Brown Advisory

MARCH 28, 2019

As we stated in “Confronting the Unknown,” our 2018 asset allocation publication, standard deviation is “a helpful shortcut for thinking about risk, but it is not a fully effective proxy.” The “shoestring curve” below depicts these risks for a hypothetical portfolio, assuming various asset allocation targets.

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The Big Picture

NOVEMBER 8, 2022

CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. I gave a copy to Jeremy as a present. CHANCELLOR: Yes and no.

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Brown Advisory

OCTOBER 11, 2021

We believe that the investment return needed to achieve that objective should be the most important guidepost for a portfolio’s asset allocation. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. WHAT IS AN ALTERNATIVE ASSET?

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Brown Advisory

OCTOBER 11, 2021

We believe that the investment return needed to achieve that objective should be the most important guidepost for a portfolio’s asset allocation. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. WHAT IS AN ALTERNATIVE ASSET?

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Dear Mr. Market

MARCH 11, 2023

IBM loses to QCOM based on valuation. Sticking back to the balancing theme of quality businesses, great valuations, meshed with the reward of a dividend, you get Ford yielding 4.62% and Conoco only at 2.16% but trading for a bargain P/E of 7. times and return on equity (ROE) of 9%.

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Dear Mr. Market

AUGUST 5, 2022

We’re currently seeing one of the largest disparities in valuations between growth and value stocks which in our opinion presents a very appealing opportunity for dividend seeking investors. Inflation is currently at 40 year highs with increasing signs of slowing economic growth.

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The Big Picture

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. 00:04:02 That’s what value add software was originally. And so he was returning to Soros.

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Brown Advisory

AUGUST 6, 2019

And often, as in the present instance, it just “feels right.” As head of asset allocation research in our Investment Solutions Group, he is responsible for analyzing the relative attractiveness of various asset classes and investment strategies. Valuations are elevated but nowhere near the bubble levels of the late 1990s.

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Brown Advisory

AUGUST 6, 2019

And often, as in the present instance, it just “feels right.”. As head of asset allocation research in our Investment Solutions Group, he is responsible for analyzing the relative attractiveness of various asset classes and investment strategies. Other times, a series of occurrences allows a decision to evolve gradually.

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Brown Advisory

NOVEMBER 12, 2019

Equity returns are less predictable, but we believe they are more likely than not to be lower going forward compared to the post-crisis period, given the outlook for modest GDP growth around the world alongside today’s elevated valuations. A core allocation to high-grade bonds can play a similar role.

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Brown Advisory

NOVEMBER 12, 2019

Equity returns are less predictable, but we believe they are more likely than not to be lower going forward compared to the post-crisis period, given the outlook for modest GDP growth around the world alongside today’s elevated valuations. A core allocation to high-grade bonds can play a similar role.

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The Big Picture

AUGUST 29, 2023

So there’s been a big push for folks to get the appropriate level of asset allocation in a highly diversified, low cost way. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: So let’s talk about that, because that gap in valuation has persisted for a long time.

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Brown Advisory

MAY 10, 2018

In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. All charts, economic and market forecasts presented herein are for illustrative purposes only. Tariffs: Bark or Bite? economy.

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Brown Advisory

MAY 10, 2018

In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. All charts, economic and market forecasts presented herein are for illustrative purposes only. Tariffs: Bark or Bite? Thu, 05/10/2018 - 11:18. economy.

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Brown Advisory

JUNE 16, 2016

Market circumstances at any given time can often present timely opportunities for planning steps. In 2016, low interest rates and the prospect that rates may rise presents just such an opportunity. Secure valuation discounts by obtaining necessary valuations early in the year. . Take Advantage of Current Conditions.

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Brown Advisory

MARCH 13, 2018

The future course of interest rates is probably the greatest single concern for investors today, from both a fundamental and a valuation perspective. Still, it’s incumbent upon us to position client portfolios to endure periods of volatility like the present one. Deficits are rising in the U.S.,

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Brown Advisory

MARCH 13, 2018

The future course of interest rates is probably the greatest single concern for investors today, from both a fundamental and a valuation perspective. Still, it’s incumbent upon us to position client portfolios to endure periods of volatility like the present one. Deficits are rising in the U.S.,

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Brown Advisory

MARCH 30, 2020

Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.” Moreover, today’s market presents deep challenges and conditions that do not have a great deal of historical precedent.

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Brown Advisory

MARCH 30, 2020

Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.” Moreover, today’s market presents deep challenges and conditions that do not have a great deal of historical precedent.

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Brown Advisory

MARCH 30, 2018

While February’s volatility did not materially change our asset allocation views, it reinforced to us the importance of a comprehensive discussion about how we think about risk and how we manage it. Our asset allocation process accounts for a wide range of potential outcomes over the next 18–36 months.

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Brown Advisory

SEPTEMBER 22, 2017

It then presents a framework for how to use ESG information to support fundamental research. ESG information helps with broader due diligence, providing insight into a company’s sustainability strategies alongside their fundamental strengths, the competitive environment, and, of course, stock valuation at the time of buy or sell decisions.

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Brown Advisory

SEPTEMBER 22, 2017

It then presents a framework for how to use ESG information to support fundamental research. ESG information helps with broader due diligence, providing insight into a company’s sustainability strategies alongside their fundamental strengths, the competitive environment, and, of course, stock valuation at the time of buy or sell decisions.

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The Better Letter

JANUARY 26, 2024

2012 : “The present menu of investment opportunities continues to be among the worst in history.” 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.” 2020 : “[E]xtreme valuations. percent while the S&P 500 made 14.82 percent higher.

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The Big Picture

MARCH 26, 2024

And, and part of the reason why I took advantage of an opportunity that presented itself to move over to us trust was I was much more interested in and fascinated by the top down and not the bottom up. He wasn’t tactical asset allocator. I, I didn’t love picking stocks. It wasn’t the case.

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Brown Advisory

FEBRUARY 3, 2017

Outlook for 2017 | Balance in an Uncertain Time achen Fri, 02/03/2017 - 14:19 With that said, we present this discussion of our asset allocation approach and our current portfolio stance as we begin the year. Provide our asset allocation perspective as it stands at the beginning of 2017—also based on a longer-term view.

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Brown Advisory

FEBRUARY 3, 2017

With that said, we present this discussion of our asset allocation approach and our current portfolio stance as we begin the year. In writing this report, we set out to accomplish two goals: Provide a window into our asset allocation philosophy and process, which emphasize a long-term view. Fri, 02/03/2017 - 14:19.

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The Big Picture

MARCH 12, 2024

So these big brokerage firms get together and they set up a convention like, like plumbers, and they all give out tchotchkes and they have a, and then they give presentations in their businesses. And when I give this presentation in Europe or the, or the e the EU or the uk, they look at me like, you’re crazy.

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The Big Picture

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. RITHOLTZ: Really quite fascinating.

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