Art of Boring

About Art of Boring

Listen as Mawer Investment Management Ltd. takes a deeper dive into the investment philosophy and strategies that have helped put the odds in their clients' favour for over 50 years.

Publisher

Mawer Investment Management Ltd.

Category

business · business

Language

en

Explicit

No

First episode

16 Feb 2018

Latest episode

22 Oct 2026

Latest episodes

233 episodes in the feed.

1. 

   22 Oct 2026

   Rising Bond Yields, Ireland's Banking Turnaround, and China's Risk Premium | EP 233

   Germany's 10-year government bond, negative 0.5% during the pandemic, now yields 3.46%, while the UK's has climbed to 5.5% and Japan's to about 3%. International equity portfolio manager David Ragan examines what the rise in global rates means for how the team values companies. He explains why higher discount rates change the math on future cash flows, how a bank in Ireland became attractively priced once its post-crisis turnaround was overlooked, and why the team treats China's low risk-free rate as artificially depressed. Above all, he returns to a simple idea: the value of diversification. Key Takeaways Global bond yields have risen broadly this year: Germany's 10-year, negative 0.5% during COVID, is now 3.46%, the UK's is 5.5%, and Japan's has climbed from 0% to about 3%. China is the exception. Tight capital controls, a weak real estate market, and cautious bank lending have kept its market rates falling even as the rest of the world's have risen. Higher government rates mean higher discount rates and lower equity values unless growth offsets them; a 9% IRR that looked attractive five years ago no longer automatically clears the bar. The team initiated a position in an Irish bank with a deposit beta of about 0.2%, meaning funding costs barely move when interest rates rise, which widens the spread it earns on loans. In China, the team treats the low risk-free rate as artificially depressed and adds a larger equity risk premium on top, even on a top holding, Tencent, with an IRR still above 10%. The team keeps the portfolio deliberately diversified, from capital-cycle businesses such as BHP Billiton to names tied to AI demand, so no single environment decides the outcome. Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guest: David Ragan, CFA, Mawer Portfolio Manager, International Equity This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ (https://www.instagram.com/mawerinvestmentmanagement/) #ArtOfBoring #MawerInvestmentManagement #MawerInvestment #Podcasts

2. 

   14 Oct 2026

   Quarterly Update | Q3 2026 | EP 232

   Q3 2026 market update: Canadian investment-grade bonds returned roughly negative 3% while stock markets in many parts of the world ended September near record highs. Institutional portfolio manager Kevin Minas and investment counsellor Stu Morrow review the quarter, from oil above $100 a barrel and a more hawkish Fed to bond yields at multi-year highs. They discuss why hyperscalers borrowing over US$200 billion this year is crowding out other issuers, what a narrow AI-led rally means when more than half of the S&P 500 sits 20% below its peak, and whether the 60-40 portfolio still needs 40% in traditional bonds. The conversation closes on the quarter's asset allocation changes in the balanced strategy. Key Takeaways Bonds had a difficult quarter. The FTSE Canada Universe printed a negative 3% return as yields climbed to multi-year highs on inflation, fiscal deficits, and growing debt burdens, with flashbacks of 2022 for bond investors. Oil mostly above $100 a barrel kept inflation in the conversation. A more hawkish message from the Fed at Jackson Hole shifted the debate from when rates get cut to whether more hikes are needed, and the ECB raised rates while the Bank of Canada held. Hyperscaler borrowing is crowding out other issuers. Microsoft, Amazon, Meta, and peers have issued over US$200 billion of debt year to date in 2026, and because AI is treated as an existential race, those borrowers are less sensitive to their cost of capital. The equity rally is real but narrow. AI infrastructure and the hyperscalers account for roughly two-thirds of expected 2026 earnings growth, yet more than half of S&P 500 stocks ended September about 20% below their all-time highs. For a 60-40 investor, 40% in traditional bonds may no longer be the right number. Pairing core fixed income with an unconstrained global credit strategy means taking duration risk only where the team is being paid to, and the team added triple-B corporate issues at 7% to 8% yields. This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ (https://www.instagram.com/mawerinvestmentmanagement/) #ArtOfBoring #MawerInvestmentManagement #MawerInvestment #Podcasts

3. 

   8 Oct 2026

   Tariff Impacts on Canadian Portfolios | EP 231

   Canada-U.S. tariffs are back, and Canadian investors are asking what they mean for their portfolios. Canadian equity portfolio manager Vijay Viswanathan and fixed income portfolio manager Crista Caughlin break down the tariff picture and last month's Canada Investment Summit across stocks and bonds. They cover why the equity portfolio carries little trade-exposed revenue once exempt commodities like oil and potash are set aside, why unemployment matters more than tariffs for Canadian banks, and how a new business-investment tax deduction pulls the effective rate below the U.S. The conversation closes on a simple idea: what the summit needs now is shovels in the ground, not sound bites on TV. Key Takeaways The macro backdrop has reversed since 2025: inflation is grinding higher on oil, and the Bank of Canada may hike rather than cut. The 50% tariff headline overstated reality; USMCA held up and exempt commodities kept trade-exposed revenue low. About 45% of the Canadian equity portfolio's revenue is CAD and roughly 30% USD, but little is in goods tariffs can easily target. For banks, unemployment is the KPI that matters; loan losses follow job losses, and diversified business mixes add resilience. A new tax deduction pulls the effective rate on new investment toward 6% versus roughly 16% in the U.S., but market access still constrains exporters. The summit's trillion-dollar ambition means a decade of debt issuance, with crowding-out risk against hyperscaler and AI borrowing. Host: Andrew Johnson, Institutional Portfolio Manager Guest: Crista Caughlin, Fixed Income Portfolio Manager Guest: Vijay Viswanathan, Director of Research, Canadian Equity Portfolio Manager This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com (https://www.mawer.com/) https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/

Who has been a guest on Art of Boring

Names identified in recent episode analyses. Showing up to five guests.

• Brian Carney CIM
• Paul Moroz
• Crista Caughlin
• Steven Visscher
• Justin Anderson

Podcast Authority Score: 51 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

84

Social presence

91

YouTube

0

Engagement

0

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