The Irrelevant Investor

MAY 25, 2018

The thing about biases is that they're human, so they're seen in every walk of life. In who we choose to be friends with, in what news we read, in investing, and in sports. In Michael Lombardi's new book Gridiron Genius , which I highly recommend, he talks about all of the biases that can infect a football organization. Lombardi says, "Confirmation bias is absolutely insidious in my field even though it breaks the first rule of scouting: Never begin with the end in mind.

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Investing Investments Banking Accounting 52

Brown Advisory

MAY 24, 2018

2018 Annual Report | Intangibles achen Thu, 05/24/2018 - 14:20 In this year’s report we describe our aspiration to build “Brown Advisory 4.0” which, to us, is the next chapter of our firm’s evolution. While it may seem to be a somewhat arbitrary point of inflection, it is intended to raise the bar for our responsibilities to our clients in a very significant way.

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Brown Advisory

MAY 24, 2018

2018 Annual Report | Intangibles. achen. Thu, 05/24/2018 - 14:20. In this year’s report we describe our aspiration to build “Brown Advisory 4.0” which, to us, is the next chapter of our firm’s evolution. While it may seem to be a somewhat arbitrary point of inflection, it is intended to raise the bar for our responsibilities to our clients in a very significant way.

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Clients 52

The Irrelevant Investor

MAY 23, 2018

On this week's Animal Spirits, we discuss: Jack Bogle's battle.All hedge funds are not bad Active vs passive? Yes. Again? Yes. Thinking outside the box What happened to Einhorn No really, what happened? Buyer beware Another athlete got ripped off by his advisor By 35 years old. How much money do you need to be wealthy in America? Chart crimes.And spurious correlations Analysts are always bullish, and always expecting average returns Interest rates and the housing market Listen here Charts discu

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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

Brown Advisory

MAY 23, 2018

MLPs Are “Simplifying” Away Their Dividend Payouts achen Wed, 05/23/2018 - 12:19 Investors like buying master limited partnerships (MLPs) because they want to earn yield. MLPs historically offered energy pipeline investors a powerful combination of low risk, high growth, and high dividend yields. But in recent years, various MLP structures have proven to be more of a pipe dream, leading to meaningful reductions in payouts to investors.

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The Irrelevant Investor

MAY 22, 2018

A reader asked Ben : If the goal is long-term investing (let us say I will not look at this money for the next 15 years), then does it still make sense to invest in bonds since equities outperform bonds over a long period of time? I would agree with Ben's thoughts, which is that the math says no, but the psychological constraints say yes. But drilling a little deeper into the question, because why not, are these bonds corporate, government or municipal?

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Government Math Investing Investments 52

The Irrelevant Investor

MAY 21, 2018

In 1965, AT&T and General Motors represented 14.5% of the S&P 500. Today, the top five names, Apple, Microsoft, Alphabet, Amazon, and Facebook make up less than that. The percent of market cap made up by the ten largest names was cut in half from 1962-1980, and has held steady for the better part of the last four decades, as shown in the chart below from Travis Fairchild of O'Shaughnessy Asset Management.

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The Irrelevant Investor

MAY 20, 2018

Articles The latest embarrassment for a former star who has not bested the stock market since 2009. By Michelle Celarier The passage of time has also dimmed the memories of the pain of the crisis, such that most investors seem to believe they would stay the course through another such crisis, whether or not they held their nerve last time. By Ben Inker Choice is great, within reason.

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The Irrelevant Investor

MAY 20, 2018

This weekend I listened to Bill Simmons interview Lou Adler, a long-time Lakers season ticket holder. They cover a lot of ground and at one point they talk about Kareem going down in the 1979-1980 finals. This was a devastating injury. Kareem was the best player in the league and was averaging 32 points and 12 rebounds in the playoffs. The Lakers were up 3-2 going into game 6 in Philadelphia, and would now have to rely on a young team to finish the series.

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Medicine Investing Investments 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

The Irrelevant Investor

MAY 19, 2018

Imagine Jamie Dimon made a killing shorting J.P. Morgan stock during the Great Financial Recession? And imagine he didn't get in any trouble for it? This actually happened 90 years ago at Chase Manhattan Bank, while Albert Wiggin was at the helm. This story was marvelously told in Once in Golconda , by John Brooks. Beginning in July, 1929, Wiggin- as astute as ever- began to see the prospects for the stock market in general and Chase stock in particular as dim.

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