Brown Advisory

OCTOBER 28, 2016

In response to weak nominal growth, central banks have maintained accommodative monetary policies, pushing interest rates to historic lows. Stretched Valuations. In comparison, sectors such as technology, health care and consumer discretionary generally offer better growth and more attractive valuations (table 1).

Asset Allocation 52

Asset Allocation Assets Valuation Banking 52

Cornerstone Financial Advisory

JULY 17, 2023

Lower-than-forecast inflation on both consumer prices and producer prices sparked investor optimism that inflation may be able to fall further without tipping the economy into recession and provide the basis for the Fed to moderate its more hawkish rate hike stance. The forecasts also are subject to revision. PNC), Prologis, Inc.

Marketing 52

Marketing Marketing Economics Taxes 52

Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. Further, we see room for the European economy to grow. is not particularly notable. stocks since the middle of 2004.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. Further, we see room for the European economy to grow. is not particularly notable. stocks since the middle of 2004.

Portfolio 52

Portfolio Asset Allocation Valuation 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

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

Cornerstone Financial Advisory

JANUARY 17, 2023

Sustained declines in inflation, a rate hike cycle nearing an end, and a resilient economy that may avoid recession resulted in a broad-based rally. Stocks extended their gains to end the week as a few money center banks kicked off a new earnings season with upbeat reports. UAL), The PNC Financial Services Group, Inc.

Marketing 59

Marketing Marketing Taxes Investment Advisor 59

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

Brown Advisory

JUNE 19, 2019

There are some warning signs, to be sure, such as an inverted yield curve, tight labor markets, and a slowing housing market, but there are also other factors—such as modest household leverage, low corporate default rates and accommodating monetary policy—that suggest the economy may still have some room to run.

Investing 52

Investing Investments Clients Government 52

Brown Advisory

JULY 19, 2017

Valuations of the U.S. and global economies have managed to eke out decent performance in recent years but have yet to re-establish their pre-crisis growth levels. Today, we hear the word “unprecedented” far too often, referencing everything from stock valuations, to the U.S. But we can’t deny the existence of fear.

Investing 52

Investing Investments Portfolio Clients 52

Brown Advisory

JULY 19, 2017

Valuations of the U.S. and global economies have managed to eke out decent performance in recent years but have yet to re-establish their pre-crisis growth levels. Today, we hear the word “unprecedented” far too often, referencing everything from stock valuations, to the U.S. But we can’t deny the existence of fear.

Investing 52

Investing Investments Portfolio Clients 52

Brown Advisory

AUGUST 24, 2017

For one, real estate tends to move more in concert with the direction of the economy, while stock prices, for example, tend to move in advance of a change in economic fundamentals. We can’t control the economy or predict its near-term direction. Barclays Indices are trademarks of Barclays Bank PLC. Source: Thomson Reuters.

Portfolio 52

Portfolio Assets Clients Management 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. The major laggards were FMCG (down 6%), IT (down 2%) and financial services (down 2%).

Financial Market 98

Financial Market Asset Allocation Marketing Marketing 98

The Big Picture

MARCH 5, 2024

So I saw many companies then taxed and financial services. 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? From there, I went to Koch Industries and I had a great experience at Koch.

Banking 141

Banking Portfolio Assets Investing 141

James Hendries

OCTOBER 4, 2022

Given the country’s weak economy, due in large part to stringent zero-COVID-19 measures that have led to strict and prolonged lockdowns, coupled with a debt-laden property market, authorities in Beijing and throughout the Chinese provinces will need to focus on reviving the country’s economic underpinning. At the same time, U.S.

Marketing 52

Marketing Marketing Economy Economics 52

Brown Advisory

MARCH 30, 2020

This figure is likely to grow in the future; post-crisis capital restrictions have pushed most banks away from the corporate lending business, so companies are more reliant on the bond market for debt capital. Source: BLOOMBERG Source: Federal Reserve Bank of New York. stocks, but more than 30,000 U.S.

Management 52

Management Marketing Marketing Clients 52

Brown Advisory

MARCH 30, 2020

This figure is likely to grow in the future; post-crisis capital restrictions have pushed most banks away from the corporate lending business, so companies are more reliant on the bond market for debt capital. Source: Federal Reserve Bank of New York. stocks, but more than 30,000 U.S. Liquidity in Public Markets: A Decade of Decline.

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. One example is the slow recalibration of goods and services spending.

Marketing 52

Marketing Marketing Economy Economics 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

Brown Advisory

OCTOBER 18, 2019

We know that equity valuations in the U.S. CURRENT VALUATION PREMIUMS, S&P 500 INDEX Metric Most Recent Long-Term Average Premium vs. Average Timeframe Trailing P/E 19.4 Any number of factors could cause valuations to quickly readjust or correlations to spike. 17% 3/31/1954- 9/30/2019 Price/Book Value 3.4

Marketing 52

Marketing Marketing Valuation Numbers 52

Brown Advisory

OCTOBER 18, 2019

We know that equity valuations in the U.S. CURRENT VALUATION PREMIUMS, S&P 500 INDEX. In the years after the 2008-09 financial crisis, securities tended to trade in lockstep with each other as the market focused most of its attention on the big-picture health of the economy. Most Recent. Long-Term Average. Trailing P/E.

Marketing 52

Marketing Marketing Valuation Numbers 52

Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Brown Advisory traces its origins to the investment bank Alex. Bloomberg Barclays Indices are trademarks of Bloomberg or its licensors, including Barclays Bank PLC. Source: BLOOMBERG.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Brown Advisory traces its origins to the investment bank Alex. Bloomberg Barclays Indices are trademarks of Bloomberg or its licensors, including Barclays Bank PLC. Muted Expectations.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

SEPTEMBER 11, 2016

Looking ahead, for our base-case scenario we see inflation remaining moderate and most major economies continuing to grow at a modest pace. Market jitters increased in mid-2015 amid signs that growth was slowing in large economies—most significantly, China. Declining productivity among advanced economies has weakened global growth.

Economics 52

Economics Economy Communication Clients 52

Brown Advisory

SEPTEMBER 11, 2016

Looking ahead, for our base-case scenario we see inflation remaining moderate and most major economies continuing to grow at a modest pace. Market jitters increased in mid-2015 amid signs that growth was slowing in large economies—most significantly, China. Declining productivity among advanced economies has weakened global growth.

Economics 52

Economics Economy Communication Clients 52

The Big Picture

JUNE 13, 2023

You went to school in Paris, but you began your career in London at Merrill and Deutsche Bank. You know, that’s one thing in Europe where London was, I actually think, still remains the one place where you want to get exposure when you join financial services. I joined, effectively, Deutsche Bank.

Banking 141

Banking Assets Investing Investments 141

Brown Advisory

MARCH 13, 2018

With the most recent economic data showing signs of acceleration, more observers began to question the wisdom of introducing fiscal stimulation at a time when the economy was already gaining momentum. On that question, the economy is sending somewhat mixed signals. Technical factors also contributed to the swift decline in stocks.

Investing 52

Investing Investments Economy Assets 52

Brown Advisory

MARCH 13, 2018

With the most recent economic data showing signs of acceleration, more observers began to question the wisdom of introducing fiscal stimulation at a time when the economy was already gaining momentum. On that question, the economy is sending somewhat mixed signals. Technical factors also contributed to the swift decline in stocks.

Investing 52

Investing Investments Economy Assets 52

Brown Advisory

MARCH 30, 2018

However, alongside these positive fundamental trends we also see potential causes for concern—valuation risk, to be sure, but also macroeconomic and geopolitical risks. Upside risk” that stock valuations shift even higher. The volatility in February is an indication of the market’s sensitivity to news about any of these risk factors.

Asset Allocation 52

Asset Allocation Portfolio Assets Valuation 52

The Big Picture

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. So before we get to the pandemic, which obviously had an enormous outsized effect on real estate, let’s talk a little bit about the financial crisis in the mid-2000s, a lot of real estate companies crashed and burned then. RITHOLTZ: Wow, that’s amazing.

Sales 130

Sales Numbers Taxes Marketing 130

The Big Picture

FEBRUARY 28, 2023

I was actually running the Investment Banking Club at BYU, and you know, thought I was interested in that, interested in going to Wall Street. RITHOLTZ: And when you look at the economy for the past decade, or at least as judged by the public markets, Europe seems to have been a little sleepy the past decade. LAYTON: Yeah.

Clients 141

Clients Investing Investments Assets 141

The Big Picture

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and it’s all kinds of companies engaged. RITHOLTZ: — firms or private equity firms?

Assets 152

Assets Investing Investments Valuation 152

The Big Picture

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

Valuation 286

Valuation Education Government Numbers 286

Brown Advisory

FEBRUARY 3, 2017

We hope to reinforce through this discussion our belief that a balanced and cautious approach is warranted in an environment characterized by low growth, low interest rates and above-average valuations. The S&P GSCI® measures general price movements and inflation in the world economy. An index constituent must also be considered a U.S.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52

Brown Advisory

FEBRUARY 3, 2017

We hope to reinforce through this discussion our belief that a balanced and cautious approach is warranted in an environment characterized by low growth, low interest rates and above-average valuations. The S&P GSCI® measures general price movements and inflation in the world economy. An index constituent must also be considered a U.S.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52