[{"data":1,"prerenderedAt":983},["ShallowReactive",2],{"$fis-8DDQYoBVlTdo8-iZDSnwF37iFJSjDCDA-qs7y7iQ":3,"$f-3D2lqBFRfBJP3QrvZvPqlLQWe0YdOrJb_9OVJ6mA5c":103,"$fPW8Jj2IXfCc8m3_Xv0ZJ3njiISBhiRZsCd-f7Kj92EI":262,"$f1drkwKIFpMw12dZpGYRyhSEAFKqEfGcJ6j-hVI5Grfk":296,"$fBc2IyvaYJPUsMekJvipFOBeqPQzp21lEfre9KymrXdc":437},{"data":4,"meta":102},{"id":5,"documentId":6,"content":7,"createdAt":8,"updatedAt":9,"publishedAt":10,"locale":11,"bannerImage":12,"mobileBannerImage":60},7,"z03rh2okckcfeg0l93jaqmdy","\u003Cp>The Art of Boring™ was created for curious and passionate investors. We share strategies, frameworks, and insights to help readers and listeners make better investment decisions. Our aim? 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Mobile.png",27.63,85,27629,"Website_Banner_Mobile_415da48433",191.16,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/Website_Banner_Mobile_415da48433.png","2026-03-26T04:43:04.265Z","2026-03-26T04:43:04.266Z",{},{"data":104,"meta":257},[105,120,131,146,154,162,177,185,193,201,209,217,225,233,241,249],{"id":106,"documentId":107,"name":108,"slug":109,"navigationLabel":110,"fundCode":111,"fundCategory":112},655,"gkn6e2j0ey9j2ypj53fx7o7c","Mawer Emerging Markets Equity Fund","emerging-markets-equity-fund","Emerging Markets Equity Fund","MAW160",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},26,"woiciy8ieczl8v73jy0q03hy","Equity Funds","1","2025-07-10T20:53:19.221Z","2025-12-10T22:05:44.569Z","2025-12-10T22:05:44.611Z",{"id":121,"documentId":122,"name":123,"slug":124,"navigationLabel":16,"fundCode":16,"fundCategory":125},668,"l1bap3mwjk2raki8b5ko8e1i","Mawer Partners LP 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Fund","MAW103",{"id":139,"documentId":140,"title":141,"sourceId":142,"createdAt":143,"updatedAt":144,"publishedAt":145,"locale":11,"sortOrder":16},{"id":155,"documentId":156,"name":157,"slug":158,"navigationLabel":159,"fundCode":160,"fundCategory":161},672,"apq0pdx8b2bliofhsvoq7jga","Mawer EAFE Large Cap Fund","eafe-large-cap-fund","EAFE Large Cap Fund","MAW170",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"id":163,"documentId":164,"name":165,"slug":166,"navigationLabel":167,"fundCode":168,"fundCategory":169},673,"ophsgbeubqozt1595gmmub2j","Mawer Global Balanced Fund","global-balanced-fund","Global Balanced Fund","MAW130",{"id":170,"documentId":171,"title":172,"sourceId":173,"createdAt":174,"updatedAt":175,"publishedAt":176,"locale":11,"sortOrder":16},27,"cf7b06yvzzj9qn6y426v7w0f","Balanced Funds","2","2025-07-10T20:53:19.239Z","2025-12-10T22:05:58.382Z","2025-12-10T22:05:58.446Z",{"id":178,"documentId":179,"name":180,"slug":181,"navigationLabel":182,"fundCode":183,"fundCategory":184},674,"djme8f95iy5bxisfj6r7w95i","Mawer Global Small Cap Fund","global-small-cap-fund","Global Small Cap Fund","MAW150",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"id":186,"documentId":187,"name":188,"slug":189,"navigationLabel":190,"fundCode":191,"fundCategory":192},675,"gdzx6naitrti1fe3pr79h1v8","Mawer New Canada Fund (CLOSED)","new-canada-fund","New Canada Fund (CLOSED)","MAW107/MAW307",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"id":194,"documentId":195,"name":196,"slug":197,"navigationLabel":198,"fundCode":199,"fundCategory":200},676,"go6hm5ps8ouc1s668l3d15pt","Mawer Tax Effective Balanced Fund","tax-effective-balanced-fund","Tax Effective Balanced Fund","MAW105",{"id":170,"documentId":171,"title":172,"sourceId":173,"createdAt":174,"updatedAt":175,"publishedAt":176,"locale":11,"sortOrder":16},{"id":202,"documentId":203,"name":204,"slug":205,"navigationLabel":206,"fundCode":207,"fundCategory":208},677,"pzyjkktyt5jvnjddfjocgkev","Mawer U.S. Equity Fund","u-s-equity-fund","U.S. Equity Fund","MAW108",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"id":210,"documentId":211,"name":212,"slug":213,"navigationLabel":214,"fundCode":215,"fundCategory":216},678,"mqax0zlj6qo3n7p2azp7ren9","Mawer U.S. Mid Cap Equity Fund","u-s-mid-cap-equity-fund","U.S. Mid Cap Equity 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Fund","MAW190",{"id":139,"documentId":140,"title":141,"sourceId":142,"createdAt":143,"updatedAt":144,"publishedAt":145,"locale":11,"sortOrder":16},{"id":234,"documentId":235,"name":236,"slug":237,"navigationLabel":238,"fundCode":239,"fundCategory":240},688,"xvjr0j8fw3wp0cg6rjtj9rib","Mawer Global Equity Fund","global-equity-fund","Global Equity Fund","MAW120",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"id":242,"documentId":243,"name":244,"slug":245,"navigationLabel":246,"fundCode":247,"fundCategory":248},683,"nbckcp5bkn4fgllny5jcqu5w","Mawer Balanced Fund ","balanced-fund","Balanced Fund","MAW104",{"id":170,"documentId":171,"title":172,"sourceId":173,"createdAt":174,"updatedAt":175,"publishedAt":176,"locale":11,"sortOrder":16},{"id":250,"documentId":251,"name":252,"slug":253,"navigationLabel":254,"fundCode":255,"fundCategory":256},687,"y46afujavkttxbhd6aja949n","Mawer International Equity Fund","international-equity-fund","International Equity Fund","MAW102",{"id":113,"documentId":114,"title":115,"sourceId":116,"createdAt":117,"updatedAt":118,"publishedAt":119,"locale":11,"sortOrder":16},{"pagination":258},{"page":259,"pageSize":260,"pageCount":259,"total":261},1,25,16,{"data":263,"meta":293},[264,271,278,285],{"id":260,"documentId":265,"name":266,"createdAt":267,"updatedAt":268,"publishedAt":269,"locale":11,"slug":270,"sourceId":116,"boilerplateId":16},"nalyrhvvikm12h7btmxqywjc","Business Models","2025-07-10T20:03:58.373Z","2025-07-10T20:37:51.257Z","2025-07-10T20:38:24.599Z","business-models",{"id":113,"documentId":272,"name":273,"createdAt":274,"updatedAt":275,"publishedAt":276,"locale":11,"slug":277,"sourceId":173,"boilerplateId":16},"ycieul32dm9etzlehaeb7zqy","Investment Approach","2025-07-10T20:03:58.399Z","2025-07-10T20:37:51.974Z","2025-07-10T20:38:24.647Z","investment-approach",{"id":170,"documentId":279,"name":280,"createdAt":281,"updatedAt":282,"publishedAt":283,"locale":11,"slug":284,"sourceId":142,"boilerplateId":16},"izjgul7bhy42c0feizg26xi4","Mental Models","2025-07-10T20:03:58.812Z","2025-07-10T20:37:46.368Z","2025-07-10T20:38:24.755Z","mental-models",{"id":139,"documentId":286,"name":287,"createdAt":288,"updatedAt":289,"publishedAt":290,"locale":11,"slug":291,"sourceId":292,"boilerplateId":16},"anl15340srihkipzxf5bf7ba","Risk","2025-07-10T20:03:58.843Z","2025-07-10T20:37:52.070Z","2025-07-10T20:38:24.814Z","risk","4",{"pagination":294},{"page":259,"pageSize":260,"pageCount":259,"total":295},4,{"data":297,"meta":434},[298,311,322,335,346,357,368,379,390,401,412,423],{"id":299,"documentId":300,"name":301,"slug":302,"date":303,"summary":304,"type":305,"createdAt":306,"updatedAt":307,"publishedAt":308,"locale":11,"sourceId":16,"popularPost":309,"content":310,"customAuthor":16,"customDisclaimer":16},1796,"tt1y9fp7ujh15zwkyp7zome8","Quarterly Update | Q1 2026 | EP 213","quarterly-update-q1-2026-ep-213","2026-04-14","\u003Cp>In this episode, Institutional Portfolio Manager Kevin Minas and Investment Counsellor Stu Morrow examine the forces shaping markets in the first quarter of 2026. From the escalating conflict in the Middle East and its impact on oil, inflation, and growth to the broadening AI disruption across software and asset-light business models, they explore how investors can stay thoughtful in an increasingly complex environment. The conversation covers stagflation risks, bond market dynamics, the role of gold as a hedge, and the portfolio adjustments being made as quality businesses face new tests of durability in a changing world order.\u003C/p>","Podcast","2026-04-09T14:56:18.056Z","2026-04-15T12:29:21.551Z","2026-04-15T12:29:21.664Z",true,"\u003Cp>In this episode, Institutional Portfolio Manager Kevin Minas and Investment Counsellor Stu Morrow examine the forces shaping markets in the first quarter of 2026. From the escalating conflict in the Middle East and its impact on oil, inflation, and growth to the broadening AI disruption across software and asset-light business models, they explore how investors can stay thoughtful in an increasingly complex environment. The conversation covers stagflation risks, bond market dynamics, the role of gold as a hedge, and the portfolio adjustments being made as quality businesses face new tests of durability in a changing world order.\u003C/p>\u003Cp>Key Highlights:\u003C/p>\u003Cul>\u003Cli>\u003Cstrong>Middle East conflict and stagflation risks:\u003C/strong> The escalation in Iran has dominated Q1, with the Strait of Hormuz carrying a fifth of daily global oil and gas consumption. Beyond energy, the conflict threatens fertilizer supplies, semiconductor inputs, and global growth—raising the specter of stagflation as slowing growth meets rising inflation, limiting central banks' ability to cut rates.\u003Cbr> \u003C/li>\u003Cli>\u003Cstrong>Equity market performance beneath the surface:\u003C/strong> While headline quarterly returns appeared calm, significant sector and regional divergence emerged. Energy outperformed (benefiting Canada and developed international markets), while U.S. mega-cap tech and software faced scrutiny over AI CapEx spending and disruption risks. \u003Cbr> \u003C/li>\u003Cli>\u003Cstrong>Bond markets challenged in inflationary environment:\u003C/strong> Central banks stayed on the sidelines in Q1, balancing inflation concerns against growth risks. Yields rose across the curve, with bonds selling off alongside equities and challenging their traditional safe-haven role. Diversification within fixed income—including global credit with higher yield and lower duration—remains critical for navigating different market regimes.\u003Cbr> \u003C/li>\u003Cli>\u003Cstrong>AI disruption broadening beyond software:\u003C/strong> The AI \"loser\" narrative expanded from software providers to consultants, insurance brokers, wealth managers, and other asset-light business models. Markets are pricing in disintermediation risk even where fundamentals haven't deteriorated, with stocks treated as \"guilty until proven innocent\" based on concerns about future cash flows.\u003Cbr> \u003C/li>\u003Cli>\u003Cstrong>Discipline through uncertainty: \u003C/strong>Despite multiple potential outcomes from geopolitical and market disruptions, Mawer's investment process remains focused on competitive advantages, durable returns on capital, and disciplined management. The playbook has been updated through broad diversification and careful position sizing—emphasizing that a quality approach carries investors through periods of heightened complexity.\u003Cbr> \u003C/li>\u003C/ul>",{"id":312,"documentId":313,"name":314,"slug":315,"date":316,"summary":317,"type":305,"createdAt":318,"updatedAt":319,"publishedAt":320,"locale":11,"sourceId":16,"popularPost":309,"content":321,"customAuthor":16,"customDisclaimer":16},1785,"gk3dsm9j0ys4xn680t0gyfst","Global Equity: When the Voting Machine Overwhelms the Weighing Machine | EP 212","global-equity-when-the-voting-machine-overwhelms-the-weighing-machine-ep-212","2026-03-25","\u003Cp>In this episode, global equity portfolio manager Paul Moroz examines how investors can navigate a market increasingly shaped by conflict, shifting narratives, and wider ranges of possible outcomes. He begins with the recent escalation in the Middle East and the market’s relatively measured response, then considers the second-order effects that can matter just as much as the initial shock. The conversation also explores how recent AI-driven swings in software have revealed a market increasingly influenced by thematic flows and short-term sentiment, rather than the more measured process of weighing business fundamentals. \u003C/p>","2026-03-24T13:57:13.603Z","2026-03-25T13:48:29.177Z","2026-03-25T13:48:29.286Z","\u003Cp>In this episode, global equity portfolio manager Paul Moroz examines how investors can navigate a market increasingly shaped by conflict, shifting narratives, and wider ranges of possible outcomes. He begins with the recent escalation in the Middle East and the market’s relatively measured response, then considers the second-order effects that can matter just as much as the initial shock. The conversation also explores how recent AI-driven swings in software have revealed a market increasingly influenced by thematic flows and short-term sentiment, rather than the more measured process of weighing business fundamentals. Throughout, Paul returns to a central idea: good portfolio management is rarely about one big call, but about making many small, disciplined decisions within a diversified portfolio.\u003C/p>\u003Cp>Highlights:\u003Cbr>\u003Cbr>•    Why the market’s reaction to the recent escalation in the Middle East has remained relatively measured so far.\u003Cbr>•    John Deere as a second-order effects case study: how rising oil and fertilizer costs can affect customer economics, margins, and capital allocation.\u003Cbr>•    Thematic trading and the gap between price and intrinsic value: the AI thought piece in February triggered a broad software sell-off, showing how quickly disruption narratives—not fundamentals—can dominate market pricing.\u003Cbr>•    Capital intensity isn't the enemy—poor returns are. Microsoft and Amazon are pouring billions into AI infrastructure, but a key question is whether bundling compute with distribution advantages will deliver attractive returns on that capital.\u003Cbr>•    Why Paul believes the market’s “voting machine” is increasingly overwhelming the “weighing machine.” Markets vote on sentiment every day but building real businesses (and real wealth) takes years of focusing on fundamentals while tuning out the noise.\u003Cbr> \u003C/p>",{"id":323,"documentId":324,"name":325,"slug":326,"date":327,"summary":328,"type":329,"createdAt":330,"updatedAt":331,"publishedAt":332,"locale":11,"sourceId":16,"popularPost":309,"content":333,"customAuthor":334,"customDisclaimer":16},1775,"biq6ic00xebqs5fd7h0fos2f","Extra Credit: “Hey Google, how much can I borrow before I break the bond market?”","hey-google-how-much-can-i-borrow-before-i-break-the-bond-market","2026-03-18","\u003Cp>AI’s biggest infrastructure builders (Alphabet, Amazon, Meta, Microsoft, and Oracle) are in the middle of one of the largest borrowing sprees in corporate history. They’re raising enormous sums to fund data centre buildouts, and they’re doing it in the public bond markets.\u003C/p>\u003Cp>The obvious question is:\u003Ci> can the AI-related borrowing binge actually break the bond market?\u003C/i>\u003C/p>\u003Cp>So far, the answer looks like “no,” but the early deals are starting to show where the pressure points might be.\u003C/p>","Blog","2026-03-16T14:52:57.106Z","2026-03-18T15:57:38.787Z","2026-03-18T15:57:38.926Z","\u003Cp>AI’s biggest infrastructure builders (Alphabet, Amazon, Meta, Microsoft, and Oracle) are in the middle of one of the largest borrowing sprees in corporate history. They’re raising enormous sums to fund data centre buildouts, and they’re doing it in the public bond markets.\u003C/p>\u003Cp>The obvious question is:\u003Ci> can the AI-related borrowing binge actually break the bond market?\u003C/i>\u003C/p>\u003Cp>So far, the answer looks like “no,” but the early deals are starting to show where the pressure points might be.\u003C/p>\u003Ch2>The first wave of AI mega-deals\u003C/h2>\u003Cp>In 2025, AI hyperscalers dominated U.S. investment grade bond issuance.\u003C/p>\u003Cul>\u003Cli>Oracle sold US$18 billion in bonds in September.\u003C/li>\u003Cli>Meta followed in October with a record US$30 billion deal—the largest investment-grade transaction ever that wasn’t tied to an acquisition.\u003C/li>\u003Cli>Alphabet and Amazon joined in November with US$17.5 billion and US$15 billion deals, respectively.\u003C/li>\u003C/ul>\u003Cp>Activity has accelerated in 2026.\u003C/p>\u003Cp>Oracle (rated Baa2/BBB) returned in February with US$25 billion of senior unsecured bonds across eight tranches, including a floating-rate note geared to bank portfolios. Management has framed a broader plan to raise roughly US$45–50 billion via debt, equity-linked, and common equity to fund AI data centres.\u003C/p>\u003Cp>Alphabet (Aa2/AA+) chose a different route, coordinating a multi-currency financing program:\u003C/p>\u003Cul>\u003Cli>US$20 billion across seven U.S. dollar tranches on Monday, February 9th\u003C/li>\u003Cli>£5.5 billion across five sterling tranches the next day, including a £1.0 billion 100 year bond, and\u003C/li>\u003Cli>CHF 3.1 billion in Swiss-franc bonds launched the same day.\u003C/li>\u003C/ul>\u003Ch2>What these deals tell us about market capacity…so far\u003C/h2>\u003Cp>Despite the size, the deals cleared easily. That’s the first important signal concerning capacity. \u003C/p>\u003Cul>\u003Cli>\u003Cstrong>Order books were deep. \u003C/strong>Oracle reportedly drew over US$127 billion of demand for its US$25 billion deal. Alphabet’s U.S. dollar tranches attracted more than US$100 billion of orders. The 100 year sterling tranche saw demand close to 10 times its £1.0 billion size.\u003C/li>\u003Cli>\u003Cstrong>Pricing looked like a concession, not distress. \u003C/strong>Even at US$25 billion, Oracle borrowed out to 30 and 40 years at about +180 bps and +195 bps over Treasuries (1.80–1.95 percentage points). That’s wider than you’d see for a lighter capex profile, but it doesn’t look like a failed distribution.\u003C/li>\u003Cli>\u003Cstrong>Structure broadened the buyer base. \u003C/strong>Oracle’s floating-rate note created a natural home in bank portfolios and among floating-rate buyers, widening the pool of eligible investors.\u003C/li>\u003Cli>\u003Cstrong>Alphabet executed a “textbook” capacity arbitrage.\u003C/strong> By tapping three currencies (USD, GBP, CHF), setting records in the sterling market, and placing ultra-long duration (including a 100 year bond), Alphabet illustrated how an issuer can:\u003Cul>\u003Cli>avoid saturating any single buyer segment, and\u003C/li>\u003Cli>place very long-dated bonds with investors that actually need them (U.K. pension funds and insurers with long-term liabilities).\u003C/li>\u003C/ul>\u003C/li>\u003C/ul>\u003Cp>In spread terms, the market response looked healthy.\u003C/p>\u003Cul>\u003Cli> Alphabet’s U.S. dollar bonds priced between roughly +27 bps and +95 bps over Treasuries.\u003C/li>\u003Cli>Lower-rated Oracle needed wider spreads—about +95 bps to +195 bps on fixed-rate tranches—but was still able to place 30  and 40 year paper.\u003C/li>\u003C/ul>\u003Cp>Recent century and ultra-long bonds from these names (Alphabet’s 2126 sterling tranche and 2075 U.S. dollar tranche; Oracle’s 2066 tranche; Amazon’s 2065 tranche) underline that there is still demand for perceived high-quality tech issuers at the long end of the curve.\u003C/p>\u003Cp>In other words, the technical plumbing has held up so far. Deals cleared, books were oversubscribed, and spreads were consistent with strong, if price-sensitive, demand.\u003C/p>\u003Ch2>The looming wave: volume, cadence, and where things could crack\u003C/h2>\u003Cp>If these transactions were the entire story, the recent issuance would already be impressive. In reality, they’re just a preview.\u003C/p>\u003Cul>\u003Cli>\u003Ca href=\"https://www.reuters.com/business/finance/ai-hyperscalers-will-drive-higher-us-corporate-bond-supply-2026-analysts-say-2026-01-15/\">Reuters \u003C/a>reports that dealers expect U.S. corporate bond issuance to approach record levels in 2026, with Barclays projecting US$2.46 trillion in total supply and US$945 billion in net issuance.\u003C/li>\u003Cli>The five most active hyperscalers issued US$121 billion of bonds in 2025—more than four times their US$28 billion annual average between 2020 and 2024.\u003C/li>\u003C/ul>\u003Cp>So far in 2026, Oracle and Alphabet have financed only part of their stated capital expenditure:\u003C/p>\u003Cul>\u003Cli>Alphabet has debt-financed roughly 15% of its US$180 billion 2026 capex plan.\u003C/li>\u003Cli>Oracle has financed about 50% of its US$50 billion plan.\u003C/li>\u003C/ul>\u003Cp>If Amazon, Meta, and Microsoft debt-finance even 30% of their 2026 capex guidance (Amazon: US$200B, Meta: US$125B, Microsoft: US$105B) and if Alphabet or Oracle return to the market, incremental issuance could exceed US$150 billion this year from this cohort alone—a roughly 24% year-over-year increase, with more to come if capex keeps growing.\u003C/p>\u003Cp>The concern isn’t that the global bond market is too small—it exceeds US$100 trillion across government and corporate bonds in dozens of currencies. The concern is how concentrated and how fast the supply arrives, and in what form.\u003C/p>\u003Cp>If multiple US$30–60+ billion hyperscaler deals hit within weeks, especially at ultra-long maturities (40–100 years), the marginal clearing price could start to move and cause:\u003C/p>\u003Cul>\u003Cli>wider new-issue concessions,\u003C/li>\u003Cli>heavier use of CDS hedges, and\u003C/li>\u003Cli>more day-to-day credit spread volatility, potentially spilling over into the broader market.\u003C/li>\u003C/ul>\u003Cp>Both \u003Ca href=\"https://www.reuters.com/business/global-software-data-firms-slide-ai-disruption-fears-compound-jitters-over-600-2026-02-06/\">Reuters \u003C/a>and the \u003Ca href=\"https://www.ft.com/content/0e7f6374-3fd5-46ce-a538-e4b0b8b6e6cd\">Financial Times\u003C/a> have already noted that some investors are questioning the payoff timelines for AI capex, and they’ve linked modest spread widening and increased hedging activity directly to AI-related bond supply.\u003C/p>\u003Ch2>It’s not just “how much” they issue. It’s \u003Ci>what\u003C/i> and \u003Ci>where\u003C/i>\u003C/h2>\u003Cp>Three structural factors will shape how much capacity remains at current spread levels:\u003C/p>\u003Cp>\u003Cstrong>1. Credit quality still matters\u003C/strong>\u003C/p>\u003Cul>\u003Cli>Alphabet placed 32 year and 100 year sterling bonds at about +60 bps and +120 bps over gilts, tight for that kind of duration.\u003C/li>\u003Cli>Lower-rated issuers see steeper curves. Alphabet’s 30 year U.S. dollar tranche only needed about 12 bps more spread than its 10 year. Oracle’s 30 year needed an additional 25 bps over its 10 year.\u003C/li>\u003C/ul>\u003Cp>Put simply: ultra-long capacity exists, but it’s more price-sensitive for lower-rated credits.\u003C/p>\u003Cp>\u003Cstrong>2. Currency and market segmentation\u003C/strong>\u003C/p>\u003Cp>Alphabet’s choice to sequence issuance across USD, GBP, and CHF is itself a capacity management strategy:\u003C/p>\u003Cul>\u003Cli>it reduces dependence on any single buyer base, and\u003C/li>\u003Cli>it can lower all-in cost if one currency market is relatively “cheaper” at the time.\u003C/li>\u003C/ul>\u003Cp>A similar multi-market, staggered approach from Amazon, Meta, or Microsoft could help the market absorb additional supply without major dislocation.\u003C/p>\u003Cp>\u003Cstrong>3. Dealer balance sheets and liquidity conditions\u003C/strong>\u003C/p>\u003Cp>Even when end-investor demand is there, dealer syndicates have to warehouse risk and support secondary trading. Alphabet’s U.S. dollar deal gives a sense of the scale with three global coordinators, 17 joint lead managers, and 17 co-managers with 20 underwriters participating for the first time.\u003C/p>\u003Cp>That kind of syndicate is a signal: the market can handle large deals, but doing so consumes balance sheet and human capital. If several similar-sized deals arrive in close succession, that intermediation capacity—not the abstract size of “the bond market”—will be tested.\u003C/p>\u003Ch2>So, how close are we to breaking the bond market?\u003C/h2>\u003Cp>At today’s spread levels and with the structures we’ve seen so far, the market is absorbing AI-related supply surprisingly well. The ICE fixed income index tracks more than US$100 trillion of government and corporate bonds, so even an extra US$150+ billion of hyperscaler issuance in a year is not, in itself, a showstopper.\u003C/p>\u003Cp>The stress points are more subtle:\u003C/p>\u003Cul>\u003Cli>Cadence and clustering: too many large, similar deals at once\u003C/li>\u003Cli>Duration: pushing more 40–100 year risk into a narrower investor segment\u003C/li>\u003Cli>Intermediation: how much risk dealers are willing and able to hold while matching sellers and buyers\u003C/li>\u003C/ul>\u003Cp>We don’t yet know exactly where the marginal buyer will start to demand meaningfully wider spreads, but the Oracle and Alphabet transactions suggest that we have not hit that point yet.\u003C/p>\u003Cp>In the coming months, each new hyperscaler financing will be another live experiment in how far investors are willing to extend in size and maturity for the AI buildout story.\u003C/p>\u003Cp>For now, the answer to “Hey Google, how much can I borrow before I break the bond market?” is: more than you’ve borrowed so far…but the market is quietly measuring your limits.\u003C/p>\u003Ch2>\u003Cstrong>Post Script:\u003C/strong>\u003C/h2>\u003Cp>Since this blog was originally written in mid February, Amazon also returned to the bond market with additional financings. On March 10, the company announced their intention to raise US$25 to US$30 billion in the U.S. market and an additional €10 billion in Europe. By the time the dust settled, Amazon raised over US$53 billion in aggregate, printing US$37 billion across eleven tranches in the U.S. and €14.5 billion across eight tranches in Europe. The U.S. dollar financing included multi-billion 30-year, 40-year and 50-year tranches, and the Euro denominated bond issue set a new record for amount raised by a corporate issuer in that market. \u003Cbr>\u003Cbr> \u003C/p>\u003Cp>\u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr> \u003C/p>","Global Credit Team",{"id":336,"documentId":337,"name":338,"slug":339,"date":340,"summary":341,"type":305,"createdAt":342,"updatedAt":343,"publishedAt":344,"locale":11,"sourceId":16,"popularPost":309,"content":345,"customAuthor":16,"customDisclaimer":16},1784,"id2mra9nva9msll38lzii756","U.S. Equities: Software, Security, and Shifting Regimes | EP 211","u-s-equities-software-security-and-shifting-regimes-ep-211","2026-02-19","\u003Cp>In this episode, U.S. equity portfolio manager Grayson Witcher explores what it means to invest exclusively in American businesses at a time when the U.S. is becoming more short term, more transactional, and more central to global change. He contrasts a shifting U.S. “extraction” mindset with China’s longer-term industrial strategy and considers how that dynamic is reshaping globalization into a more regional, security-conscious world. \u003C/p>","2026-02-11T16:21:27.641Z","2026-03-24T21:47:16.732Z","2026-03-24T21:47:16.859Z","\u003Cp>In this episode, U.S. equity portfolio manager Grayson Witcher explores what it means to invest exclusively in American businesses at a time when the U.S. is becoming more short term, more transactional, and more central to global change. He contrasts a shifting U.S. “extraction” mindset with China’s longer-term industrial strategy and considers how that dynamic is reshaping globalization into a more regional, security-conscious world. The conversation then turns to portfolio implications: why the team has been reducing exposure to mature, highly penetrated software names facing intensifying competition and AI disruption, how the market’s treatment of AI has evolved from hype to a more “show me the returns” phase, and where they see resilient opportunities.\u003C/p>\u003Cp>Highlights:\u003C/p>\u003Cul>\u003Cli>How a more short-term, “extraction”-oriented U.S. policy stance—via tariffs, reshoring, and industrial policy—is altering incentives for companies and trading partners.\u003C/li>\u003Cli>The evolving nature of software moats in an AI world, including higher competitive intensity, mature end markets, and why some long-term winners’ valuations may no longer be justified.\u003C/li>\u003Cli>The market’s transition from rewarding any AI narrative to demanding clearer evidence of economic returns on massive cloud and data-center capital spending.\u003C/li>\u003Cli>A deliberate tilt toward businesses positioned for a more regionalized, security-focused world order, including nuclear, defense, and automation suppliers with multiple ways to win.\u003C/li>\u003Cli>The importance of remaining bottom-up and valuation-driven while acknowledging regime change—using portfolio construction to manage uncertainty rather than making binary macro bets.\u003C/li>\u003C/ul>",{"id":347,"documentId":348,"name":349,"slug":350,"date":351,"summary":352,"type":305,"createdAt":353,"updatedAt":354,"publishedAt":355,"locale":11,"sourceId":16,"popularPost":309,"content":356,"customAuthor":16,"customDisclaimer":16},1779,"debx8v8hmg35o4u1cvnzacsm","Emerging Markets: AI \"Picks and Shovels,\" ROIC, and the Great Supply Chain Reshuffle | EP 210","emerging-markets-ai-picks-and-shovels-roic-and-the-great-supply-chain-reshuffle-ep-210","2026-02-12","\u003Cp>Emerging markets co-manager, Wen Quan Cheong, explores four key themes: upstream AI enablers that are benefiting from structural bottlenecks in the AI supply chain; companies turning AI into higher ROIC; the “Great Supply Chain Reshuffle”; and lesser-known EM opportunities beyond China and tech.\u003C/p>\u003Cp> \u003C/p>\u003Cp> \u003C/p>","2026-02-10T21:23:29.010Z","2026-03-18T16:36:14.040Z","2026-03-18T16:36:14.192Z","\u003Cp>Wen Quan Cheong, co-manager of Mawer’s emerging markets equity strategy, outlines four major themes shaping the opportunity set today. First, the “picks and shovels” of AI: upstream enablers such as advanced chip manufacturers, memory makers, and specialized chip-testing firms that are benefiting from structural bottlenecks in the AI supply chain. Second, companies that are actually converting AI investment into higher returns on capital. Third, the “Great Supply Chain Reshuffle,” where national security concerns, tariffs, and “China plus one” strategies are driving a reconfiguration of strategic manufacturing infrastructure across Asia and the U.S. And finally, a broader universe of less obvious EM stories that illustrate how opportunity is evolving across regions and sectors as these forces play out. \u003C/p>\u003Cp>Highlights:\u003C/p>\u003Cul>\u003Cli>Why upstream AI enablers are seeing such powerful earnings leverage: how capacity cuts, equipment bottlenecks, and surging demand for DRAM, HBM, and NAND have flipped the memory market from oversupplied to structurally tight.\u003C/li>\u003Cli>What it takes for companies to truly convert AI investment into sustainable returns on invested capital, and why early, well-run adopters may enjoy a multi year edge.\u003C/li>\u003Cli>How shifting geopolitics, U.S. tariffs, and national security concerns are driving a “Great Supply Chain Reshuffle,” from TSMC-linked clean room specialists like Actor Group supporting new fabs to Chinese manufacturers using their domestic scale and integration to expand overseas.\u003C/li>\u003Cli>Why emerging markets are more than just China and tech, with examples ranging from Saudi insurance aggregation and Vietnamese pharmacies to ship maintenance businesses with recurring revenues.\u003C/li>\u003C/ul>\u003Cp> \u003C/p>",{"id":358,"documentId":359,"name":360,"slug":361,"date":362,"summary":363,"type":305,"createdAt":364,"updatedAt":365,"publishedAt":366,"locale":11,"sourceId":16,"popularPost":309,"content":367,"customAuthor":16,"customDisclaimer":16},1780,"dztebkxgdalgnfcxu3ibiij7","Accounting Shenanigans and the Pursuit of Economic Truth | EP 209","accounting-shenanigans-and-the-pursuit-of-economic-truth-ep-209","2026-02-10","\u003Cp>Equity analyst Alex Romaines unpacks “accounting shenanigans,” from stock-based compensation and stretched depreciation schedules to vendor financing and special purpose vehicles, showing how a forensic lens can reveal the true economics behind reported earnings.\u003C/p>","2026-02-05T16:24:05.453Z","2026-03-18T16:38:20.290Z","2026-03-18T16:38:20.460Z","\u003Cp>Equity analyst Alex Romaines joins the podcast to unpack “accounting shenanigans” and why getting from reported numbers to the economic truth of a business is so critical for long-term investors. Drawing on forensic accounting frameworks, he explains how a deep grounding in accounting shapes the way he interrogates financial statements—moving beyond compliance with standards to questions of judgment, incentives, and sustainability. The conversation discusses the issue of stock-based compensation: why adding it back to “adjusted” earnings can be misleading, how dilution and buybacks can quietly transfer wealth from outside shareholders to insiders, and practical ways investors can incorporate these real costs into valuation. Alex then highlights other red flags on his radar today—from lengthening depreciation schedules on fast-changing tech hardware, to vendor financing that may inflate revenues, to the quiet return of special purpose vehicles.\u003C/p>\u003Cp>Highlights:\u003C/p>\u003Cul>\u003Cli>How a forensic accounting mindset helps investors move from reported numbers to the real economics of a business—and why that gap matters.\u003C/li>\u003Cli>Stock-based compensation as a quiet wealth transfer mechanism, and practical ways long-term investors can account for its true cost.\u003C/li>\u003Cli>The growing role of judgment in modern financial reporting, from “adjusted” earnings to the incentives shaping management’s disclosures.\u003C/li>\u003Cli>Other accounting signals Alex is watching now, including depreciation assumptions, vendor financing, and the renewed use of special purpose vehicles.\u003Cbr> \u003C/li>\u003C/ul>",{"id":369,"documentId":370,"name":371,"slug":372,"date":373,"summary":374,"type":305,"createdAt":375,"updatedAt":376,"publishedAt":377,"locale":11,"sourceId":16,"popularPost":309,"content":378,"customAuthor":16,"customDisclaimer":16},1755,"z4abi6nqy5dwkzqeqrf8ta54","Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208","nostalgia-is-not-a-strategy-adapting-the-investing-playbook-to-a-changing-world-order-ep-208","2026-02-03","\u003Cp>In a world of rising geopolitical risk, inequality, and rapid technological change, what does it mean to be a long term, bottom up investor? Portfolio manager, Paul Moroz, explores how today’s regime differs from the post-crisis “Pax Americana” era, and how investors must adapt.\u003C/p>","2026-02-02T22:14:05.784Z","2026-02-03T17:05:55.417Z","2026-02-03T17:05:55.529Z","\u003Cp>In a world where geopolitical tension, economic inequality, and technological change are all accelerating, what does it mean to be a long-term, bottom-up investor? In this episode, portfolio manager Paul Moroz explores how today’s regime differs from the post crisis “Pax Americana” era. Drawing on history—from Shakespeare to ancient debt jubilees—he connects recurring human patterns of fear, greed, and class conflicts to today’s tensions. The discussion then turns to specifics around how investors must adapt in a more volatile world, and how AI is emerging both as a powerful market force and as a tool that is reshaping the day to day work of investors.\u003C/p>\u003Cp>Highlights include:\u003C/p>\u003Cul>\u003Cli>How recurring historical patterns—from Shakespeare’s Coriolanus to ancient debt jubilees—shed light on today’s tensions around inequality and financial repression\u003C/li>\u003Cli>How portfolio construction may need to adapt: broader diversification, smaller positions, heavy emphasis on risk management\u003C/li>\u003Cli>Why bottom up analysis still matters as much as ever, even when top down forces feel louder\u003C/li>\u003Cli>How AI’s ability to let fewer people do more work could widen existing wealth divides, reshape career paths in knowledge based fields, and force organizations to rethink how they hire, train, and promote talent\u003C/li>\u003Cli>Why the edge in investing is shifting from gathering information to asking better questions and exercising sound human judgment \u003Cbr> \u003C/li>\u003C/ul>",{"id":380,"documentId":381,"name":382,"slug":383,"date":384,"summary":385,"type":305,"createdAt":386,"updatedAt":387,"publishedAt":388,"locale":11,"sourceId":16,"popularPost":309,"content":389,"customAuthor":16,"customDisclaimer":16},1754,"turmvj5belslrorp8sptwhim","Data Moats in the Age of AI | EP 207","data-moats-in-the-age-of-ai-ep-207","2026-01-28","\u003Cp>In this episode, we sit down with equity analyst Joshua Samuel to explore how artificial intelligence and large language models (LLMs) are fundamentally reshaping the nature of competitive advantages tied to data. Josh presents a comprehensive framework for evaluating data moats in the modern era, breaking down four critical categories that can separate lasting advantages from temporary ones. The conversation examines how companies across sectors—from FinTech to defense—are leveraging data to drive better decision making and outcomes. He also addresses the flip side: where traditional data advantages are being eroded by AI's ability to synthesize information, and why trust and execution remain crucial even amongst data advantages.\u003C/p>","2026-01-19T23:50:00.699Z","2026-02-03T15:33:46.018Z","2026-02-03T15:33:46.129Z","\u003Cp>In this episode, we sit down with equity analyst Joshua Samuel to explore how artificial intelligence and large language models (LLMs) are fundamentally reshaping the nature of competitive advantages tied to data. Josh presents a comprehensive framework for evaluating data moats in the modern era, breaking down four critical categories that can separate lasting advantages from temporary ones. The conversation examines how companies across sectors—from FinTech to defense—are leveraging data to drive better decision making and outcomes. He also addresses the flip side: where traditional data advantages are being eroded by AI's ability to synthesize information, and why trust and execution remain crucial even amongst data advantages.\u003C/p>\u003Cp>\u003Cbr>Key Highlights:\u003C/p>\u003Cul>\u003Cli>AI systems now capture and analyze subconscious behavior patterns through clicks and scrolls, potentially knowing users better than they know themselves\u003C/li>\u003Cli>Traditional data moats in legal, medical, and scientific databases face existential threats as LLMs trained on humanity's collective knowledge can synthesize equivalent insights\u003C/li>\u003Cli>General-purpose AI can outperform specialized systems by piecing together disparate information, even without access to proprietary datasets\u003C/li>\u003Cli>In high-stakes B2B environments, established relationships and trust remain powerful defenses against AI disruption, especially where career risk is involved\u003C/li>\u003Cli>Examines Tencent as a rare example of a company that combines all four dimensions of a strong data moat—proprietary, continuously refreshed, high dimensional, and closed loop data—spanning social, payments, commerce, and mini program ecosystems.\u003C/li>\u003C/ul>",{"id":391,"documentId":392,"name":393,"slug":394,"date":395,"summary":396,"type":305,"createdAt":397,"updatedAt":398,"publishedAt":399,"locale":11,"sourceId":16,"popularPost":309,"content":400,"customAuthor":16,"customDisclaimer":16},1733,"rs8sd9z6e2t1q4f18jgueo7t","Banks, Barrels, and Gold: Canadian Equity in a Risky World | EP 205","banks-barrels-and-gold-canadian-equity-in-a-risky-world-ep-205","2026-01-12","\u003Cp>From lingering “Liberation Day” tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets. \u003C/p>","2026-01-09T20:16:20.737Z","2026-01-12T15:19:31.861Z","2026-01-12T15:19:31.994Z","\u003Cp>From lingering “Liberation Day” tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets. \u003C/p>\u003Cp>\u003Cstrong>Key highlights:\u003C/strong>\u003C/p>\u003Cul>\u003Cli>In 2025, Canadian equity returns were shaped less by the initial “Liberation Day” tariff shock and more by how markets digested that risk over time alongside a domestic pivot toward pro-growth policy—forces that helped support energy, commodities, and especially the banks.\u003C/li>\u003Cli>Within financials, Canadian banks—TD in particular—saw improving fundamentals as credit conditions held up, wealth and capital markets businesses performed well, and a more growth oriented regulatory stance supported competitiveness.\u003C/li>\u003Cli>In energy, the team tilted toward integrated producers like Suncor and trimmed more differential sensitive exposure such as Canadian Natural, balancing the long-term risk of higher Venezuelan heavy crude supply against the offsetting support of TMX export capacity.\u003C/li>\u003Cli>The team selectively added to gold producers, seeing attractive unit economics and reasonable valuations, and viewing gold as a useful diversifier in a world of geopolitical tension, dedollarization talk, and looser fiscal discipline.\u003C/li>\u003Cli>Stepping back, Mark frames Venezuela and trade policy within a broader shift toward transactional spheres of influence and “mercantilist” great power politics—arguing for diversified, incremental positioning changes rather than binary macro bets or anchoring portfolios to any single geopolitical outcome. \u003C/li>\u003C/ul>",{"id":402,"documentId":403,"name":404,"slug":405,"date":406,"summary":407,"type":305,"createdAt":408,"updatedAt":409,"publishedAt":410,"locale":11,"sourceId":16,"popularPost":309,"content":411,"customAuthor":16,"customDisclaimer":16},1697,"ke6phijvyu9jw4j3yit0dmjg","Global Equity Update: Collaboration, Diversification, and Staying in the Middle of the Net | EP 201","global-equity-update-collaboration-diversification-and-staying-in-the-middle-of-the-net-ep-201","2025-10-29","\u003Cp>Paul Moroz returns to share an update on our global equity strategy. We dig into what's changed since Paul resumed the lead portfolio manager role, how the team's collaboration has evolved, and why a more diversified and resilient portfolio is the result. Listen for Paul's take on why optionality and humility matter more than ever.\u003C/p>","2025-10-28T18:18:29.347Z","2025-10-29T14:39:58.777Z","2025-10-29T14:39:58.873Z","\u003Cp>Paul Moroz returns to share an update on our global equity strategy. We dig into what's changed since Paul resumed the lead portfolio manager role, how the team's collaboration has evolved, and why a more diversified and resilient portfolio is the result. Listen for Paul's take on why optionality and humility matter more than ever.\u003C/p>\u003Cp>\u003Cstrong>Key highlights:\u003C/strong>\u003C/p>\u003Cul>\u003Cli>Enhanced team collaboration through structural changes leading to better cross-team idea generation\u003C/li>\u003Cli>Improved portfolio diversification with holdings expanding to over 70 securities: reduction of consumer staples and discretionary overweights, while adding strategic small positions that provide optionality for rapid capital allocation as markets shift\u003C/li>\u003Cli>Fundamental momentum alignment improved by reducing problem positions and increasing strong earnings momentum names, resulting in better down capture characteristics during market declines\u003C/li>\u003Cli>Strategic AI complex exposure built through diversified Asian infrastructure plays in memory, power, data centers, and chip fabrication, targeting high market share businesses with better risk-adjusted returns\u003C/li>\u003Cli>Comprehensive IT sector review underway to identify opportunities in potentially mispriced software companies\u003C/li>\u003Cli>Portfolio repositioning complete with approximately 19% turnover executed to create a more balanced, diversified portfolio aligned with the platform's investment philosophy: designed for resilience across market regimes \u003C/li>\u003C/ul>",{"id":413,"documentId":414,"name":415,"slug":416,"date":417,"summary":418,"type":329,"createdAt":419,"updatedAt":420,"publishedAt":421,"locale":11,"sourceId":16,"popularPost":309,"content":422,"customAuthor":16,"customDisclaimer":16},1652,"o5kjp123yavz3h5d5wjljfpk","Beyond the Vendor Default: Why Custom Tech Is No Longer Just for Giants","beyond-the-vendor-default-why-custom-tech-is-no-longer-just-for-giants","2025-08-13","\u003Cp>\u003Cspan data-teams=\"true\">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.\u003C/span>\u003C/p>","2025-08-05T20:19:59.534Z","2025-08-26T15:21:36.061Z","2025-08-26T15:21:36.133Z","\u003Cp>It’s been over a month since our \u003Ca href=\"https://www.mawer.com/the-art-of-boring/podcast/customizing-the-last-mile-ai-innovation-and-mawers-tech-evolution-ep-192\" target=\"_blank\" rel=\"noopener noreferrer\">podcast with our CTO, Justin Anderson,\u003C/a> but I keep coming back to one idea he raised: the economics of building your own technology are changing fast. What used to be a premium option—reserved for firms with deep tech stacks and big budgets—is now more accessible, more flexible, and in some cases, cheaper than relying on vendors.\u003C/p>\u003Cp>For years, building internal tools came with a steep price tag—not just in dollars, but in time and risk. You needed engineering talent, infrastructure, and the discipline to maintain custom code over time. Most companies, especially outside of core tech businesses, opted to buy off-the-shelf solutions because it was faster, safer, and often more cost-effective.\u003C/p>\u003Cp>\u003Cstrong>That tradeoff is evolving, and it’s part of a much broader macro trend.\u003C/strong>\u003Cbr>Across industries, digital transformation and rapid AI adoption are reshaping the competitive landscape. Global spending on AI and automation is accelerating, with sectors like financial services, healthcare, and manufacturing investing heavily in technology to drive efficiency and adaptability. This shift is not just about keeping up—it’s about redefining operational excellence in a world where technology is a core differentiator.\u003C/p>\u003Cp>AI-assisted software development is lowering the cost of building and maintaining customized solutions. In many cases, it’s now faster and cheaper to layer tailored functionality on top of existing systems than to bend operations around the limitations of a vendor’s interface. As a result, companies with strong internal engineering and adaptable architecture aren’t just innovation leaders—they may now be more cost-efficient than their vendor-dependent peers. That challenges the long-held belief that customization is only viable for deep-tech firms. It won’t apply universally—constraints like regulatory overhead or limited tech capacity still matter. But where those barriers are low, building in-house can deliver better performance at lower cost, prompting firms to revisit assumptions around outsourcing, vendor lock-in, and the true meaning of operational efficiency.\u003C/p>\u003Cp>Legacy vendors may face mounting pressure. Thanks to AI tools and easier ways to connect different systems, it’s getting faster and cheaper for companies to build their own solutions. That puts pressure on vendors—especially those still charging premium prices for features that are no longer hard to replicate.\u003C/p>\u003Cp>\u003Cstrong>Behavioral and Organizational Barriers\u003C/strong>\u003Cbr>Despite these shifts, many organizations remain anchored to legacy systems and vendor relationships. This inertia is often driven by behavioral biases:\u003C/p>\u003Cul style=\"list-style-type:disc;\">\u003Cli style=\"tab-stops:list .5in;\">\u003Ci>Status quo bias\u003C/i>: A preference for maintaining existing processes, even when change could yield better outcomes.\u003C/li>\u003Cli style=\"tab-stops:list .5in;\">\u003Ci>Sunk cost fallacy\u003C/i>: Reluctance to abandon legacy systems due to past investments, regardless of future benefit.\u003C/li>\u003Cli style=\"tab-stops:list .5in;\">\u003Ci>Risk aversion\u003C/i>: Overestimating the risks of change while underestimating the risks of standing still.\u003C/li>\u003C/ul>\u003Cp>Forward-thinking leadership is required to overcome these barriers. Organizations that foster a culture of adaptability—where experimentation is encouraged and failure is seen as a learning opportunity—are better positioned to capitalize on new technology economics. Conversely, firms that cling to outdated assumptions risk falling behind, both operationally and competitively.\u003C/p>\u003Cp>\u003Cstrong>For investors, these shifts have meaningful implications for portfolio construction and sector allocation:\u003C/strong>\u003C/p>\u003Cul style=\"list-style-type:disc;\">\u003Cli style=\"tab-stops:list .5in;\">Companies investing in internal technology capabilities may achieve greater cost flexibility and operational resilience, potentially leading to higher margins and stronger competitive positioning.\u003C/li>\u003Cli style=\"tab-stops:list .5in;\">Firms slow to adapt—those still tied to legacy systems or vendor lock-in—may face margin compression, higher costs, or even disruption.\u003C/li>\u003Cli style=\"tab-stops:list .5in;\">Evaluating a company’s tech strategy is no longer just a back-office concern; it’s a core input to business value and risk assessment.\u003C/li>\u003Cli style=\"tab-stops:list .5in;\">Investors should scrutinize not just what technology a company uses, but how it’s deployed, maintained, and integrated into the broader business model.\u003C/li>\u003C/ul>\u003Cp>This raises a broader question for anyone assessing businesses today: Which companies are still tied to outdated assumptions about what’s too costly or complex to build? Who’s overspending on legacy systems? And which vendors are relying on defensibility that no longer holds?\u003C/p>\u003Cp>These are no longer just questions for CTOs. They belong to investors, executives, and anyone evaluating a company’s ability to adapt (e.g., board directors). As the economics of technology evolve, so do the definitions of efficiency, resilience, and strategic edge.\u003C/p>\u003Cp>For investors, that means rethinking how you evaluate cost structure, vendor reliance, and technical agility. Tech strategy isn’t just a back-office issue anymore—it’s a core input to business value.\u003C/p>\u003Cp> \u003C/p>",{"id":424,"documentId":425,"name":426,"slug":427,"date":428,"summary":429,"type":305,"createdAt":430,"updatedAt":431,"publishedAt":432,"locale":11,"sourceId":16,"popularPost":309,"content":433,"customAuthor":16,"customDisclaimer":16},1639,"qtkbclmbt7iuvy9lg9i71k35","From Inventory to Innovation: Canadian Small Caps in Focus | EP 195","from-inventory-to-innovation-canadian-small-caps-in-focus-ep-195","2025-08-06","\u003Cp>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.\u003C/p>","2025-08-05T15:45:08.529Z","2025-08-11T19:05:08.986Z","2025-08-11T19:05:09.088Z","\u003Cp>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. \u003C/p>\u003Cp>\u003Cstrong>Key Takeaways: \u003C/strong>\u003C/p>\u003Cul>\u003Cli>How the Canadian Small Cap team navigates market volatility and geopolitical uncertainty, emphasizing capital preservation while remaining opportunistic.\u003C/li>\u003Cli>The team’s disciplined inventory assessment process, highlighting how they maintain a robust pipeline of potential investments and actively monitor over 50 companies.\u003C/li>\u003Cli>The rationale behind recent portfolio moves, including the addition of Sprott for stable precious metals exposure and Kraken Robotics for its leadership in underwater robotics and defense sector growth.\u003C/li>\u003Cli>The process-driven approach to exits—e.g., the Andlauer takeout as an example of balancing near-term value realization with long-term potential.\u003C/li>\u003Cli>An inside look at how AI and internal innovation—such as the “earnings monitor agent”—are streamlining research workflows and enhancing investment decision-making. \u003C/li>\u003C/ul>",{"pagination":435},{"page":259,"pageSize":260,"pageCount":259,"total":436},12,{"data":438,"meta":978},[439,484,533,576,617,663,703,741,779,820,863,897,940],{"id":299,"documentId":300,"name":301,"summary":304,"slug":302,"date":303,"type":305,"image":440,"podcastInfo":481},{"id":441,"documentId":442,"name":443,"alternativeText":16,"caption":16,"width":444,"height":445,"formats":446,"hash":476,"ext":21,"mime":24,"size":477,"url":478,"previewUrl":16,"provider":57,"provider_metadata":16,"createdAt":479,"updatedAt":479,"publishedAt":480},4669,"bbgd9ogn6974o9y0c7xc00hl","iStock-2266767672.jpg",3796,2623,{"large":447,"small":454,"medium":461,"thumbnail":468},{"ext":21,"url":448,"hash":449,"mime":24,"name":450,"path":16,"size":451,"width":27,"height":452,"sizeInBytes":453},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/large_i_Stock_2266767672_2812ecff9b.jpg","large_i_Stock_2266767672_2812ecff9b","large_iStock-2266767672.jpg",111.53,691,111527,{"ext":21,"url":455,"hash":456,"mime":24,"name":457,"path":16,"size":458,"width":35,"height":459,"sizeInBytes":460},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/small_i_Stock_2266767672_2812ecff9b.jpg","small_i_Stock_2266767672_2812ecff9b","small_iStock-2266767672.jpg",31.87,345,31868,{"ext":21,"url":462,"hash":463,"mime":24,"name":464,"path":16,"size":465,"width":43,"height":466,"sizeInBytes":467},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/medium_i_Stock_2266767672_2812ecff9b.jpg","medium_i_Stock_2266767672_2812ecff9b","medium_iStock-2266767672.jpg",64.56,518,64559,{"ext":21,"url":469,"hash":470,"mime":24,"name":471,"path":16,"size":472,"width":473,"height":474,"sizeInBytes":475},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/thumbnail_i_Stock_2266767672_2812ecff9b.jpg","thumbnail_i_Stock_2266767672_2812ecff9b","thumbnail_iStock-2266767672.jpg",8.14,226,156,8135,"i_Stock_2266767672_2812ecff9b",994.91,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/i_Stock_2266767672_2812ecff9b.jpg","2026-04-13T21:09:32.721Z","2026-04-13T21:09:32.723Z",{"id":482,"lengthInMinutes":483},2305,24,{"id":485,"documentId":486,"name":487,"summary":488,"slug":489,"date":490,"type":329,"image":491,"podcastInfo":16},1792,"gtmgaaxag6seu2qx61k12to0","Survive, Advance… and Compound","\u003Cp>\u003Cspan data-teams=\"true\">Using March Madness as a frame, this piece explores a simple investing idea: compounding depends on survival. Businesses must endure economically, and investors must endure psychologically, especially when markets are slow to recognize progress.\u003C/span>\u003C/p>","survive-advance-and-compound","2026-04-02",{"id":492,"documentId":493,"name":494,"alternativeText":16,"caption":16,"width":495,"height":496,"formats":497,"hash":527,"ext":499,"mime":24,"size":528,"url":529,"previewUrl":16,"provider":57,"provider_metadata":16,"createdAt":530,"updatedAt":531,"publishedAt":532},4661,"rij6a7np3drrsjltsjiojkoe","Survive Advance Compound.jpeg",7824,3072,{"large":498,"small":506,"medium":513,"thumbnail":520},{"ext":499,"url":500,"hash":501,"mime":24,"name":502,"path":16,"size":503,"width":27,"height":504,"sizeInBytes":505},".jpeg","https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/large_Survive_Advance_Compound_6e078bc06a.jpeg","large_Survive_Advance_Compound_6e078bc06a","large_Survive Advance 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Compound.jpeg",30.03,294,30028,{"ext":499,"url":521,"hash":522,"mime":24,"name":523,"path":16,"size":524,"width":51,"height":525,"sizeInBytes":526},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/thumbnail_Survive_Advance_Compound_6e078bc06a.jpeg","thumbnail_Survive_Advance_Compound_6e078bc06a","thumbnail_Survive Advance Compound.jpeg",5.93,96,5929,"Survive_Advance_Compound_6e078bc06a",1226.29,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/Survive_Advance_Compound_6e078bc06a.jpeg","2026-04-01T19:13:20.020Z","2026-04-07T17:33:53.731Z","2026-04-01T19:13:20.021Z",{"id":312,"documentId":313,"name":314,"summary":317,"slug":315,"date":316,"type":305,"image":534,"podcastInfo":574},{"id":535,"documentId":536,"name":537,"alternativeText":16,"caption":16,"width":538,"height":539,"formats":540,"hash":569,"ext":21,"mime":24,"size":570,"url":571,"previewUrl":16,"provider":57,"provider_metadata":16,"createdAt":572,"updatedAt":572,"publishedAt":573},4639,"gz0g65rn5nweidx0b71zze1o","iStock-2068754581.jpg",4207,2367,{"large":541,"small":548,"medium":555,"thumbnail":562},{"ext":21,"url":542,"hash":543,"mime":24,"name":544,"path":16,"size":545,"width":27,"height":546,"sizeInBytes":547},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/large_i_Stock_2068754581_3078597534.jpg","large_i_Stock_2068754581_3078597534","large_iStock-2068754581.jpg",23.49,563,23492,{"ext":21,"url":549,"hash":550,"mime":24,"name":551,"path":16,"size":552,"width":35,"height":553,"sizeInBytes":554},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/small_i_Stock_2068754581_3078597534.jpg","small_i_Stock_2068754581_3078597534","small_iStock-2068754581.jpg",8.62,281,8624,{"ext":21,"url":556,"hash":557,"mime":24,"name":558,"path":16,"size":559,"width":43,"height":560,"sizeInBytes":561},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/medium_i_Stock_2068754581_3078597534.jpg","medium_i_Stock_2068754581_3078597534","medium_iStock-2068754581.jpg",15.02,422,15021,{"ext":21,"url":563,"hash":564,"mime":24,"name":565,"path":16,"size":566,"width":51,"height":567,"sizeInBytes":568},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/thumbnail_i_Stock_2068754581_3078597534.jpg","thumbnail_i_Stock_2068754581_3078597534","thumbnail_iStock-2068754581.jpg",3.37,138,3370,"i_Stock_2068754581_3078597534",217.27,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/i_Stock_2068754581_3078597534.jpg","2026-03-24T21:36:26.197Z","2026-03-24T21:36:26.198Z",{"id":575,"lengthInMinutes":113},2303,{"id":323,"documentId":324,"name":325,"summary":328,"slug":326,"date":327,"type":329,"image":577,"podcastInfo":16},{"id":578,"documentId":579,"name":580,"alternativeText":16,"caption":16,"width":581,"height":582,"formats":583,"hash":612,"ext":21,"mime":24,"size":613,"url":614,"previewUrl":16,"provider":57,"provider_metadata":16,"createdAt":615,"updatedAt":615,"publishedAt":616},4597,"em6ux4nkvd2dep7tndpwtyku","Extra Credit_Hey Google.jpg",3872,2592,{"large":584,"small":591,"medium":598,"thumbnail":605},{"ext":21,"url":585,"hash":586,"mime":24,"name":587,"path":16,"size":588,"width":27,"height":589,"sizeInBytes":590},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/large_Extra_Credit_Hey_Google_f9d604e8e3.jpg","large_Extra_Credit_Hey_Google_f9d604e8e3","large_Extra Credit_Hey Google.jpg",246.25,669,246252,{"ext":21,"url":592,"hash":593,"mime":24,"name":594,"path":16,"size":595,"width":35,"height":596,"sizeInBytes":597},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/small_Extra_Credit_Hey_Google_f9d604e8e3.jpg","small_Extra_Credit_Hey_Google_f9d604e8e3","small_Extra Credit_Hey Google.jpg",60.03,335,60025,{"ext":21,"url":599,"hash":600,"mime":24,"name":601,"path":16,"size":602,"width":43,"height":603,"sizeInBytes":604},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/medium_Extra_Credit_Hey_Google_f9d604e8e3.jpg","medium_Extra_Credit_Hey_Google_f9d604e8e3","medium_Extra Credit_Hey Google.jpg",135.33,502,135332,{"ext":21,"url":606,"hash":607,"mime":24,"name":608,"path":16,"size":609,"width":610,"height":474,"sizeInBytes":611},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/thumbnail_Extra_Credit_Hey_Google_f9d604e8e3.jpg","thumbnail_Extra_Credit_Hey_Google_f9d604e8e3","thumbnail_Extra Credit_Hey Google.jpg",11.49,233,11489,"Extra_Credit_Hey_Google_f9d604e8e3",2308.47,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/Extra_Credit_Hey_Google_f9d604e8e3.jpg","2026-03-16T15:42:55.264Z","2026-03-16T15:42:55.265Z",{"id":618,"documentId":619,"name":620,"summary":621,"slug":622,"date":623,"type":329,"image":624,"podcastInfo":16},1776,"kg66bugsfubsnu1j138dnprz","Emerging Markets Reimagined: Quality, Diversity, and New Opportunities","\u003Cp>For many investors, emerging markets still conjure a reductive caricature: low-income economies, recurring political crises, heavy-handed governments, and returns that haven’t lived up to the hype. While that picture isn’t entirely wrong, it’s materially incomplete. Over the past three decades, the emerging world has shifted from the periphery of the global economy to its fabric: supplying critical components to the AI supply chain, incubating globally competitive consumer platforms, and hosting a growing share of the world’s middle class.\u003C/p>","emerging-markets-reimagined-quality-diversity-and-new-opportunities","2026-03-11",{"id":625,"documentId":626,"name":627,"alternativeText":16,"caption":16,"width":628,"height":629,"formats":630,"hash":658,"ext":21,"mime":24,"size":659,"url":660,"previewUrl":16,"provider":57,"provider_metadata":16,"createdAt":661,"updatedAt":661,"publishedAt":662},4588,"vas99e9jpd61xc7919695lba","iStock-171053447.jpg",3864,2576,{"large":631,"small":638,"medium":645,"thumbnail":651},{"ext":21,"url":632,"hash":633,"mime":24,"name":634,"path":16,"size":635,"width":27,"height":636,"sizeInBytes":637},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/large_i_Stock_171053447_c2e2a2f3e1.jpg","large_i_Stock_171053447_c2e2a2f3e1","large_iStock-171053447.jpg",84.63,667,84629,{"ext":21,"url":639,"hash":640,"mime":24,"name":641,"path":16,"size":642,"width":35,"height":643,"sizeInBytes":644},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/small_i_Stock_171053447_c2e2a2f3e1.jpg","small_i_Stock_171053447_c2e2a2f3e1","small_iStock-171053447.jpg",29.88,333,29876,{"ext":21,"url":646,"hash":647,"mime":24,"name":648,"path":16,"size":649,"width":43,"height":35,"sizeInBytes":650},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/medium_i_Stock_171053447_c2e2a2f3e1.jpg","medium_i_Stock_171053447_c2e2a2f3e1","medium_iStock-171053447.jpg",53.85,53849,{"ext":21,"url":652,"hash":653,"mime":24,"name":654,"path":16,"size":655,"width":656,"height":474,"sizeInBytes":657},"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/thumbnail_i_Stock_171053447_c2e2a2f3e1.jpg","thumbnail_i_Stock_171053447_c2e2a2f3e1","thumbnail_iStock-171053447.jpg",9.65,234,9654,"i_Stock_171053447_c2e2a2f3e1",739.31,"https://az-prd-mawer-com-cms-bda9ehd8a2fqgdgn.a02.azurefd.net/mawer-com-cms/assets/i_Stock_171053447_c2e2a2f3e1.jpg","2026-03-10T16:46:42.521Z","2026-03-10T16:46:42.522Z",{"id":664,"documentId":665,"name":666,"summary":667,"slug":668,"date":669,"type":329,"image":670,"podcastInfo":16},1777,"d0ga8ew7x9dowp63trflxz4c","Data Moats in the Age of AI: What Still Matters?","\u003Cp>\u003Cspan style=\"font-family:Inter;\">In investing, some ideas age gracefully. 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