Art of Boring

Listen as Mawer Investment Management Ltd. takes a deeper dive into the investment philosophy and strategies that have helped put the odds in their clients’ favour for over 50 years.

Quarterly Update | Q4 2024 | EP178 01/21/2025

Quarterly Update | Q4 2024 | EP178 In this episode, we discuss 2024's economic landscape and what to expect in 2025, with Crista Caughlin, lead portfolio manager of the Mawer Canadian bond strategy. Crista highlights U.S. and Canadian growth trends, central bank rate adjustments, housing market dynamics, equity and fixed-income performance, and political uncertainties. She also discusses Mawer’s asset allocation strategy, balancing risks with opportunities amidst shifting fiscal policies, trade tensions, and global economic developments heading into 2025. Key Takeaways: The year 2024 saw resilient U.S. growth despite headwinds, while Canada faced weaker growth and higher unemployment. Q4 showed modest improvements in Canadian growth and employment, but inflation trends potentially shifted upward in both regions late in the year. In 2024, the Bank of Canada aggressively eased rates, cutting 175 basis points, responding to weaker growth and target-level inflation. The Fed eased more gradually, cutting 100 basis points, as robust U.S. growth supported higher rates. Both central banks aimed to shift from restrictive to less restrictive policies. Political changes in Canada and the U.S. have created uncertainty for fiscal policies and trade dynamics. Tariffs pose risks to Canadian growth and inflation. Central banks remain cautious, awaiting policy clarity while navigating trade and economic interdependencies. The Canadian housing market faces reduced pressure due to Bank of Canada rate cuts and proactive bank measures like extended amortization. However, 2025's higher mortgage renewals at elevated rates pose ongoing risks to household spending and economic growth. Equity markets posted strong 2024 returns, driven by a stronger U.S. dollar, AI growth, and financial sector strength. Fixed-income returns were flat in Q4 but solid annually, with tightening spreads and rising Canadian 10-year rates prompting a defensive portfolio stance. The asset mix committee maintained a neutral equity stance, underweight bonds, and overweight cash in 2024, balancing hard landing concerns with market momentum. Key 2025 themes include fiscal policy uncertainty, global deficits, higher neutral rates, and opportunistic portfolio adjustments to enhance diversification. Host: Kevin Minas, CFA, MBA, CAIA, Mawer Institutional Portfolio Manager Guest: Crista Caughlin, CFA, Mawer Portfolio Manager, Fixed Income For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / mawer-investment-management Instagram - / /episode/index/show/artofboring/id/34930535

Canadian Equity: 2024 Overview and Looking Ahead to 2025 | EP177 01/15/2025

Canadian Equity: 2024 Overview and Looking Ahead to 2025 | EP177 In this episode we discuss the Canadian equity market with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark highlights the key drivers behind Canadian equities' strong 2024 performance, highlighting standout sectors like technology, financials, energy midstream, and gold. He also examines challenges in telecommunications and real estate, discusses risks from slower economic growth, inflation, and higher mortgage rates, and emphasizes strategic portfolio adjustments. Key Takeaways: Canadian equities excelled in 2024, driven by strong performance in technology, financials, energy midstream, and gold companies. Elevated valuations now prompt focus on sustainable growth and identifying new opportunities. In 2024, banks benefited from moderated loan growth, margin expansion, cost controls, and strong wealth management and capital markets earnings. Canadian insurance companies transitioned to stable earnings through improved product mixes, rational competition, and capital efficiency. Industries facing challenges or weaknesses in Canada include telecommunications (regulatory pricing pressures, rising competition, and higher refinancing costs) and real estate (expensive debt refinancing, softer industrial demand, and slower rent growth). Looking ahead to 2025, key risks for Canada include slower economic growth, inflation-driven policy shifts, a weakening Canadian dollar, and higher mortgage refinancing rates. To maintain strong portfolio performance, the focus will be on recycling capital into undervalued opportunities, prioritizing bottom-up analysis, and consistently selecting companies with strong fundamentals, aligned management, and reasonable valuations. Host: Andrew Johnson, CFA, Mawer Institutional Portfolio Manager Guest: Mark Rutherford, CFA, Mawer Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / Instagram - / /episode/index/show/artofboring/id/34857610

Why Invest Outside of the U.S.? The Benefits of EAFE Large Cap | EP176 12/23/2024

Why Invest Outside of the U.S.? The Benefits of EAFE Large Cap | EP176 In this episode, we discuss Mawer’s EAFE large cap portfolio with Ian Turnbull, an equity analyst at Mawer. Ian explores the portfolio's diversification benefits, offering exposure to resilient, high-quality companies in 21 markets such as the Nordics, Switzerland, and Singapore. The team targets proven companies with strong moats and global leadership. Key holdings include Wolters Kluwer, BAE, and Chugai. AI's potential in healthcare R&D is highlighted, though regulatory hurdles persist. The team emphasizes balancing risks, leveraging themes like pharma innovation, defense, electrification, and AI, and addressing geopolitical uncertainties for a resilient, long-term portfolio. Key Takeaways: • The EAFE Large Cap portfolio provides diversification, mitigating risks like U.S. concentration and valuation fragility. It offers compelling opportunities in smaller, well-performing countries like the Nordics, Switzerland, and Singapore. The team’s bottom-up approach targets high-quality companies, emphasizing resilience and long-term potential across 21 diverse markets. • Mawer defines large cap as the top two-thirds of the MSCI EAFE Index ($11B market cap), favoring proven, resilient companies with established moats, economies of scale, and global leadership, tested through cycles and challenges. • Highlighting a few key holdings, Wolters Kluwer’s successful shift from print to digital boosted recurring revenue, customer stickiness, and margin expansion, with AI enhancing value creation and growth. • Another top holding, BAE, benefits from stable government funding and high capital returns. With new management and growing defense spending, it offers strong growth potential, especially in Europe, amid rising geopolitical tensions. • Chugai, a top holding in Japan, was once a distributor for Roche but has evolved into a key R&D engine, developing successful treatments like Hemlibra. Its GLP-1 partnership with Eli Lilly offers strong upside potential. • AI in healthcare R&D promises faster drug discovery, optimizing early-stage processes and reducing costs, benefiting companies with strong R&D cultures while still facing regulatory limits in clinical stages. Valuation in pharma is complex, especially with competition in GLP-1s. • The EAFE Large Cap team focuses on creating a resilient portfolio by balancing risks, seeking contradictions between holdings, and ensuring exposure to key themes like pharma innovation, defense, electrification, and AI, while monitoring geopolitical risks and tariffs. Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guest: Ian Turnbull, CFA, Mawer Equity Analyst For more details and full transcript visit: https://mawer.com/the-art-of-boring/podcast This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/34558345

Maintaining an All-Weather Strategy: The U.S. Mid Cap Equity Landscape | EP175 12/13/2024

Maintaining an All-Weather Strategy: The U.S. Mid Cap Equity Landscape | EP175 In this episode, we discuss the U.S. mid-cap landscape with Jeff Mo, manager of the U.S. mid cap equity strategy at Mawer. Jeff touches on risk management, emphasizing disciplined adherence to investment philosophy and the benefits of balancing risk and return through natural contradictions, like pairing discretionary consumer-focused SharkNinja with countercyclical firms such as FTI Consulting. Additional topics include preemptive risk management, maintaining an all-weather portfolio, and leveraging a robust inventory process to adapt. Key Takeaways: In a hot market, risk management means resisting the temptation to chase speculative trends or high-growth fads without competitive advantages. Instead, it requires disciplined adherence to an investment philosophy—prioritizing quality businesses with strong fundamentals and sustainable value. Purposeful diversification includes inherent contradictions, ensuring steady wealth creation across interest rate cycles by balancing companies benefiting from both low- and high-rate environments. Despite recent market volatility and election-related uncertainties, the focus remains on maintaining an all-weather strategy. The team continues to evaluate companies based on fundamentals and earnings, with no drastic portfolio adjustments needed during this time. Inventory is crucial for risk management, providing a range of high-quality, pre-analyzed options. Mawer’s extensive, multi-stage inventory process ensures quick access to companies with competitive advantages, allowing for strategic, timely decisions based on evolving market conditions. To illustrate natural contradiction, Jeff shares details on specific holdings. SharkNinja's competitive edge lies in its rapid product development, allowing market share growth despite its consumer discretionary risks. To balance, the portfolio includes companies like FTI Consulting and CACI, which thrive in different market conditions, providing stability through natural contradictions. Host: Rob Campbell, CFA Mawer Institutional Portfolio Manager Guest: Jeff Mo, CFA Mawer Portfolio Manager For more details and full transcript visit: 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/34423725

Opportunities and Watchpoints: A Deep Dive into Global Credit | EP174 12/03/2024

Opportunities and Watchpoints: A Deep Dive into Global Credit | EP174 In this episode, we discuss key trends and positioning in credit markets with Brian Carney, lead portfolio manager of the Mawer global credit opportunities strategy. We touch on the year’s strong performance driven by tighter spreads, higher yields, and emerging risks such as low risk premiums and the U.S. election. Topics include corporate issuance, fallen angels, and public-private credit convergence. Emphasizing capital preservation, Brian highlights portfolio positioning in high-quality, short-duration securities, such as North American bank bonds, while avoiding high-yield exposure. Key Takeaways: Credit markets have performed well this year, driven by tighter spreads and higher benchmark yields, but risk premiums are historically low. Brian suggests investors prioritize capital preservation over chasing yield, avoiding high-yield bonds and long-dated credit. Post-U.S. election, vigilance is key amid potential policy-driven market shifts. Trends in the past quarter include fallen angels, commercial real estate risks, and potential high-yield defaults. An actively managed, absolute return credit strategy offers diversification, income, and potential capital appreciation while protecting against adverse credit and interest rate moves. It’s ideal for long-term investors seeking alternatives to passive strategies and opportunities in volatile or distorted markets. Brian recommends investors view absolute return credit as a long-term allocation, not for market timing. Market dislocations are brief, and panic often prevents opportunistic moves. Mawer’s portfolio is managed bottom-up, focusing on individual credit assessments to mitigate risk and seize opportunities. It prioritizes short-duration, high-quality holdings, avoids high yield, and ensures diversification with a maximum issuer cap of 10%, balancing downside risk and concentrated positions. Optimism abounds for long-term credit opportunities and future discussions on continued progress. Host: Kevin Minas, CFA, MBA, CAIA Mawer Institutional Portfolio Manager Guest: Brian Carney, CIM Mawer Portfolio Manager, Fixed Income For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / mawer-investment-management Instagram - / /episode/index/show/artofboring/id/34263195

The “S&P 493”: Managing Risks and Opportunities in the Global Equity Strategy | EP173 11/28/2024

The “S&P 493”: Managing Risks and Opportunities in the Global Equity Strategy | EP173 In this episode, we discuss the global equity strategy with Christian Deckart, chief investment officer and portfolio manager at Mawer. Christian stresses managing absolute risk over relative risk for better long-term outcomes and details Mawer’s approach to risk management, focusing on decision-making, portfolio risks, and external factors such as government debt and rising rates. He also discusses adapting to AI trends, preferring companies leveraging AI applications over infrastructure investments. He emphasizes maintaining focus on fundamentals amid evolving global and technological landscapes. Key Takeaways: Effective risk management begins with a sound decision-making culture, clear accountability, and thorough evaluation of securities, portfolios, and systemic exposures to avoid unintended biases. Market and portfolio vulnerabilities include rising government debt, interest rate shocks, hidden real estate losses, over-specialized economies, and investor psychology driven by greed and fear. Disciplined risk management and avoiding overreliance or shortsighted behaviors in markets are important keys to success. While AI and semiconductor stocks dominate attention, there are overlooked opportunities in the broader U.S. market, diverse, underappreciated companies that meet rigorous criteria at attractive valuations. Christian highlights investments with potential to leverage AI applications for competitive advantage and long-term profitability beyond initial AI infrastructure trends. While the global equity strategy's absolute performance in 2024 is strong, relative performance lags the benchmark due to its different composition, particularly the focus on stable, "boring" businesses versus high-growth sectors like AI infrastructure. Christian attributes the global equity strategy's underperformance to its broader diversification compared to the benchmark, with a larger focus on stable, recurring businesses and less emphasis on high-growth sectors like AI, particularly in the U.S. market. Host Name and title: Rob Campbell, CFA Mawer Institutional Portfolio Manager Guest names and titles: Christian Deckart, CFA, PhD Director, Chief Investment Officer, Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / mawer-investment-management Instagram - / /episode/index/show/artofboring/id/34193220

Navigating Market Complexities: Insights from the Trading Desk | EP172 11/26/2024

Navigating Market Complexities: Insights from the Trading Desk | EP172 In this episode, we discuss market insights with two representatives from the trading desk: Rita Tien, who trades the Americas from Toronto, and Peter Dmytruk, who trades Asia from Singapore. Rita and Peter highlight the complexities of trading, emphasizing the importance of regional differences and the role of the trading desk in executing investment decisions. They discuss the impact of the Japanese carry trade, the shift to T+1 settlement cycles in the U.S. and Canada, and the influence of ETFs and retail investors on market volatility. They also touch on the role of multi-strategy hedge funds and the challenges of managing market risks. The conversation underscores the need for long-term investment strategies and the importance of understanding market structures and dynamics. Key Takeaways: The trading desk plays a critical role in executing investment decisions effectively, navigating market nuances and regional differences. Market events like U.S. elections and Fed rate decisions significantly impact markets, requiring traders to discern meaningful signals from noise. While short-term volatility is challenging, the focus remains on executing trades aligned with long-term strategies. The Japanese carry trade impacts markets, influencing businesses and structured products. Sudden market moves, like Japan's interest rate hike, highlight the importance of communication to assess potential impacts on investment theses. In the U.S. and Canada, the shift to T+1 settlement reduces settlement risk and margin requirements by accelerating fund transfers but adds complexity for global trades due to mismatched settlement cycles. Market volatility is influenced by zero-day options, high-frequency trading, retail investor activity, and leveraged ETFs. Retail-driven markets such as India, Korea, and Taiwan showcase momentum-driven dynamics, while recent SEC rules aim to protect retail investors and improve liquidity access for institutional players. ETFs significantly influence market dynamics, concentrating liquidity and volume, especially during closing auctions, where up to 20% of daily trading occurs. This impacts trade timing, crowding in top-weighted stocks, and creates potential price distortions affecting subsequent trading days. Multi-strategy hedge funds, or "pod shops," drive market overcrowding by leveraging similar strategies, such as M&A arbitrage or index rebalancing. This amplifies market risks, creates volatility during downturns, and provides opportunities for disciplined long-term investors amid rapid shifts. Crowded, momentum-driven trades fueled by leverage and quantitative models can create challenges for disciplined investors, though opportunities arise in volatility. Balancing exposure to popular names with underappreciated companies can mitigate risks while benefiting from structural market inefficiencies. Host Name and title: Rob Campbell, CFA Mawer Institutional Portfolio Manager Guest names and titles: Peter Dmytruk, CFA, P. Eng. Trader Rita Tien Equity Trader For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / mawer-investment-management Instagram - / /episode/index/show/artofboring/id/34163495

Banks Around the World: What Makes Top Financial Institutions Stand Out | EP171 11/06/2024

Banks Around the World: What Makes Top Financial Institutions Stand Out | EP171 In this episode, Mawer portfolio managers and analysts discuss what they fundamentally look for in a bank as an investment. Specifically, how they view banks and the industry trends, as well as local dynamics, and ultimately what makes each of these businesses both unique and attractive. David Ragan discusses Scandinavian banks, highlighting Handelsbanken's smart lending and DNB's stability. Josh Samuel analyzes DBS in Singapore, emphasizing its low cost of funds and high ROE. Grayson Witcher focuses on J.P. Morgan in the U.S., noting its strong management and unique financial assets, while Alex Romaines examines First Citizens Bank in the U.S., which capitalized on market turmoil. Mark Rutherford covers Canadian banks, noting their conservative strategies and high ROE. Siying Li discusses HDFC Bank in India, and Asim Hussain explores Mitsubishi UFJ in Japan, emphasizing their unique upward-sloping yield curve. Key Takeaways: The ideal bank investment is stable, lends to reliable clients, and operates in a rational, well-regulated market. Diversification in lending, funding, and economic exposure helps prevent insolvency and builds resilience, crucial in a highly leveraged industry. The Scandinavian banking environment is stable and well-regulated, with rational competition and prudent lending. Banks like Sweden's Handelsbanken and Norway's DNB provide consistent returns, low loan losses, and steady growth, supported by smaller, consolidated markets and strong economic stability. DBS in Singapore sustains strong net interest margins and 15–16% ROE. Strong management boosts investor returns through higher payouts, reducing risks from limited growth in foreign markets. U.S. banks face intense competition with little brand differentiation, often competing on interest rates alone. While experienced in managing risk, they are vulnerable in recessions. Banks trade at lower valuations than other sectors due to weaker competitive advantage. J.P. Morgan stands out in the U.S. market due to its strong management, high returns, low leverage, and strategic acquisitions during downturns. It diversifies through unique assets, investment banking, and asset management, enhancing resilience. The U.S. banking industry is fragmented and competitive, with a history of crises. Fragility creates opportunities for well-managed banks trading below intrinsic value. Canadian banks are highly consolidated and operate with a leveraged model, lending and raising equity. They now generate significant revenue from wealth management and insurance, reducing dependence on loan spreads. Strong regulatory relationships foster stability, with banks earning attractive returns while supporting economic growth. HDFC Bank, India’s largest private bank, has strong management and benefits from a growing economy. With low non-performing loans and high ROE, it continues gaining market share from public sector banks, despite short-term challenges from its recent acquisition. Mitsubishi UFJ, Japan's largest bank, has a rich history and significant market share. With an upward-sloping yield curve and a focus on digitalization, it stands to benefit from rising interest rates, driving potential profit growth despite past challenges in the Japanese banking sector. Host: Andrew Johnson, CFA, Mawer Institutional Portfolio Manager Guests: David Ragan, CFA, Mawer Portfolio Manager, Joshua Samuel, CFA, Mawer Equity Analyst, Grayson Witcher, CFA, AB Mawer Portfolio Manager, Alex Romaines, CFA, Mawer Equity Analyst, Mark Rutherford, CFA, Mawer Portfolio Manager, Siying, CFA, Mawer Equity Analyst, Asim Hussain, CFA, Mawer Equity Analyst For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - / mawer-investment-management Instagram - / /episode/index/show/artofboring/id/33820350

China in Focus: Traversing the Emerging Markets Landscape | EP170 10/23/2024

China in Focus: Traversing the Emerging Markets Landscape | EP170 In this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, discusses the recent Chinese stimulus and its effects on emerging markets. He highlights key long-term risks in China, including weak sentiment, regulatory challenges, and geopolitical tensions, while emphasizing the potential of companies like Tencent and Tencent Music. The conversation also covers Turkey's Bim, a discount retailer thriving amid economic uncertainty. Peter explains how the portfolio's success stems from stock selection, especially with stealth performers like Vietnam’s FPT and Taiwan’s IGS, and the importance of balancing macro risks with company-specific growth potential. Key Takeaways: •China's recent stimulus signals a shift from restrictive policies to boosting economic growth, leveraging the U.S. Fed's easing cycle to inject liquidity and stabilize the economy. •The stimulus could mitigate three key challenges: weak consumer sentiment, regulatory uncertainty, and geopolitical risks. While long-term issues persist, the focus on growth reduces the likelihood of worst-case scenarios in the near term. •Macro factors and bottom-up analysis are deeply intertwined in portfolio decisions. As risks shift, so do portfolio positions. •Higher macro risks in China lead to applying higher discount rates and requiring better ROI. Growth projections for economically sensitive companies are adjusted lower due to structural challenges, leading to exits when valuations no longer meet the stricter risk criteria. •Companies with independent growth drivers can perform well despite China's economic challenges, as they are less reliant on the broader economy and can thrive even in a weaker market environment. •One example is Tencent, whose strong management, dominant WeChat position, and conservative monetization approach offer growth opportunities. Despite China's economic challenges, Tencent can pull monetization levers, making its valuation attractive amid broader pessimism. •This year’s strong performance of the emerging markets portfolio has been driven by careful stock selection, focusing on lesser-known "stealth performers" like FPT, IGS, and Aegis Logistics, which consistently generate shareholder value. •Peter highlighted one such performer: Bim, a Turkish discount retailer. Bim has thrived despite economic challenges. With Turkey's economic outlook improving, Bim is positioned for long-term success as it continues to offer value to consumers. Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guest: Peter Lampert, CFA, Mawer Portfolio Manager 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 Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/33588827

Looking Past the Pitfalls: Focusing on Managing Risk in the Balanced Portfolio | EP169 10/17/2024

Looking Past the Pitfalls: Focusing on Managing Risk in the Balanced Portfolio | EP169 In this episode, Steven Visscher, lead manager of the balanced strategies, discusses the impact of rising interest rates and inflation on the balanced portfolio in recent years, Mawer’s disciplined and collaborative approach to portfolio construction, and the importance of having a long-term perspective. He spoke about recent changes and additions to the balanced portfolio and provided an update on the performance of the balanced portfolio thus far in 2024. Key Takeaways: Over the last four years, interest rates and inflation have had the most significant impact on the capital markets and the performance of the balanced strategies. Following a surge of inflation in 2022, central banks aggressively hiked rates, which led to the first meaningful loss in a balanced strategy since 2008. After being called into question in 2022, 60/40 portfolios bounced back in 2023 and 2024 following positive fixed income returns, helping support the overall balanced strategy. So far, the market recovery has been led by a narrow subset of businesses, most notably technology companies that are part of the euphoria around artificial intelligence (AI). These companies have experienced extraordinary returns and lifted benchmarks to new heights. However, some of the Mawer balanced strategies weren't heavily exposed to those industries and have continued to trail their benchmarks on a relative basis. Steven and his team think in a probabilistic way meaning that they are intellectually open to the fact that there are many scenarios that could unfold, and they want to have a certain amount of resilience regardless of the scenario. The neutral stance of the balanced portfolio reflects the uncertainty of the current environment. The team’s base case scenario is that a recession may unfold over the next six to 12 months. A small portion of capital from the U.S. equity strategy, which is more heavily biased toward larger U.S. businesses, has been shifted to a fairly new asset class, the U.S. mid-cap segment due to a valuation gap. From a balanced perspective, the goal isn't to eliminate risk; it's to manage it. Host: Andrew Johnson, CFA, Mawer Institutional Portfolio Manager Guest: Steven Visscher, CFA, Mawer Portfolio Manager For more details and full transcript visit: 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. Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/33492967

Quarterly Update | Q3 2024 | EP168 10/15/2024

Quarterly Update | Q3 2024 | EP168 Portfolio Manager Crista Caughlin discusses the economy and factors that drove markets in the third quarter of 2024. Key points from this episode: In the third quarter, most central banks either continued cutting rates – like the European Central Bank and the Bank of Canada – or started cutting rates – like the U.S. Federal Reserve. Inflation risks have diminished and downside risks to growth and employment have increased, so central banks are responding with easier policy. Crista believes the Bank of Canada will continue to make 25 basis point cuts at future meetings, but a 50-basis point cut is potentially on the table thanks to the Fed’s more aggressive cut. Because central banks are easing policy and the market expects them to continue to do so, the yield curve has started to normalize. All else equal, a faster, more aggressive central bank reduces the probability of a recession. The third quarter was a Goldilocks scenario. Growth was weak enough to allow central banks to ease policy, which is really good for bonds and interest-rate-sensitive equity sectors, but it was not so weak that there were obvious signs of a recession. Regardless of whether central bank easing corresponded to a recession or a soft landing, equities have historically gone higher and spreads tighter after the first central bank cut. One of the main questions on Crista’s mind going into the fourth quarter: How long will growth and policy be tailwinds driving the markets? Host: Kevin Minas, CFA, MBA, CAIA, Mawer Institutional Portfolio Manager Guest: Crista Caughlin, CFA, Mawer Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/33472967

Semiconductors, GLP-1s, and Defense Companies: Powering the International Equity Strategy | EP167 10/03/2024

Semiconductors, GLP-1s, and Defense Companies: Powering the International Equity Strategy | EP167 In this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, provides insights on the team’s investment process, the state of the portfolio, and the main drivers that are currently having an outsized impact on performance, namely, semiconductors, obesity medicines, and defense companies. He details his team’s rigorous approach to evaluating management teams from both a quantitative and qualitative standpoint, providing an in-depth example of Hitachi. The conversation concludes with a brief discussion of the current macro environment. Key Takeaways: As enthusiasm surrounding artificial intelligence continues to grow, semiconductor companies have strong competitive advantages and dominant market share in their niche industries. According to the team’s DCF model, the long-term growth rates of companies like TSCM have increased, so they have trimmed back some positions to manage risks. With Novo Nordisk leading the way, the growing market for obesity drugs is expected to become the largest therapeutic drug class as more and more companies look to enter the space. Amid ongoing geopolitical conflicts, there is a strong long-term investment case for select European defense companies, as European governments increase defense spending to protect Western values. Regarding areas of opportunity, Peter highlighted the theme of improved corporate governance in Japan as companies in the country aim to meet global standards. When evaluating a company’s management team from a qualitative perspective, there are four defining elements: Strategy, operational excellence, capital allocation, and trustworthiness. Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guest: Peter Lampert, CFA, Mawer Portfolio Manager 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/33316957

The U.S. Equity Landscape: Inflation, Artificial Intelligence, and Elections | EP166 09/26/2024

The U.S. Equity Landscape: Inflation, Artificial Intelligence, and Elections | EP166 In this episode, Grayson Witcher, the lead manager of the U.S. Equity Strategy, discusses the key drivers currently impacting the U.S. economy, including inflation, interest rates, artificial intelligence, and the upcoming presidential election. He emphasizes the importance of diversification and avoiding sharp edges—particularly during an election year. Grayson outlines the importance of and reasoning for his team’s practice of monitoring company management changes in real-time and the value of investing in companies with strong leadership. Key Takeaways: The three big themes driving the U.S. market over the past six months are interest rates and inflation, artificial intelligence, and the election. While food, energy, and goods inflation has fallen, service inflation is proving to be a bit stickier, as it entails things like car insurance, rent, and medical services. Wage inflation has also remained relatively strong. With artificial intelligence, there is no denying the initial hype and surrounding success of the excitement for companies like NVIDIA. However, the question remains as to whether the trend will continue or start to fizzle out, similar to other technology trends from the 90s and 2000s. Regarding the upcoming U.S. election, both candidates’ agendas could impact the economy in inflationary ways, though the impacts would differ depending on the prevailing candidate. For Grayson, his election strategy for the portfolio is to prepare, not predict. He avoids sharp edges, which are the industries and companies that are highly dependent on one outcome, and leans into diversification. Within the U.S. portfolio, there are two main ways the team diversifies the single-country portfolio: diversification by geography and by industry or sub-industry. For long-term investors, management and culture drive a significant amount of value because they reinvest the cash flows generated by these businesses, and they are responsible for managing risk. Host: Andrew Johnson, CFA, Mawer Institutional Portfolio Manager Guest: Grayson Witcher, CFA, AB, Mawer Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Visit Mawer at Follow us on social: LinkedIn - management/ Instagram - Twitter - /episode/index/show/artofboring/id/33212717

Skyscrapers and Storefronts: Insights on the Commercial Real Estate Market in 2024 | EP165 08/29/2024

Skyscrapers and Storefronts: Insights on the Commercial Real Estate Market in 2024 | EP165 In this episode of the podcast, credit analyst Curtis Elkington provides a comprehensive overview of the $50 trillion global commercial real estate market. He covers the current headwinds facing various property sectors, such as pandemic-induced challenges in the office sector and touches on the surprising resilience of the retail segment. Elkington sheds light on the complexities of the commercial mortgage-backed securities market and details the credit analysis process his team uses to evaluate potential investments with examples. Key points from this episode: • Over the past four years, commercial real estate as an asset class has faced potentially the most significant of headwinds, most notably the pandemic and the rise in interest rates. • While the pandemic had a different impact on each property sector within commercial real estate, higher rates had a much more uniform impact across the various industries. • The overall size of the commercial real estate market, which includes multifamily, office, retail, and industrial properties, is massive. In 2023, Savills estimated the total global property value was $50 trillion, of which the U.S. is the largest component. • Vacancy and capitalization rates are the two primary metrics used to assess the health of the commercial real estate sectors. In office, both vacancy and capitalization rates have increased significantly since 2019. • According to the St. Louis Federal Reserve, the 25 largest commercial banks have ~$860 billion in commercial real estate loans, which is only 6% of their collective assets. All the other banks outside of the top 25 have $2 trillion in commercial real estate loans, but that accounts for 30% of their total assets. • Over the past six months, the risk-reward on the credit side for several real estate companies was unattractive in all scenarios. • Some market participants believe that upwards of $100 billion, or 15%, of U.S. CMBS is currently mis-rated. • The credit team does two main things in its intensive analysis credit review. They assign a Mawer credit rating that's tied to valuation, and they establish a margin of safety that's tied to downside production. • With commercial real estate, just like any potential investment, the team reviews each issue and issuer on a case-by-case basis following a thorough and rigorous process before committing investor capital. Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guests: Curtis Elkington, CFA, Mawer Credit Analyst For more details and full transcript visit: 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/32784517

Recession Fears and Credit Spreads: A Comprehensive Fixed Income Update | EP164 08/14/2024

Recession Fears and Credit Spreads: A Comprehensive Fixed Income Update | EP164 In this episode, Crista Caughlin, lead Portfolio Manager of the Canadian Bond Strategy, and Brian Carney, lead Portfolio Manager of the Global Credit Opportunities Strategy, provide their thoughts on recent economic data releases, a shift in central bank language, and recent market volatility. They delve into new issuance activity in the U.S. and Canada, widening spreads in the investment-grade and high-yield markets, and current portfolio positioning. The conversation concludes with an update on the growth and expansion of Mawer’s fixed income team. Key points from this episode: Central banks have shifted their focus from solely targeting inflation to balancing inflation and growth risks, leading to the start of a global easing cycle. Recession fears have increased due to weakening economic data, such as falling PMIs, rising unemployment, and weak growth, causing volatility in markets. It remains to be seen if recent volatility is just a pocket or something more material. If growth remains robust, it's likely just a pocket that will right-size itself. If growth continues to weaken and signs of a U.S. recession continue to pick up, it could be a larger downturn. The first half of the year has been smooth sailing for credit investors, but recent dislocations and changes resulted in significant widening in credit spreads. New issuance activity has been robust in the U.S. and Canada, with the levels of investment grade and high-yield issuance year-to-date already exceeding last year’s volumes. Commercial real estate has been a topical sector, but neither the Canadian bond strategy nor the global credit strategy have any direct exposure to real estate. In terms of where yield curves are today, parts of the curves are still inverted, particularly recession indicators. Both strategies hold Verizon Communications and Ford Credit Canada due to their favorable financial and operating metrics. Host: Kevin Minas, Mawer Institutional Portfolio Manager Guests: Brian Carney, Mawer Portfolio Manager, Crista Caughlin, Mawer Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - Instagram - /episode/index/show/artofboring/id/32576602

Navigating the Canadian Equity Landscape: Dispersion, Energy Transition, and Opportunities | EP163 07/31/2024

Navigating the Canadian Equity Landscape: Dispersion, Energy Transition, and Opportunities | EP163 In this episode of the podcast, Mark Rutherford, Co-Manager of the Canadian large-cap equity strategy, discusses the current investment landscape in Canada, highlighting the wide dispersion in sector performance and the impact of central bank policies. He delves into the long-term theme of the global energy transition and its far-reaching effects on various market sectors in Canada. Insights into insurance and banking sector performance are provided, as well as examples of specific portfolio holdings within the Canadian equity strategy. Key points from this episode: On the surface, healthy and attractive returns can be found across equity markets in Canada. However, there is quite a bit of dispersion under the surface. Year to date, top-performing sectors include energy and materials – which have been the top performers for a few years now – while telecoms, real estate, and some utility stocks are lagging the market. One longer-term theme that is top of mind, both for Canada and numerous countries around the world, is the ongoing energy transition. Long-term opportunities that Canada is well positioned for include energy production, natural resources and renewables, critical minerals, and utilities. AI has been a big driver of incremental change within the utilities sector. Companies like Fortis, Hydro One, and AltaGas are investing more every year and building up the rate base, which ultimately will grow their earnings over time. One simple heuristic Mark’s team uses when evaluating portfolio construction and portfolio holdings is to ask where they see headwinds and where they see tailwinds. Life insurance companies have benefited from higher interest rates and improved earnings mix, while banks are facing challenges due to slowing loan demand and higher provisions for loan losses. Host: Andrew Johnson, CFA, Institutional Portfolio Manager Guest: Mark Rutherford, CFA, Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - Instagram - Twitter - /episode/index/show/artofboring/id/32355047

Marbles and Billiards: Navigating the Highs and Lows in Global Equity | EP162 07/24/2024

Marbles and Billiards: Navigating the Highs and Lows in Global Equity | EP162 In this episode, Portfolio Manager Manar Hassan-Agha discusses how the Global Equity Team navigates an exuberant market environment while staying true to Mawer’s disciplined investment approach. He delves into the potential impacts of emerging trends, namely artificial intelligence (AI), and provides examples of the team’s measured approach to evaluating the hype and sustainability of these trends. He emphasizes the value of temperament, alignment, and identifying mispriced high-quality companies. Key points from this episode: When considering potential errors of omission, it's a delicate balance between learning and improving while also ensuring you're not learning the wrong things. It's a matrix of good-bad decisions and good-bad outcomes. A deep dive on XP A deep dive on Robert Half We tend to overestimate the effects of new technology in the short term but underestimate them in the long run [Roy Amara], which could potentially apply to the current AI hype. The asymmetry today, in our mind, around AI hype is that there's a lot of uncertainty around this, particularly with respect to what's embedded in the prices of stocks. The difficulty continues to be identifying losers versus winners in a longer-term perspective. Chasing a theme is very difficult. You must be right on the theme and right on the securities in that theme while also not overpaying relative to the expectations already priced into the theme. Host: Rob Campbell, CFA, Institutional Portfolio Manager Guest: Manar Hassan-Agha, CFA, Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: LinkedIn - Instagram - Twitter - /episode/index/show/artofboring/id/32266397

Quarterly Update | Q2 2024 | EP161 07/17/2024

Navigating the U.S. Mid-Cap Landscape: Resilience Amid Uncertainty | EP160 07/11/2024

From Buy to Bye: Sell Discipline and Overcoming Behavioral Biases | EP.159 06/26/2024

From Buy to Bye: Sell Discipline and Overcoming Behavioral Biases | EP.159 In this episode, Portfolio Manager Jeff Mo discusses common behavioral biases that can hinder clear sell decisions, and the tools, such as checklists and trigger points, that can help slow down emotional thinking. He provides examples of companies that he and his team properly exited based on changing fundamentals as well as those they may have held onto for a bit too long, proving the power of the endowment bias. Key points from this episode: Mawer’s sell discipline mirrors the inverse of its buy criteria: wealth creation, management quality, and discount to intrinsic value. The endowment bias makes it difficult to sell stocks you already own; try to always consider your holdings, and don't get married to them. Valuation is not the most important plank of Mawer’s sell discipline framework. Wealth creation and excellent management teams come first. While some believe the worst sell misses are the ones that have gone down considerably, Jeff believes the worst ones are actually the ones that go nowhere. It is important to weigh the inductive evidence a little bit more than the deductive evidence, but this can be difficult to do when it's a company that has done well. Warren Buffett once said that the preferred holding period is forever. However, not everything in life goes as you’d prefer, and that’s where sell discipline comes into play. Checklists and trigger points are a great way to think systematically and to slow down the process, helping take the emotion out of sell decisions. Host: Rob Campbell, CFA, Institutional Portfolio Manager Guest: Jeff Mo, CFA, Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer 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 . Follow us on social: Twitter - LinkedIn - Instagram - /episode/index/show/artofboring/id/31885327

Watts Up? The Challenges and Opportunities of Powering AI | EP158 06/19/2024

Watts Up? The Challenges and Opportunities of Powering AI | EP158 In this episode, we explore the growing electricity demands of data centers stemming from artificial intelligence (AI) with Chris Silvestre, Analyst on the U.S. Equity Team. He shares insights from a recent research trip visiting data centers in Northern Virginia—the data center capital of the world—and discusses challenges around meeting demands given constraints of land availability, energy generation and transmission, and the significantly increased power demands required to develop large language models. Key points from this episode: • Electricity demand in the U.S. has been relatively flat for a decade but is expected to increase 25% by 2050 due to electrification, ESG goals, and data center expansion to meet AI demand. • For the same footprint and the same data center, you need 10 times more power for AI workloads than you did for the old-style data centers. • Data centers cluster organically in hubs, such as Northern Virginia, to minimize data transfer costs, but this clustering strains power infrastructure. • Meeting increased data center capacity demands faces land and energy constraints. While the U.S. has the ability to generate power, it may not have it in the right spots at the right time to support this new incremental demand. • Businesses are proactively responding to increased demand by signing deals to secure data center capacity despite constraints, while governments are implementing policies and reforms to support AI development. • With respect to AI or high-performance computing, there is a sense that this is a priority and will be a matter of national interest if not national security. Host: Andrew Johnson, CFA, Institutional Portfolio Manager Guest: Chris Silvestre, CPA, CFA, Equity Analyst For more details and full transcript visit: https://www.mawer.com/the-art-of-boring/podcast/watts-up-the-challenges-and-opportunities-of-powering-ai-ep158 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. Follow us on social: Twitter - https://www.twitter.com/Mawer_Invest LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ Instagram - https://www.instagram.com/mawerinvestmentmanagement/ /episode/index/show/artofboring/id/31800842

Navigating Global Small Caps in an AI-Transformative World | EP157 06/12/2024

Navigating Global Small Caps in an AI-Transformative World | EP157 Portfolio Manager Karan Phadke discusses his views on the global markets and the performance of the global small-cap portfolio. He illustrates how businesses are adapting to and utilizing artificial intelligence (AI), highlighting the difference between the value-added reseller and IT consultant business models. Two portfolio holdings, CBIZ and Convatec, are discussed to demonstrate the team's focus on well-run, resilient companies that are trading at reasonable valuations. Key points from this episode: The U.S. remains a strong outperformer, while Europe continues to see more sluggish growth. Current portfolio strengths include resilient U.S. companies, particularly in the professional employer organization (PEO) space with companies that provide outsourced HR functions. AI is impacting businesses in three main areas: hardware, software, and services. The team focuses on services, which is comprised of companies that help their clients acquire and integrate the hardware and software to use AI effectively. Regarding generative AI, there's still a very heavy lift involved at the onset to get the data clean and ready to use. When looking at the strategy from the top down, the team seeks out resilient businesses trading at reasonable valuations that are well-run with strong managers who are reinvesting capital intelligently. CBIZ exemplifies the strategy's focus on well-run companies with recurring business models while Convatec represents a business with solid management and long-term growth potential. Host: Andrew Johnson, CFA, Institutional Portfolio Manager Guest: Karan Phadke, CFA, Portfolio Manager For more details and full transcript visit: This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 .Follow us on social: Twitter - LinkedIn - /episode/index/show/artofboring/id/31704492

U.S. equity: Capitalizing on innovation and protecting against pitfalls | EP156 05/22/2024

Fishing in Less Crowded Ponds: Identifying opportunities in Emerging Markets | EP155 05/16/2024

A deep dive into the psychological approach to finding opportunity | EP154 05/08/2024

A deep dive into the psychological approach to finding opportunity | EP154 Building on his conversation in Episode 153, Portfolio Manager Samir Taghiyev takes a deep dive into the mental models and frameworks that Mawer uses to evaluate company management teams, particularly within the small-cap space. Using both personal and financial examples, he illustrates the benefit of exploration and exploitation, striking a balance between focus and curiosity, and identifying opportunities on the S curve of the corporate lifecycle. Key points from this episode: Company management can be evaluated by determining if they are growing revenues while controlling costs and risks. This can be combined with other frameworks to create a comprehensive picture. The exploration vs. exploitation framework can be used to evaluate how well management balances focus with curiosity. There are four phases in the S curve of the corporate lifecycle—startup, growth, maturity, and decline. Mawer focuses on companies in the middle two phases, with Trisura and TerraVest provided as examples. Incrementalism is very important when it comes to exploration vs. exploitation because it strikes a key balance between spending to de-risk and learning. Companies can either drive growth organically, often through the introduction of new products, or inorganically through acquisitions. Using the “look back” and “trust but verify” processes, the small-cap team leverages their historical notes and third-party information to improve their verification of management claims. Host: Kevin Minas, CFA, Institutional Portfolio Manager Guest: Samir Taghiyev, CFA, Portfolio Manager For more details and full transcript visit: 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 . Follow us on social: Twitter - LinkedIn - /episode/index/show/artofboring/id/31182537

Moody Mr. Market: Finding opportunities in the Canadian small-cap space amid changing market psychology | EP153 05/02/2024

Quarterly Update | Q1 2024 | EP152 04/16/2024

Why Position Size Matters in Investing | EP151 03/28/2024

Playing the plan: Mawer's International equity portfolio | EP150 03/06/2024

Post-Mortem: Learnings from 2023 | EP149 02/29/2024

Post-Mortem: Learnings from 2023 | EP149 In this episode, host Rob Campbell and 11 colleagues on the research team engage in a comprehensive post-mortem analysis, sharing candid reflections on their decision-making processes over the past year. This episode underscores the significance of learning from both successes and mistakes, highlighting the value of vulnerability and introspection within the investment team at Mawer. A Few Highlights: • Investing before comfort in competitive markets is necessary for returns • Less complexity in investment strategies often results in more alpha • Significant market changes can take longer to affect companies than expected • Large acquisitions are risky; patience in evaluation is key • Leaning harder on inductive evidence and numbers for decision-making • Understanding the importance of parent companies in investment decisions • Finding a balance in analysis depth to retain key insights without becoming lost in the details Host: Rob Campbell, CFA, Institutional Portfolio Manager Guests: Christian Deckart CFA, PhD, Mawer Deputy CIO, Portfolio Manager Mark Rutherford CFA, Mawer Portfolio Manager Grayson Witcher CFA, AB, Mawer Portfolio Manager John Wilson CFA, Mawer Portfolio Manager Samir Taghiyev CFA, Mawer Portfolio Manager David Ragan CFA, Mawer Portfolio Manager Siying Li CFA, Mawer Equity Analyst Jeff Mo CFA, Mawer Portfolio Manager Curtis Elkington CFA, Mawer Credit Analyst Peter Lieu CFA, Mawer Portfolio Manager Asim Hussain CFA, Mawer Equity Analyst For more details and full transcript visit: [episode link] This episode is available for download anywhere you get your podcasts. -- Founded in 1974, Mawer 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 . Follow us on social: Twitter - LinkedIn - /episode/index/show/artofboring/id/30158443

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