{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"From Invisible Hand to Heavy Hand: Government Stakes, AI, and the Shifting CapEx Cycle in U.S. Markets | EP 197","description":"In this episode, U.S. Equity Portfolio Manager Grayson Witcher explores the evolving intersection of government policy, innovation, and capital expenditure (CapEx) in U.S. markets. The discussion unpacks how public spending and strategic government stakes\u2014especially in sectors like semiconductors and defense\u2014are reshaping the investment landscape. Grayson reflects on the unique blend of complacency and optimism in today\u2019s markets, the uncertain returns on massive AI-driven CapEx, and the importance of management quality and adaptability in navigating this new era. Key highlights: U.S. markets are experiencing a rare surge in capital spending, driven by AI, reshoring, defense, and infrastructure\u2014marking a departure from decades of just-in-time, low-investment environments. The U.S. government\u2019s direct stakes in companies like Intel signal a move toward more strategic, state-influenced capitalism, reminiscent of crisis or wartime interventions but now focused on critical industries. Despite significant investment, most companies have yet to realize meaningful returns from generative AI. The market\u2019s optimism may be outpacing actual productivity gains, raising questions about long-term ROI. The team seeks diversified exposure to transformative themes (e.g., AI, automation) without betting on single winners, emphasizing companies with adaptable management and clear execution plans. Rising CapEx, persistent inflation drivers, and government intervention create both risks and opportunities. The focus remains on businesses resilient to macro shifts and capable of thriving across scenarios.   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.   Host: Rob Campbell, CFA\u2013 Institutional Portfolio Manager Guest: Grayson Witcher, CFA, AB \u2013 Portfolio Manager   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\/   ","author_name":"Art of Boring","author_url":"http:\/\/www.mawer.com\/podcast","html":"