Art of Boring
Mawer Investment Management Ltd.
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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 45 years.
Available episodes
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Nov 23, 2023
Emerging Markets: Recent Rebound, China, and New Opportunities | EP144
Portfolio Manager Peter Lampert dives into the world of emerging markets, sharing what’s changed for the portfolio since last year, insights on where we’re seeing new opportunities (e.g., Brazil), and the impact of geopolitical risks in Eastern Europe. He also explores why we’ve reduced our weight and exposure in China and what a slowdown in emerging markets might mean for investors.
Key Points from this Episode:
* Main drivers behind the portfolio’s rebound in performance from 2022
* New additions from Brazil: Petro Rio, GPS, XP
* China’s increased risk profile and potential implications for emerging markets
* Softening demand and slowing global growth
Links:
Mawer Investment Management
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Nov 9, 2023
Beyond AI: Other Technology Trends | EP143
Today on the podcast, Equity Analyst Michael Vogel discusses the importance of analyzing technological shifts beyond artificial intelligence and how these shifts can impact non-tech companies in the portfolio. Michael emphasizes the cultural approach to holding views lightly and shares examples of how the Research team navigates these changes.
Key Points From This Episode:
- Tech changes, non-tech companies adapting, potential shifts
- Image sensors improve, and Kodak sales rise steadily
- Electric cars and gas stations coexist profitably
- Positive impact of legal software and AI
- Analyzing investment matrix, tech shifts, and shared research
Links:
Mawer Investment Management
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Oct 17, 2023
Quarterly Update | Q3 2023 | EP142
A recap of the quarter and our thoughts on the hard vs. soft landing debate.
Highlights:
* Main drivers of the market pullback
* Inflation’s persistent “stickiness” and potential implications of “higher for longer” interest rates
* How are consumers faring?
* Asset mix update
* Looking ahead—what’s on our radar
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Oct 12, 2023
Canadian Equities: Inflation, Interest Rates, and Decision Making | EP141
Main themes impacting the portfolio and the benefits of systematically tracking investment decisions.
Highlights:
* Valuation considerations in a higher rate environment
* How (and why) we’ve started systematically tracking and analyzing our investment decisions
* Portfolio adjustments—adding AltaGas, exiting Enbridge and Agnico Eagle
* Quick dive into Dollarama’s business model and some of the stock drivers
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Sep 20, 2023
U.S. Mid Cap Equities: Tech, Regional Banks, and Valuation | EP140
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
Highlights:
* Influence of big tech stocks on the U.S. market and associated impacts to the small and mid cap space
* The AI theme continues—Elastic, Concentrix, Moderna
* Why is the U.S. market more expensive compared to its developed market peers?
* Regional banks—what happened, the current state, and opportunities (e.g., First Citizens Bank)
* Identifying potential economic themes through a bottom-up lens—Insperity, Dollar General, XPEL
* Some of the recent main performance drivers for the strategy—Winmark, Copart, Verisk, FLEETCOR, Global Industrial, Donnelley Financial
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Aug 24, 2023
Global Equities: Scuttlebutt, Reverse Roadshows, and Bathroom Lists | EP139
How we approach finding new ideas in the widest investment universe.
Highlights
* Eagles and vultures mental model—why idea generation is better enabled by one shared investment philosophy and knowledge base
* E.g., Novo Nordisk and Publicis
* What is the “Bathroom List” and its role in our investment process and ESG considerations—e.g., JDE Peet’s
* Why nuance matters when incorporating scuttlebutt—e.g., Publicis
* How we’re continuously refining and improving our processes
* Current emerging markets exposure
* A walk through our qualitative risk assessment checklist
* Recommended reads from Manar
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Aug 2, 2023
Vulnerabilities vs. Triggers | EP138
Unpacking one of our key mental models around investing and managing risk.
Highlights:
* What we mean by “non-predictive decision making”
* Examining the question, “what’s your outlook and how you are positioned accordingly?” through a non-predictive decision-making lens
* The important difference between vulnerabilities and triggers
* Vulnerabilities we’re paying attention to
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Jul 19, 2023
Quarterly Update | Q2 2023 | EP137
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Highlights:
* How markets have been climbing a “wall of worry”
* Recalling Cisco Systems and considering implications around the current concentration of tech stocks in the S&P 500
* Our thoughts on the continuing rate hikes and “soft landing” scenario
* Holding cash: what’s changed?
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Jul 6, 2023
International Equities: Insights from the Road | EP136
Top highlights from the team’s recent research trips and a few business models we’re excited about.
Highlights:
* Insights from visiting Norway, the Netherlands, Kazakhstan, India and some holdings—Equinor, AutoStore™, Ahold Delhaize, Adyen, Genmab, Kaspi, Weir, HDFC Bank
* Why we’ve been reducing our weight in China and our current thinking around regional exposures
* The unique competitive advantages of Compass Group and Chugai
* Current and future implications of AI for the portfolio and different business models—NVIDIA, TSMC, ASML, Samsung, RELX, Wolters Kluwer, Teleperformance
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Jun 21, 2023
Global Small Caps, Engaged Owners, and Reverse Roadshows | EP135
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
Highlights:
* Quick recap: What has changed with the portfolio since 2022?
* What we mean by “engaged owners” (and the difference they can make)
* Why we are looking for companies with lower duration
* How we try to find a variant perception from the market—and some examples
* Recent additions to the portfolio: Dermapharm, Donnelley Financial, Hikma, Ipsos, SoftwareONE, and Technogym
* Our new approach to the reverse roadshow process
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May 24, 2023
U.S. Equities: ChatGPT, Banks, and Earnings | EP134
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Highlights
* Potential implications of the recent advancements in generative AI
* U.S. regional banking challenges and our exposure
* Why we don’t currently own any energy sector companies in the portfolio
* A look at two holdings—one “old” and one new—Verisk and BorgWarner
* Our observations on broader earnings results
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Apr 27, 2023
The Epistemology of Investing: A Near Insurmountable Challenge | EP133
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
Highlights:
* Context setting: What does “epistemology” mean, and why did we get excited about it in relation to investing?
* What is knowledge? How do you create it?
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* The two founding blocks: Inductive and deductive reasoning
* A contrast in knowledge approaches and evolutions—e.g., the airline industry vs. astrology
* The resonance behind the learning, trying to “win by not losing”
* How we aim to build knowledge by “closing the loop” on inductive learning:
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* Journaling, timestamping, governance (and the Mawer Lab)
* Forecasting tournaments and “adjacent games”
* Also: Learning isn’t cost free
* Drawing from the wisdom of crowds—what conditions help foster learning within an organization?
* ChatGPT and AI: Potential implications for the learning process in investing
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Apr 19, 2023
Quarterly Update | Q1 2023 | EP132
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
Highlights:
* The slow-moving impacts of central bank policy on inflation
* Our banking exposure
* Why it’s important for investors not to fear recessions
* Asset mix update
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Apr 12, 2023
Canadian Small Caps, Energy, Risk Management, and Assessing Management Teams | EP131
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
Highlights:
* Why it’s difficult to find energy companies with sustainable competitive advantages—and where we see some opportunities—e.g., Parex Resources and International Petroleum Corporation
* Another way to look at geographic diversification? Revenue profiles in the portfolio (e.g., Jamieson Wellness Inc.)
* Diving into our Management Assessment Framework (MAF) and how we use it to determine if a management team is effective—E.g., Uni-Select and Element Fleet
* Visiting each floor of “The Mawer Risk Elevator”—and why the decision-making environment is the foundational level
* How rising interest rates can impact wealth creation
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Mar 15, 2023
Emerging Markets: What happened in 2022, and where are we at? | EP130
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
Highlights:
* A review of the market and our strategy’s performance in 2022 and three key learnings
* Why we exited Kakao, and some of the new additions to the portfolio: Salik, Vesta
* Risks we’re monitoring—and managing: China-U.S. tensions over Taiwan and geographic exposure in the portfolio
* The power of pricing power (see: TSMC) and types of ESG considerations that we look for in our investments (Petro Rio)
* How a shared investment philosophy and process makes for better decision making—e.g., Lonza, Hikma
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Mar 1, 2023
Inflation’s One-Two Punch | EP129
The nuanced impacts of inflation to companies’ balance sheets that investors might be missing.
Highlights:
* How inflation can present major challenges to businesses
* Why investors need to look more closely at maintenance capital expenditures and depreciation expenditures—e.g., Dollar General
* A return to accounting basics and monitoring inventory balances—e.g., Johnson & Johnson
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Feb 22, 2023
Post-Mortem: Learnings from 2022 | EP128
Chief Investment Officer Paul Moroz shares takeaways from the Research team's annual post-mortem discussions.
Highlights:
* The cyclical—and long-term—aspect to investment learnings
* Why interest rake hikes were a big factor and topic of conversation
* “Fishtailing” and the difficulties of trying to right-size information
* How emotional intelligence makes for better decision making
* “Simplify, clarify, focus” and offsetting the toll of complexity in processes
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Feb 8, 2023
Is the 60/40 Portfolio Dead? And more fixed income questions answered | EP127
Portfolio Manager Crista Caughlin walks listeners through the tumultuous bond market experiences of 2022 and outlines three main economic scenarios the team is monitoring for 2023.
Highlights:
* Are reports of the 60/40 portfolio’s death greatly exaggerated?
* 2022 recap: What happened in bond markets?
* How can the yield curve un-invert?
* Key takeaways from researching Canadian household debt levels
* Adjustments to the portfolio: What changes have we made?
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Jan 25, 2023
Europe, Energy, ESG: Observations from the road | EP126
Some of the main challenges facing the continent, what we gleaned from visiting over 45 companies, and ESG considerations that are front of mind for major European investment firms.
Highlights:
* Our thoughts on the prevailing macro concerns—e.g., inflation energy crisis
* “Collective corporate memory” and why the history of Europe is an important and unique context—particularly seen from a bottom-up perspective (e.g., Kuehne+Nagel, Lonza, Givaudan, SGS, Reckitt, Anglo American, Roche)
* Differentiation and operational effectiveness—what makes our European holdings competitive (e.g., Anglo American, Kuehne+Nagel)
* Germany’s longer-term energy outlook and potential implications for energy transition and infrastructure in Europe (e.g., Iberdrola, Shell, Equinor)
* ESG conference takeaways—the importance (and difficulty) of parsing and aggregating unstructured data, particularly for social considerations, and how we incorporate this into our investment process
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Jan 16, 2023
Quarterly Update | Q4 2022 | EP125
A review of last quarter, the major themes and takeaways from 2022, and what’s on the horizon for the new year.
Highlights:
* How we did—and what factors impacted relative performance
* Why 2022 was difficult for Balanced investors
* Discount rates have gone up…where are valuations at?
* Inflation expectations, interest rates, labour markets, earnings, and economic growth—what’s being monitored in 2023
* Asset mix update
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Dec 28, 2022
S-Curves and the Adoption Cycle | EP124
What investors can learn from the s-curves of technologies both old and new.
Highlights
* How S-curves relate to TAM (total addressable market)—and what piqued our interest about them in the first place
* Types of S-curves
* Where different technologies fall into an S-curve: E.g., cars, refrigerators, landlines, TVs, Kindles, USB ports, and biologic drugs
* Are S-curves getting steeper?
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Dec 14, 2022
Playing the plan: Mawer’s Canadian equity portfolio | EP123
What we think about the newly proposed tax on share buybacks in Canada, a balanced take on the energy theme, and where we’ve trimmed, exited, and added in the portfolio.
Highlights:
* Which sectors may be most affected by the buyback tax
* Holdings that showed strong fundamentals throughout this year’s volatility—e.g., Canadian Natural Resources, Suncor, Loblaws, Dollarama, and more
* Canadian real estate recap—e.g., Choice Properties and Granite REIT
* How we approach assessing big C-suite changes (CN Rail, Suncor, Bank of Nova Scotia)
* Major themes the team is thinking about for 2023
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Nov 23, 2022
The art of discount rates | EP122
How do investors figure out what a company is worth? (Especially in a higher inflationary and interest rate environment?)
Highlights
* Why doing a qualitative assessment of each company is our first filter
* How we try to determine valuations without missing the actual fundamentals (e.g., Trisura and Kinsale) and why valuation is only one input in the investment decision-making process
* When DCF modelling can actually help us better understand the drivers of the business—e.g., Colliers—and also some of its pitfalls
* Choosing the right discount rate—why it’s more art than science and how we try to ensure consistency across the platform
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Nov 16, 2022
What the end of Moore's Law means for the semiconductor industry | EP121
A deep dive—right to the atomic level—of how semiconductors work and the potential implications for the industry when Moore’s Law comes to an end.
Highlights
* The transistor—a brief history
* What is a semiconductor? Why are they special? (Hint: atomic-level, laser precision manufacturing)
* HSMC, ASML, Amazon, KLA, Samsung—what the end of Moore’s Law might mean for various businesses in the semiconductor value chain
* Potential impacts to global productivity
* Will Rob continue to be underwhelmed by iPhone upgrades?
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Nov 9, 2022
Playing the plan: Mawer’s U.S. equity portfolio | EP120
The deglobalization shift, long-term opportunities we’re seeing in utilities, and what’s interesting about gravel.
Highlights:
* Impacts of currency swings and a strong U.S. dollar at the portfolio and company level
* Why we’re shifting to more domestic companies: E.g., Texas Instruments, Martin Marietta, Paychex
* The long-term runway potential for utilities—and renewables: E.g., Southern Company, AEP, Amphenol, and Linde
* How we’re adding resiliency to prepare for any scenario: E.g., AmerisourceBergen, Hershey, Intuit, Verisk
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Oct 26, 2022
Playing the plan: Mawer’s global equity portfolio | EP119
The “Swiss cheese” mental model for risk management, why we initiated in Moderna, and how to test if you have a variant perception from the broader market.
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Oct 18, 2022
Quarterly Update | Q3 2022 | EP118
Market swings, central bank moves, and rising interest rates. A look at Q3.
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Sep 7, 2022
Playing the plan: Mawer U.S. mid cap equity portfolio | EP117
What makes the U.S. mid cap investable universe unique, some key learnings since the strategy’s launch, and how inflation can be a “positive” for wealth-creating companies.
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Aug 24, 2022
Playing the plan: Mawer’s global small cap portfolio | EP116
Why small caps may zig while large caps zag, the advantage of businesses that sell scarce skills (CBIZ, Insperity, RS Group), and why eyewear retail is harder than it…looks.
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Aug 3, 2022
Playing the plan: Mawer’s international equity portfolio | EP115
The impacts of inflation, interest rates, and sharp currency movements on the portfolio, and the importance of leaning in to process and keeping a long-term perspective.
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Jul 20, 2022
An energy-fuelled debate: Are renewables actually becoming cheaper? | EP114
The team debates the thesis that renewables are becoming “cheaper” than traditional energy sources, unpacks why the ultimate cost to the end consumer shouldn’t be missing from the conversation, and delves into the investment implications.
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Jul 13, 2022
Quarterly Update | Q2 2022 | EP113
Inflation, interest rates, the valuation correction, bias creep, and “sticking to our knitting.” A full dive into Q2.
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Jun 29, 2022
How to make (good) decisions | EP112
CIO Paul Moroz unpacks the foundational components to better decision making for investing, business, and life.
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Jun 22, 2022
Playing the plan: Mawer’s Canadian bond portfolio | EP111
Lead Portfolio Manager, Crista Caughlin, on what’s happening in bond markets, a look at inflation and interest rates, and the key scenarios we’re monitoring.
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Jun 8, 2022
Playing the plan: Mawer’s Canadian equity portfolio | EP110
Opportunities and risks we’re seeing in energy, rail, and financials; why we exited Shopify; and a few team learnings.
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May 25, 2022
Deep dive: DevOps | EP109
What DevOps is and why it’s a theme with investment potential.
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May 11, 2022
Creativity vs. Frameworks: How to build a better decision-making environment | EP108
On building a “global investment franchise” and balancing the trade-offs between creativity, efficiency, and process to build a consistent environment for better investment decisions.
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Apr 27, 2022
Playing the plan: Mawer’s emerging markets equity portfolio | EP107
Russia, the potential parallels to Taiwan and China, and macro to micro portfolio considerations in an inflationary environment.
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Apr 20, 2022
Quarterly Update | Q1 2022 | EP106
iTunes:
CIO Paul Moroz shares his take on what’s happening in the markets, some of the underlying factors behind recent performance, and a reminder that the wheels of capitalism will continue to turn.
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Apr 13, 2022
Playing the plan: Mawer’s U.S. equity portfolio | EP105
Portfolio Managers Grayson Witcher and Colin Wong share market observations, industries where fundamentals are shifting, and a few recent additions to the portfolio.
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Mar 16, 2022
Playing the plan: Mawer’s EAFE large cap portfolio | EP104
Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and the effects on our process and the EAFE large cap portfolio.
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Feb 23, 2022
Playing the plan: Mawer’s global equity portfolio | EP103
How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.
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Feb 9, 2022
Post-mortem: Learnings from 2021 | EP102
Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and life.
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Jan 26, 2022
The quest for “holy compounders” | EP101
Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of identifying those elusive “holy compounders.”
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Jan 19, 2022
Quarterly update | Q4 2021 | EP100
The major themes of Q4 and a look ahead to 2022.
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Jan 5, 2022
Deep dive: Inflation | EP99
Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.
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Dec 8, 2021
Playing the plan: Mawer’s Canadian bond portfolio | EP98
Global debt, China’s credit cycle, shifting monetary and fiscal policy objectives, and the three scenarios we are thinking about this year
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Nov 24, 2021
Playing the plan: Mawer’s Canadian equity portfolio | EP97
Impacts of higher inflation and interest rates and the benefits of an integrated research team.
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Oct 19, 2021
Quarterly update | Q3 2021 | EP96
Inflation risk, slowing global growth, and the un-globalization trend—a review of Q3.
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Sep 29, 2021
Introducing the Mawer U.S. mid cap equity strategy | EP95
Why we launched—our interest and history in U.S. mid cap stocks—potential benefits of the asset class, and a few holding examples.
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Sep 22, 2021
Prepare instead of predict: Integrating an engineering discipline to improve risk management | EP94
John Kay’s “simplicity, modularity, redundancy” risk framework elements and our ongoing risk management process improvements.
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Sep 8, 2021
Playing the plan: Mawer’s global small cap portfolio | EP93
Mispricing patterns we’re seeing in the market; where we’re finding an edge; improving our management team assessment techniques.
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Aug 23, 2021
Intensifying regulatory risk in China | EP92
A real time risk management discussion addressing the increasing regulatory pressures currently impacting a wide range of businesses in China.
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Aug 11, 2021
Playing the plan: Mawer’s Canadian small cap portfolio | EP91
The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.
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Jul 28, 2021
Playing the plan: Mawer’s emerging markets equity portfolio | EP90
Philip Fisher’s continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.
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Jul 14, 2021
Quarterly update | Q2 2021 | EP89
A review of the quarter: the high-level themes have continued.
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Jul 7, 2021
1/Ntelligence™: Our take on portfolio construction | EP88
CIO Paul Moroz walks us through his “best practices” portfolio construction checklist.
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Jun 16, 2021
Why investors really need to understand the mechanics of Bitcoin | EP87
Opening the Pandora’s box of Bitcoin, societal trust, and why investors might not, but need to, fully understand the technology.
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May 19, 2021
Playing the plan: Mawer’s U.S. equity portfolio | EP86
“Making the macro micro” around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.
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May 5, 2021
Deep dive: The pharmaceutical industry | EP85
iTunes description:
A close look at our research methods to understand trends, opportunities, and challenges in the pharmaceutical industry.
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Apr 21, 2021
Playing the plan: Mawer’s Canadian equity portfolio | EP84
How thinking like a deer in the forest (situational awareness) and other risk management process tinkering has helped the team. In addition, thoughts on the potential CP Rail and Kansas City Southern deal and Telus International IPO.
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Mar 31, 2021
Quarterly update | Q1 2021 | EP83
One year since lockdown: CIO Paul Moroz summarizes the major market themes of the past four quarters and how it has (and hasn’t) affected our process and way of looking at the world.
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Mar 24, 2021
Playing the plan: Mawer’s EAFE large cap portfolio | EP82
How the EAFE LC team is improving the overall process and a deeper look at holdings DSV, Kuehne+Nagel, and Anglo American.
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Feb 24, 2021
Playing the plan: Mawer’s global equity portfolio | EP81
Deputy CIO Christian Deckart discusses market performance in a “story of three quarters” and some new holdings we added to the portfolio—Admiral Group and Novo Nordisk.
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Feb 16, 2021
Post-mortem: Learnings from 2020 | EP80
CIO Paul Moroz discusses some of the Research team’s 2020 learnings—highlights include the challenge of using the market as a feedback system and the “Ben Stiller Theory.”
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Jan 27, 2021
Playing the plan: Mawer’s international equity portfolio | EP79
Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what makes skepticism a competitive advantage.
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Jan 20, 2021
Quarterly update | Q4 2020 | EP78
A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.
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Dec 18, 2020
Holiday Special: Mawer's Annual Poem | EP77
Our three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers!
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Dec 9, 2020
Game on: A deep-dive into the gaming industry | EP76
Front-of-mind investment learnings from equity analysts Justin Anderson and Joshua Samuel on the dynamic, evolving gaming universe.
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Nov 25, 2020
Nuances to portfolio construction | EP75
Mawer U.S. Equity Portfolio Manager, Grayson Witcher, takes us through how the team approaches portfolio construction; assessing themes, offsets, and opportunities through holdings Nike, Carrier, UnitedHealth, Fastenal, and more.
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Oct 21, 2020
Playing the plan: Mawer’s Canadian equity portfolio | EP74
A deep dive into three new holdings: Stella-Jones, Ritchie Bros., and Granite REIT, and what we mean when we say “winning by not losing.”
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Oct 12, 2020
Quarterly update | Q3 2020 | EP73
A review of the quarter: the ongoing impacts of COVID-19 on economic activity, continuing fiscal and monetary stimulus, and the run-up to the U.S. election.
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Sep 30, 2020
Playing the plan: Mawer’s Canadian bond portfolio | EP72
Crista Caughlin, lead portfolio manager of Mawer’s fixed income strategies, discusses potential impacts of increasing global debt in a low interest rate environment and the three economic scenarios top of mind for the bond team.
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Sep 9, 2020
Playing the plan: Mawer's global equity portfolio | EP71
CIO Paul Moroz discusses resilience, global monetary policy, and current themes such as TikTok and a potential “technological iron curtain.”
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Aug 19, 2020
Playing the plan: Mawer's emerging markets equity portfolio | EP70
Building resiliency while finding opportunities in emerging markets.
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Aug 12, 2020
Investment potential within the payments industry | EP69
A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.
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Jul 29, 2020
Playing the plan: Mawer’s Canadian small cap portfolio | EP68
The impacts, risks, and potential opportunities from the COVID-19 crisis fallout on the Canadian small cap universe, and why valuations are ultimately a “blunt tool.”
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Jul 15, 2020
Quarterly update | Q2 2020 | EP67
A review of the quarter: a significant rebound in markets, the potential impacts of continuous monetary and fiscal stimulus, and deglobalization.
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Jul 3, 2020
Playing the plan: Mawer’s Canadian equity portfolio | EP66
Why the current market environment “feels like 2030 is happening in 2020,” our perspective on the recent market recovery, and more.
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Jun 17, 2020
Capitalizing on cloud migration | EP65
The implications of cloud migration for enterprises, investors, and business models.
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Jun 2, 2020
Introducing the new Mawer EAFE large cap strategy | EP64
Why the strategy was created, how it was launched, and some holding examples.
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May 21, 2020
Playing the plan: Mawer’s global small cap portfolio | EP63
Deputy CIO Christian Deckart discusses natural contradictions in the portfolio and how the team plays “intellectual best ball.”
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May 13, 2020
What the FAANG is going on? | EP62
Exploring the why behind the FAANG’s outsized stock returns and the overall challenges of valuating tech companies.
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Apr 29, 2020
CIO update | April 29, 2020 | EP61
CIO Paul Moroz weighs in on recent movements in the market and how we may have “crossed the Rubicon” with respect to direct fiscal stimulus and are perhaps seeing the “collapse of the bond standard.”
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Apr 15, 2020
Playing the plan: Mawer’s U.S. equity portfolio | EP60
Lead portfolio manager, Grayson Witcher, discusses how the team is positioning the portfolio amidst the current uncertainty.
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Apr 9, 2020
Quarterly update | Q1 2020 | EP59
A review of the quarter: how we’re positioning our portfolios and what investors should keep in mind during these volatile times.
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Apr 2, 2020
Q&A with CIO: The top questions being asked right now | EP58
CIO, Paul Moroz, answers clients’ most frequently asked questions during these extraordinary times.
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Mar 25, 2020
Playing the plan: Mawer’s Canadian equity portfolio | EP57
What we’re doing to mitigate potential sharp edges in the portfolio, as well as position for medium and long-term risks and opportunities.
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Mar 20, 2020
Mawer market update March 20, 2020 | EP56
Fractals, raining money, and making decisions under uncertainty. CIO Paul Moroz continues the discussion of the current economic environment.
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Mar 13, 2020
Mawer market update March 2020 | EP55
CIO Paul Moroz discusses our strategy and thoughts during this time of significant market volatility.
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Mar 11, 2020
The reverse roadshow | EP54
Why our team locks themselves in a room for a week to speak with over 30 management teams: to drive focus and attention on the companies that are going to have the best chance of meeting our investment criteria.
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Mar 4, 2020
Playing the plan: Mawer's international equity portfolio | EP53
Lead portfolio manager, David Ragan, on how the team strategizes in the wake of a market shake-up (e.g., coronavirus). Also included: updates on HFDC, Seven & i, and Aon.
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Feb 5, 2020
Playing the plan: Mawer’s global equity portfolio | EP52
CIO Paul Moroz discusses how we’ve approach building resilient global portfolios over the years, the new “Cold War” between China and the U.S. and its wider reaching impact, and how “the real money’s in the holding.”
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Jan 22, 2020
Negative interest rates in an unprecedented time| EP51
This episode, our CIO Paul Moroz considers the potential themes and catalysts that are driving negative interest rates, what that may mean for investors, and whether those signal a new, longer term paradigm shift.
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Jan 15, 2020
Quarterly update | Q4 2019 | EP50
Featuring insights from the fourth quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.
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Dec 4, 2019
Playing the plan: Mawer’s Canadian equity portfolio | EP49
Director of Research and Canadian equity lead manager, Vijay Viswanathan, discusses risks and opportunities in Canada, the cannabis industry’s value chain, and potential transformations to the food retailer business model.
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Nov 20, 2019
Technical debt | EP48
This episode, we interview our Head of Information Security and Infrastructure, Dwight Pratt, and Equity Analyst, Karan Phadke, on the ramifications of technical debt to businesses and investors.
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Nov 6, 2019
Playing the plan: Mawer’s emerging markets equity portfolio | EP47
Lead portfolio manager, Peter Lampert, discusses the current environment for emerging markets and what opportunities and challenges we’re seeing for the portfolio.
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Oct 16, 2019
Sustainable Development Goals: What they are and how Canada measures up | EP46
Vice President of the Community Foundations of Canada, JP Bervoets, explains the UN’s sustainable development goals—and how individuals and corporations can get on board to make a difference.
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Oct 14, 2019
Quarterly update | 3Q 2019 | EP45
Featuring insights from the third quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.
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Oct 2, 2019
Playing the plan: Mawer’s global small cap portfolio | EP44
Equity analyst, John Wilson, shares how the team approaches separating signal from noise, why defensive business models make for a resilient portfolio, and the advantages of a “cookie-cutter” growth runway in a slowing market environment.
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Sep 4, 2019
Playing the plan: Mawer’s U.S. equity portfolio | EP43
U.S. equity co-manager, Colin Wong, discusses the big picture backdrop (interest rates, U.S.-China trade war) and then dives deep into the investment thesis behind Microsoft, A.O. Smith, and AptarGroup. Bonus: how the team’s “bathroom list” review inspired an initiation in Hershey.
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Aug 21, 2019
Making a difference: Impact investing | EP42
Calgary Foundation Board and Impact Investing Committee Chair, Bob Gibson, and Director, Investments, Lauren Frosst, discuss the Foundation’s definition of impact investing, why the foundation became involved, and how they got started.
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Aug 7, 2019
Playing the plan: Mawer’s international equity portfolio | EP41
Lead portfolio manager, David Ragan, discusses some big picture risks (Brexit and U.S.-China trade wars) and then dives deep into the investment thesis behind LVMH and Bunzl.
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Jul 24, 2019
Lessons from 33 years of investing | EP40
Investing legend Martin Ferguson, pioneer of the award-winning Mawer Canadian small-cap strategy shares the lessons he learned over his 33-year career.
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Jul 18, 2019
Trader talk: Every BEEP matters | EP39
Equity trader, Jeff Wilson, delves into the in-house “B-E-E-P” framework the trading team has built: Best Execution, Education, and Process. “To achieve the most consistent amount of positive outcomes, you can't actually impact the outcome, but you can impact the process that develops outcomes.”
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Jul 11, 2019
Quarterly update | 2Q 2019 | EP38
Featuring insights from the second quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.
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Jun 12, 2019
Playing the plan: Mawer’s global equity portfolio | EP37
Deputy CIO, Christian Deckart, discusses everything from big picture risks to company specifics on this global equity portfolio episode.
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May 29, 2019
Mawer Insight: Q&A with CIO | EP36
CIO, Paul Moroz, answers clients’ questions about the current economic environment and how Mawer is positioning its portfolios.
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May 22, 2019
Deep dive: The U.S. healthcare industry | EP35
Equity analyst and previous biomedical researcher, Amit Shah, discusses the healthcare industry in the U.S.
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May 8, 2019
Playing the plan: Mawer’s Canadian small cap portfolio | EP34
Lead manager Jeff Mo discusses the psychology that drove the Canadian economy over the past 6 months, the correlation between Canadian and emerging markets equities, and what a holding “meeting our expectations” means at Mawer.
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Apr 9, 2019
Quarterly update | 1Q 2019 | EP33
Featuring insights from the first quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.
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Apr 3, 2019
Playing the plan: Mawer’s Canadian equity portfolio | EP32
Director of Research and Canadian equity lead manager Vijay Viswanathan discusses the overall Canadian economy, cozy oligopolies, and the amount of foreign exposure in the portfolio.
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Mar 13, 2019
Decentralized structures: a competitive advantage | EP31
Equity analyst John Wilson discusses how decentralized organizations can maintain agility and operational excellence as a defense to the negative aspects of change.
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Mar 6, 2019
Playing the plan: Mawer's emerging markets equity portfolio | EP30
Lead portfolio manager, Peter Lampert, discusses the investment thesis behind two Emerging Markets banks, the risk of shadow banking in China, Shanghai International Airport and Samsung Electronics.
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Feb 20, 2019
Good travels: The many business models found in the travel industry | EP29
On this episode, institutional portfolio manager, Rob Campbell, explores a few different types of business models in the travel industry and their respective risks and competitive advantages.
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Feb 6, 2019
Defining intrinsic value in a stochastic world | EP28
Equity analyst, Justin Anderson, walks us through the definition of intrinsic value, how we model it, and some of the ways it might be influenced by technology now and in the future.
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Jan 23, 2019
Trader Talk | EP27
Equity traders Merv Mendes and Peter Dmytruk discuss the evolution of the trading desk at Mawer, the difference between quantitative and qualitative data, and the value of relationship building.
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Jan 14, 2019
Quarterly update | 4Q 2018 | EP26
Featuring insights from the fourth quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.
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Jan 9, 2019
Brick by brick - constructing a resilient global balanced portfolio starts from the bottom up | EP25
CIO, Paul Moroz, walks listeners through the reasons why going global is optimal in today’s environment. He discusses the paradigm shift from a closed world to globalization, how home bias is often a pure investing error, and how assessing stocks on a “brick by brick” basis may be better than pulling on a country “lever” in balanced portfolios.
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Dec 17, 2018
Playing the plan: Mawer’s U.S. equity portfolio | EP24
U.S. portfolio manager, Grayson Witcher, discusses the sustainability of U.S. earnings, some of the major position changes over the past two years, and overall team learnings.
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Dec 5, 2018
On leadership and decision-making: lessons from our president | EP23
In light of our president Michael Mezei’s upcoming retirement, he sits down to reflect on the many lessons in leadership he’s gained over the course of his career.
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Nov 28, 2018
Managing investments for foundations and not-for-profits | EP22
Institutional Portfolio Manager, Andrew Johnson, discusses key investment issues foundations and not-for-profits are facing in today's environment.
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Nov 21, 2018
Playing the plan: Mawer’s global small cap portfolio | EP21
Deputy CIO, Christian Deckart, discusses global small-cap portfolio holdings to demonstrate the small-cap life cycle, how M&As present a double-edged sword, and how the team continues to turn over new stones.
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Nov 7, 2018
The art of the management team interview | EP20
Global small cap equity analyst, Karan Phadke, discusses his experience interviewing management teams. He reveals why assessing a management team’s strength is so important to our investment philosophy, the characteristics we look for, and explains the difference between an “architect” and an “administrator.”
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Oct 24, 2018
Playing the plan: Mawer’s international equity portfolio | EP19
David Ragan, co-manager of Mawer’s international equity strategies, discusses the current economic environment, what changes have been made to the portfolio as a result, and highlights holdings in the exciting worlds of nanotechnology, door locks, and pharmacies.
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Oct 10, 2018
Quarterly update | 3Q 2018 | EP18
Featuring third quarter insights from Greg Peterson, portfolio manager of Mawer’s balanced and global balanced strategies. Greg provides perspective on emerging markets, the implications of rising interest rates, and USMCA (NAFTA 2.0).
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Sep 26, 2018
Playing the plan: Mawer’s global balanced portfolio | EP17
CIO and co-manager, Paul Moroz, discusses how to build the most resilient global portfolio possible and reveals Mawer’s four building blocks to risk management.
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Sep 12, 2018
Language Matters in investing | EP16
Institutional portfolio manager, Rob Campbell, explains the concept of suitcase words: words into which people attribute—or pack—multiple meanings. He discusses how honing our language skills can contribute to better investing outcomes.
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Aug 29, 2018
Playing the plan: Mawer’s Emerging Markets Equity portfolio | EP15
Lead portfolio manager, Peter Lampert, discusses the current investing environment for emerging markets, the importance of resilience, and reviews portfolio holdings in beer, security systems, and bakery ingredient distribution.
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Aug 15, 2018
Playing the plan: Mawer’s U.S. equity portfolio | EP14
Co-manager of Mawer’s U.S. equity portfolio, Grayson Witcher, discusses the impact of rising corporate debt levels, the importance of relationship building with management teams, and how fighting bias is key to Mawer’s investment process.
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Aug 8, 2018
Playing the plan: Mawer’s Canadian equity portfolio | EP13
Director of Research and Canadian equity co-manager, Vijay Viswanathan, discusses potential trade war impacts to the portfolio, Canada’s opportunity set, and dives deeper into holdings in the energy, e-commerce and insurance industries.
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Jul 25, 2018
Investing with your eyes: CIO insights from South America | EP12
CIO Paul Moroz continues to travel the world doing fundamental research for the global equity and the global small cap strategies. This episode reveals specific observations from his recent research trip to South America and New York City.
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Jul 12, 2018
Quarterly update | 2Q 2018 | EP11
This episode features insights from the past quarter by Greg Peterson, Portfolio Manager of Mawer’s balanced and global balanced strategies. Greg provides perspective on global trade wars, rising corporate debt levels, and the influence of central banks on markets.
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Jul 4, 2018
Scuttlebutt and its dramatic effect on long-term investing | John Wilson | EP10
John Wilson, analyst on Mawer’s global small cap strategy, discusses scuttlebutt’s valued place in Mawer’s investment process and its competitive advantage for long-term investors. Learn how just two phone calls can take you from Bogota to Oslo.
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Jun 20, 2018
Underweight: our take on Japan | EP09
David Ragan, portfolio manager of Mawer’s international equity strategies, discusses his—perhaps surprising—views on investing in Japan. While Dave holds some less than optimistic opinions, rest assured there are some positives: two of the portfolio’s Top 10 holdings are, in fact, Japanese. Find out why.
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Jun 7, 2018
Getting in alignment: Why investors need to pay attention to executive compensation | EP08
Jeff Mo, portfolio manager of Mawer’s Canadian small cap strategies, discusses the significant importance of executive compensation to long-term investment performance.
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May 23, 2018
Playing the plan: Mawer's equity philosophy in action| EP07
Deputy CIO, Christian Deckart, takes listeners on a journey through Mawer’s equity investment philosophy by walking through the investment thesis of four of the firm’s global small cap strategy’s top 10 holdings: Softcat PLC, Tsuruha Holdings, XP Power Ltd., VZ Holdings.
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May 9, 2018
The competitive advantage of high performing teams | EP06
Vijay Viswanathan, Mawer’s Director of Research, on the key characteristics of high performing investment teams. The discussion includes why cultivating culture can be a great competitive advantage, some performance building frameworks, and what it means to be a “steward of the jersey.”
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Apr 25, 2018
Supersize me: Province of Alberta goes large and issues first time benchmark euro-denominated bond | EP05
James Redpath (JR), Mawer fixed Income portfolio manager, answers why the Alberta government issued a benchmark euro-denominated bond—four to five times the average deal size in Canada—and what it may mean for the Canadian debt market.
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Apr 11, 2018
Quarterly Update | 1Q 2018 | EP04
This episode features insights from the past quarter (1Q18) by Greg Peterson, Portfolio Manager of Mawer’s Balanced and Global Balanced strategies. Highlights include: the currency translation effect on Canadian equities, finding a margin of safety for investors, how the credit market is currently functioning and the main influencers that may cause market volatility going forward.
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Apr 4, 2018
Moneyball and Automation: Introducing “The Lab” | Justin Anderson | EP03
Features the investment insights of Justin Anderson, Canadian equity analyst and leader of Mawer’s zone of experimentation known as The Lab. The Lab focuses on two main areas: 1) Applying new technologies to garner an investment edge; 2) Automating and streamlining the investment process.
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Mar 21, 2018
China observations | Peter Lampert | EP02
Features the investment insights of Peter Lampert, Mawer Emerging Markets and International Equity portfolio manager, from his research trip to China. A few highlights include: exploration of the progression of manufacturing and the internet sectors, self-driving cars, the leapfrog impact of mobile technology, and scale benefits of China’s economic engine!
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Feb 15, 2018
India observations | Paul Moroz | EP01
Features the investment insights of Mawer’s Deputy Chief Investment Officer, Paul Moroz, from his research trip to India. Paul is also co-manager of Mawer’s Global Equity and Global Small Cap strategies. In our discussion, Paul talks about the importance India’s change in administration has made to the investing landscape; explains India’s growing need for capital; shares the management meetings that left him deterred and excited; and, shines a light on why wearing shoes during company meetings might be a good idea!
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