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.

  • On modern monetary theory

    We explore the evolution of Modern Monetary Theory (MMT) and the notable economic ideas on which it is based. We highlight some notable criticisms and discuss implications of MMT for economic policy and financial markets. Our purpose is less focused on opining whether MMT is fundamentally sound, but rather aimed at understanding its development and how the ground may shift if indeed MMT-based policies are more widely embraced.

    June 30, 2021

  • Where I’m seeing value in emerging markets

    I’ve been revisiting Philip Fisher’s Common Stocks and Uncommon Profits recently. Scanning the opportunity set in emerging markets, I’ve been trying to imagine what Fisher would have made of the current investment landscape.

    May 26, 2021

  • 'Twas the week before Christmas

    ‘Twas the week before Christmas, (and you know it’s true), COVID looms large in our annual review.

    December 18, 2020

  • The enemy is us: Mitigating confirmation bias

    Back in March, as physical distancing practices were being implemented globally, I was bemused by contrasting provocatively titled articles published within a day of one another. 

    June 10, 2020

  • Mawer Market Update—March 20, 2020

    Over the last week, the world has seen a continued increase in COVID-19 cases and, consequently, a greater effort to contain the virus. 

    March 20, 2020

  • Market Update – March 13, 2020

    Throughout the week, governments around the world have continued to take more significant measures to contain the spread of COVID-19.

    March 13, 2020

  • Market Update – March 10, 2020

    Considering the significant market volatility resulting from the COVID-19 outbreak, as well as the plunge in oil prices reflecting Saudi Arabia’s decision to accelerate output, we wanted to provide you with an update on Mawer’s strategy in this challenging environment.

    March 10, 2020

  • Investing: The infinite game

    Investing is a fitting example of an infinite game. Why is it that some players last longer in this game than others?

    November 13, 2019

  • U.S. Equity Insights: The Impact of Policy Shifts and AI | EP182

    We discuss the early months of the new U.S. administration with Grayson Witcher, lead portfolio manager for the U.S. equity strategy at Mawer. Grayson touches on the impact of tariffs, including the practical and unpredictable aspects of tariffs and how they influence decision-making. Grayson also shares insights on the potential long-term effects of the AI boom and highlights recent portfolio adjustments in response to evolving market dynamics.

    March 26, 2025

  • Credit Markets: Risks, Rewards, and the Road Ahead | EP181

    We discuss credit markets with Brian Carney, lead portfolio manager of the Mawer Global Credit Opportunities strategy. Brian touches on the tightening of credit spreads, risks in the leveraged loan market, and the limited compensation for high-yield bonds relative to their risks. He also reviews concerns about U.S. government credit quality, private credit profitability, and corporate policy shifts. Looking back on Mawer's GCO strategy performance in 2024, Brian highlights future plans for growth, process refinement, and team expansion.

    March 12, 2025

  • A “Balanced” Perspective Amid High Uncertainty | EP180

    Balanced portfolio manager Steven Visscher discusses 2024 performance, asset allocation decisions, trade uncertainty, potential tariffs, and the impact of AI-driven productivity growth. He highlights the importance of long-term discipline, diversification, and staying rational in an unpredictable market, and more.

    February 26, 2025

  • Navigating Tariff Tensions in Canada: Risks and Opportunities | EP179

    We discuss the escalation of U.S./Canada tariff tensions with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark provides historical context of how we got here; highlights the potential economic impact tariffs may have on the Canadian economy; provides specific portfolio holding examples of how businesses and industries may be affected; and mentions several potential benefits for Canada. Ultimately, he stresses that adhering to a disciplined, long-term investment approach is vital amid uncertainty.

    February 13, 2025

  • Quarterly Update | Q4 2024 | EP178

    We discuss 2024's economic landscape and what to expect in 2025, with Crista Caughlin, lead portfolio manager of the Mawer Canadian bond strategy. Crista highlights U.S. and Canadian growth trends, central bank rate adjustments, housing market dynamics, equity and fixed-income performance, and political uncertainties. She also discusses Mawer’s asset allocation strategy, balancing risks with opportunities amidst shifting fiscal policies, trade tensions, and global economic developments heading into 2025.

    January 21, 2025

  • Canadian Equity: 2024 Overview and Looking Ahead to 2025 | EP177

    We discuss the Canadian equity market with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark highlights the key drivers behind Canadian equities' strong 2024 performance, highlighting standout sectors like technology, financials, energy midstream, and gold. He also examines challenges in telecommunications and real estate, discusses risks from slower economic growth, inflation, and higher mortgage rates, and emphasizes strategic portfolio adjustments.

     

    January 15, 2025

  • Why Invest Outside of the U.S.? The Benefits of EAFE Large Cap | EP176

    Equity Analyst Ian Turnbull joins the Art of Boring podcast to discuss Mawer’s EAFE large cap portfolio and tackle the question: why invest outside the U.S. at all? Ian takes us through quick two-minute drills on five of the portfolio’s key holdings. He highlights the portfolio's diversification benefits, AI's transformative potential in healthcare R&D, while acknowledging the challenges posed by regulatory hurdles, and more.

    December 23, 2024

  • Maintaining an All-Weather Strategy: The U.S. Mid Cap Equity Landscape | EP175

    We discuss the U.S. mid-cap landscape with Jeff Mo, manager of the U.S. mid cap equity strategy at Mawer. Jeff touches on risk management, emphasizing disciplined adherence to investment philosophy and the benefits of balancing risk and return through natural contradictions, like pairing discretionary consumer-focused SharkNinja with countercyclical firms such as FTI Consulting. Additional topics include preemptive risk management, maintaining an all-weather portfolio, and leveraging a robust inventory process to adapt.

    December 13, 2024

  • Opportunities and Watchpoints: A Deep Dive into Global Credit | EP174

    We discuss key trends and positioning in credit markets with Brian Carney, lead portfolio manager of the Mawer global credit opportunities strategy. We touch on the year’s strong performance driven by tighter spreads, higher yields, and emerging risks such as low risk premiums and the U.S. election. Topics include corporate issuance, fallen angels, and public-private credit convergence. Emphasizing capital preservation, Brian highlights portfolio positioning in high-quality, short-duration securities, such as North American bank bonds, while avoiding high-yield exposure.

    December 3, 2024

  • The “S&P 493”: Managing Risks and Opportunities in the Global Equity Strategy | EP173

    We discuss the global equity strategy with Christian Deckart, chief investment officer and portfolio manager at Mawer. Christian stresses managing absolute risk over relative risk for better long-term outcomes and details Mawer’s approach to risk management, focusing on decision-making, portfolio risks, and external factors such as government debt and rising rates. He also discusses adapting to AI trends, preferring companies leveraging AI applications over infrastructure investments. He emphasizes maintaining focus on fundamentals amid evolving global and technological landscapes.

    November 28, 2024

  • Navigating Market Complexities: Insights from the Trading Desk | EP172

    We discuss market insights with two representatives from the trading desk: Rita Tien, who trades the Americas from Toronto, and Peter Dmytruk, who trades Asia from Singapore. Rita and Peter highlight the complexities of trading, emphasizing the importance of regional differences, the role of the trading desk in executing investment decisions, and more. 

    November 26, 2024

  • China in Focus: Traversing the Emerging Markets Landscape | EP170

    Peter Lampert, lead portfolio manager of the International Equity Strategy, discusses the recent Chinese stimulus and its effects on emerging markets. He highlights key long-term risks in China, including weak sentiment, regulatory challenges, and geopolitical tensions, while emphasizing the potential of companies like Tencent and Tencent Music. The conversation also covers Turkey's Bim, a discount retailer thriving amid economic uncertainty. Peter explains how the portfolio's success stems from stock selection, especially with stealth performers like Vietnam’s FPT and Taiwan’s IGS, and the importance of balancing macro risks with company-specific growth potential.

    October 23, 2024