Art Of Boring

In this episode, global equity co-manager, Manar Hassan-Agha, examines how tariff policies have created uncertainty for businesses, particularly impacting capital deployment decisions and supply chains. Manar explains how a focus on asset-light, service-oriented businesses with recurring revenue provides resilience during volatile periods, with limited direct exposure to tariff-vulnerable exports. Through specific company examples like Admiral Group, UnitedHealth, and a beauty products business, he illustrates how the team evaluates short-term price movements versus long-term intrinsic value, emphasizing the importance of disciplined position sizing and maintaining a balanced, diversified portfolio across geographies and market caps during uncertain times. Recent tariff policies have created uncertainty for businesses, affecting capital deployment decisions and generating both direct impacts and second-order effects on consumer spending The Global Equity Portfolio has limited direct exposure to tariff-vulner