Art Of Boring

In this episode, 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.   Key Takeaways: The market initially surged post-election but has since reversed, with the S&P 500 dropping below election day levels. Policy shifts have hit sectors like pharma, defense, and life sciences. Volatility is rising, inflation concerns persist, and consumer caution is growing. [00:01:34] The current investment approach focuses on avoiding industries most exposed to tariffs, such as autos, agriculture, and luxury exports. Short-term risks include inflation and declining consumer confidence, while long-term consequences are harder to p