The Irrelevant Investor
OCTOBER 29, 2017
Articles 75% of households earning $112,000 per year or more have an Amazon Prime account. By Adventur.es Conflating prominent, but rare, events with high probability is an ongoing impediment to better investment returns. By Urban Carmel All exact science is dominated by the idea of approximation. By Jason Zweig This month is supposed to be the first one when nurses, social workers, soldiers and teachers like Mr.
Brown Advisory
OCTOBER 16, 2017
How We Advise Clients With Concentrated Positions achen Mon, 10/16/2017 - 10:00 “Strategic advice” is a very open-ended term, but when we use it, we have a specific meaning in mind. We think of our role in relatively simple terms: Our job is to listen to each of our clients, understand the unique nature of their challenges and aspirations, and then deliver effective and creative solutions that help them achieve their goals.
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The Irrelevant Investor
OCTOBER 26, 2017
Sam Ro is fond of saying "stocks usually go up." The *chart below supports the statement that historically over time, stocks usually did go up. This is why it makes good sense for financial pundits to play on the bullish side. Usually they're right, and when they're wrong, so is everybody else, and misery loves company. However, "stocks usually go up" also implies that sometimes stocks go down, and sometimes they go down a lot, which is supported by the *chart below.
The Irrelevant Investor
OCTOBER 22, 2017
Articles I don’t know what kind of mood I’ll be in tonight, let alone 200 million strangers ten years from now. By Morgan Housel The human mind is famously inadequate at being able to see or predict parabolic value creation. By Vinny Lingham There is no firm behind Bitcoin; there’s simply code. By Nick Tomaino There’s panic in this chart. By Josh Brown An exchange designed to encourage long-term thinking.
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The Irrelevant Investor
OCTOBER 22, 2017
There were two interesting charts floating around last week on the thirtieth anniversary of Black Monday. The first one below was produced by Eddy Elfenbein. Eliminating 1987 from this chart is a great way to visualize the fact that investors ought to focus on the long-term. Over these three years, and I understand that three years is not long-term, stocks rose more than 30%.
The Irrelevant Investor
OCTOBER 18, 2017
Stocks have been near all-time highs for a while now. The S&P 500 has gone 322 days without experiencing a 5% drawdown, colloquially known as a "pullback." Stocks haven't just been hanging out near all-time highs, they've been printing new ones daily. In 2017, 47 out of 201 sessions have closed at an all-time high. It's been a remarkably smooth ride.
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The Irrelevant Investor
OCTOBER 16, 2017
A frequent question asked of podcast guests is, "What do you know now that you wish you knew twenty years ago?" Twenty years ago I was twelve, but five years ago I was buying stocks that were going down and shorting stocks that were going up. I wish I knew how foolish this was. I loathe talking to non-market people about investing because I don't know anything about their favorite stock, and the "what do you think about the markets" is a question for which I lack a satisfying answer.
Brown Advisory
OCTOBER 16, 2017
Investment Planning Options achen Mon, 10/16/2017 - 10:24 The decision to sell or hold a concentrated position may sound simple, but these situations are often more complex than they appear. They require the investor to reconcile investment dynamics, tax considerations and a variety of subjective, emotional factors. Taxes are not the only reason that a client may want to hold onto a concentrated position—a holding may have understandable sentimental value based on family history, or it may have
Brown Advisory
OCTOBER 16, 2017
Building A Portfolio To Offset Position Risk achen Mon, 10/16/2017 - 11:53 For years, our firm has built equity strategies that fit squarely into traditional style boxes, like “U.S. large-cap growth” or “small-cap value.” But when our clients tell us what keeps them up at night, they don’t speak in terms of style boxes; they ask for things like income, protection against a market correction or (of particular relevance to this publication) a way to offset the risks of a large, concentrated stock
Brown Advisory
OCTOBER 16, 2017
How We Advise Clients With Concentrated Positions. achen. Mon, 10/16/2017 - 10:00. “Strategic advice” is a very open-ended term, but when we use it, we have a specific meaning in mind. We think of our role in relatively simple terms: Our job is to listen to each of our clients, understand the unique nature of their challenges and aspirations, and then deliver effective and creative solutions that help them achieve their goals.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Brown Advisory
OCTOBER 16, 2017
Investment Planning Options. achen. Mon, 10/16/2017 - 10:24. The decision to sell or hold a concentrated position may sound simple, but these situations are often more complex than they appear. They require the investor to reconcile investment dynamics, tax considerations and a variety of subjective, emotional factors. Taxes are not the only reason that a client may want to hold onto a concentrated position—a holding may have understandable sentimental value based on family history, or it may ha
Brown Advisory
OCTOBER 16, 2017
Building A Portfolio To Offset Position Risk. achen. Mon, 10/16/2017 - 11:53. For years, our firm has built equity strategies that fit squarely into traditional style boxes, like “U.S. large-cap growth” or “small-cap value.” But when our clients tell us what keeps them up at night, they don’t speak in terms of style boxes; they ask for things like income, protection against a market correction or (of particular relevance to this publication) a way to offset the risks of a large, concentrated sto
The Irrelevant Investor
OCTOBER 15, 2017
Articles In years when Finra’s fee revenue exceeds forecasts and investment gains are strong, the regulator can rebate fees paid by firms it regulates. It hasn’t done that since 2014. By Dave Michaels Telling the difference between patience and stubbornness is incredibly hard. By Morgan Housel This is why we do what we do. By Tony Isola Whenever an institutional portfolio runs into trouble it’s typically a governance issue more than investment strategy that causes the problems.
Brown Advisory
OCTOBER 15, 2017
Client Challenges & Solutions: Concentrated Position Management achen Mon, 10/16/2017 - 01:30
Speaker: David Worrell, CFO, Author & Speaker
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Brown Advisory
OCTOBER 15, 2017
Client Challenges & Solutions: Concentrated Position Management. achen. Mon, 10/16/2017 - 01:30.
The Irrelevant Investor
OCTOBER 8, 2017
Articles Bill Gates has sold $200 million or more worth of Microsoft shares almost every month for a decade. By Morgan Housel Nearly 30 percent of households headed by someone 55 or older have neither a pension nor any retirement savings. By Mary Jordan and Kevin Sullivan You need the bad days to remind you that there are going to be more good days By Cullen Roche Never buy a portfolio of expensive stocks, period, for a duration of 50 years!
The Irrelevant Investor
OCTOBER 6, 2017
The S&P 500 closed at an all-time high yesterday for the sixth straight day. The last time this occurred was June 1997. Why is this happening? Are markets pricing in tax reform? Is it looking forward to higher earnings over the next twelve months? Is it because North Korea hasn't been in the headlines for a week or two? You can search for all the reasons you want, but the one that matters is this, rising prices attract buyers.
The Irrelevant Investor
OCTOBER 4, 2017
In 2009, the world's economy was experiencing pain like it hadn't seen since the 1930s. So it's no wonder that a new book on finance might have slipped through the cracks. Lords of Finance: The Bankers Who Broke The World , was published in January 2009, and although it received a Pulitzer Prize, it's not one you see on many people's lists. Cleaning up the world and rebuilding the global monetary system after World War I had consequences that would be felt for decades.
Speaker: Erroll Amacker
Automation is transforming finance but without strong financial oversight it can introduce more risk than reward. From missed discrepancies to strained vendor relationships, accounts payable automation needs a human touch to deliver lasting value. This session is your playbook to get automation right. We’ll explore how to balance speed with control, boost decision-making through human-machine collaboration, and unlock ROI with fewer errors, stronger fraud prevention, and smoother operations.
The Irrelevant Investor
OCTOBER 1, 2017
Articles Working on your character is more important than hoping for tranquility and searching for a finish line that doesn’t exist By Josh Brown Fantastic results with the appearance of little risk in achieving them is the perfect breeding ground for complacency. By Brian Portnoy Investors can underestimate optionality in a well-run business. By Todd Wenning The FCA should introduce an industry wide inertia index, so everyone can see who the genuine long-term investors, and the obsessive pack-s
The Irrelevant Investor
OCTOBER 24, 2017
Ask ten different investment professionals "what is evidence-based investing?" and you'll get ten different answers. Not different variations, but completely different responses. One person's evidence is another person's nonsense. This is not unique to finance, it's actually quite common that those closest to the source material will see things differently.
Brown Advisory
OCTOBER 16, 2017
Philanthropic Options achen Mon, 10/16/2017 - 11:19 Philanthropic giving is an essential component of many of our clients’ long-term financial plans. A well-developed philanthropic strategy involves a great deal of planning; there is upfront work to prioritize specific causes and issues, followed by decisions on optimal giving structures. Finally—in keeping with the topic of this publication—there is the choice of which assets the client will donate.
Brown Advisory
OCTOBER 16, 2017
Philanthropic Options. achen. Mon, 10/16/2017 - 11:19. Philanthropic giving is an essential component of many of our clients’ long-term financial plans. A well-developed philanthropic strategy involves a great deal of planning; there is upfront work to prioritize specific causes and issues, followed by decisions on optimal giving structures. Finally—in keeping with the topic of this publication—there is the choice of which assets the client will donate.
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The Irrelevant Investor
OCTOBER 10, 2017
We have two crises brewing. One will come to a head in my lifetime, the other in my child's lifetime. According to a Washington Post article, The New Reality of Old Age in America , one in five Americans have no savings, and nearly 30 percent of households headed by someone 55 or older have neither a pension nor any retirement savings. I don't know what these people are going to do or what our country is able to do about it, but this is a black swan that's staring us right in the face.
Brown Advisory
OCTOBER 16, 2017
Family Wealth Transfer Options achen Mon, 10/16/2017 - 10:49 Families can use a variety of strategies to reduce their estate tax burden. One of those is gifting assets from one generation to the next. By using various exemptions and exclusions, you can gift a certain amount of assets to your family members without triggering gift taxes, thereby reducing the size of your taxable estate.
Brown Advisory
OCTOBER 16, 2017
Family Wealth Transfer Options. achen. Mon, 10/16/2017 - 10:49. Families can use a variety of strategies to reduce their estate tax burden. One of those is gifting assets from one generation to the next. By using various exemptions and exclusions, you can gift a certain amount of assets to your family members without triggering gift taxes, thereby reducing the size of your taxable estate.
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