‘Twas the week before Christmas: Mawer’s 2019 year-end investing review — in poem form

‘Twas the week before Christmas: Mawer’s 2019 year-end investing review — in poem form

Each year, some of the more creative types at Mawer Investment Management Ltd. put their lyric-writing talents to work to offer a timely variation of the “Twas the night before Christmas.”

This year, Mawer riffs on rate cuts, Brexit, trade wars, cannabis’ crazy ride and more.

The privately owned, independent investment firm, which takes pride in offering clients its “boring” investment approach, manages over $50 billion in assets for individual and institutional investors across all major investment strategies, with more than 150 employees across Calgary, Toronto, and Singapore.

‘Twas the week before Christmas

And Mawer’s on the scene

To tell you the tale

Of 2019

Was it good? Was it great?

Some say: yes! Ho, ho, ho!

(Though mixed signals and offsets

Oft’ ran the show)

Central banks’ interventions

Were less hawk than dove

Looking to bond markets

Like the North Star above

Interest rates, interest rates

The Fed doth cut thrice

Discount rates remain lower

Supporting stocks’ price

Quality is expensive

But may see us through

When you look at the long-term

With a bottom-up view

But we do pay attention

To themes that arise

That could impact markets

To avoid a surprise

Global economic growth

It did indeed slow

But shrink, it did not,

And onwards it goes

PMIs are indices

That tell you the trends

Of prevailing directions

Of the economy’s wends

Manufacturing was down

Germany was blue

A potential recession?

That could become true

But Servicing was steadfast

Employment was strong

Debt servicing manageable

Things kept chugging along.

And the saga continues

The deal’s not yet done!

Of course, we mean Brexit

It’s not a home run

Not all UK businesses

Will be affected the same

So whatever’s decided

Mawer’s still in the game.*

Oh Canada, Oh Cannabis

A wild ride for sure

A budding industry

We can’t yet endure

Now that brings us to trade wars

China vs. Trump

Tweets sending mixed messages

Stocks rise and then slump

But short-term daily movements

Don’t mean a whole lot

With great fundamentals

Our holdings—less fraught

Quality at a good price

—Both elements key—

To get the balance just right,

We work diligently.

Making sure we have offsets,

Looking for edges,

Natural contradictions

Are what make our hedges

Whether a blog or a podcast

We strive to make clear

We think micro not macro

—No predicting the year!

While the world is complex,

The road, it may wind,

We keep being boring

To give peace of mind.

* yes … we shamelessly reused this stanza from last year, as our thesis remains unchanged.

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