James Hendries

NOVEMBER 3, 2022

Still, as we survey what are better equity valuations, long-awaited income opportunities in the bond market, and a likely less-antagonistic Fed in 2023, there may be emerging reasons to believe that the next year may be more constructive than the last. Asset allocation does not ensure a profit or protect against a loss.

Clients 52

Clients Asset Allocation Investment Advisor Economics 52

The Big Picture

FEBRUARY 6, 2024

My mental image was that he worked in the bank of, back of a bank approving mortgage applications. And speaking of the.com implosion, like Microsoft via a case study where we, in previous strategies, we held Microsoft for a very long time, that’s where the valuation could help us in the.com bus. It was over 50 right?

Valuation 130

Valuation Investing Investments Assets 130

Investing Caffeine

APRIL 1, 2022

The Fed’s goal is to increase the cost of borrowing, thereby slowing down the economy and reducing inflation. The short answer is that companies are making money hand over fist and the economy remains strong (3.6% They certainly could, but valuations remain attractive given where interest rates currently stand. www.Sidoxia.com.

Economy 59

Economy Economics Valuation Investing 59

Truemind Capital

MARCH 20, 2020

In good times i.e. when the market valuations are usually very high, everyone agrees to the logic of buying low and selling high. Not understanding the role & importance of tactical asset allocation (overweight debt in euphoric times and overweight equity in a time of acute pessimism) in creating superior returns over the long term.

Asset Allocation 52

Asset Allocation Valuation Investing Investments 52

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

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. Further, we see room for the European economy to grow. EUROPEAN RE-ENTRY: Why We Are Shifting Portfolios Toward European Stocks.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

JULY 24, 2018

But beyond the economic cycle’s age, several factors suggest that a more defensive mindset is worth considering: Valuations are elevated. Robust Q1 2018 earnings growth improved the valuation picture for U.S. It is worth noting that valuations are more reasonable in developed international and emerging markets; however, U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Brown Advisory

JULY 24, 2018

But beyond the economic cycle’s age, several factors suggest that a more defensive mindset is worth considering: Valuations are elevated. Robust Q1 2018 earnings growth improved the valuation picture for U.S. It is worth noting that valuations are more reasonable in developed international and emerging markets; however, U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Brown Advisory

JUNE 3, 2015

Ahead of the first tightening by the Federal Reserve in nine years, we are shifting into less-traditional assets, anticipating that, at best, U.S. stocks and fixed income securities will probably languish when the central bank begins to withdraw record stimulus. Without a Script. Unemployment fell to 5.4% Impact on U.S. Impact on U.S.

Valuation 52

Valuation Economy Banking Economics 52

WiserAdvisor

AUGUST 18, 2022

Not only do you have to keep track of various factors such as market trends, price movements, the economy (both local and international), past returns, and more, but you also have to match those with your own time horizon and risk appetite. to figure out the effect of economy-level factors on your investments’ performance.

Investing 52

Investing Investments Financial Advisor Economy 52

Brown Advisory

NOVEMBER 12, 2019

Among the concerns breeding skepticism about the economy and the markets are on-again/off-again trade negotiations, disruption of supply chains, declines in manufacturing activity, and sluggish capital spending. economy that may restrain the country's ability to grow at rates considered normal over the last several decades.

Investing 52

Investing Investments Assets Economics 52

Brown Advisory

NOVEMBER 12, 2019

Among the concerns breeding skepticism about the economy and the markets are on-again/off-again trade negotiations, disruption of supply chains, declines in manufacturing activity, and sluggish capital spending. economy that may restrain the country's ability to grow at rates considered normal over the last several decades.

Investing 52

Investing Investments Assets Economics 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. Using the 10-year 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. Using the 10-year U.S.

Management 52

Management Investing Investments Valuation 52

Truemind Capital

APRIL 19, 2024

Here are some of the popular themes and the risks associated with them: Falling Interest Rates : There has been earnest demand by market participants to cut interest rates in the US and other developed economies on the back of falling inflation rates. Central Governments have given hope of meaningful rate cuts within this year.

Financial Market 98

Financial Market Asset Allocation Marketing Marketing 98

Investing Caffeine

FEBRUARY 1, 2022

However, the fact remains the economy remains strong, corporate profits are at record levels, unemployment is low, and interest rates remain at attractive levels despite nagging inflation ( see chart below ) and the removal of accommodative monetary policies by the Federal Reserve.

Math 52

Math Assets Investing Investments 52

James Hendries

MARCH 13, 2023

Instead, we got a shockingly fast collapse of a financial institution with over $200 billion in assets, which turned the market’s focus toward the stability of the banking system and what systemic risks banks might be facing. But valuations strongly favor value over growth.

Assets 52

Assets Marketing Marketing Asset Allocation 52

The Big Picture

NOVEMBER 8, 2022

His latest book could not be more timely, “The Price of Time: The Real Story of Interest,” it’s all about the history of interest rates, money lending, investing speculation, funded by banks and loans and credit. And Jeremy said, “Well, at least there’s enough structural redundancy in the banking system.”

Banking 141

Banking Valuation Economy Investing 141

Brown Advisory

APRIL 1, 2015

In Engines That Move Markets, a 2002 book about the cycles of technology investing, Alasdair Nairn defines “bubbles” as periods when investors appear to suspend rational valuation, much as they had during the dotcom craze shortly before the book was published. economy following the financial crisis. Possible Signs.

Investing 52

Investing Investments Valuation Assets 52

The Big Picture

MARCH 5, 2024

So they’d give individual asset allocation to people and they’d go invest their money. And so I remember back, back in 2005 when we first started, you know, we think about the banks. The banks would have an equity trading desk and they’d have a debt desk, right? H how did you figure that out?

Banking 141

Banking Portfolio Assets Investing 141

Brown Advisory

SEPTEMBER 3, 2015

As recently as 2012 Puerto Rico was able to sell to investors public-sector bonds despite its bleak fiscal outlook and shrinking economy. Consider this scenario: An economy is shrinking, government debt is ballooning and emigration is eroding the workforce. By Taylor Graff, CFA, Asset Allocation Analyst.

Transportation 52

Transportation Government Economy Asset Allocation 52

James Hendries

JUNE 26, 2023

However, the impending end of the Federal Reserve (Fed) rate-hiking campaign, and the economy’s and corporate America’s resilience, help make the bull case that steers LPL Research toward a neutral, rather than negative, equities view from a tactical asset allocation perspective. At the same time, the resilience of the U.S.

Marketing 52

Marketing Marketing Asset Allocation Valuation 52

Brown Advisory

NOVEMBER 14, 2017

While this shift in monetary policy may ultimately have important implications for asset allocation and other investment decisions, we’re not convinced that its near-term impact will be particularly significant. Meanwhile, we continue to focus on security selection. the broad markets are largely efficient.

Investing 52

Investing Investments Assets Numbers 52

Brown Advisory

NOVEMBER 14, 2017

While this shift in monetary policy may ultimately have important implications for asset allocation and other investment decisions, we’re not convinced that its near-term impact will be particularly significant. Meanwhile, we continue to focus on security selection. the broad markets are largely efficient. Uncertainty in Unwinding.

Investing 52

Investing Investments Assets Numbers 52

James Hendries

JUNE 20, 2023

As the economy is likely downshifting, investors should take heed that the Federal Reserve’s (Fed) current stance is eerily similar to early 2007. During that time, the Fed held a tightening bias since they believed the housing market was stabilizing, the economy would continue to expand, and inflation risks remained.

Marketing 52

Marketing Marketing Economy Communication 52

James Hendries

JULY 3, 2023

Later on, funding becomes essential, either via private equity, venture capital, or a direct relationship with investment banks, and even the Bank of Mom and Dad. economy and corporate America have has been impressive. With economic data continuing to suggest the U.S.

Marketing 52

Marketing Marketing Banking Valuation 52

James Hendries

JANUARY 13, 2023

The expectation was predicated on the view that inflation pressures would ease as global economies recalibrated to a post-pandemic environment. economy to avoid recession, and support above-average valuations. While our team underestimated inflation and the resulting hit to valuations last year, there were some wins.

Marketing 52

Marketing Marketing Valuation Asset Allocation 52

James Hendries

SEPTEMBER 27, 2022

The LPL Research Strategic and Tactical Asset Allocation Committee is increasing its recommended interest rate exposure in its tactical allocation from underweight to neutral. It is also a major component used to calculate the price-to-earnings valuation ratio. Core vs Core Plus Bond Implementation.

Asset Allocation 52

Asset Allocation Marketing Marketing Assets 52

James Hendries

AUGUST 15, 2022

economy is in or about to enter recession, so we thought a piece on what a recession might mean for the stock market would be of interest. economy is not currently in recession, odds are still perhaps a coin flip or better that one may come in the next year. While Friday’s strong jobs report provides more evidence that the U.S.

Marketing 52

Marketing Marketing Economy Valuation 52

Brown Advisory

MARCH 30, 2020

Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.” Source: BLOOMBERG Source: Federal Reserve Bank of New York. Essentially, liquidity refers to how quickly an investment can be turned into cash.

Management 52

Management Marketing Marketing Clients 52

Brown Advisory

MARCH 30, 2020

Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.” Source: Federal Reserve Bank of New York. Essentially, liquidity refers to how quickly an investment can be turned into cash. Source: BLOOMBERG. .

Management 52

Management Marketing Marketing Clients 52

James Hendries

MARCH 6, 2023

Suggesting an economy makes “no landing” makes no sense. Economic activity does not stop like an airplane eventually does, but rather the economy will settle into a steady state where growth is consistent with factors such as population and productivity. Analogies eventually break down, especially this one. Why The “Landing” Analogy?

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

NOVEMBER 15, 2022

One equity market debate discussed frequently in the LPL Research Strategic & Tactical Asset Allocation Committee (STAAC) is the growth vs. value style reversal experienced the past 12 months. Increasing the discount rate, which lowers the present value of future cash flows, and company valuations.

Marketing 52

Marketing Marketing Asset Allocation Valuation 52

Brown Advisory

JUNE 21, 2017

On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations. Reasons for this tendency are varied.

Investing 52

Investing Investments Portfolio Management 52

Brown Advisory

JUNE 21, 2017

On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations. Reasons for this tendency are varied.

Investing 52

Investing Investments Portfolio Management 52

James Hendries

DECEMBER 4, 2022

Forward-looking sales estimates paint a more subdued picture, which makes sense given the macro headwinds facing the economy and the consumer. Retailer valuations have also taken a hit, as the forward (next 12 months) P/E multiple has contracted ~20% year to date, from ~27x to ~22x currently. over the last 20 years, pre-2020.

Retail 52

Retail Marketing Marketing Sales 52

Brown Advisory

MARCH 30, 2018

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. Our asset allocation process accounts for a wide range of potential outcomes over the next 18–36 months.

Asset Allocation 52

Asset Allocation Portfolio Assets Valuation 52