Brown Advisory

FEBRUARY 7, 2019

Despite municipal fund outflows for the year, price levels were supported by limited supply (as we discuss below, the 2017 tax overhaul eliminated a component of the muni market that historically accounted for approximately one-quarter of total annual issuance). dollar-denominated, fixed tax exempt bond market.

Taxes 52

Taxes Investments Investing Clients 52

Brown Advisory

FEBRUARY 7, 2019

Despite municipal fund outflows for the year, price levels were supported by limited supply (as we discuss below, the 2017 tax overhaul eliminated a component of the muni market that historically accounted for approximately one-quarter of total annual issuance). dollar-denominated, fixed tax exempt bond market.

Taxes 52

Taxes Investments Investing Clients 52

Brown Advisory

MARCH 13, 2018

Further, 2017 overall was extraordinary for its lack of market volatility; the S&P 500 Index rose steadily throughout the year without so much as a 3% pullback—a first in the Index’s long history. For most of 2017, the VIX was exceptionally depressed, signaling that investors expected very little volatility in prices.

Investments 52

Investments Investing Economy Assets 52

Brown Advisory

MARCH 13, 2018

Further, 2017 overall was extraordinary for its lack of market volatility; the S&P 500 Index rose steadily throughout the year without so much as a 3% pullback—a first in the Index’s long history. For most of 2017, the VIX was exceptionally depressed, signaling that investors expected very little volatility in prices.

Investments 52

Investments Investing Economy Assets 52

Brown Advisory

MAY 10, 2018

After an unnaturally serene 2017, volatility roared back into equity markets this year, fueled by worries over interest rates, inflation, tariffs and data privacy. imports of washing machines and solar panels (see chart below) in 2017 accounted for approximately 0.4% trillion in imports in 2017) and an even smaller slice of U.S.

Economy 52

Economy Portfolio Clients Sales 52

Brown Advisory

MAY 10, 2018

After an unnaturally serene 2017, volatility roared back into equity markets this year, fueled by worries over interest rates, inflation, tariffs and data privacy. imports of washing machines and solar panels (see chart below) in 2017 accounted for approximately 0.4% trillion in imports in 2017) and an even smaller slice of U.S.

Economy 52

Economy Portfolio Clients Sales 52

Brown Advisory

AUGUST 25, 2017

Manager Q&A: Mick Dillon and Bertie Thomson, Global Leaders Strategy achen Fri, 08/25/2017 - 11:34 Indeed a host of macro-economic and political events have impacted global markets since Mick Dillon and Bertie Thomson launched the Brown Advisory Global Leaders strategy. FCF yield calculations presented use LFY and exclude financial services.

Management 52

Management Valuation Financial Services Investments 52

Brown Advisory

AUGUST 25, 2017

Fri, 08/25/2017 - 11:34. MD: I would add that we prefer enterprise value of a company divided by its earnings before interest taxes (EV/EBIT) and free cash flow yield as shorthand valuation approaches rather than price-to-earnings multiples. FCF yield calculations presented use LFY and exclude financial services.

Management 52

Management Valuation Financial Services Investments 52

Brown Advisory

MARCH 30, 2018

Throughout 2017, our meetings and conversations with clients very frequently focused on the topic of risk. Economic growth and corporate earnings across the world improved notably throughout 2017, led by an acceleration in Europe, a rebound in emerging markets and improved sentiment in some U.S. Fri, 03/30/2018 - 11:57. and Canada.

Asset Allocation 52

Asset Allocation Portfolio Assets Valuation 52

Sara Grillo

AUGUST 26, 2024

The idea centered on the concepts of simplicity, keeping total investment costs and taxes extremely low and developing a custom investment plan for each client using low-cost asset class and index funds. James is the father of three energetic boys and 1 Bernadoodle: Oliver, Henry, William, and Louie; and husband to Anya Giles since 2017.

License 52

License Certified Financial Planner Financial Advisor CFP 52

ClearMoney

DECEMBER 5, 2021

The financial services industry has a long tradition of innovation, and cryptocurrency and the technology surrounding it may someday prove to be a historic breakthrough. Gox Bitcoin Customers Could Lose Again,” Reuters, November 16, 2017. For those who enjoy the thrill of speculation, trading bitcoin may hold appeal.

Commission 52

Commission Retail Sales Distribution 52

Brown Advisory

AUGUST 1, 2018

continues apace and has even accelerated somewhat, thanks in part to the corporate tax reductions enacted late last year. Even as the “E” (earnings) component of the P/E ratio has increased in 2018 thanks to the strong economy and tax cuts, the “P” (price) component has moved up more, and valuations have risen perceptibly. In the U.S.,

Management 52

Management Investments Investing Valuation 52

Brown Advisory

AUGUST 1, 2018

continues apace and has even accelerated somewhat, thanks in part to the corporate tax reductions enacted late last year. Even as the “E” (earnings) component of the P/E ratio has increased in 2018 thanks to the strong economy and tax cuts, the “P” (price) component has moved up more, and valuations have risen perceptibly. In the U.S.,

Management 52

Management Investments Investing Valuation 52

Brown Advisory

MAY 31, 2017

EUROPEAN RE-ENTRY: Why We Are Shifting Portfolios Toward European Stocks achen Thu, 06/01/2017 - 02:47 Asset allocation—at least for us—is an exercise in nuance. stocks as of the end of 2015 on an EV/EBITDA basis; that gap widened to 20% by the end of April 2017. is much clearer. stocks growing more expensive. and in Europe.)

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

MAY 31, 2017

Thu, 06/01/2017 - 02:47. However, when measuring valuation using EV/EBITDA (enterprise value divided by earnings before interest, taxes, depreciation and amortization), a metric that we consider to be more accurate and helpful, the divergence of Europe from the U.S. Asset allocation—at least for us—is an exercise in nuance.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

JULY 19, 2017

A Moment of Zen: The Wisdom of Staying Invested achen Wed, 07/19/2017 - 15:28 When discussing the merits of cash as an investment, Warren Buffett doesn’t pull his punches, saying that those who hold cash or its equivalents “have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”

Investments 52

Investments Investing Portfolio Clients 52

Brown Advisory

JULY 19, 2017

Wed, 07/19/2017 - 15:28. between 1979 and 2017, and then compared those results to cash returns over the same periods to see how often the balanced portfolio outperformed cash. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure.

Investments 52

Investments Investing Portfolio Clients 52

Brown Advisory

MARCH 27, 2023

Source: SVB Financial Group, Annual Reports 2017-2022. Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. What they assume in its place is interest-rate risk.

Banking 90

Banking Economics Insurance Assets 90

Brown Advisory

APRIL 18, 2018

As shown in the table above, our portfolio was essentially in line with its benchmark in terms of P/E ratio at the end of 2017. ROIC calculations presented use LFY (last fiscal year) and exclude financial services. FCF Yield is a measure of financial performance calculated as operating cash flow minus capital expenditures.

Valuation 52

Valuation Portfolio Investments Investing 52

Brown Advisory

APRIL 18, 2018

As shown in the table above, our portfolio was essentially in line with its benchmark in terms of P/E ratio at the end of 2017. ROIC calculations presented use LFY (last fiscal year) and exclude financial services. FCF Yield is a measure of financial performance calculated as operating cash flow minus capital expenditures.

Valuation 52

Valuation Portfolio Investments Investing 52

Sara Grillo

APRIL 10, 2023

The idea centered on the concepts of simplicity, keeping total investment costs and taxes extremely low and developing a custom investment plan for each client using low-cost asset class and index funds. James is the father of three energetic boys and 1 Bernadoodle: Oliver, Henry, William, and Louie; and husband to Anya Giles since 2017.

Investments 52

Investments Investing CFP Financial Advisor 52

Brown Advisory

NOVEMBER 28, 2017

Balancing Act | A Stroll Down Hindsight Lane achen Tue, 11/28/2017 - 14:27 Market downturns and recessions may seem easy to predict. Finally, note that taxes and transaction costs are additional hurdles that market timers must overcome. But timing the market is extremely difficult without the benefit of hindsight.

Economy 52

Economy Clients Economics Management 52

Brown Advisory

NOVEMBER 28, 2017

Tue, 11/28/2017 - 14:27. Finally, note that taxes and transaction costs are additional hurdles that market timers must overcome. If you are tempted to try and time the market, be forewarned: Both the public and noted financial experts have repeatedly tried—and repeatedly failed. ?. Balancing Act | A Stroll Down Hindsight Lane.

Economy 52

Economy Clients Economics Management 52

Sara Grillo

AUGUST 14, 2023

Flat fee advisors Advice only planners Hourly financial advisors I periodically blog about financial products and services so that consumers can avoid being taken advantage of by the financial services industry. Scott has been serving families for 29 years in the financial services space.

Financial Advisor 52

Financial Advisor Fiduciary Duty Insurance Financial Advice 52

Brown Advisory

AUGUST 24, 2017

Thu, 08/24/2017 - 15:12. The corporate structure of a REIT exempts the company from corporate income tax if it pays a certain proportion of its taxable income to shareholders. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

Portfolio 52

Portfolio Assets Clients Investing 52

Brown Advisory

OCTOBER 11, 2021

Private Equity and Venture Capital benchmark from December 31, 2000 through December 31, 2017, which represents the most relevant recent data available. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. equity REITs. © 2021 HFR, Inc. -

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Private Equity and Venture Capital benchmark from December 31, 2000 through December 31, 2017, which represents the most relevant recent data available. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. equity REITs. © 2021 HFR, Inc. -

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 18, 2019

unemployment is as low as it has been since 1969; because of this and other economic indicators, the Fed is increasingly concerned about slowing economic growth, and it has reversed course from raising interest rates in 2017 and 2018 to cutting them in 2019. Further, U.S. This situation poses challenges for fixed income investors.

Marketing 52

Marketing Marketing Valuation Numbers 52

Brown Advisory

OCTOBER 18, 2019

unemployment is as low as it has been since 1969; because of this and other economic indicators, the Fed is increasingly concerned about slowing economic growth, and it has reversed course from raising interest rates in 2017 and 2018 to cutting them in 2019. Further, U.S. This situation poses challenges for fixed income investors.

Marketing 52

Marketing Marketing Valuation Numbers 52

Brown Advisory

JANUARY 17, 2024

It is calculated as NOPAT/IC; where NOPAT (net operating profit after tax) is (EBIT + Operating Leases Due 1-Yr)*(1-Cash Tax Rate) and IC (invested capital) is Total Debt + Total Equity + Total Unfunded Pension + (Operating Leases Due 1-Yr * 8) – Excess Cash. Valuations and performance returns are computed and stated in U.S.

Investments 52

Investments Investing Portfolio Compliance 52

Brown Advisory

AUGUST 14, 2023

At the margin, the factors can be a tailwind as experienced in 2017 and 2018 or a headwind as seen in 2016 and 2022, but when we look at attribution over the past three years in the chart below it shows over 100% of the strategy’s alpha came from individual investment selection or stock-picking as the factors combined were a net negative drag.

Investments 52

Investments Investing Portfolio Accounting 52

Brown Advisory

JUNE 21, 2017

Investment Perspectives - The Great Debate achen Wed, 06/21/2017 - 12:35 Aside from some current political and economic topics that dominate the financial media, the most widely debated investment issue today involves the merits of passive investing, or indexing.

Investments 52

Investments Investing Portfolio Management 52

Brown Advisory

JUNE 21, 2017

Wed, 06/21/2017 - 12:35. Aside from some current political and economic topics that dominate the financial media, the most widely debated investment issue today involves the merits of passive investing, or indexing. Investment Perspectives - The Great Debate.

Investments 52

Investments Investing Portfolio Management 52

The Big Picture

AUGUST 15, 2023

So for a taxable investor, hedge funds generally aren’t tax efficient. And when you look at the assets that are invested, the three trillion in hedge funds, I would guess that north of 90% of that are in institutions that don’t pay taxes. You still had 2012 to 2017 to finish the bet. RITHOLTZ: Right.

Management 130

Management Investments Investing Government 130

Brown Advisory

JULY 23, 2019

KHC’s share price has fallen from a high of over $90 per share in 2017 to about $30 recently. KHC makes a good business return, earning approximately $6 billion before taxes on $7 billion of tangible capital. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. equity universe.

Insurance 52

Insurance Investing Investments Management 52

Brown Advisory

JULY 23, 2019

KHC’s share price has fallen from a high of over $90 per share in 2017 to about $30 recently. KHC makes a good business return, earning approximately $6 billion before taxes on $7 billion of tangible capital. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. equity universe.

Insurance 52

Insurance Investing Investments Management 52

The Big Picture

SEPTEMBER 5, 2023

And even before the pandemic, we had changes in laws like the mansion tax, the rent law changed so that conversions of existing buildings are almost impossible. RITHOLTZ: More than that, double, and it’s no bargain in terms of real estate taxes. Florida real estate taxes are like New York real estate taxes.

Sales 130

Sales Numbers Marketing Marketing 130