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? To provide some bottom-up, long-term investing signal to cut through the short-term noise.
Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and the effects on our process and the EAFE large cap portfolio.
How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.
Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and life.
Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of identifying those elusive “holy compounders.”
The major themes of Q4 and a look ahead to 2022.
History doesn’t repeat itself, but it often rhymes.
~Mark Twain
Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.
‘Twas the week before Christmas, so let's have some fun. Mawer recaps the main themes of 2021.
Global debt, China’s credit cycle, shifting monetary and fiscal policy objectives, and the three scenarios we are thinking about this year.
Impacts of higher inflation and interest rates and the benefits of an integrated research team.
How an engineering principle can improve investment risk management.
Inflation risk, slowing global growth, and the un-globalization trend—a review of Q3.
Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and the effects on our process and the EAFE large cap portfolio.
How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.
Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and life.
Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of identifying those elusive “holy compounders.”
The major themes of Q4 and a look ahead to 2022.
Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.
‘Twas the week before Christmas, so let's have some fun. Mawer recaps the main themes of 2021.
Global debt, China’s credit cycle, shifting monetary and fiscal policy objectives, and the three scenarios we are thinking about this year.
Impacts of higher inflation and interest rates and the benefits of an integrated research team.
How an engineering principle can improve investment risk management.
Inflation risk, slowing global growth, and the un-globalization trend—a review of Q3.
In 1968, researchers from Stanford University stuck a marshmallow in front of a four year old girl and gave her a choice: eat the marshmallow now or wait 15 minutes and receive TWO marshmallows.
Two important events involving Russia occurred in the last week. First, Russia amassed a highly suspicious buildup of 20,000 troops on the Ukrainian border. Second, Russia’s yield curve inverted.
Narrow rules have a cost. Although there is value in the clarity of rule, process and position, a system must also be flexible.
Just how important is a common language to investing? While some investors view it as the sort of soft, fluffy stuff best left to liberal arts majors, empirically—and in our experience— it is an essential feature of high performing investment teams.
A few weeks ago, I was introduced to Google’s Toothbrush Test. Contrary to the images that the name inspires, this test does not involve sticking a web-enabled toothbrush into your mouth to collect data on your molars. Instead, it relates to how Google allocates capital.
This past week, one of my colleagues shared a learning at our weekly research meeting. Christian and his wife, Siggi, were on vacation when Siggi unfortunately dropped her iPhone into the bath.
Imagine you spent 4% of your life waiting in line. Given that there are 8,765 hours in a year, this would imply that you spent 350 hours each year staring at the backs of people’s heads.
The restaurant industry is tough. Virtually anyone with decent cooking skills and a modest amount of capital can open one; the barriers to entry are quite low. Restaurateurs must also face an unpredictable customer base, as well as significant competition and substitutes.
History is ripe with hucksters. Investors were reminded of this again this month when stock market darling Gowex declared bankruptcy.
In 1968, researchers from Stanford University stuck a marshmallow in front of a four year old girl and gave her a choice: eat the marshmallow now or wait 15 minutes and receive TWO marshmallows.
Two important events involving Russia occurred in the last week. First, Russia amassed a highly suspicious buildup of 20,000 troops on the Ukrainian border. Second, Russia’s yield curve inverted.
Narrow rules have a cost. Although there is value in the clarity of rule, process and position, a system must also be flexible.
Just how important is a common language to investing? While some investors view it as the sort of soft, fluffy stuff best left to liberal arts majors, empirically—and in our experience— it is an essential feature of high performing investment teams.
A few weeks ago, I was introduced to Google’s Toothbrush Test. Contrary to the images that the name inspires, this test does not involve sticking a web-enabled toothbrush into your mouth to collect data on your molars. Instead, it relates to how Google allocates capital.
This past week, one of my colleagues shared a learning at our weekly research meeting. Christian and his wife, Siggi, were on vacation when Siggi unfortunately dropped her iPhone into the bath.
Imagine you spent 4% of your life waiting in line. Given that there are 8,765 hours in a year, this would imply that you spent 350 hours each year staring at the backs of people’s heads.
The restaurant industry is tough. Virtually anyone with decent cooking skills and a modest amount of capital can open one; the barriers to entry are quite low. Restaurateurs must also face an unpredictable customer base, as well as significant competition and substitutes.
History is ripe with hucksters. Investors were reminded of this again this month when stock market darling Gowex declared bankruptcy.
The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.
Philip Fisher’s continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.
A review of the quarter: the high-level themes have continued.
CIO Paul Moroz walks us through his “best practices” portfolio construction checklist.
Opening the Pandora’s box of Bitcoin, societal trust, and why investors might not, but need to, fully understand the technology.
“Making the macro micro” around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.
A close look at our research methods to understand trends, opportunities, and challenges in the pharmaceutical industry.
How thinking like a deer in the forest (situational awareness) and other risk management process tinkering has helped the team. In addition, thoughts on the potential CP Rail and Kansas City Southern deal and TELUS International IPO.
One year since lockdown: CIO Paul Moroz summarizes the major market themes of the past four quarters and how it has (and hasn’t) affected our process and way of looking at the world.
Equity Analyst, Stanislav Lopata, shares his observations regarding the pandemic’s impacts on markets and what’s new with the portfolio.
Deputy CIO Christian Deckart discusses market performance in a “story of three quarters” and some new holdings we added to the portfolio.
Chief Investment Officer Paul Moroz discusses why the Research team’s post-mortem process is important, and some of their top learnings from 2020.
The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.
Philip Fisher’s continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.
A review of the quarter: the high-level themes have continued.
CIO Paul Moroz walks us through his “best practices” portfolio construction checklist.
Opening the Pandora’s box of Bitcoin, societal trust, and why investors might not, but need to, fully understand the technology.
“Making the macro micro” around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.
A close look at our research methods to understand trends, opportunities, and challenges in the pharmaceutical industry.
How thinking like a deer in the forest (situational awareness) and other risk management process tinkering has helped the team. In addition, thoughts on the potential CP Rail and Kansas City Southern deal and TELUS International IPO.
One year since lockdown: CIO Paul Moroz summarizes the major market themes of the past four quarters and how it has (and hasn’t) affected our process and way of looking at the world.
Equity Analyst, Stanislav Lopata, shares his observations regarding the pandemic’s impacts on markets and what’s new with the portfolio.
Deputy CIO Christian Deckart discusses market performance in a “story of three quarters” and some new holdings we added to the portfolio.
Chief Investment Officer Paul Moroz discusses why the Research team’s post-mortem process is important, and some of their top learnings from 2020.
