Art Of Boring

In this episode, Institutional Portfolio Manager Kevin Minas and Investment Counsellor Stu Morrow examine the forces shaping markets in the first quarter of 2026. From the escalating conflict in the Middle East and its impact on oil, inflation, and growth to the broadening AI disruption across software and asset-light business models, they explore how investors can stay thoughtful in an increasingly complex environment. The conversation covers stagflation risks, bond market dynamics, the role of gold as a hedge, and the portfolio adjustments being made as quality businesses face new tests of durability in a changing world order.   Key Highlights: • Middle East conflict and stagflation risks: The escalation in Iran has dominated Q1, with the Strait of Hormuz carrying a fifth of daily global oil and gas consumption. Beyond energy, the conflict threatens fertilizer supplies, semiconductor inputs, and global growth—raising the specter of stagflation as slowing growth meets rising inflation, limiting central banks