Brown Advisory

APRIL 12, 2023

Sincerely, Karina Funk, CFA Portfolio Manager David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC.

Investing 52

Investing Investments Portfolio Management Portfolio 52

Brown Advisory

APRIL 12, 2023

Sincerely, Karina Funk, CFA Portfolio Manager David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC.

Portfolio Management 52

Portfolio Management Portfolio Investing Investments 52

David Nelson

SEPTEMBER 26, 2023

By David Nelson, CFA We are coming into the last week of September and investors are facing some tough choices on how to position for the final quarter of 2023. On Wednesday, Powell and the Federal Reserve moved the goal posts indicating that Fed rate cuts are now delayed another 6 months. I’m David Nelson.

Valuation 52

Valuation Government Healthcare Budgeting 52

Steve Sanduski

AUGUST 31, 2022

Jeremy Keil , CFP®, CFA, CIMA®, the founder of Keil Financial Partners. How Leaders Lead with David Novak. In the Suite with Tina Powell. Joining me for this podcasting roundtable are: Julie Littlechild , founder and CEO of Absolute Engagement. Julie previously co-hosted the podcast Becoming Referable. The Rich Roll Podcast.

Financial Advisor 59

Financial Advisor Media Wealth Advisor CFP 59

David Nelson

SEPTEMBER 19, 2022

By David Nelson, CFA CMT. Captain Powell is trying to engineer a soft landing of an economy quickly losing thrust and in danger of stalling. After Jackson Hole and Jay Powell’s hawkish commentary the stock market’s initial reaction started to price in a more accelerated path of rate hikes.

Engineering 98

Engineering Economy Banking Food 98

Brown Advisory

JANUARY 28, 2021

Sincerely, Karina Funk, CFA Portfolio Manager David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC.

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

Brown Advisory

JANUARY 28, 2021

Karina Funk, CFA. David Powell, CFA. We hope you find this year’s report informative, and we welcome a continuing conversation with you about the work we are doing. Sincerely, . Portfolio Manager . . Portfolio Manager. . . . . . and Brown Advisory Trust Company of Delaware, LLC. .

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

Brown Advisory

FEBRUARY 6, 2020

Sincerely, Karina Funk, CFA Portfolio Manager David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC.

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

Brown Advisory

FEBRUARY 6, 2020

Karina Funk, CFA. David Powell, CFA. We hope you find this year’s report informative, and we welcome a continuing conversation with you about the work we are doing. Sincerely, . Portfolio Manager . . Portfolio Manager. . . . . . and Brown Advisory Trust Company of Delaware, LLC. .

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

David Nelson

SEPTEMBER 26, 2022

By David Nelson, CFA. Powell’s opening remarks attempted to set the record straight. Investors understand markets are discounting mechanism that look to perceived future cash flows to price an asset today. It doesn’t matter what the asset is, stocks, bonds, real estate or even art.

Economy 98

Economy Assets Valuation Investing 98

David Nelson

OCTOBER 24, 2022

By David Nelson, CFA CMT Before we get started put down the knives, get off twitter and take a breath. A lot of talking heads seem to believe it will be a dystopian society with stock jockey zombies walking the earth searching for Cathie Woods and Jay Powell. I’m not calling the end of the bear market.

Marketing 75

Marketing Marketing Management Assets 75

David Nelson

DECEMBER 5, 2022

By David Nelson, CFA CMT. Earlier in the week Jay Powell gave a speech and all but completely walked back his comments he made throughout the year. Today we’re in a bad news is good news market but at some point, bad news will be bad news. *At the time of this article some funds managed by David we’re long MSFT.

Economy 52

Economy Numbers Engineering Management 52

David Nelson

OCTOBER 17, 2022

By David Nelson, CFA CMT. Markets struggled in Q4 of that year but recovered in early 2019 when Jay Powell blinked hinting the Fed was done with its hiking cycle and in fact started cutting later that year. Denial, anger, bargaining, depression and finally acceptance is the journey we all go through. and 10-year yields hit 3%.

Marketing 40

Marketing Marketing Valuation Banking 40

David Nelson

AUGUST 22, 2022

By David Nelson, CFA CMT. Fed Chair Jay Powell’s comments at the last Fed meeting sent markets soaring. Former Treasury Secretary Larry Summers gave harsh criticism saying Powell’s comments that current policy was at neutral was indefensible. Powell has an opportunity to reset expectations.

Numbers 98

Numbers Valuation Marketing Marketing 98

David Nelson

AUGUST 14, 2023

By David Nelson, CFA Outside of death and taxes, there are few absolutes in life. Isn’t that what David Nelson, the Money Runner guy, said?” I’m David Nelson. At the time of this article some funds managed by David were long AAPL, MSFT, NVDA, META, GOOGL, AMZN and TSLA I believe in technology.

Marketing 96

Marketing Marketing Investing Investments 96

David Nelson

AUGUST 29, 2022

By David Nelson, CFA. The Fed cannot and will not deliver on the goals laid out by Fed Chair Jay Powell in his opening remarks at Jackson Hole. The long-term target of 2% inflation is not achievable. Today’s inflation isn’t just too many dollars chasing goods and services.

Investing 105

Investing Investments Economics Numbers 105

David Nelson

MARCH 20, 2023

By David Nelson, CFA CMT Swiss authorities had considered a full nationalization of Credit Suisse Group but it looks like UBS has agreed to an acquisition of the troubled institution at just over $3 billion.

Banking 59

Banking Economy Management Government 59

David Nelson

APRIL 10, 2023

By David Nelson, CFA CMT How you spin a story is often more important than the story itself. Open letter to Jay Powell Here’s some advice to Fed Chair Jay Powell. At the time of this article some funds managed by David were long AAPL, MSFT & GOOGL. It’s certainly that way in politics.

Manufacturing 52

Manufacturing Economics Banking Healthcare 52

David Nelson

FEBRUARY 1, 2023

David joins Fox Business anchor Charles Payne to weigh in on the markets and today’s FOMC decision.

Marketing 52

Marketing Marketing Economy 52

Brown Advisory

DECEMBER 19, 2018

Sincerely, Karina Funk, CFA Portfolio Manager and Head of Sustainable Investing David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

Brown Advisory

DECEMBER 19, 2018

Karina Funk, CFA. David Powell, CFA. We hope you find it informative, and we welcome a continuing conversation with you about the work we are doing. Sincerely, . Portfolio Manager and. Head of Sustainable Investing . Portfolio Manager. . . . . . and Brown Advisory Trust Company of Delaware, LLC. .

Portfolio Management 52

Portfolio Management Portfolio Clients Investing 52

David Nelson

AUGUST 7, 2023

By David Nelson, CFA Everyone approaches life and their job differently. ” Bloomberg Data For the last 18 months, investors have had a myopic focus on the Fed and what Jay Powell and company were up to. At the time of this article, some funds managed by David were long AMZN & AAPL. What did I do right?

Valuation 52

Valuation Numbers Budgeting Marketing 52

Aleph

MARCH 25, 2023

Hard to cancel common Mar 20, 2023 CFA Institute The AV CFA Meme Competition: the winners [link] I had never seen these. Mar 20, 2023 Good news: ChatGPT would probably fail a CFA exam [link] Scored at the same level as random guessing. If so, will they be able to earn money over the cost of their liabilities? Pretty funny.

Banking 59

Banking Risk Management Government Accounting 59

Aleph

MARCH 11, 2023

Mar 08, 2023 The bond market is doubling down on the prospect of a US recession after Federal Reserve Chair Jerome Powell warned of a return to bigger interest-rate hikes [link] Converting junk-grade floating rate finance to credit risk. billion loan with additional debt [link] Bear market in credit not yet complete for this cycle.

Banking 59

Banking Government License Marketing 59

David Nelson

AUGUST 1, 2022

By David Nelson, CFA CMT The administration, the press and some leading economists are having trouble with the term recession and its definition. So much so that it’s sparked a raging political debate with each side accusing the other of misleading the American people.

Medicine 98

Medicine Economics Economy Marketing 98