The Big Picture

MARCH 5, 2024

So we really have to understand what we’re gonna invest in, value everything in the universe, rank order ’em, and then only can we put together portfolios. And the second, and this is very credit specific, was when you own a credit portfolio, your short volatility. 00:08:45 [Speaker Changed] Huh, interesting.

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Brown Advisory

NOVEMBER 12, 2019

THE “JAPANIFICATION” QUESTION Investors who were active in the late 1980s will recall that asset prices in Japan reached extreme levels as money poured into the country from all over the world, propelled by extraordinary economic growth. Using the financial crisis as a case in point, the U.S. response was swift and decisive.

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Brown Advisory

NOVEMBER 12, 2019

Investors who were active in the late 1980s will recall that asset prices in Japan reached extreme levels as money poured into the country from all over the world, propelled by extraordinary economic growth. Using the financial crisis as a case in point, the U.S. PORTFOLIO IMPLICATIONS. response was swift and decisive.

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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. stocks after trimming exposure to U.S. Without a Script. Impact on U.S.

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Investing Caffeine

JULY 5, 2023

Unfortunately for those following this overly simplistic guidance of not opposing the Fed, investor portfolio balances have been harmed dramatically during 2023 by missing a large bull market run. The pace of interest rate increases since early 2022 has increased at the fastest rate in over four decades (see chart below).

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Investing Caffeine

FEBRUARY 1, 2022

With that said, I am always quick to point out that diversification in a portfolio is important (i.e., most people should at least own some bonds), even if bonds are currently very expensive relative to other asset classes (see Sleeping on Expensive Financial Pillows ). Source: Edward Yardeni.

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Brown Advisory

MARCH 30, 2020

The background liquidity conditions for capital markets have changed substantively since the 2008-09 financial crisis, and to some extent these changes have contributed to the liquidity crunch in various segments of the market in the wake of the coronavirus outbreak. Source: BLOOMBERG Source: Federal Reserve Bank of New York.

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Brown Advisory

MARCH 30, 2020

The background liquidity conditions for capital markets have changed substantively since the 2008-09 financial crisis, and to some extent these changes have contributed to the liquidity crunch in various segments of the market in the wake of the coronavirus outbreak. Liquidity in Public Markets: A Decade of Decline.

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The Irrelevant Investor

JULY 19, 2016

Smith taught me how much the market, and even more so the investor, are influenced by psychology. Here he is, from his 1967 classic: A stock is for all practical purposes, a piece of paper that sits in a bank vault. Ferri was an early champion of indexing and asset allocation for financial advisors.

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The Big Picture

JUNE 13, 2023

I don’t know how relevant that is to asset management, but let’s talk a little bit about you were doing before you were being lauded by the French president. You went to school in Paris, but you began your career in London at Merrill and Deutsche Bank. I joined, effectively, Deutsche Bank. I think we learned a lot.

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Truemind Capital

OCTOBER 17, 2023

Equity markets are at a very interesting juncture where the market participants have not been able to ascertain the future outlook of the US and world economy (with a bias for positive outcomes). The current fiscal deficit of the US Government is expected to be 7% in the current financial year, which is multi-decade high.

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The Big Picture

MARCH 26, 2024

And I was a portfolio manager, so I was doing bottom up research and picking stocks. I mean, he was essentially market timer, for a lack of a a better word. He wasn’t tactical asset allocator. He says even God would get fired as a portfolio manager. And I had a professor give me a little sort of hint.

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