with less exciting pricing. Teck reported adjusted EBITDA of $722 million in the second quarter of 2025, slightly higher than the same quarter a year earlier, and pre-tax profit from continuing operations of $125 million. The Canadian stock highlighted improved profitability at Trail Operations as support, even as copper and zinc prices fell lower than the year before.
In short
Being “Not America” is not about anti-American thinking, but about balance. Canada offers a different mix, often a different valuation starting point, and real exposure to the materials and infrastructure the world still needs. Teck summarizes that idea in one Canadian stock. It gives you copper torque, a clearer production plan for 2026, and earnings power that can grow quickly if the cycle cooperates. If you want a practical way to diversify away from the crowded US position without straying into the unknown, this is the kind of Canadian name that can make the ‘not America’ case feel very real.
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