Brown Advisory

JUNE 16, 2021

economy, seem poised to benefit from a potential postpandemic rebound. The strong price appreciation has resulted in a commensurate rise in valuations and a tsunami of new deal issuance in these areas. With over 2,000 stocks, access to financing and a highly innovative economy and culture, U.S. With record 94.8% Source: FactSet.

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Brown Advisory

JANUARY 1, 2023

Download it here > Dear Fellow Investors, If we had to sum up 2022 in one word it would be valuation. War, inflation, recession, deglobalisation, decoupling, strikes, crypto-crash and energy (crisis) all featured but for us the overriding focus for 2022 was valuation. There are many disturbing parallels in today’s global economy.

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Investing Investments Valuation Electronics 52

Trade Brains

JULY 23, 2022

The company has managed a low PE compared to its peers in the industry promises a fair valuation despite the meteoric rise. India, being an emerging economy urbanization and industrialization hold key to the development. Economy of scales. Amalgamation of technology in every major sector like banking, licensing, etc.

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Manufacturing Government Investing Investments 52

The Big Picture

OCTOBER 24, 2022

We talk about everything from when do you think about risk, how do you diversify a portfolio, at what point do you really have to rethink the fundamentals of what’s going on in the economy and the marketplace? And how do we think about them from a valuation perspective? I found this conversation to be absolutely fascinating.

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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. Low correlation means that real estate helps to diversify balanced portfolios.

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James Hendries

MARCH 13, 2023

For the “no landing” crowd thinking strong consumer spending and low unemployment would keep this economy growing until the inflation fight is won, they now have to consider signs of stress in the banking system after the failure of SVB Financial (commonly known as Silicon Valley Bank). But valuations strongly favor value over growth.

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Assets Marketing Marketing Asset Allocation 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.

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Marketing Marketing Valuation Asset Allocation 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.

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Marketing Marketing Economy Valuation 52

Brown Advisory

MARCH 18, 2022

CIO Perspectives Webinar, 2022 Asset Allocation Outlook mhannan Fri, 03/18/2022 - 06:42 Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. These trademarks have been licensed to S&P Dow Jones Indices LLC. The war in Ukraine is causing even more uncertainty.

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Brown Advisory

MARCH 18, 2022

Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Brown Advisory.

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Asset Allocation Assets License Investing 52

James Hendries

JANUARY 26, 2023

Topic 1: Economy Bull case: Consumer is resilient, the labor market is strong, wages are rising, and inflation is coming down steadily. Background: The global economy will likely slow from the upper-2% range in 2022 down to slightly above zero in 2023 ( Figure 1 ). Call us cautious bulls. Our take: The U.S.

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Marketing Marketing Economy Valuation 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?

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Marketing Marketing Economy Economics 52

James Hendries

AUGUST 3, 2022

Perhaps the market’s biggest fear has been that the Fed may overdo its tightening to fight inflation and send the economy into a painful recession, break something, or both. He acknowledged that the economy is slowing (which is what the Fed wants) and that the full effect of the rate hikes had not yet been felt. Of course, the U.S.

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Marketing Marketing Economy Valuation 98

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.

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Marketing Marketing Economy Asset Allocation 52

James Hendries

AUGUST 23, 2022

Given the lag between Federal Reserve (Fed) policy and the real economy, we have not likely seen the bottom in the housing market. Outside of the pandemic, the rate of sales were close to sales rates in 2007 and 2008, when the economy was in the depths of a housing crisis [Figure 3]. Regional differences are profound. Conclusion.

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Marketing Marketing Sales Economy 98

James Hendries

OCTOBER 18, 2022

economy in mid-March, 62% of S&P 500 companies beat estimates, and aggregate earnings were within one percentage point of expectations. economy, as measured by gross domestic product, so the ISM index tends to have some predictive power when it comes to earnings. The S&P 500 is more manufacturing-heavy than the U.S.

Marketing 52

Marketing Marketing Valuation Economics 52

James Hendries

JULY 3, 2023

economy remains on solid footing, and expectations the Fed is close to completing its rate hiking campaign, bankers are hopeful they can begin taking a growing pipeline of companies public. economy and corporate America have has been impressive. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Banking Valuation 52

James Hendries

NOVEMBER 1, 2022

With a series of important economic indicators suggesting the economy is declining and inflation is finally decelerating, albeit very slowly, markets are beginning to factor in that the Fed may soon transition to a less aggressive stance in early 2023. The Economy Slows But Inflation Follows Too Slowly. economy grew at a 2.6%

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Marketing Marketing Manufacturing Economy 52

James Hendries

SEPTEMBER 13, 2022

The key to getting the market back into balance is a bigger labor force, and the economy is starting to experience a larger labor force as individuals come off the sidelines and rejoin the job market. The global economy is complex, and a simplification of reality always introduces distortions, so perhaps we should zoom out a bit.

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Marketing Marketing Economy Valuation 52

James Hendries

OCTOBER 25, 2022

economy enters a recession, the causes and potential outcome will be hotly debated. Diffusion describes an economy that has experienced a contraction in a wide range of sectors, such as trade, business activity, and consumer spending. If the U.S. At LPL Research, our starting point is always looking at history. Technical Definition.

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Marketing Marketing Economics Economy 52

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

James Hendries

JANUARY 20, 2023

economy grew at a solid 3.2% and European economies, currency effects, and some mitigation of profit margin pressures from cost controls and lower inflation. economy may “muddle through” and skirt recession. It is also a major component used to calculate the price-to-earnings valuation ratio. And don’t forget the U.S.

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Marketing Marketing Economy Economics 52

James Hendries

JUNE 26, 2023

With the broad market overbought in the short-term from a technical analysis perspective and valuations elevated, stocks may be due for a pause. economy and corporate America has been impressive. It is also a major component used to calculate the price-to-earnings valuation ratio. At the same time, the resilience of the U.S.

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Marketing Marketing Asset Allocation Valuation 52

James Hendries

OCTOBER 11, 2022

If an economy needs to see inflation easing, it makes little sense to stimulate the economy through tax cuts while tightening monetary policy by raising interest rates. Powell has repeated, in what has become his mantra, that without price stability we cannot have a strong economy or a strong labor market.

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James Hendries

AUGUST 30, 2022

The numerous challenges last quarter included a slowing economy, intensifying inflation pressures, ongoing global supply chain disruptions, and a surging U.S. It is also a major component used to calculate the price-to-earnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates.

Marketing 52

Marketing Marketing Valuation Economics 52

James Hendries

SEPTEMBER 20, 2022

However, as Fed rate hikes flow into the real economy, the risk of a recession increases, which should help bring down yields. Over the past six months, the Fed has been aggressively raising short-term interest rates in an effort to arrest these continued consumer price increases and deliberately slow the economy.

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Marketing Marketing Economy Economics 52

James Hendries

AUGUST 15, 2022

The news on the economy and corporate profits hasn’t been great lately, but thanks to low expectations, it’s been good enough to push stocks nicely higher. economy into recession, causing unemployment to rise and slashing corporate profits. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Economy Valuation 52

James Hendries

JANUARY 31, 2023

economy is only facing a growth scare and muddles through on the back of a resilient consumer who is flush with cash. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio.

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Marketing Marketing Valuation Insurance 52

James Hendries

NOVEMBER 15, 2022

Growth stocks typically trade at higher valuations on the premise that an investor is buying a company now that will grow to be a much larger company, producing higher levels of cash and profit in the future. Increasing the discount rate, which lowers the present value of future cash flows, and company valuations.

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Marketing Marketing Valuation Asset Allocation 52

James Hendries

SEPTEMBER 7, 2022

The economy is now employing more workers in temporary help services than ever before, and this could be a cause for concern. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio.

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Marketing Marketing Valuation Insurance 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.

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Retail Marketing Marketing Sales 52

James Hendries

NOVEMBER 22, 2022

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Valuation Asset Allocation 52

James Hendries

AUGUST 15, 2022

We think the move lower in yields may be a bit premature as we expect the economy to stay out of a recession this year. It is also a major component used to calculate the price-toearnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates. due to expectations of slowing economic growth.

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Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

OCTOBER 7, 2022

economy following disappointing August inflation data was the top cause of the market’s struggles. It is also a major component used to calculate the price-toearnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates. Value Target to 4,000-4,100 from 4,300-4,400.

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Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

SEPTEMBER 27, 2022

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Asset Allocation Marketing Marketing Assets 52

James Hendries

JULY 13, 2022

Market participants remained on edge due to high inflation and the risk that the Federal Reserve over-tightens monetary policy to combat it, potentially sending the economy into recession. It is also a major component used to calculate the price-toearnings valuation ratio. After an 8.4%

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Portfolio Asset Allocation Taxes Investment Advisor 52

The Big Picture

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. MILLER: Well actually I thought, leading up to the great financial crisis, I thought to myself, we’re going to be out of business within a couple of years because nobody wanted an independent valuation. What are the, you know, I’d literally have it in my handheld.

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