Deep dive: Inflation | EP99
Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.
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.
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.
Why we launched—our interest and history in U.S. mid cap stocks—potential benefits of the asset class, and a few holding examples.
John Kay’s “simplicity, modularity, redundancy” risk framework elements and our ongoing risk management process improvements.
Mispricing patterns we’re seeing in the market; where we’re finding an edge; improving our management team assessment techniques.
A real time risk management discussion addressing the increasing regulatory pressures currently impacting a wide range of businesses in China.
The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.
Philip Fisher’s continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.
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.
Why we launched—our interest and history in U.S. mid cap stocks—potential benefits of the asset class, and a few holding examples.
John Kay’s “simplicity, modularity, redundancy” risk framework elements and our ongoing risk management process improvements.
Mispricing patterns we’re seeing in the market; where we’re finding an edge; improving our management team assessment techniques.
A real time risk management discussion addressing the increasing regulatory pressures currently impacting a wide range of businesses in China.
The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.
Philip Fisher’s continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.
To be sure, there are many reasons a company may prefer to turn to private investors over more traditional public markets, but as more companies choose private funding when they need to raise capital, what are the implications for investors in public markets?
Last week, Morningstar interviewed international equity portfolio manager David Ragan about finding resilient stocks in international markets during turbulent times.
How can a business continue to grow while still retaining the internal characteristics that helped contribute to its past success?
Canadian insurance companies are no longer just in the business of selling insurance to Canadians. They function more like financial conglomerates, and that, for investors, is potentially a good thing.
Given how often “defensive” enters into the investing lexicon and that it can mean different things to different people, aiming for a greater degree of precision in its definition may help to reduce misunderstanding or generalized historical bias.
In theory, investors should improve at least linearly over time as they make and learn from errors. But in practice, there seems to be little evidence of this (only few active managers beat the market over longer time periods).
Italy has been the source of drama in recent weeks, and it hasn’t all been about men racing bicycles in spandex.
These 15 questions are by no means exhaustive—they are not intended to be—but they serve as a helpful checklist for the main structural factors to consider when assessing a country’s macroeconomic backdrop.
Humans and machines have different strengths and weaknesses, and on our team, we tend to see the foreseeable future as a world in which the two work side-by-side. As with any tool, for machine learning to be useful, it is what it is being used for and how that matters.
It is possible for smaller companies to punch above their weight in a foreign market. In our Canadian small cap portfolio, there have been many wealth-creating companies that were able to successfully expand and compete in the United States.
While investor apprehension in this environment is understandable, volatility in markets is both normal and expected. Looking back through our Art of Boring archive, we were struck by the enduring relevance of not letting fear guide investor decision-making during jittery times.
There is arguably another, more robust means of competitive advantage: that of barriers to capacity expansion. And this factors into one of the two main reasons behind limiting our exposure to the utility space.
To be sure, there are many reasons a company may prefer to turn to private investors over more traditional public markets, but as more companies choose private funding when they need to raise capital, what are the implications for investors in public markets?
Last week, Morningstar interviewed international equity portfolio manager David Ragan about finding resilient stocks in international markets during turbulent times.
How can a business continue to grow while still retaining the internal characteristics that helped contribute to its past success?
Canadian insurance companies are no longer just in the business of selling insurance to Canadians. They function more like financial conglomerates, and that, for investors, is potentially a good thing.
Given how often “defensive” enters into the investing lexicon and that it can mean different things to different people, aiming for a greater degree of precision in its definition may help to reduce misunderstanding or generalized historical bias.
In theory, investors should improve at least linearly over time as they make and learn from errors. But in practice, there seems to be little evidence of this (only few active managers beat the market over longer time periods).
Italy has been the source of drama in recent weeks, and it hasn’t all been about men racing bicycles in spandex.
These 15 questions are by no means exhaustive—they are not intended to be—but they serve as a helpful checklist for the main structural factors to consider when assessing a country’s macroeconomic backdrop.
Humans and machines have different strengths and weaknesses, and on our team, we tend to see the foreseeable future as a world in which the two work side-by-side. As with any tool, for machine learning to be useful, it is what it is being used for and how that matters.
It is possible for smaller companies to punch above their weight in a foreign market. In our Canadian small cap portfolio, there have been many wealth-creating companies that were able to successfully expand and compete in the United States.
While investor apprehension in this environment is understandable, volatility in markets is both normal and expected. Looking back through our Art of Boring archive, we were struck by the enduring relevance of not letting fear guide investor decision-making during jittery times.
There is arguably another, more robust means of competitive advantage: that of barriers to capacity expansion. And this factors into one of the two main reasons behind limiting our exposure to the utility space.
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.