Show notes
The market isn’t just rotating—it’s being rewritten. In this episode of In the Money with Amber Kanwar, Paul Moroz, Portfolio Manager at Mawer Investment Management which has more than $65 billion in AUM, explains why we’ve entered an era of “change investing,” where the biggest opportunities—and risks—come from rapid shifts in technology, competitive advantage, and capital intensity. From AI disrupting software to semiconductors becoming a larger share of the global economy, Moroz breaks down how investors can navigate a market where “barbarians are at the moat” and not every dominant company is safe. He also shares why balancing optimism with caution is key, and how to position a portfolio that can win no matter how this cycle plays out.In the Mailbag, Moroz weighs in on some of today’s most debated stocks, including Shopify (SHOP), where strong growth wasn’t enough to satisfy elevated expectations, Amphenol (APH) and the copper vs. optical debate in AI infrastructure, eBay (EBAY) amid takeover speculation, and Caterpillar (CAT), which has quietly become an AI-adjacent play through data centre demand. He explains how expectations, valuation, and macro forces—from rising yields to energy prices—are driving stock reactions more than ever.In Pro Picks, Moroz highlights three names positioned to benefit from long-term structural trends. He makes the case for Taiwan Semiconductor Manufacturing Company (TSM) as the backbone of the AI ecosystem, argues that Amazon (AMZN) still has a culture-driven edge that can unlock future growth opportunities, and points to Bunzl (BNZL) as a steady compounder flying under the radar. Together, these picks reflect his strategy of balancing high-growth disruption with durable, cash-generating businesses.Whether you’re leaning into AI or looking for stability in a volatile market, this conversation offers a framework for investing in a world defined by constant change.Timestamps00:00 Trailer 02:25 Intro 03:40 Paul’s approach to investing 06:15 Is software dead? 10:00 A deep dive into Constellation Software 16:00 The extra layer needed for software stocks 17:00 The IPO market 19:20 Why has the global equities portfolio lagged? 23:50 We’re in an era of change investing 25:50 Thoughts on semiconductors 28:10 Hamilton’s MIX ETF 31:10 ITM Mailbag: Shopify stock (SHOP) 32:00 Amphenol stock (APH)36:50 eBay stock & the Gamestop bid (EBAY, GME)39:00 Caterpillar stock (CAT) 41:50: Paul’s Pro Picks (TSM, AMZN, BNZL)SponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. 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