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U.S. Equities: Software, Security, and Shifting Regimes | EP 211
In this episode, U.S. equity portfolio manager Grayson Witcher explores what it means to invest exclusively in American businesses at a time when the U.S. is becoming more short‑term, more transactional, and more central to global change. He contrasts a shifting U.S. “extraction” mindset with China’s longer-term industrial strategy and considers how that dynamic is reshaping globalization into a more regional, security-conscious world. The conversation then turns to portfolio implications: why the team has been reducing exposure to mature, highly penetrated software names facing intensifying competition and AI disruption, how the market’s treatment of AI has evolved from hype to a more “show me the returns” phase, and where they see resilient opportunities. Highlights: How a more short-term, “extraction”-oriented U.S. policy stance—via tariffs, reshoring, and industrial policy—is altering incentives for companies and trading partners. The evolving nature of software moats in an AI world, including higher competitive intensity, mature end markets, and why some long-term winners’ valuations may no longer be justified. The market’s transition from rewarding any AI narrative to demanding clearer evidence of economic returns on massive cloud and data-center capital spending. A deliberate tilt toward businesses positioned for a more regionalized, security-focused world order, including nuclear, defense, and automation suppliers with multiple ways to win. The importance of remaining bottom-up and valuation-driven while acknowledging regime change—using portfolio construction to manage uncertainty rather than making binary macro bets.   Host: Andrew Johnson, CFA Institutional Portfolio Manager   Guest: Grayson Witcher, CFA, AB 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 Mawer at https://www.mawer.com. Follow us on social: LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ Instagram - https://www.instagram.com/mawerinvestmentmanagement/
Art of Boring
http://www.mawer.com/podcast
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