Brown Advisory

MAY 25, 2017

Practical Pessimism: Brown Advisory’s Approach to Credit Research. achen. Thu, 05/25/2017 - 10:02. A credit investor’s success rests on the strength of his or her credit research and ability to translate that research into smart capital allocation decisions about individually attractive bonds. That may sound like an obvious point, but fixed income portfolios are not always guided by that principle—some are guided more by an effort to conform to a benchmark index, while others focus on driving re

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The Irrelevant Investor

MAY 23, 2017

Today, Netflix celebrates its fifteenth year as a public company. In 2002, the DVD rental service raised $82.5 million, just 2.5% of what SNAP did in March, 2017. But these are different companies and certainly different times. In May 2002, the NASDAQ was 67% off its highs and fewer companies were coming public, as the chart below shows. Netflix has done incredible things for its customers and for its shareholders, or share traders, anyway.

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The Irrelevant Investor

MAY 22, 2017

Investors are paying 56% more for every dollar of real earnings in modern times than they used to. Prior to 1983, the average CAPE ratio was 14.7, and for the last 33 years it has risen to 23. There are plenty of reasons ( stories? ) for why multiples expanded in the bull market of the 80s and 90s, but one that I hadn't considered was recently brought to my attention in Robert Shiller's Irrational Exuberance (emphais mine).

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The Irrelevant Investor

MAY 21, 2017

Articles What seems like a simple change can have dramatic effects By Isaac Presley The year after Clinton's impeachment, the S&P 500 Index rose more than 21%. By Barry Ritholtz Stocks don't have to crash every time they fall. By Ben Carlson Nothing feels better than the satisfaction of watching everyone lose money just after you’d been warning them.

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