Brown Advisory

NOVEMBER 12, 2015

In this letter, we outline a number of tax-saving and other opportunities to consider before the close of the year. As we note in some of the suggestions that follow, there are a number of ways to accelerate or delay income that may make sense for you, depending on where your income sits relative to the various thresholds listed above.

Planning 52

Planning Taxes Distribution Medical 52

Brown Advisory

MAY 12, 2020

Further reading on this subject: Q1 2016 Investment Letter. Over time, we have extended this process to develop a number of behavioral rules, probably the best example being our loss aversion rule which aims to minimise the impact of arguably the most damaging behavioural trait in our industry. 6th Edition, 2015.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

MAY 12, 2020

S&P 500® Index, ROIC, 2003-2013 Data based on a McKinsey & Company study, “Valuation: Measuring and Managing the Value of Companies”. Chart reproduced with permission from McKinsey & Company as featured in the book, “Valuation: Measuring and Managing the Value of Companies, University Edition.” 6th Edition, 2015.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

JANUARY 1, 2023

Download it here > Dear Fellow Investors, If we had to sum up 2022 in one word it would be valuation. War, inflation, recession, deglobalisation, decoupling, strikes, crypto-crash and energy (crisis) all featured but for us the overriding focus for 2022 was valuation. which was greater than our -1.1% relative underperformance.

Investing 52

Investing Investments Valuation Clients 52

Brown Advisory

AUGUST 14, 2023

Download it here > The Hidden Trouble Within Dear Fellow Investors, We have fielded a number of questions over the past six months from clients and prospects about how we think about and control factor risks within the Global Leaders strategy. Numbers may not total due to rounding. Numbers may not total due to rounding.

Investing 52

Investing Investments Portfolio Accounting 52

Brown Advisory

JANUARY 17, 2024

Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). Our 10/10/3 valuation framework using a 10% weighted average cost of capital is undoubtedly conservative and ends up with us missing some big opportunities as type 2 errors of omission.

Investing 52

Investing Investments Portfolio Compliance 52

The Big Picture

JUNE 2, 2023

Essentially, monthly Non-Farm Payrolls is the net difference between these two groups: The actual number is far smaller and less significant than gets played most publicly. The monthly number ( May 2023 = 339,000) is a tenth or so of the ~1.5% Fair Value : Valuation of equities is one of those things that seems to confuse so many.

Numbers 300

Numbers Valuation Retirement Economics 300

Brown Advisory

JUNE 16, 2016

Midyear Planning Tools for 2016. Thu, 06/16/2016 - 15:22. Yet despite a heavy dose of recent market volatility, the planning environment in 2016 is relatively stable. Yet despite a heavy dose of recent market volatility, the planning environment in 2016 is relatively stable. Presidential election. Planning Tool: GRAT.

Planning 52

Planning Taxes Assets Clients 52

Brown Advisory

JUNE 19, 2018

With all its ups and downs, the Index currently sits close to where it started the year, but underneath that flat number there’s been widely divergent sector performance. While valuations are rising in the space, earnings growth has also been notable this year in the technology sector, with earnings up 8.1% so far in 2018 vs. 4.3%

Management 52

Management Retail Clients Investing 52

Brown Advisory

JUNE 19, 2018

With all its ups and downs, the Index currently sits close to where it started the year, but underneath that flat number there’s been widely divergent sector performance. While valuations are rising in the space, earnings growth has also been notable this year in the technology sector, with earnings up 8.1% so far in 2018 vs. 4.3%

Management 52

Management Retail Clients Investing 52

Brown Advisory

AUGUST 8, 2018

While we don’t believe this is a primary driver in every situation, the fact remains that we are at a favorable point in the cycle for spinoff activity—valuations are higher, and companies can monetize their assets on good terms (this is especially true for cyclical businesses). For example, Danaher spun out Fortive in 2016.

Assets 52

Assets Valuation Clients Education 52

Brown Advisory

JANUARY 4, 2016

Mon, 01/04/2016 - 13:57. In 2013, she applied it to the small number of privately held companies with a market value over $1 billion to denote their rarity. What is behind this sudden surge in the unicorn population, and are some of these valuations “spiraling” out of control? Investment Perspectives | Unicorns: Beyond the Myth.

Investing 52

Investing Investments Valuation Numbers 52

The Big Picture

OCTOBER 24, 2022

So there are a number of us heading in out of college into the BLS. And how do we think about them from a valuation perspective? You said earlier, valuations were historically high both stocks and bonds late 2021, right about now, what are we? MARTA NORTON, CHIEF INVESTMENT OFFICER, MORNINGSTAR INVESTMENT MANAGEMENT: Right.

Portfolio 130

Portfolio Management Assets Investing 130

ClearMoney

DECEMBER 14, 2021

Decades of research on stock returns has produced a vast number of published factors. Valuation theory helps us identify relevant factors by providing insights about differences in expected returns across stocks. 1 (January 2016): 69–103. 1 (January 2016): 69–103. Fama and Kenneth R.

Investing 52

Investing Investments Commission Distribution 52

Brown Advisory

JUNE 21, 2017

equity funds in 2016 alone. The term “active share” measures the degree to which a portfolio’s holdings differ from those of its benchmark, taking into account the number of stocks in the portfolio but not in the index and the difference in weightings of those stocks held in common. Reasons for this tendency are varied.

Investing 52

Investing Investments Portfolio Management 52

Brown Advisory

JUNE 21, 2017

equity funds in 2016 alone. The term “active share” measures the degree to which a portfolio’s holdings differ from those of its benchmark, taking into account the number of stocks in the portfolio but not in the index and the difference in weightings of those stocks held in common. Assuring "Average".

Investing 52

Investing Investments Portfolio Management 52

The Better Letter

JANUARY 26, 2024

In December of 2016, Dent went on CNBC to insist the Dow would “end up between 3,000 and 5,000 a couple years from now.” 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.” 2020 : “[E]xtreme valuations. ” The S&P advanced 13.52

Assets 103

Assets Valuation Management Investing 103

James Hendries

JANUARY 13, 2023

When LPL Research released the Outlook 2022: Passing the Baton in December 2021, the team’s view was that the hit from inflation would be manageable and would therefore limit the number and magnitude of interest rate increases, enable the U.S. economy to avoid recession, and support above-average valuations.

Marketing 52

Marketing Marketing Valuation Asset Allocation 52

Brown Advisory

JUNE 12, 2017

Insurance operations in total contributed about 20% of Berkshire’s revenue in 2016, and about 6% of pretax income came from insurance underwriting profits. billion of investable float in 2016, which partially funds Berkshire’s $260 billion investment portfolio. More importantly, insurance contributed $91.5 annualized compared with 6.9%

Investing 52

Investing Investments Ethics Taxes 52

Brown Advisory

JUNE 12, 2017

Insurance operations in total contributed about 20% of Berkshire’s revenue in 2016, and about 6% of pretax income came from insurance underwriting profits. billion of investable float in 2016, which partially funds Berkshire’s $260 billion investment portfolio. More importantly, insurance contributed $91.5 annualized compared with 6.9%

Investing 52

Investing Investments Ethics Taxes 52

Brown Advisory

SEPTEMBER 22, 2017

Finally, a growing number of meta-analyses conclude that incorporating ESG issues into investment decision making generates better returns than comparable non-ESG strategies (Clark, et al., 2016 Report On US Sustainable, Responsible And Impact Investing Trends. Socially Responsible Indexes: Composition, Performance, and Tracking Error."

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

Finally, a growing number of meta-analyses conclude that incorporating ESG issues into investment decision making generates better returns than comparable non-ESG strategies (Clark, et al., 2016 Report On US Sustainable, Responsible And Impact Investing Trends. . Broader Application and Paths for Future Research. 32: 100-109.

Portfolio 52

Portfolio Investing Investments Management 52

The Big Picture

NOVEMBER 8, 2022

CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. All our economic actions are taking place across time.

Banking 141

Banking Valuation Economy Investing 141

The Irrelevant Investor

DECEMBER 31, 2021

All we have are numbers on a screen. Valuations don't matter. Of course valuations matter. Strong earnings can support high valuations. Many of you remember stocks going sideways from the winter of 2014 to the summer of 2016 as earnings dipped. We might notice something different over the course of a year.

Valuation 52

Valuation Marketing Marketing Numbers 52

The Big Picture

JULY 24, 2023

The fact that you’ve got declining risk appetite, declines are prolonged, deep and valuations mean revert. The second, and what’s interesting about that period, is the fact that valuations actually peaked in 1961. MIAN: Valuations are ebb and flow. But number two is from a demographic standpoint.

Marketing 130

Marketing Marketing Economy Valuation 130

Brown Advisory

AUGUST 11, 2017

Yet total global assistance to developing nations—including private capital investment, private philanthropy and government aid, and even including remittances from migrants sending money back to their home countries—was approximately $800 billion in 2014, according to the 2016 Index of Global Philanthropy and Remittances.

Investing 52

Investing Investments Marketing Marketing 52

Brown Advisory

AUGUST 11, 2017

Yet total global assistance to developing nations—including private capital investment, private philanthropy and government aid, and even including remittances from migrants sending money back to their home countries—was approximately $800 billion in 2014, according to the 2016 Index of Global Philanthropy and Remittances.

Investing 52

Investing Investments Marketing Marketing 52

Random Roger's Retirement Planning

FEBRUARY 9, 2023

He didn't specify which of the two (I believe that is the correct number) funds that Hussman managed back then. For 20 years, holy cow, the numbers look great. The ten year numbers tell a much different story due, I think, to the fund's large allocation to gold. Gold was mostly in a downtrend from mid-2011 to early 2016.

Asset Allocation 67

Asset Allocation Portfolio Assets Numbers 67

The Irrelevant Investor

DECEMBER 21, 2018

There wasn't a single -2% day in the S&P 500 from October 2016 through January 2018. The table below shows the numbers from the chart above. Valuations are a good example; Buyers didn't care on the way up and sellers won't care on the way down. The NASDAQ 100 just had its worst week since 2008. Twenty-one fell at least 10%.

Valuation 52

Valuation Numbers Marketing Marketing 52

Cornerstone Financial Advisory

JUNE 26, 2023

the most significant percentage gain since October 2016, validated this confidence. The number of new home starts in May (1.63 Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

Marketing 59

Marketing Marketing Taxes Economics 59

Trade Brains

JULY 4, 2023

Quick fact— According to the Dec 2021 report by NSE, Zerodha is the biggest stockbroking firm in India (based on the total number of active clients), outranking many old and big broking corporates like ICICI direct, HDFC Securities, Sharekhan, etc. As of Dec 2021, Upstox has the second-highest number of active clients on NSE after Zerodha.

Accounting 98

Accounting Planning Clients Investing 98

Brown Advisory

NOVEMBER 1, 2019

These conditions present a variety of challenges for investors; more germane to our discussion in this letter, they also present a number of planning opportunities that may require near-term action. The December 2016 7520 rate of 1.8% Treasuries). Opportunity Zone Investments. was used for this illustration.

Planning 52

Planning Taxes Clients Estate Planning 52

The Big Picture

AUGUST 15, 2023

Or at least the top, pick a number, 30, 40%. I don’t remember the number. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. So you’re talking about an average of a large number. What’s the valuation? Less, 20, 30%?

Management 130

Management Investing Investments Government 130

Brown Advisory

JULY 1, 2016

Investment Perspectives | Real Returns achen Fri, 07/01/2016 - 06:00 One of the most penetrating and recurring questions we receive from clients is, “what is a reasonable long-term expectation for U.S. Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities.

Investing 52

Investing Investments Portfolio Assets 52

Brown Advisory

JULY 1, 2016

Fri, 07/01/2016 - 06:00. A May 2016 report ominously entitled Diminishing Returns: Why Investors May Need to Lower Their Expectations , by the McKinsey Global Institute, addresses this issue. Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities.

Investing 52

Investing Investments Portfolio Assets 52

Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Survey period 2016. Survey period 2013 to 2021. Catherine D.

Assets 52

Assets Economics Investing Investments 52

Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Survey period 2016. Source: Statista, CoinMarketCap. Catherine D.

Assets 52

Assets Economics Investing Investments 52