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Irrational Behaviour, Rational Investing: How We Overcome Our Biases

Brown Advisory

As active managers in a highly competitive market, we believe we have two sources of alpha in our approach to investing: our long-term investment horizon and our disciplined focus on capital allocation. In this note, we want to focus on our capital allocation approach and behavioural analysis specifically.

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Global Leaders Strategy Investment Letter: August 2023

Brown Advisory

We discuss factor risk, some views on artificial intelligence, and our upcoming offsite in this letter. Factor risk is best described as any exposure that can explain the portfolio returns other than the individual investments, such as a “theme” or a sector. We have seen these factor risks play out many times.