U.S. Equities: Software, Security, and Shifting Regimes | EP 211
Art of Boring
In this episode, U.S. equity portfolio manager Grayson Witcher explores what it means to invest exclusively in American businesses at a time when the U.S. is becoming more short‑term, more transactional, and more central to global change. He contrasts a shifting U.S. “extraction” mindset with China’s longer-term industrial strategy and considers how that dynamic is reshaping globalization into a more regional, security-conscious world. The conversation then turns to portfolio implications: why the team has been reducing exposure to mature, highly penetrated software names facing...
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Emerging Markets: AI "Picks and Shovels," ROIC, and the Great Supply Chain Reshuffle | EP 210
Art of Boring
Wen Quan Cheong, co-manager of Mawer’s emerging markets equity strategy, outlines four major themes shaping the opportunity set today. First, the “picks and shovels” of AI: upstream enablers such as advanced chip manufacturers, memory makers, and specialized chip-testing firms that are benefiting from structural bottlenecks in the AI supply chain. Second, companies that are actually converting AI investment into higher returns on capital. Third, the “Great Supply Chain Reshuffle,” where national security concerns, tariffs, and “China plus one” strategies are driving a...
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Accounting Shenanigans and the Pursuit of Economic Truth | EP 209
Art of Boring
Equity analyst Alex Romaines joins the podcast to unpack “accounting shenanigans” and why getting from reported numbers to the economic truth of a business is so critical for long-term investors. Drawing on forensic accounting frameworks, he explains how a deep grounding in accounting shapes the way he interrogates financial statements—moving beyond compliance with standards to questions of judgment, incentives, and sustainability. The conversation discusses the issue of stock-based compensation: why adding it back to “adjusted” earnings can be misleading, how dilution and...
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Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208
Art of Boring
In a world where geopolitical tension, economic inequality, and technological change are all accelerating, what does it mean to be a long‑term, bottom‑up investor? In this episode, portfolio manager Paul Moroz explores how today’s regime differs from the post‑crisis “Pax Americana” era. Drawing on history—from Shakespeare to ancient debt jubilees—he connects recurring human patterns of fear, greed, and class conflicts to today’s tensions. The discussion then turns to specifics around how investors must adapt in a more volatile world, and how AI is emerging both as a powerful...
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Data Moats in the Age of AI | EP 207
Art of Boring
In this episode, we sit down with equity analyst Joshua Samuel to explore how artificial intelligence and large language models (LLMs) are fundamentally reshaping the nature of competitive advantages tied to data. Josh presents a comprehensive framework for evaluating data moats in the modern era, breaking down four critical categories that can separate lasting advantages from temporary ones. The conversation examines how companies across sectors—from FinTech to defense—are leveraging data to drive better decision making and outcomes. He also addresses the flip side: where traditional data...
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Quarterly Update | Q4 2025 | EP 206
Art of Boring
In this episode, Investment Counsellor Stu Morrow and Institutional Portfolio Manager Kevin Minas examine the forces reshaping markets in the fourth quarter. From central banks navigating the shift toward policy normalization to equity leadership rotating beyond mega-cap AI stocks, they explore how a resilient but slowing economy is influencing investment decisions. The conversation covers evolving credit conditions, geopolitical developments including recent events in Venezuela, and the portfolio adjustments being made as valuations rise and late-cycle dynamics emerge. Key highlights: ...
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Banks, Barrels and Gold: Canadian Equity in a Risky World | EP 205
Art of Boring
From lingering “Liberation Day” tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian...
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U.S. Mid-Cap Resilience: Beyond the Headlines | EP 204
Art of Boring
U.S. mid-cap equities are often overlooked, but beneath the headlines of consumer weakness and market volatility, there’s a more nuanced story. Portfolio manager Jeff Mo shares a bottom-up perspective on resilient—though bifurcated—consumer spending, margin surprises, and a capital expenditure boom that extends beyond AI. The discussion explores how company fundamentals, competitive advantages, and valuation opportunities are shaping portfolio decisions, with insights into sectors like defense and industrials. Jeff also addresses the impact of macro trends on stock selection, the...
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Credit Markets: Caution, Compression, and Opportunity | EP 203
Art of Boring
On this episode of The Art of Boring, Global Credit Portfolio Manager Brian Carney unpacks what he believes are some of the most pressing issues in credit markets today. He explores whether recent private market bankruptcies signal deeper systemic concerns, how to position for sovereign bond issuer risk in a sticky inflation world, and the impact of the AI-driven debt wave on credit spreads. He also discusses regulatory rollbacks in the lending markets, credit risk premium mispricings, and concrete portfolio actions for late cycle markets. Key Highlights Recent private market...
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International Equity: AI Enablers, Competitive Strength, Portfolio Resilience | EP 202
Art of Boring
In this episode, portfolio manager Peter Lampert discusses the evolving landscape of international equities, with a special focus on the portfolio’s exposure to AI enablers—companies powering the semiconductor supply chain, from power supply units to memory makers. Lampert explains the importance of distinguishing between firms merely riding the AI investment wave and those whose competitive positions are fundamentally strengthening as a result. The conversation also explores attractive valuations outside the U.S., the growing role of Japanese companies amid governance reforms and IT...
info_outlineIn this episode, Investment Counsellor Stu Morrow and Institutional Portfolio Manager Kevin Minas examine the forces reshaping markets in the fourth quarter. From central banks navigating the shift toward policy normalization to equity leadership rotating beyond mega-cap AI stocks, they explore how a resilient but slowing economy is influencing investment decisions. The conversation covers evolving credit conditions, geopolitical developments including recent events in Venezuela, and the portfolio adjustments being made as valuations rise and late-cycle dynamics emerge.
Key highlights:
- Global growth is moderating, labour markets are softening, and inflation is easing, giving central banks room to shift from restrictive policy toward gradual normalization.
- Steeper yield curves and very tight credit spreads leave bond investors with decent starting yields but limited compensation for taking extra credit or liquidity risk—arguing against “reaching for yield.”
- Equity leadership is broadening beyond a narrow group of U.S. megacap AI winners, with stronger participation from cyclicals, financials, and international markets—a healthier backdrop for diversified, active investors.
- The AI boom is increasingly about infrastructure—semiconductors, memory, power, and data centres—raising questions about sustainability, profitability, and bubblelike dynamics in parts of the ecosystem.
- Geopolitical shifts, including U.S. intervention in Venezuela and a move toward more transactional “spheres of influence,” reinforce the case for disciplined, diversified, valuation driven positioning and only incremental asset mix adjustments.
Host:
Kevin Minas, CFA, MBA, CAIA
Institutional Portfolio Manager
Guest:
Stu Morrow, CFA
Investment Counsellor
This episode is available for download anywhere you get your podcasts.
Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.
Visit Mawer at https://www.mawer.com.
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