Global Leaders Strategy Investment Letter: August 2023
Brown Advisory
AUGUST 14, 2023
We have twice seen British Sterling spike up as a factor risk on one-off non-repeatable issues: Brexit in 2016 and the mini-budget fiasco in 2022. Both “risks” faded in the models quickly; the events had already happened. ROIC calculations presented use LFY (last fiscal year) and exclude financial services.
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