Art of Boring

Playing the plan: Mawer's EAFE large cap portfolio | EP104

16 Mar 2022

Contributed by Lukas

Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and t...

Playing the plan: Mawer's global equity portfolio | EP103

23 Feb 2022

Contributed by Lukas

How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.

Post-mortem: Learnings from 2021 | EP102

09 Feb 2022

Contributed by Lukas

Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and li...

The quest for "holy compounders" | EP101

26 Jan 2022

Contributed by Lukas

Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of ide...

Quarterly update | Q4 2021 | EP100

19 Jan 2022

Contributed by Lukas

The major themes of Q4 and a look ahead to 2022.

Deep dive: Inflation | EP99

05 Jan 2022

Contributed by Lukas

Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.

Playing the plan: Mawer's Canadian bond portfolio | EP98

08 Dec 2021

Contributed by Lukas

Global debt, China's credit cycle, shifting monetary and fiscal policy objectives, and the three scenarios we are thinking about this year

Playing the plan: Mawer's Canadian equity portfolio | EP97

24 Nov 2021

Contributed by Lukas

Impacts of higher inflation and interest rates and the benefits of an integrated research team.

Quarterly update | Q3 2021 | EP96

19 Oct 2021

Contributed by Lukas

Inflation risk, slowing global growth, and the un-globalization trend—a review of Q3.

Introducing the Mawer U.S. mid cap equity strategy | EP95

29 Sep 2021

Contributed by Lukas

Why we launched—our interest and history in U.S. mid cap stocks—potential benefits of the asset class, and a few holding examples.

Prepare instead of predict: Integrating an engineering discipline to improve risk management | EP94

22 Sep 2021

Contributed by Lukas

John Kay's "simplicity, modularity, redundancy" risk framework elements and our ongoing risk management process improvements.

Playing the plan: Mawer's global small cap portfolio | EP93

08 Sep 2021

Contributed by Lukas

Mispricing patterns we're seeing in the market; where we're finding an edge; improving our management team assessment techniques.

Intensifying regulatory risk in China | EP92

23 Aug 2021

Contributed by Lukas

A real time risk management discussion addressing the increasing regulatory pressures currently impacting a wide range of businesses in China.

Playing the plan: Mawer's Canadian small cap portfolio | EP91

11 Aug 2021

Contributed by Lukas

The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcome...

Playing the plan: Mawer's emerging markets equity portfolio | EP90

28 Jul 2021

Contributed by Lukas

Philip Fisher's continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhsta...

Quarterly update | Q2 2021 | EP89

14 Jul 2021

Contributed by Lukas

A review of the quarter: the high-level themes have continued.

1/Ntelligence™: Our take on portfolio construction | EP88

07 Jul 2021

Contributed by Lukas

CIO Paul Moroz walks us through his "best practices" portfolio construction checklist.

Why investors really need to understand the mechanics of Bitcoin | EP87

16 Jun 2021

Contributed by Lukas

Opening the Pandora's box of Bitcoin, societal trust, and why investors might not, but need to, fully understand the technology.

Playing the plan: Mawer's U.S. equity portfolio | EP86

19 May 2021

Contributed by Lukas

"Making the macro micro" around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and m...

Deep dive: The pharmaceutical industry | EP85

05 May 2021

Contributed by Lukas

    iTunes description: A close look at our research methods to understand trends, opportunities, and challenges in the pharmaceutical industry.

Playing the plan: Mawer's Canadian equity portfolio | EP84

21 Apr 2021

Contributed by Lukas

How thinking like a deer in the forest (situational awareness) and other risk management process tinkering has helped the team. In addition, thoughts ...

Quarterly update | Q1 2021 | EP83

31 Mar 2021

Contributed by Lukas

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 ...

Playing the plan: Mawer's EAFE large cap portfolio | EP82

24 Mar 2021

Contributed by Lukas

How the EAFE LC team is improving the overall process and a deeper look at holdings DSV, Kuehne+Nagel, and Anglo American.  

Playing the plan: Mawer's global equity portfolio | EP81

24 Feb 2021

Contributed by Lukas

Deputy CIO Christian Deckart discusses market performance in a "story of three quarters" and some new holdings we added to the portfolio—Admiral Gro...

Post-mortem: Learnings from 2020 | EP80

16 Feb 2021

Contributed by Lukas

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 th...

Playing the plan: Mawer's international equity portfolio | EP79

27 Jan 2021

Contributed by Lukas

Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what ...

Quarterly update | Q4 2020 | EP78

20 Jan 2021

Contributed by Lukas

A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.

Holiday Special: Mawer's Annual Poem | EP77

18 Dec 2020

Contributed by Lukas

Our three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers!  

Game on: A deep-dive into the gaming industry | EP76

09 Dec 2020

Contributed by Lukas

Front-of-mind investment learnings from equity analysts Justin Anderson and Joshua Samuel on the dynamic, evolving gaming universe.

Nuances to portfolio construction | EP75

25 Nov 2020

Contributed by Lukas

Mawer U.S. Equity Portfolio Manager, Grayson Witcher, takes us through how the team approaches portfolio construction; assessing themes, offsets, and ...

Playing the plan: Mawer's Canadian equity portfolio | EP74

21 Oct 2020

Contributed by Lukas

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."

Quarterly update | Q3 2020 | EP73

12 Oct 2020

Contributed by Lukas

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. ele...

Playing the plan: Mawer's Canadian bond portfolio | EP72

30 Sep 2020

Contributed by Lukas

Crista Caughlin, lead portfolio manager of Mawer's fixed income strategies, discusses potential impacts of increasing global debt in a low interest ra...

Playing the plan: Mawer's global equity portfolio | EP71

09 Sep 2020

Contributed by Lukas

CIO Paul Moroz discusses resilience, global monetary policy, and current themes such as TikTok and a potential "technological iron curtain."

Playing the plan: Mawer's emerging markets equity portfolio | EP70

19 Aug 2020

Contributed by Lukas

Building resiliency while finding opportunities in emerging markets.

Investment potential within the payments industry | EP69

12 Aug 2020

Contributed by Lukas

A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.

Playing the plan: Mawer's Canadian small cap portfolio | EP68

29 Jul 2020

Contributed by Lukas

The impacts, risks, and potential opportunities from the COVID-19 crisis fallout on the Canadian small cap universe, and why valuations are ultimately...

Quarterly update | Q2 2020 | EP67

15 Jul 2020

Contributed by Lukas

A review of the quarter: a significant rebound in markets, the potential impacts of continuous monetary and fiscal stimulus, and deglobalization.

Playing the plan: Mawer's Canadian equity portfolio | EP66

03 Jul 2020

Contributed by Lukas

Why the current market environment "feels like 2030 is happening in 2020," our perspective on the recent market recovery, and more.

Capitalizing on cloud migration | EP65

17 Jun 2020

Contributed by Lukas

The implications of cloud migration for enterprises, investors, and business models.

Introducing the new Mawer EAFE large cap strategy | EP64

02 Jun 2020

Contributed by Lukas

Why the strategy was created, how it was launched, and some holding examples.

Playing the plan: Mawer's global small cap portfolio | EP63

21 May 2020

Contributed by Lukas

Deputy CIO Christian Deckart discusses natural contradictions in the portfolio and how the team plays "intellectual best ball."

What the FAANG is going on? | EP62

13 May 2020

Contributed by Lukas

Exploring the why behind the FAANG's outsized stock returns and the overall challenges of valuating tech companies.

CIO update | April 29, 2020 | EP61

29 Apr 2020

Contributed by Lukas

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 pe...

Playing the plan: Mawer's U.S. equity portfolio | EP60

15 Apr 2020

Contributed by Lukas

Lead portfolio manager, Grayson Witcher, discusses how the team is positioning the portfolio amidst the current uncertainty.

Quarterly update | Q1 2020 | EP59

09 Apr 2020

Contributed by Lukas

A review of the quarter: how we're positioning our portfolios and what investors should keep in mind during these volatile times.

Q&A with CIO: The top questions being asked right now | EP58

02 Apr 2020

Contributed by Lukas

CIO, Paul Moroz, answers clients' most frequently asked questions during these extraordinary times.

Playing the plan: Mawer's Canadian equity portfolio | EP57

25 Mar 2020

Contributed by Lukas

What we're doing to mitigate potential sharp edges in the portfolio, as well as position for medium and long-term risks and opportunities.

Mawer market update March 20, 2020 | EP56

20 Mar 2020

Contributed by Lukas

Fractals, raining money, and making decisions under uncertainty. CIO Paul Moroz continues the discussion of the current economic environment.

Mawer market update March 2020 | EP55

13 Mar 2020

Contributed by Lukas

CIO Paul Moroz discusses our strategy and thoughts during this time of significant market volatility. 

The reverse roadshow | EP54

11 Mar 2020

Contributed by Lukas

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 goin...

Playing the plan: Mawer's international equity portfolio | EP53

04 Mar 2020

Contributed by Lukas

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,...

Playing the plan: Mawer's global equity portfolio | EP52

05 Feb 2020

Contributed by Lukas

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...

Negative interest rates in an unprecedented time| EP51

22 Jan 2020

Contributed by Lukas

This episode, our CIO Paul Moroz considers the potential themes and catalysts that are driving negative interest rates, what that may mean for investo...

Quarterly update | Q4 2019 | EP50

15 Jan 2020

Contributed by Lukas

Featuring insights from the fourth quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.

Playing the plan: Mawer's Canadian equity portfolio | EP49

04 Dec 2019

Contributed by Lukas

Director of Research and Canadian equity lead manager, Vijay Viswanathan, discusses risks and opportunities in Canada, the cannabis industry's value c...

Technical debt | EP48

20 Nov 2019

Contributed by Lukas

This episode, we interview our Head of Information Security and Infrastructure, Dwight Pratt, and Equity Analyst, Karan Phadke, on the ramifications o...

Playing the plan: Mawer's emerging markets equity portfolio | EP47

06 Nov 2019

Contributed by Lukas

Lead portfolio manager, Peter Lampert, discusses the current environment for emerging markets and what opportunities and challenges we're seeing for t...

Sustainable Development Goals: What they are and how Canada measures up | EP46

16 Oct 2019

Contributed by Lukas

Vice President of the Community Foundations of Canada, JP Bervoets, explains the UN's sustainable development goals—and how individuals and corporat...

Quarterly update | 3Q 2019 | EP45

14 Oct 2019

Contributed by Lukas

Featuring insights from the third quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.

Playing the plan: Mawer's global small cap portfolio | EP44

02 Oct 2019

Contributed by Lukas

Equity analyst, John Wilson, shares how the team approaches separating signal from noise, why defensive business models make for a resilient portfolio...

Playing the plan: Mawer's U.S. equity portfolio | EP43

04 Sep 2019

Contributed by Lukas

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 ...

Making a difference: Impact investing | EP42

21 Aug 2019

Contributed by Lukas

Calgary Foundation Board and Impact Investing Committee Chair, Bob Gibson, and Director, Investments, Lauren Frosst, discuss the Foundation's definiti...

Playing the plan: Mawer's international equity portfolio | EP41

07 Aug 2019

Contributed by Lukas

Lead portfolio manager, David Ragan, discusses some big picture risks (Brexit and U.S.-China trade wars) and then dives deep into the investment thesi...

Lessons from 33 years of investing | EP40

24 Jul 2019

Contributed by Lukas

Investing legend Martin Ferguson, pioneer of the award-winning Mawer Canadian small-cap strategy shares the lessons he learned over his 33-year career...

Trader talk: Every BEEP matters | EP39

18 Jul 2019

Contributed by Lukas

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 achie...

Quarterly update | 2Q 2019 | EP38

11 Jul 2019

Contributed by Lukas

Featuring insights from the second quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.

Playing the plan: Mawer's global equity portfolio | EP37

12 Jun 2019

Contributed by Lukas

Deputy CIO, Christian Deckart, discusses everything from big picture risks to company specifics on this global equity portfolio episode.

Mawer Insight: Q&A with CIO | EP36

29 May 2019

Contributed by Lukas

CIO, Paul Moroz, answers clients' questions about the current economic environment and how Mawer is positioning its portfolios.

Deep dive: The U.S. healthcare industry | EP35

22 May 2019

Contributed by Lukas

Equity analyst and previous biomedical researcher, Amit Shah, discusses the healthcare industry in the U.S.

Playing the plan: Mawer's Canadian small cap portfolio | EP34

08 May 2019

Contributed by Lukas

Lead manager Jeff Mo discusses the psychology that drove the Canadian economy over the past 6 months, the correlation between Canadian and emerging m...

Quarterly update | 1Q 2019 | EP33

09 Apr 2019

Contributed by Lukas

Featuring insights from the first quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.

Playing the plan: Mawer's Canadian equity portfolio | EP32

03 Apr 2019

Contributed by Lukas

Director of Research and Canadian equity lead manager Vijay Viswanathan discusses the overall Canadian economy, cozy oligopolies, and the amount of f...

Decentralized structures: a competitive advantage | EP31

13 Mar 2019

Contributed by Lukas

Equity analyst John Wilson discusses how decentralized organizations can maintain agility and operational excellence as a defense to the negative aspe...

Playing the plan: Mawer's emerging markets equity portfolio | EP30

06 Mar 2019

Contributed by Lukas

Lead portfolio manager, Peter Lampert, discusses the investment thesis behind two Emerging Markets banks, the risk of shadow banking in China, Shangh...

Good travels: The many business models found in the travel industry | EP29

20 Feb 2019

Contributed by Lukas

On this episode, institutional portfolio manager, Rob Campbell, explores a few different types of business models in the travel industry and their re...

Defining intrinsic value in a stochastic world | EP28

06 Feb 2019

Contributed by Lukas

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 ...

Trader Talk | EP27

23 Jan 2019

Contributed by Lukas

Equity traders Merv Mendes and Peter Dmytruk discuss the evolution of the trading desk at Mawer, the difference between quantitative and qualitative ...

Quarterly update | 4Q 2018 | EP26

14 Jan 2019

Contributed by Lukas

Featuring insights from the fourth quarter from Balanced and Global Balanced Fund co-manager and Asset Mix Chair, Greg Peterson.

Brick by brick - constructing a resilient global balanced portfolio starts from the bottom up | EP25

09 Jan 2019

Contributed by Lukas

CIO, Paul Moroz, walks listeners through the reasons why going global is optimal in today's environment. He discusses the paradigm shift from a close...

Playing the plan: Mawer's U.S. equity portfolio | EP24

17 Dec 2018

Contributed by Lukas

U.S. portfolio manager, Grayson Witcher, discusses the sustainability of U.S. earnings, some of the major position changes over the past two years, an...

On leadership and decision-making: lessons from our president | EP23

05 Dec 2018

Contributed by Lukas

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 ...

Managing investments for foundations and not-for-profits | EP22

28 Nov 2018

Contributed by Lukas

Institutional Portfolio Manager, Andrew Johnson, discusses key investment issues foundations and not-for-profits are facing in today's environment.

Playing the plan: Mawer's global small cap portfolio | EP21

21 Nov 2018

Contributed by Lukas

Deputy CIO, Christian Deckart, discusses global small-cap portfolio holdings to demonstrate the small-cap life cycle, how M&As present a double-edged ...

The art of the management team interview | EP20

07 Nov 2018

Contributed by Lukas

Global small cap equity analyst, Karan Phadke, discusses his experience interviewing management teams. He reveals why assessing a management team's s...

Playing the plan: Mawer's international equity portfolio | EP19

24 Oct 2018

Contributed by Lukas

David Ragan, co-manager of Mawer's international equity strategies, discusses the current economic environment, what changes have been made to the po...

Quarterly update | 3Q 2018 | EP18

10 Oct 2018

Contributed by Lukas

Featuring third quarter insights from Greg Peterson, portfolio manager of Mawer's balanced and global balanced strategies. Greg provides perspective ...

Playing the plan: Mawer's global balanced portfolio | EP17

26 Sep 2018

Contributed by Lukas

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 ...

Language Matters in investing | EP16

12 Sep 2018

Contributed by Lukas

Institutional portfolio manager, Rob Campbell, explains the concept of suitcase words: words into which people attribute—or pack—multiple meaning...

Playing the plan: Mawer's Emerging Markets Equity portfolio | EP15

29 Aug 2018

Contributed by Lukas

Lead portfolio manager, Peter Lampert, discusses the current investing environment for emerging markets, the importance of resilience, and reviews po...

Playing the plan: Mawer's U.S. equity portfolio | EP14

15 Aug 2018

Contributed by Lukas

Co-manager of Mawer's U.S. equity portfolio, Grayson Witcher, discusses the impact of rising corporate debt levels, the importance of relationship bu...

Playing the plan: Mawer's Canadian equity portfolio | EP13

08 Aug 2018

Contributed by Lukas

Director of Research and Canadian equity co-manager, Vijay Viswanathan, discusses potential trade war impacts to the portfolio, Canada's opportunity ...

Investing with your eyes: CIO insights from South America | EP12

25 Jul 2018

Contributed by Lukas

CIO Paul Moroz continues to travel the world doing fundamental research for the global equity and the global small cap strategies. This episode revea...

Quarterly update | 2Q 2018 | EP11

12 Jul 2018

Contributed by Lukas

This episode features insights from the past quarter by Greg Peterson, Portfolio Manager of Mawer's balanced and global balanced strategies. Greg pro...

Scuttlebutt and its dramatic effect on long-term investing | John Wilson | EP10

04 Jul 2018

Contributed by Lukas

John Wilson, analyst on Mawer's global small cap strategy, discusses scuttlebutt's valued place in Mawer's investment process and its competitive adv...

Underweight: our take on Japan | EP09

20 Jun 2018

Contributed by Lukas

David Ragan, portfolio manager of Mawer's international equity strategies, discusses his—perhaps surprising—views on investing in Japan. While Da...

Getting in alignment: Why investors need to pay attention to executive compensation | EP08

07 Jun 2018

Contributed by Lukas

Jeff Mo, portfolio manager of Mawer's Canadian small cap strategies, discusses the significant importance of executive compensation to long-term inve...

Playing the plan: Mawer's equity philosophy in action| EP07

23 May 2018

Contributed by Lukas

Deputy CIO, Christian Deckart, takes listeners on a journey through Mawer's equity investment philosophy by walking through the investment thesis of ...

The competitive advantage of high performing teams | EP06

09 May 2018

Contributed by Lukas

Vijay Viswanathan, Mawer's Director of Research, on the key characteristics of high performing investment teams. The discussion includes why cultivat...

Supersize me: Province of Alberta goes large and issues first time benchmark euro-denominated bond | EP05

25 Apr 2018

Contributed by Lukas

James Redpath (JR), Mawer fixed Income portfolio manager, answers why the Alberta government issued a benchmark euro-denominated bond—four to fi...