The Irrelevant Investor

SEPTEMBER 29, 2016

Add Julian Robertson and Howard Marks to the long list of billionaires that are less than optimistic about the future. All the reasons they cite are unfortunately very compelling, but pessimists always sound intelligent. You can probably count on one hand the number of investors that were actually able to capitalize on their pessimism. But let's say all these billionaires are right and U.S. stocks will in fact experience lower returns going forward.

Investing 52

Investing Investments Banking Numbers 52

Brown Advisory

SEPTEMBER 11, 2016

September 2016 Insights on Markets and Investments achen Mon, 09/12/2016 - 01:00 In this issue: Investors Facing Rising Risks Need Solid Defense, Savvy Offense Increasing political and economic risk during the past year has widened the range of possible positive and negative scenarios for financial markets. Consequently, investors need to build a solid defensive position while seizing opportunities that arise amid the instability.

Investing 52

Investing Investments Asset Allocation Marketing 52

The Irrelevant Investor

SEPTEMBER 20, 2016

"When everyone believes something is risky, their unwillingness to buy usually reduces its price to the point where it's not risky at all. Broadly negative opinion can make it the least risky thing, since all optimism has been driven out of its price." This Howard Marks quote is the perfect way to describe what's happened with biotech stocks this year.

Assets 52

Assets Clients Investing Investments 52

Brown Advisory

SEPTEMBER 12, 2016

Falling Interest Rates Trigger Investor Hunger For Yield achen Mon, 09/12/2016 - 03:00 The rush by investors had all the hallmarks of a bond market panic. When the U.K. voted on June 23 to leave the European Union, yields on the benchmark 10-year Treasury note plunged to a record low of 1.32%. Yet fear that the EU will unravel was not the only impulse driving investors.

Communication 52

Communication Banking Electronics Clients 52

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Accounting

Brown Advisory

SEPTEMBER 12, 2016

Defense Industry Stocks Gain Amid Rising Global Tension achen Mon, 09/12/2016 - 04:00 Forget the Machiavellian notion that the best defense is a strong offense. Amid persistent instability in geopolitics and global finance, an investor in equities can both limit risk and find opportunity with a targeted stake in the defense industry. An investment in defense contractors—which tend to perform independently of economic growth—provides diversification that could help buffer a portfolio against setb

Budgeting 52

Budgeting Communication Clients Commission 52

Brown Advisory

SEPTEMBER 12, 2016

Sustainable Investing Special Edition September 2016 achen Mon, 09/12/2016 - 07:07 In this issue: From our CEO: How We Help Clients Build Sustainable Portfolios Mike Hankin, Brown Advisory President and CEO, describes a framework for helping clients incorporate their values into their investment portfolios. By Michael D. Hankin, Chief Executive Officer ⚑ Sustainable Investing Investors Seeking Sustainability Gain Confidence Through Screening By screening their portfolios, investors align their a

Investing 52

Investing Investments Portfolio Management Portfolio 52

Brown Advisory

SEPTEMBER 12, 2016

From our CEO: How We Help Clients Build Sustainable Portfolios achen Mon, 09/12/2016 - 08:16 Last year, we published our first special edition of The Advisory focused on sustainable investing. At the time I wrote that our firm was fully committed to helping clients sort through an array of choices in sustainable investing, and to developing a tailored approach for each client—one that best fits their long-term goals.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

SEPTEMBER 12, 2016

Diving Deep: Achieving Outperformance By Using Environmental Research achen Mon, 09/12/2016 - 10:22 ARM Holdings rose to dominance among makers of smartphone microprocessors by focusing on energy efficiency rather than pure computational power and speed. WhiteWave Foods has grown faster than its more conventional rivals because of its commitment to producing organic, healthful and minimally processed foods.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

Brown Advisory

SEPTEMBER 12, 2016

Five Ways to Invest That Make the World a Better Place achen Mon, 09/12/2016 - 11:11 Henry David Thoreau did not live to see the rise of impact investing, but he captured the spirit of it with a simple insight—“Goodness is the only investment that never fails.” Impact investors align their assets behind their advocacy, whether it be for advances in environmental stewardship, human livelihood or public policy.

Investing 52

Investing Investments Communication Government 52

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

Accounting

Brown Advisory

SEPTEMBER 12, 2016

Case Studies Show Sustainable Investing Yields Varied Benefits achen Mon, 09/12/2016 - 12:31 Nurturing Well-Being Through Sustainable Investing Nancy Klavans is hardly a newcomer to the idea of backing projects that improve the lives of others. Since 1991 the Germeshausen Foundation created by Nancy’s parents, Polly and Ken Germeshausen, has made innovative grants linking different fields including education, the arts, sustainability, religion and peace- building.

Investing 52

Investing Investments Portfolio Communication 52

Brown Advisory

SEPTEMBER 11, 2016

September 2016 Insights on Markets and Investments. achen. Mon, 09/12/2016 - 01:00. In this issue: Investors Facing Rising Risks Need Solid Defense, Savvy Offense Increasing political and economic risk during the past year has widened the range of possible positive and negative scenarios for financial markets. Consequently, investors need to build a solid defensive position while seizing opportunities that arise amid the instability.

Investing 52

Investing Investments Asset Allocation Marketing 52

Brown Advisory

SEPTEMBER 12, 2016

Falling Interest Rates Trigger Investor Hunger For Yield. achen. Mon, 09/12/2016 - 03:00. The rush by investors had all the hallmarks of a bond market panic. When the U.K. voted on June 23 to leave the European Union, yields on the benchmark 10-year Treasury note plunged to a record low of 1.32%. Yet fear that the EU will unravel was not the only impulse driving investors.

Communication 52

Communication Banking Electronics Clients 52

Brown Advisory

SEPTEMBER 12, 2016

Defense Industry Stocks Gain Amid Rising Global Tension. achen. Mon, 09/12/2016 - 04:00. Forget the Machiavellian notion that the best defense is a strong offense. Amid persistent instability in geopolitics and global finance, an investor in equities can both limit risk and find opportunity with a targeted stake in the defense industry. An investment in defense contractors—which tend to perform independently of economic growth—provides diversification that could help buffer a portfolio against s

Budgeting 52

Budgeting Communication Clients Commission 52

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Accounting

Brown Advisory

SEPTEMBER 12, 2016

Private Credit Outshines Many High-Valuation Stocks, Bonds. achen. Mon, 09/12/2016 - 05:00. Sometimes it pays for investors to find sources of income outside the conventional public channels for fixed income securities. Take private credit, for example. With interest rates at record lows and many publicly traded bonds and stocks approaching historically high valuations, private credit has become increasingly attractive to investors because of its total return prospects, steady income and role in

Valuation 52

Valuation Banking Portfolio Communication 52

Brown Advisory

SEPTEMBER 12, 2016

Proposed Tax Law Changes Prompt Estate Planning Review. achen. Mon, 09/12/2016 - 06:00. A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. Adopting a program of planning early, and monitoring that program, often brings the best results. But saving tax is not the only objective— clients also need to know that their financial security is assured and that the long-term stewardship of family a

Estate Planning 52

Estate Planning Taxes Planning Clients 52

Brown Advisory

SEPTEMBER 12, 2016

Sustainable Investing Special Edition September 2016. achen. Mon, 09/12/2016 - 07:07. In this issue: From our CEO: How We Help Clients Build Sustainable Portfolios Mike Hankin, Brown Advisory President and CEO, describes a framework for helping clients incorporate their values into their investment portfolios. By Michael D. Hankin, Chief Executive Officer ?

Investing 52

Investing Investments Portfolio Management Portfolio 52

Brown Advisory

SEPTEMBER 12, 2016

From our CEO: How We Help Clients Build Sustainable Portfolios. achen. Mon, 09/12/2016 - 08:16. Last year, we published our first special edition of The Advisory focused on sustainable investing. At the time I wrote that our firm was fully committed to helping clients sort through an array of choices in sustainable investing, and to developing a tailored approach for each client—one that best fits their long-term goals.

Portfolio 52

Portfolio Clients Investing Investments 52

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Banking

Brown Advisory

SEPTEMBER 12, 2016

Diving Deep: Achieving Outperformance By Using Environmental Research. achen. Mon, 09/12/2016 - 10:22. ARM Holdings rose to dominance among makers of smartphone microprocessors by focusing on energy efficiency rather than pure computational power and speed. WhiteWave Foods has grown faster than its more conventional rivals because of its commitment to producing organic, healthful and minimally processed foods.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

Brown Advisory

SEPTEMBER 12, 2016

Five Ways to Invest That Make the World a Better Place. achen. Mon, 09/12/2016 - 11:11. Henry David Thoreau did not live to see the rise of impact investing, but he captured the spirit of it with a simple insight—“Goodness is the only investment that never fails.”. Impact investors align their assets behind their advocacy, whether it be for advances in environmental stewardship, human livelihood or public policy.

Investing 52

Investing Investments Communication Government 52

Brown Advisory

SEPTEMBER 12, 2016

Case Studies Show Sustainable Investing Yields Varied Benefits. achen. Mon, 09/12/2016 - 12:31. Nurturing Well-Being Through Sustainable Investing. Nancy Klavans is hardly a newcomer to the idea of backing projects that improve the lives of others. Since 1991 the Germeshausen Foundation created by Nancy’s parents, Polly and Ken Germeshausen, has made innovative grants linking different fields including education, the arts, sustainability, religion and peace- building.

Investing 52

Investing Investments Portfolio Communication 52

The Irrelevant Investor

SEPTEMBER 7, 2016

In September 1929, just three days before the market crashed, Irving Fisher famously said "Stocks have reached what looks like a permanently high plateau." He died 18 year later, having never seen stocks at a higher level than when he made that statement. A few weeks earlier, a more glaring, yet overlooked contrarian signal was provided by John J. Raskob, the builder of the Empire State Building.

Investing 52

Investing Investments Marketing Marketing 52

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.

Financial Advice

The Irrelevant Investor

SEPTEMBER 6, 2016

Professional football players today bear little resemblance to the ones who suited up in the past. In the 1920s, the average offensive lineman- the biggest guys on the field- were 6'0 tall and 211 pounds. To put that in perspective, Odell Beckham, a smallish wide receiver is 5'11 and weighs 200 pounds. Source: Business Insider As NFL players grow bigger, stronger and faster, the standard deviation of play has decreased over time.

Numbers 52

Numbers Management Investing Investments 52

The Irrelevant Investor

SEPTEMBER 5, 2016

What if Walter White was played by Matthew Broderick and not Bryan Cranston? What if Phil Jackson sent Kobe Bryant to the Pistons for Grant Hill? What if free agent Tim Duncan signed with the Magic in 2000? It's safe to say that Breaking Bad would not have won 110 Emmy awards without Bryan Cranston, and the Spurs and Lakers would not have won a combined eight championships from 2000-2010 without Kobe or Duncan.

Commission 52

Commission Manufacturing Accounting Marketing 52

The Irrelevant Investor

SEPTEMBER 1, 2016

According to a recent study , of the 47 most-damaging hurricanes between 1950 and 2012, storms with male names produced an average of 23 deaths, while those with feminine names killed 45 people on average. In less absurd, but still true studies, September has historically been the worst month of the year for stocks. In fact, it's the only month that's been negative, on average.

Investing 52

Investing Investments 52

Brown Advisory

SEPTEMBER 30, 2016

Global Leaders Investment Letter - Q3 2016 ajackson Fri, 09/30/2016 - 09:50 Global Leaders Strategy Investment Letter - Q3 2016 In this letter the team discuss the current environment of higher valuations and the impact this is having on their investability test as part of their process. They describe their concept of calculating value using the weighted average cost of capital (WACC).

Investing 40

Investing Investments Clients Valuation 40

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

Financial Planning

Brown Advisory

SEPTEMBER 30, 2016

Global Leaders Investment Letter - Q3 2016. ajackson. Fri, 09/30/2016 - 09:50. Global Leaders Strategy Investment Letter - Q3 2016. In this letter the team discuss the current environment of higher valuations and the impact this is having on their investability test as part of their process. They describe their concept of calculating value using the weighted average cost of capital (WACC). . .

Investing 40

Investing Investments Clients Valuation 40

The Irrelevant Investor

SEPTEMBER 12, 2016

A few weeks ago at dinner I was getting set to order a brisket sandwich. Then I saw that this tower of goodness, which was covered with beer braised bacon and other accoutrements, came with a hefty price tag of 1400 calories. I thought better and went for the grilled chicken instead. Investors could use something that would act like a calorie counter.

Certification 40

Certification Clients 40

Brown Advisory

SEPTEMBER 11, 2016

Investors Facing Rising Risks Need Solid Defense, Savvy Offense achen Mon, 09/12/2016 - 02:00 As rising economic and political risk fuels market volatility worldwide, investors need to maintain adequate liquidity, stability and diversification to shield against any protracted economic downturn. At the same time, they should be alert to the investment opportunities that emerge amid turbulence, knowing that companies create value, and innovation and entrepreneurship generate wealth, even amid seve

Economics 52

Economics Economy Communication Banking 52