Brown Advisory

SEPTEMBER 6, 2022

As economies decouple and deglobalise, prior “just-in-time” firms will move to “just-in-case” inventory, so it won’t be surprising to see RoICs come down without an offset in either asset turns or profit margins as they carry more robust inventory levels. However, looking at the long-term returns of TSMC tells a different story.

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Brown Advisory

JUNE 16, 2022

The great freeze on free money has arrived with a jolt as inflation cleaves through the global economy. Long duration assets are losing favour given higher rates act like gravity on the price of securities whose intrinsic value is based on cash flows generated further into the future. GAAP in 2002 7.

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The Big Picture

AUGUST 29, 2022

That’s how good the economy was. And so, I was doing that in 2000, 2002, 2003, 2004. And honestly, I — I just really was like a one-man army for a little while, but then the asset started come in. Ninetry-seven, 98 percent of Vanguard’s assets came after Jack Bogle stepped down as CEO. One is at Bear Stearns ….

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