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.

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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.

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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.

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Portfolio Asset Allocation Valuation Economics 52

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

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Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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

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.

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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.

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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.

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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.

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The Irrelevant Investor

MAY 15, 2017

Amazon went public twenty years ago today. A headline in The New York Times read, Investors Offer Amazon.com A Warm First-Day Reception. Yet despite the warm reception, a 30% day-one pop, few could have seen that it would go onto become one of the greatest stocks of its generation. It's incredible to think that just ten years ago, Target, Kohl's, Best Buy, Sears Holdings, Macy's, J.C.

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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

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

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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.

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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.

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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.

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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

Accounting

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

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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.

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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).

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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

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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

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Investing Investments Clients Management 52

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.

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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.

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Clients 52

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.

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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.

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