The Irrelevant Investor
MAY 28, 2017
Articles Investor ambivalence can be glimpsed from a few angles. By Michael Santoli Would you be willing to give up a few percentage points in expected return to have less risk through diversification? By of Dollars and Data Having a long-term mindset and being more patient than other investors is one of the last true edges remaining in the markets.
Brown Advisory
MAY 25, 2017
Practical Pessimism: Brown Advisory’s Approach to Credit Research. achen. Thu, 05/25/2017 - 10:02. A credit investor’s success rests on the strength of his or her credit research and ability to translate that research into smart capital allocation decisions about individually attractive bonds. That may sound like an obvious point, but fixed income portfolios are not always guided by that principle—some are guided more by an effort to conform to a benchmark index, while others focus on driving re
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
The Irrelevant Investor
MAY 23, 2017
Today, Netflix celebrates its fifteenth year as a public company. In 2002, the DVD rental service raised $82.5 million, just 2.5% of what SNAP did in March, 2017. But these are different companies and certainly different times. In May 2002, the NASDAQ was 67% off its highs and fewer companies were coming public, as the chart below shows. Netflix has done incredible things for its customers and for its shareholders, or share traders, anyway.
The Irrelevant Investor
MAY 22, 2017
Investors are paying 56% more for every dollar of real earnings in modern times than they used to. Prior to 1983, the average CAPE ratio was 14.7, and for the last 33 years it has risen to 23. There are plenty of reasons ( stories? ) for why multiples expanded in the bull market of the 80s and 90s, but one that I hadn't considered was recently brought to my attention in Robert Shiller's Irrational Exuberance (emphais mine).
Speaker: Erroll Amacker
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
The Irrelevant Investor
MAY 21, 2017
Articles What seems like a simple change can have dramatic effects By Isaac Presley The year after Clinton's impeachment, the S&P 500 Index rose more than 21%. By Barry Ritholtz Stocks don't have to crash every time they fall. By Ben Carlson Nothing feels better than the satisfaction of watching everyone lose money just after you’d been warning them.
The Irrelevant Investor
MAY 17, 2017
Why does it feel like every time stocks falls a little, they're going to fall a lot? This is probably a permanent feature of the stock market, but it seems like that drum is beating very loud these days. I believe there are two main reasons why some investors have three feet out the door. First, everybody knows stocks are overvalued. Or, said more accurately, everybody knows that stocks are trading at a higher multiple than they have historically.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Irrelevant Investor
MAY 14, 2017
Articles The federal tax code now totals 74,608 pages. The Constitution fits on three pages. By Henry Hebeler Luck is so important that two investors holding the same assets over different time periods can have wildly different investment outcomes. By of Dollars and Data If a fund company isn't disciplined enough to price its products for long-term success, what would give you confidence that it's disciplined enough to run money in a patient, thoughtful way By Jeffrey Ptak Ordinary investors who
The Irrelevant Investor
MAY 12, 2017
The stock market is the best place to grow your wealth over time, with few exceptions. If you've already arrived at that conclusion and decided that you're going to invest for the long-term, then the chart below should serve as a sobering reminder that buying and holding is not for the faint of heart. The chart below from an old post reminds me of the Lenin quote, "there are decades when nothing happens and weeks where decades happen.
The Irrelevant Investor
MAY 11, 2017
Floating in outer space and looking down on earth, one would see a perfectly smooth, spherical ball. But zoom in and you'll find valleys drilled thousands of feet into the surface, and mountains shooting miles into the sky. There is a world of difference between glancing at a map and traversing the terrain. Likewise, looking at the growth of a long-term investment and focusing on the destination provides little insight into the journey one experienced to get there.
The Irrelevant Investor
MAY 8, 2017
You've probably seen a chart that compares what $1 would have grown to if you just bought stocks and left it alone. You might also have seen the same chart showing how much worse the returns would have been if the 25 best days weren't included. Finally, you might also have seen a similar chart which shows how much returns would have improved if the 25 worst days were avoided.
Advertisement
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
The Irrelevant Investor
MAY 7, 2017
Articles Real financial planning is so much more than pontificating about the benefits of a low-cost, globally diversified portfolio. By Tony Isola Successful long-run investing is a mental game more than anything else. By James Osborne The assumption that you can keep the returns of owning stocks while getting rid of the downside has turned out to be almost exactly as wrong as it deserves to be By Ben Inker Too many active managers still harbor the fantasy that stock picking is a boundless pot
The Irrelevant Investor
MAY 6, 2017
I got an email from a reader which touches on so many interesting points that I wanted to share and answer him here. I have a 401(k) through my employer and invest mostly in a passive strategy indexed to the S&P. I have a friend who like me has a 401(k) through his employer. Where we differ, is that he allocates his "side" portfolio to one asset - Facebook.
The Irrelevant Investor
MAY 5, 2017
I'm in the process of writing a book and I'm currently on the chapter about Warren Buffett. I don't want to reveal too much, but the extended blog post is something I'd want to read, so I've been having a lot of fun writing it. It gives a different look at some of the greatest (and one of the worst) investors of all time. Anyway, I wanted to share a great snippet from Buffett's letter to his limited partners in 1961 (emphasis mine).
Brown Advisory
MAY 4, 2017
Investing to Change the World | SXSW 2017 achen Thu, 05/04/2017 - 15:53 In kicking off the discussion, Dune Thorne of Brown Advisory noted the common threads connecting the panelists’ ideas: 1) We need to break down the notion that you need to give up financial returns in order to create impact, when in fact that is not the case; and 2) Sustainable investing means something different for each of us, and we all need to honor and recognize the fact that the essential first step for all investors i
Advertisement
Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Brown Advisory
MAY 4, 2017
Investing to Change the World | SXSW 2017. achen. Thu, 05/04/2017 - 15:53. In kicking off the discussion, Dune Thorne of Brown Advisory noted the common threads connecting the panelists’ ideas: 1) We need to break down the notion that you need to give up financial returns in order to create impact, when in fact that is not the case; and 2) Sustainable investing means something different for each of us, and we all need to honor and recognize the fact that the essential first step for all investor
The Irrelevant Investor
MAY 1, 2017
In the thirteen months from March 2016 through March 2017, investors around the globe added to U.S. ETFs every single month. Europe, on the other hand did, not see the same level of investor appreciation. The global investor asked for their money back in eight out of those thirteen months. The home-country bias exists all around the globe, but even the strongest cognitive biases can succumb to years and years of underperformance.
Brown Advisory
MAY 1, 2017
2016-2017 Annual Report | Step Ahead. achen Mon, 05/01/2017 - 12:00 Asking the tough questions is essential in our pursuit to step ahead. Inherent in our promise to clients is a responsibility to be honest, transparent and forthright about the challenges we face. This self-reflective exercise is a humbling journey. We set ambitious goals and sometimes come up short.
Brown Advisory
MAY 1, 2017
2016-2017 Annual Report | Step Ahead. achen. Mon, 05/01/2017 - 12:00. Asking the tough questions is essential in our pursuit to step ahead. Inherent in our promise to clients is a responsibility to be honest, transparent and forthright about the challenges we face. This self-reflective exercise is a humbling journey. We set ambitious goals and sometimes come up short.
Speaker: Aaron Berson
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
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. We move slowly and carefully when it comes to shifting our portfolios away from one asset class or region and toward another. This approach is due to the value we place on patient and disciplined decision-making, especially in light of factors that must be evaluated in shades of gray, not black and white.
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. We move slowly and carefully when it comes to shifting our portfolios away from one asset class or region and toward another. This approach is due to the value we place on patient and disciplined decision-making, especially in light of factors that must be evaluated in shades of gray, not black and white.
The Irrelevant Investor
MAY 16, 2017
I worked at an insurance shop in Manhattan for almost two years right out of college. Just prior to my arrival, the agency had transitioned owners and after only a few weeks of being there, my manager went back to being a producer. So for the next eighteen months or so, without any knowledge or any contacts or any guidance, I was on my own. I wasn't being paid a salary, was relying on commissions of which there weren't any, and to add insult to injury, I had to pay rent every month.
Expert insights. Personalized for you.
52 
Let's personalize your content