Playing the plan: Mawer’s U.S. equity portfolio | EP86
“Making the macro micro” around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.
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.
“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.
Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what makes skepticism a competitive advantage.
A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.
‘Twas the week before Christmas, (and you know it’s true), COVID looms large in our annual review.
Our three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers!
Front-of-mind investment learnings from equity analysts Justin Anderson and Joshua Samuel on the dynamic, evolving gaming universe.
“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.
Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what makes skepticism a competitive advantage.
A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.
‘Twas the week before Christmas, (and you know it’s true), COVID looms large in our annual review.
Our three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers!
Front-of-mind investment learnings from equity analysts Justin Anderson and Joshua Samuel on the dynamic, evolving gaming universe.
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.
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.
Some of the main challenges facing the continent, what we gleaned from visiting over 45 companies, and ESG considerations that are front of mind for major European investment firms.
A review of last quarter, the major themes and takeaways from 2022, and what’s on the horizon for the new year.
What investors can learn from the S-curves of technologies both old and new.
What we think about the newly proposed tax on share buybacks in Canada, a balanced take on the energy theme, and where we’ve trimmed, exited, and added in the portfolio.
How do investors figure out what a company is worth? (Especially in a higher inflationary and interest rate environment?)
A deep dive—right to the atomic level—of how semiconductors work and the potential implications for the industry when Moore’s Law comes to an end.
The deglobalization shift, long-term opportunities we’re seeing in utilities, and what’s interesting about gravel.
The “Swiss cheese” mental model for risk management, why we initiated in Moderna, and how to test if you have a variant perception from the broader market.
Market swings, central bank moves, and rising interest rates. A look at Q3.
What makes the U.S. mid cap investable universe unique, some key learnings since the strategy’s launch, and how inflation can be a “positive” for wealth-creating companies.
Why small caps may zig while large caps zag, the advantage of businesses that sell scarce skills (CBIZ, Insperity, RS Group), and why eyewear retail is harder than it…looks.
The impacts of inflation, interest rates, and sharp currency movements on the portfolio, and the importance of leaning in to process and keeping a long-term perspective.
The team debates the thesis that renewables are becoming “cheaper” than traditional energy sources, unpacks why the ultimate cost to the end consumer shouldn’t be missing from the conversation, and delves into the investment implications.
Some of the main challenges facing the continent, what we gleaned from visiting over 45 companies, and ESG considerations that are front of mind for major European investment firms.
A review of last quarter, the major themes and takeaways from 2022, and what’s on the horizon for the new year.
What investors can learn from the S-curves of technologies both old and new.
What we think about the newly proposed tax on share buybacks in Canada, a balanced take on the energy theme, and where we’ve trimmed, exited, and added in the portfolio.
How do investors figure out what a company is worth? (Especially in a higher inflationary and interest rate environment?)
A deep dive—right to the atomic level—of how semiconductors work and the potential implications for the industry when Moore’s Law comes to an end.
The deglobalization shift, long-term opportunities we’re seeing in utilities, and what’s interesting about gravel.
The “Swiss cheese” mental model for risk management, why we initiated in Moderna, and how to test if you have a variant perception from the broader market.
Market swings, central bank moves, and rising interest rates. A look at Q3.
What makes the U.S. mid cap investable universe unique, some key learnings since the strategy’s launch, and how inflation can be a “positive” for wealth-creating companies.
Why small caps may zig while large caps zag, the advantage of businesses that sell scarce skills (CBIZ, Insperity, RS Group), and why eyewear retail is harder than it…looks.
The impacts of inflation, interest rates, and sharp currency movements on the portfolio, and the importance of leaning in to process and keeping a long-term perspective.
The team debates the thesis that renewables are becoming “cheaper” than traditional energy sources, unpacks why the ultimate cost to the end consumer shouldn’t be missing from the conversation, and delves into the investment implications.