The Better Letter

JANUARY 10, 2025

IBM’s return was fueled by growing earnings, growing dividends, and buying back stock at cheap valuations. Even Buffett, whose BKB made the list, was about to buy (he bought into IBM in 2011, although the trade didn’t turn out well; he was out in 2017, having earned about 5 percent per year, including dividends).

Retail 96

Retail Numbers Pharmaceutical Government 96

Brown Advisory

MARCH 30, 2018

Throughout 2017, our meetings and conversations with clients very frequently focused on the topic of risk. While February’s volatility did not materially change our asset allocation views, it reinforced to us the importance of a comprehensive discussion about how we think about risk and how we manage it. Fri, 03/30/2018 - 11:57.

Asset Allocation 52

Asset Allocation Portfolio Assets Valuation 52

Brown Advisory

FEBRUARY 15, 2019

But the drop in valuations experienced at year’s end, alongside higher bond yields, offer a foundation for better long-term return expectations across most asset classes. This is also a fitting moment to review the intersection of risk and valuation. This is also a fitting moment to review the intersection of risk and valuation.

Valuation 52

Valuation Clients Portfolio Investing 52

Trade Brains

FEBRUARY 26, 2024

The Company has over 6 years of experience in the execution of infrastructure projects since 2017. Under the Bharatmala Pariyojana plan, the Government approved Phase-I of the project in October 2017 with an aggregate length of 34,800 Km with an estimated outlay of Rs. The IRB InvIT was listed on the exchanges in June of 2017.

Government 59

Government Assets Transportation Portfolio 59

Brown Advisory

MAY 31, 2017

EUROPEAN RE-ENTRY: Why We Are Shifting Portfolios Toward European Stocks achen Thu, 06/01/2017 - 02:47 Asset allocation—at least for us—is an exercise in nuance. We move slowly and carefully when it comes to shifting our portfolios away from one asset class or region and toward another. is not particularly notable.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

MAY 31, 2017

Thu, 06/01/2017 - 02:47. Asset allocation—at least for us—is an exercise in nuance. We move slowly and carefully when it comes to shifting our portfolios away from one asset class or region and toward another. stocks as of the end of 2015 on an EV/EBITDA basis; that gap widened to 20% by the end of April 2017.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

DECEMBER 14, 2017

Balancing Act | Pulling the FANGs Apart achen Thu, 12/14/2017 - 11:34 The “FANG” companies—Facebook, Amazon, Netflix and Google—have been a dominant investment story in recent years. All of these companies have generated attractive returns in recent years, and in 2017 in particular. Through Nov.

Valuation 52

Valuation Advertising Clients Investing 52

Brown Advisory

DECEMBER 14, 2017

Thu, 12/14/2017 - 11:34. All of these companies have generated attractive returns in recent years, and in 2017 in particular. Their fear is bolstered by historical precedent: In the 1960s and 1970s, the “Nifty Fifty” ran up to extremely high valuations, and many performed quite poorly during the 1970s bear market. Through Nov.

Valuation 52

Valuation Advertising Clients Investing 52

Validea

OCTOBER 5, 2022

Two weeks ago, I wrote an article where I looked at the valuation of the median stock and how it has changed over time. 12/29/2017 2.9% 12/29/2017 49.5% And with intangible assets rising in the economy, standard earnings calculations are becoming less and less accurate. By Jack Forehand, CFA, CFP® ( @practicalquant ) —.

CFP 59

CFP Valuation Economy Assets 59

Brown Advisory

NOVEMBER 1, 2019

This year, two factors will be important considerations in our year-end planning work: 1) current market dynamics (specifically, ongoing market volatility, low interest rates and a flat yield curve), and 2) the 2017 tax overhaul and our ongoing integration of new tax rules into clients’ long-term plans. Non-Taxable Gifts.

Planning 52

Planning Taxes Clients Assets 52

The Irrelevant Investor

JANUARY 5, 2021

Investor enthusiasm, coupled with high valuations, has preceded all major market bubbles. He writes: The one reality that you can never change is that a higher-priced asset will produce a lower return than a lower-priced asset. stocks are based on traditional valuation metrics, via Michael Cembalest.

Valuation 52

Valuation Assets Marketing Marketing 52

Brown Advisory

APRIL 1, 2020

These planning opportunities are driven primarily by four factors: Materially lower market values for publicly traded securities, and a likely downturn in valuations of real estate and other illiquid assets. GIFT AND ESTATE TAX PLANNING Outright Gifting. Intra-family Note Refinance.

Strategic Planning 52

Strategic Planning Planning Marketing Marketing 52

Brown Advisory

APRIL 1, 2020

These planning opportunities are driven primarily by four factors: Materially lower market values for publicly traded securities, and a likely downturn in valuations of real estate and other illiquid assets. GIFT AND ESTATE TAX PLANNING. Outright Gifting. Intra-family Note Refinance.

Strategic Planning 52

Strategic Planning Planning Marketing Marketing 52

Brown Advisory

APRIL 18, 2018

Balancing Act | For Good Measure: How We Value Global Leaders achen Wed, 04/18/2018 - 11:03 Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio.

Valuation 52

Valuation Portfolio Investing Investments 52

Brown Advisory

APRIL 18, 2018

Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio. This makes ratios like the P/E ratio dangerous as a valuation tool. Wed, 04/18/2018 - 11:03.

Valuation 52

Valuation Portfolio Investing Investments 52

Brown Advisory

MAY 3, 2018

Whether rates are rising or falling, we manage risk using the same consistent process: We look for bonds with attractive valuation relative to our view of their potential cash flows. For one, we reduced our exposure to shorter-duration fixed-rate municipals, as their valuations grew increasingly unattractive last year. (We

Portfolio 52

Portfolio Taxes Valuation Clients 52

Brown Advisory

MAY 3, 2018

Whether rates are rising or falling, we manage risk using the same consistent process: We look for bonds with attractive valuation relative to our view of their potential cash flows. For one, we reduced our exposure to shorter-duration fixed-rate municipals, as their valuations grew increasingly unattractive last year. (We

Portfolio 52

Portfolio Taxes Valuation Clients 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S.

Management 52

Management Investing Investments Valuation 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S. Risks in Bonds.

Management 52

Management Investing Investments Valuation 52

Brown Advisory

APRIL 20, 2022

The ambiguity surrounding securities levels is sometimes a point of frustration for NFP staff, especially in the valuing of less liquid, harder-to-ascertain level 2 and 3 assets. Explain the timing difference and cutoff on valuations. To help efficiently support the leveling process, we recommend a four-step process: 1.

Investment Advisor 52

Investment Advisor Investing Investments Nonprofit 52

Brown Advisory

MAY 10, 2018

In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. After an unnaturally serene 2017, volatility roared back into equity markets this year, fueled by worries over interest rates, inflation, tariffs and data privacy. From a U.S.

Economy 52

Economy Portfolio Clients Sales 52

Brown Advisory

MAY 10, 2018

In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. After an unnaturally serene 2017, volatility roared back into equity markets this year, fueled by worries over interest rates, inflation, tariffs and data privacy. From a U.S.

Economy 52

Economy Portfolio Clients Sales 52

Brown Advisory

JULY 19, 2017

A Moment of Zen: The Wisdom of Staying Invested achen Wed, 07/19/2017 - 15:28 When discussing the merits of cash as an investment, Warren Buffett doesn’t pull his punches, saying that those who hold cash or its equivalents “have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”

Investing 52

Investing Investments Portfolio Clients 52

Brown Advisory

JULY 19, 2017

Wed, 07/19/2017 - 15:28. When discussing the merits of cash as an investment, Warren Buffett doesn’t pull his punches, saying that those who hold cash or its equivalents “have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”. Valuations of the U.S.

Investing 52

Investing Investments Portfolio Clients 52

Brown Advisory

MARCH 13, 2018

Further, 2017 overall was extraordinary for its lack of market volatility; the S&P 500 Index rose steadily throughout the year without so much as a 3% pullback—a first in the Index’s long history. For most of 2017, the VIX was exceptionally depressed, signaling that investors expected very little volatility in prices.

Investing 52

Investing Investments Economy Assets 52

Brown Advisory

MARCH 13, 2018

Further, 2017 overall was extraordinary for its lack of market volatility; the S&P 500 Index rose steadily throughout the year without so much as a 3% pullback—a first in the Index’s long history. For most of 2017, the VIX was exceptionally depressed, signaling that investors expected very little volatility in prices.

Investing 52

Investing Investments Economy Assets 52

Brown Advisory

NOVEMBER 28, 2017

Balancing Act | A New Publication Series achen Tue, 11/28/2017 - 13:39 We believe that investing in equities should be a balancing act, not an exercise in placing bets on one side of the market. It should not be assumed that investments in such securities or asset classes have been or will be profitable.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

NOVEMBER 28, 2017

Tue, 11/28/2017 - 13:39. We will hear equity research analysts talk about risk and opportunity within the sectors they cover, and portfolio managers discuss the dangers of relying too heavily on traditional valuation metrics. It should not be assumed that investments in such securities or asset classes have been or will be profitable.

Portfolio 52

Portfolio Clients Investing Investments 52

ClearMoney

DECEMBER 5, 2021

Any asset subject to such sharp swings may be catnip for traders but of limited value either as a reliable medium of exchange (to replace cash) or as a risk-reducing or inflation-hedging asset in a diversified portfolio (to replace bonds). Gox Bitcoin Customers Could Lose Again,” Reuters, November 16, 2017.

Commission 52

Commission Retail Sales Distribution 52

The Irrelevant Investor

MAY 6, 2017

Where we differ, is that he allocates his "side" portfolio to one asset - Facebook. I try to highlight the dangers of being as concentrated in one asset as he is. They don't understand their setting as a marketplace where asset prices reflect and depend on the expectation of the participants. Consistently, and by a lot.

Portfolio 52

Portfolio Assets Valuation Investing 52

Brown Advisory

AUGUST 24, 2017

Thu, 08/24/2017 - 15:12. Contrary to the highly publicized booms and busts of some real estate segments, most private real estate investments offer many risk-mitigating benefits to investors, such as low correlation with core asset classes, long-term protection against inflation, income generation and—yes—low volatility over time.

Portfolio 52

Portfolio Assets Clients Investing 52

Brown Advisory

MARCH 24, 2021

The same process is used with bonds, real estate and other cash-generating assets. Assets that produce no cash (e.g. In addition to having a long history as a financial asset, gold has economic applications in electronics, medicine and jewellery. Catherine D. If history is a guide, it’s anyone’s guess.

Assets 52

Assets Economics Investing Investments 52

Brown Advisory

MARCH 24, 2021

The same process is used with bonds, real estate and other cash-generating assets. Assets that produce no cash (e.g. In addition to having a long history as a financial asset, gold has economic applications in electronics, medicine and jewellery. Catherine D. If history is a guide, it’s anyone’s guess.

Assets 52

Assets Economics Investing Investments 52

Brown Advisory

JUNE 19, 2019

While we can’t predict the near-term direction of the economy or of markets, there is no denying that safe haven assets are back in vogue, and investors have been voting with their dollars. Treasuries. intermediate and longer-term) allocation to U.S. Downside Protection From Fixed Income.

Investing 52

Investing Investments Clients Government 52

Brown Advisory

OCTOBER 2, 2018

It makes sense to spread investments into different asset classes and different global regions to balance risk and reward. Then, after six years we regained a greater degree of optimism about Europe and began shifting assets back in that direction, as we noted in an article in 2017. Why Invest in Europe and Asia (Even as U.S.

Investing 52

Investing Investments Clients Assets 52

Brown Advisory

OCTOBER 2, 2018

It makes sense to spread investments into different asset classes and different global regions to balance risk and reward. Then, after six years we regained a greater degree of optimism about Europe and began shifting assets back in that direction, as we noted in an article in 2017. Why Invest in Europe and Asia (Even as U.S.

Investing 52

Investing Investments Clients Assets 52

Brown Advisory

OCTOBER 11, 2021

In this brief paper, we will touch on what we believe are some of the most important issues and questions—including the different types of assets, return potential, fees, liquidity, diversification, volatility and transparency—that investment committees must understand as they weigh adding alternatives to their portfolios. Source: BLOOMBERG.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52