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Friday links: the most important investing skill

Abnormal Returns

(wsj.com) Don't let your portfolio be driven by strategist forecasts. variety.com) Finance How Morgan Stanley ($MS) outpaced Goldman Sachs ($GS) in wealth management. ft.com) Startups How unicorns are dealing with the decline in valuations. variety.com) Ad-supported streaming tiers have been slow to take off.

Investing 227
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Wednesday links: something completely different

Abnormal Returns

(allstarcharts.com) Why 2022 was an unusually bad year for the 60/40 portfolio. washingtonpost.com) Finance Morgan Stanley ($MS) is besting Goldman Sachs ($GS) when it comes to wealth management. institutionalinvestor.com) Startup valuations trended down in the second half of 2022.

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Global Leaders Strategy Annual Investment Review: January 2023

Brown Advisory

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. which was greater than our -1.1% relative underperformance.