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.
The Copernican Revolution was significant because of what it teaches us about hypotheses: sometimes we should be patient with them.
As investors, we can learn much from the spirit of deep sea exploration. It is our job to move beyond well-lit and well understood areas, and dive deep into the unknown.
Our conversation is notable because it highlights an important reminder for investors: investment insights are not usually obvious right away. Often we arrive at them because we have followed a scent.
While there’s no one-size-fits-all framework when it comes to developing relationships or work culture, here’s a sample retreat format that has worked for us.
We really think our focus on quality at a fair price puts the odds in our clients favour over the long term because we are both aware of the potential traps of value investing and the lure of a good growth story. We just wish the acronym wasn’t HQCRBEMTPDV.
Once the anchoring process begins it doesn’t take long to go all the way up to the “fully loaded” option, which could be detrimental to your portfolio.
In investing, there are going to be times when you should be at odds with the market and times when you should not. Knowing when you should be different is an important question to ask and, from our perspective, should be informed by your goals and principles.
While studying the stories of historical success is obviously an important part of learning, the approach also brings with it investing pitfalls to be aware of. One such pitfall is narrative bias.
In our efforts to express ourselves and to be heard we often hamper our ability to fully listen and discern. In order to see the big picture and respond to stimulus most effectively it’s important to first “let it land.”
Given the volatility and risks generally associated with emerging markets, some may ask “why there and why now?” There are a number of reasons...
Like many disciplines, investing requires measures of both science and art to navigate uncertainty and to move forward decisively.
In 2008, hedge fund manager Guy Spier sat in front of Warren Buffett at a charity lunch. According to Spier, Buffett asked him a question he would never forget...
The Copernican Revolution was significant because of what it teaches us about hypotheses: sometimes we should be patient with them.
As investors, we can learn much from the spirit of deep sea exploration. It is our job to move beyond well-lit and well understood areas, and dive deep into the unknown.
Our conversation is notable because it highlights an important reminder for investors: investment insights are not usually obvious right away. Often we arrive at them because we have followed a scent.
While there’s no one-size-fits-all framework when it comes to developing relationships or work culture, here’s a sample retreat format that has worked for us.
We really think our focus on quality at a fair price puts the odds in our clients favour over the long term because we are both aware of the potential traps of value investing and the lure of a good growth story. We just wish the acronym wasn’t HQCRBEMTPDV.
Once the anchoring process begins it doesn’t take long to go all the way up to the “fully loaded” option, which could be detrimental to your portfolio.
In investing, there are going to be times when you should be at odds with the market and times when you should not. Knowing when you should be different is an important question to ask and, from our perspective, should be informed by your goals and principles.
While studying the stories of historical success is obviously an important part of learning, the approach also brings with it investing pitfalls to be aware of. One such pitfall is narrative bias.
In our efforts to express ourselves and to be heard we often hamper our ability to fully listen and discern. In order to see the big picture and respond to stimulus most effectively it’s important to first “let it land.”
Given the volatility and risks generally associated with emerging markets, some may ask “why there and why now?” There are a number of reasons...
Like many disciplines, investing requires measures of both science and art to navigate uncertainty and to move forward decisively.
In 2008, hedge fund manager Guy Spier sat in front of Warren Buffett at a charity lunch. According to Spier, Buffett asked him a question he would never forget...
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.
Inflation, interest rates, the valuation correction, bias creep, and “sticking to our knitting.” A full dive into Q2.
CIO Paul Moroz unpacks the foundational components to better decision making for investing, business, and life.
Lead Portfolio Manager, Crista Caughlin, on what’s happening in bond markets, a look at inflation and interest rates, and the key scenarios we’re monitoring.
Opportunities and risks we’re seeing in energy, rail, and financials; why we exited Shopify; and a few team learnings.
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.
Inflation, interest rates, the valuation correction, bias creep, and “sticking to our knitting.” A full dive into Q2.
CIO Paul Moroz unpacks the foundational components to better decision making for investing, business, and life.
Lead Portfolio Manager, Crista Caughlin, on what’s happening in bond markets, a look at inflation and interest rates, and the key scenarios we’re monitoring.
Opportunities and risks we’re seeing in energy, rail, and financials; why we exited Shopify; and a few team learnings.
