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Global Leaders Investment Letter: August 2022

Brown Advisory

The expected competitive forces don’t materialise, and we believe that superior economics can be maintained for a lot longer than our standard microeconomics mean-reversion frameworks would suggest. In the period 2010 to 2014 there was a boom in energy capex particularly into U.S. The key to this is analysis of the supply-side.

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Transcript: Ed Hyman

The Big Picture

The transcript from this week’s, MiB: Ed Hyman on Using Economic Data Opportunistically , is below. So you have all of this very pragmatic experience as opposed to getting a PhD in economics, which tends to be a little more abstract and academic. That’s just unprecedented. And then you get an MBA from MIT. Four years.

Economy 143
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Should the CFP Board police financial advisor “bad apples”? The debate continues! (Part Two)

Sara Grillo

Salaske: Yeah, I don’t agree with the CFP Board becoming any type of regulator whatsoever over financial advisors, financial planners, whatever you wanna call us in the advice space. Salaske: Right, now. You don’t know that right now, what they’re doing basically… We don’t know what their process is.

CFP 59
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Transcript: Antti Ilmanen

The Big Picture

And when I was studying in university economics, I did not really get the passion. The passion came when I went to invest the country’s foreign exchange reserves there and it was very much global government bond markets. My really first stroke of luck, I think, was getting that job. Bonds are the most expensive. ILMANEN: Yes.

Investing 130
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Transcript: Dave Nadig

The Big Picture

NADIG: And trying to help people understand what that means for next week, and the next year, and the next decade, to position products underneath it, like ETFs in 1992, or model portfolios in 2000, or direct indexing in 2010. So we haven’t talked about the thematic ETS, biblical, partisan, our friend Perth Tolle’s Economic Freedom.