In this episode, U.S. Equity Portfolio Manager Grayson Witcher explores the evolving intersection of government policy, innovation, and capital expenditure (CapEx) in U.S. markets. The discussion unpacks how public spending and strategic government stakes—especially in sectors like semiconductors and defense—are reshaping the investment landscape. Grayson reflects on the unique blend of complacency and optimism in today’s markets, the uncertain returns on massive AI-driven CapEx, and the importance of management quality and adaptability in navigating this new era. 

The AI revolution is driving one of the most capital-intensive buildouts in modern history, with data centers at the epicenter of a potential $3 trillion global investment wave. For credit investors, this represents a significant opportunity, but selectivity is paramount—while many projects will succeed, others will stall or fail. Understanding the risks is critical for separating resilient credits from problematic ones.

Brian Carney, lead portfolio manager of the global credit opportunities strategy, explores the current credit market environment characterized by tight spreads and low defaults despite global uncertainties. He discusses the concept of "convergence and complacency"—where large pools of capital chase lower-quality borrowers while markets overlook serious warning signs including political pressure on central banks and hidden leverage. The conversation covers key crisis indicators, the weakening of credit covenants over the past decade, and the risks associated with private credit. He outlines the portfolio’s defensive positioning with high-quality, short-duration securities and highlights Saturn Oil and Gas as an example of selective opportunities that still favor lenders. He concludes with insights on how AI is enhancing the investment process while emphasizing that technology cannot replace the importance of human relationships in credit analysis. 

The economics of building custom technology are changing rapidly. In today’s environment, a company’s technology strategy is no longer just a back-office concern—it’s central to business value and long-term success.

In this episode equity analyst Dominic Drzazga discusses the current state of Canadian small caps, highlighting how geopolitical volatility creates both challenges and opportunities. The conversation covers recent portfolio additions including Sprott's precious metals trust and Kraken's underwater robotics technology, while reflecting on the bittersweet exit of long-time holding Andlauer. Dom also shares insights into how the research team is utilizing AI tools within their process.

Paul Moroz returns to The Art of Boring podcast after three years, discussing his reappointment as lead manager of Mawer's global equity strategy—a role he previously held from 2009 to 2021. Paul addresses the recent organizational decision to bring him back to the strategy, outlines his strategic approach to portfolio repositioning, and reflects on how the investment landscape has evolved over the past five years. He emphasizes increased diversification, better alignment with other Mawer strategies, and a more balanced approach to market exposure. 

In recent years, Indigenous communities across Canada—including First Nations, Métis, and Inuit—have become more active in the capital markets, financing ownership stakes in assets and acting as intermediaries. This trend marks a significant step towards economic reconciliation, with Indigenous-led partnerships becoming equity owners of pipelines, power projects, and more. Several landmark transactions since 2020 highlight the growing role of Indigenous groups in Canada’s bond market and illustrate how Indigenous consortiums are using bond financing to acquire asset ownership. These financings span pipelines, energy infrastructure, and other asset classes, and often involve multi-community partnerships. 

Picture this: It's 1971, and President Nixon just ended the gold standard, severing the dollar's convertibility to gold. The fixed price of $35 per ounce was history. Fast-forward to today—the U.S. national debt has ballooned past $35 trillion, political gridlock is the norm, and gold has just hit another record high. Coincidence? Hardly.

Gold's surge to record territory in 2025 isn't just another market anomaly. It's the result of a perfect storm: macroeconomic pressures, unprecedented central bank buying, and a world that feels increasingly unstable. But before you rush to load up on bullion, let's separate the golden truths from the fool's gold.

In this episode Canadian bond portfolio manager, Crista Caughlin, and balanced portfolio manager, Steven Visscher discuss Q2’s market and economic activity. Topics covered include “Liberation Day's” tariff shocks, central bank policies, inflation, and other themes.

Investors today confront the most serious Middle East crisis in decades. The Israel-Iran conflict has demonstrated how quickly regional tensions can escalate to unprecedented levels, with the potential for direct military confrontation creating ongoing market uncertainty.

In this episode, Justin Anderson, Mawer’s Chief Technology Officer, sits down to discuss the evolving “build-in vs. build-out” technology framework. Justin explains how Mawer approaches technology decisions—balancing vendor solutions with in-house customization—and shares practical examples from the firm, including proprietary solutions such as trade&MAWER and M42. The conversation explores how advances in AI and large language models are accelerating the shift toward more tailored, efficient solutions. He also offers insights for investors on what to look for in management teams as organizations adapt to rapid technological change.

Mark Rutherford, co-manager of Mawer’s Canadian large cap strategy, discusses the ongoing volatility in oil, the unique role of gold, the outlook for Canadian banks, and the potential impact of recent political changes. Mark also shares how the Mawer team is leveraging AI to enhance their investment process and decision-making.