Episode
“Barbarians at the Moat”: How Disruption Is Reshaping the Best Stocks to Own
- Published
- May 7, 2026
- Duration seconds
- 3352
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- https://share.transistor.fm/s/9a8ce34f
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Summary
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…