U.S. Mid Cap Equities: Tech, Regional Banks, and Valuation | EP140
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
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.
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
We need to understand where we are in the debt super cycle to inform our investment decision making.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Recent AI breakthroughs are underscoring the power of the centaur model—humans + machines—creating something more potent than either model operating independently.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
In our view, market participants systematically underestimate the importance of vulnerabilities while correspondingly overestimating the importance of triggers. Why?
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
We need to understand where we are in the debt super cycle to inform our investment decision making.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Recent AI breakthroughs are underscoring the power of the centaur model—humans + machines—creating something more potent than either model operating independently.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
In our view, market participants systematically underestimate the importance of vulnerabilities while correspondingly overestimating the importance of triggers. Why?
Many of the old stories surrounding China are becoming—or are—obsolete. New ones are emerging. China’s economy is very different than it used to be, and this shift, as well as some of the trends occurring there, are worthwhile to understand. We’d be wise to pay attention.
‘Twas the week before Christmas
And we’re again filled with cheer
To provide our blog readers
A review of the year:
How many toilets do you have at home? Or rather—let me put it this way: do you have a toilet in your home? For most people reading this, the idea of not having one may sound crazy, but in India, over half of all households do not have the luxuries of a toilet and/or bathing facility.
The ski season is officially open and the keeners have taken their first turns. I know our CIO, Jim Hall, is an avid skier so I sat down with him recently to discuss portfolio risk management and how it relates to skiing.
In 1845, Scottish poet and author, William Aytoun, published his satire, How we got up the Glenmutchkin Railway, and how we got out of it. His story focused on the railway stock frenzy that gripped Great Britain, with the aim of bringing awareness to what he saw as madness, “if anyone ha[d] the sense to see it.”
With entrepreneurs like Elon Musk pushing for a solar energy future and electric cars on the horizon, many are seriously questioning oil’s dominance. Are we finally moving into a post-oil age?
As an observational lens, bottleneck-thinking can quickly uncover specific pressure points people may have, such as a holding’s valuation or current management.
Each day we observe events and instantly associate meaning to them. In other words, we are constantly making inferences about the world—usually unconsciously. Unfortunately, we tend to neglect challenging these inferences or even fool ourselves into thinking that they are wholly evidence based.
Conversations about increasing interest rates and their impact on bond investments have recently spiked in Canada. Since bonds are traditionally viewed as an investment that provides a steady stream of income while acting as a safety net within an overall balanced portfolio, an environment of rising interest rates understandably causes unease: it can decrease the price of bonds and therefore can negatively impact performance.
Short-term gratification can hurt in the long run.
One thing we might say: change may be closer in the proverbial mirror than it appears.
This week we have the pleasure of partnering again with Beakerhead, a Calgary-based charitable organization that “brings together the arts, sciences, and engineering sectors to build, engage, compete, and exhibit interactive works of art, engineered creativity and entertainment.”
Many of the old stories surrounding China are becoming—or are—obsolete. New ones are emerging. China’s economy is very different than it used to be, and this shift, as well as some of the trends occurring there, are worthwhile to understand. We’d be wise to pay attention.
‘Twas the week before Christmas
And we’re again filled with cheer
To provide our blog readers
A review of the year:
How many toilets do you have at home? Or rather—let me put it this way: do you have a toilet in your home? For most people reading this, the idea of not having one may sound crazy, but in India, over half of all households do not have the luxuries of a toilet and/or bathing facility.
The ski season is officially open and the keeners have taken their first turns. I know our CIO, Jim Hall, is an avid skier so I sat down with him recently to discuss portfolio risk management and how it relates to skiing.
In 1845, Scottish poet and author, William Aytoun, published his satire, How we got up the Glenmutchkin Railway, and how we got out of it. His story focused on the railway stock frenzy that gripped Great Britain, with the aim of bringing awareness to what he saw as madness, “if anyone ha[d] the sense to see it.”
With entrepreneurs like Elon Musk pushing for a solar energy future and electric cars on the horizon, many are seriously questioning oil’s dominance. Are we finally moving into a post-oil age?
As an observational lens, bottleneck-thinking can quickly uncover specific pressure points people may have, such as a holding’s valuation or current management.
Each day we observe events and instantly associate meaning to them. In other words, we are constantly making inferences about the world—usually unconsciously. Unfortunately, we tend to neglect challenging these inferences or even fool ourselves into thinking that they are wholly evidence based.
Conversations about increasing interest rates and their impact on bond investments have recently spiked in Canada. Since bonds are traditionally viewed as an investment that provides a steady stream of income while acting as a safety net within an overall balanced portfolio, an environment of rising interest rates understandably causes unease: it can decrease the price of bonds and therefore can negatively impact performance.
Short-term gratification can hurt in the long run.
One thing we might say: change may be closer in the proverbial mirror than it appears.
This week we have the pleasure of partnering again with Beakerhead, a Calgary-based charitable organization that “brings together the arts, sciences, and engineering sectors to build, engage, compete, and exhibit interactive works of art, engineered creativity and entertainment.”
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
The nuanced impacts of inflation to companies’ balance sheets that investors might be missing.
Chief Investment Officer Paul Moroz shares takeaways from the Research team's annual post-mortem discussions.
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
The nuanced impacts of inflation to companies’ balance sheets that investors might be missing.
Chief Investment Officer Paul Moroz shares takeaways from the Research team's annual post-mortem discussions.