The market isn’t just rotating—it’s being rewritten. In this
episode of In the Money with Amber Kanwar, Paul Moroz, Portfolio
Manager at Mawer Investment Management which has more than $65
billion in AUM, explains why we’ve entered an era of “change
investing,” where the biggest opportunities—and risks—come from
rapid shifts in technology, competitive advantage, and capital
intensity. From AI disrupting software to semiconductors becoming
a larger share of the global economy, Moroz breaks down how
investors can navigate a market where “barbarians are at the
moat” and not every dominant company is safe. He also shares why
balancing optimism with caution is key, and how to position a
portfolio that can win no matter how this cycle plays out.
In the Mailbag, Moroz weighs in on some of today’s most debated
stocks, including Shopify (SHOP), where strong growth wasn’t
enough to satisfy elevated expectations, Amphenol (APH) and the
copper vs. optical debate in AI infrastructure, eBay (EBAY) amid
takeover speculation, and Caterpillar (CAT), which has quietly
become an AI-adjacent play through data centre demand. He
explains how expectations, valuation, and macro forces—from
rising yields to energy prices—are driving stock reactions more
than ever.
In Pro Picks, Moroz highlights three names positioned to benefit
from long-term structural trends. He makes the case for Taiwan
Semiconductor Manufacturing Company (TSM) as the backbone of the
AI ecosystem, argues that Amazon (AMZN) still has a
culture-driven edge that can unlock future growth opportunities,
and points to Bunzl (BNZL) as a steady compounder flying under
the radar. Together, these picks reflect his strategy of
balancing high-growth disruption with durable, cash-generating
businesses.
Whether you’re leaning into AI or looking for stability in a
volatile market, this conversation offers a framework for
investing in a world defined by constant change.
Timestamps
00:00 Trailer
02:25 Intro
03:40 Paul’s approach to investing
06:15 Is software dead?
10:00 A deep dive into Constellation Software
16:00 The extra layer needed for software stocks
17:00 The IPO market
19:20 Why has the global equities portfolio lagged?
23:50 We’re in an era of change investing
25:50 Thoughts on semiconductors
28:10 Hamilton’s MIX ETF
31:10 ITM Mailbag: Shopify stock (SHOP)
32:00 Amphenol stock (APH)
36:50 eBay stock & the Gamestop bid (EBAY, GME)
39:00 Caterpillar stock (CAT)
41:50: Paul’s Pro Picks (TSM, AMZN, BNZL)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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Amazon and Constellation Software which are stocks Amber owns.
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