Brown Advisory’s Post

We’ve all done it before: get so sucked into an idea that we miss the big picture. It happens in the markets time and again. Author and expert in behavioral investing Daniel Crosby has a term for it: Overprecision. He defines it as “excessive certainty in the precision of private beliefs”. In this edition of the Weekly Insight Memo and Weekly Insight Podcast, we explore what “overprecision” is doing to markets today and what we can do to avoid this phenomenon as we enter what could be a very interesting autumn in the markets.

In our latest podcast, it was great to talk with Tom O'Hara on the prospects for European equities – and how companies in the region are starting to benefit from large-scale Artificial Intelligence (AI) investment. #CapitalAtRisk #ForProfessionalsOnly #MarketingCommunication #AI #portfolioconstruction #investing

It’s been a tremendously good start to the year in markets. But with the Fed hitting the delay button and the election season upon us, the potential for volatility is rising. This week we made some significant changes in our portfolio strategies to address these concerns. We lay it out in detail in the latest edition of the Weekly Insight Memo and Weekly Insight Podcast. Please don’t hesitate to reach out if you have any questions about what we’re doing and why.

For those that don't know, I have an issue with the financial advising industry. I think it's predatory, and the goals of advisors and clients are rarely aligned. This interview with Benjamin Reeves from Viewpoint Investment Partners was such a breath of fresh air to see good things happening in the industry. I highly recommend listening to what he and his team have developed using AI to deliver institutional-grade investment strategies to a wider audience, making them accessible to everyone—not just the ultra-wealthy. Here’s what we covered: ●     Democratizing Wealth: Ben shared how his firm is opening up sophisticated investment strategies to more people. ●     AI & Risk Management: We discussed Viewpoint’s innovative use of AI and data science to manage and predict risk in portfolios. ●     The Power of ETFs: Ben explained why ETFs and segregated funds are essential tools for building efficient, low-cost portfolios. YouTube: https://lnkd.in/guQr_i5r Website: https://lnkd.in/gRJFbdZa Apple: https://lnkd.in/g4e62uQn Spotify: https://lnkd.in/gTbPi5Tj If you’re interested in how technology is reshaping the investment world, you won’t want to miss this episode. Are you a successful Southern Alberta-based business owner, entrepreneur, or professional with insights to share? Apply to be a guest on Beyond Wealth and share your expertise with a wide audience eager to learn about you. #InvestmentStrategies #AI #Finance #ETFs #Podcast

🎤 New podcast with UBS' Jason Draho on the possibility of another Roaring '20s for the US https://lnkd.in/gzFz3U6w We covered: -- The resilience of the US economy -- Macro regime change -- 4 megatrends he's focused on: capex boom, green energy transition, AI, and security & deglobalization 💬 Some key quotes from Jason: 🔹"I think ... a lot of investors have been dragged, not kicking and screaming, but in disbelief that the economy has done as well as it has." 🔹 "there's been essentially a positive aggregate demand shock to the economy, massive stimulus. And we can debate ... whether that's good or not, but what it did do is take us out of an environment for basically a decade post-financial crisis in '08 where it was just lower for a longer regime." 🔹 "...bonds aren't a negative asset class, but they're just not the ideal asset class that they were for so long. So, I think that means you need to think about other things to add to your portfolio." 🔹 "...to me this deglobalization idea sounds like a catchy buzzword. I think in practical matters, I'm much more skeptical that we're really going to somehow retrench after 40 years of moving in that direction." Thanks to our sponsor Farmland LP

Demonstrating #Value to #Clients #Empowering Investor Success at #Morningstar Listen to this amazing Podcast #AI #Investing #Company Culture #Advice #Value #Clients #Morningstar Mohit Aggarwal Kalpesh Shah Deepak Mittal, MBA, CFP Amit Shethia Nikita More Bibhuti Mohanty Kumar Iyer

🌱 Looking for the Key to Unlocking Business and Financial Growth? 🌱 Tune into the latest episode of "Grow Your Business & Grow Your Wealth with Gary Heldt," featuring an enlightening conversation with guest David Marra. This episode dives deep into the transformative impact of technology on investment strategies and how it can catalyze your financial and business growth. 🎙️✨ Tune in today: https://loom.ly/L3E-8Zk Key takeaways: 🚀 Revolutionizing Investments: David shares how AI and machine learning reshape financial planning, making it more efficient and effective. ⚖️ Risk Management Redefined: Discover the essential role of technology in managing investment risks, particularly for secure retirement planning. 💼 Diversified Portfolios: Learn about using tech to build diversified portfolios that promise stability and growth for your retirement income. 📈 Boosting Productivity: David highlights how AI advancements contribute to business productivity, driving earnings to new heights. 🌍 Global Economic Shifts: Explore AI's broader implications for the global economy and how it opens up unprecedented investment opportunities. #GrowYourBusiness #FinancialGrowth #AIInvestments #TechnologyImpact #Podcast

In today’s episode we feature Rob Arnott, Founder of Research Affiliates. They developed the strategies behind approximately $147bn in AUM, managed by partner institutions (as of March 2024), and helped popularise fundamentally weighted indexes. In this conversation we cover: ✅ The potential opportunity of value over growth equities ✅ Why he goes against the consensus and believes inflation may persist ✅ Why NVIDIA’s record-high valuation may not reflect future economic realities ✅ The rising US fiscal deficit and its implications for the dollar ✅ Perspectives on ‘hyper-keynesian’ economics & attractive EM valuations 👉 Listen here: https://lnkd.in/erY4f-yB 🎙 The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council and IFM Investors.

𝐒𝐲𝐬𝐭𝐞𝐦𝐚𝐭𝐢𝐜 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐒𝐞𝐫𝐢𝐞𝐬, 𝐆𝐫𝐨𝐮𝐩 𝐂𝐨𝐧𝐯𝐞𝐫𝐬𝐚𝐭𝐢𝐨𝐧 𝐏𝐚𝐫𝐭 2 – 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 30𝐭𝐡, 2023 "In this second part of our TTU year end special, we continue our conversation by discussing the challenge of defining non-trend strategies and the criteria for a good backtest, whether trend followers can afford to stand still in terms of research and our most important lessons we learned from 2023. We also discuss what is next to come for fixed income trading and we present our outrageous predictions for 2024. Happy new year from all of us at TopTradersUnplugged!" As you may know, my #DemocraticAlpha strategy for optimally diversified long-term investing relies on pure trend-following and long volatility crisis alpha strategies alongside globally diversified equity and real estate ETFs. But nothing else. Because I expect these four contrarian asset classes to deliver a large share of the market beta and competitive alternative alpha return potential of the financial markets. In this regard, I am happy about the following statement by Kathryn Kaminski, known for promoting crisis alpha, at 00:08:00: "Global macro is about 50% correlated with trend. And the reason for this is because trend and macro traders get into the same trades." "Investing in a systematic trend portfolio is really about having a liquid global macro exposure where you're sort of capturing a good part of where the world is moving." "If you want macro exposure in a liquid and less manager specific and thesis specific way you add some of that liquid systematic exposure." This reminds me of a similar statement by renowned valuation expert Aswath Damodaran about momentum, driving trend strategies: “Even those people who believe they’re value players are far more dependent on momentum than they realize, because ultimately, for them to make money, the price has to move to its value.” From "A Conversation with NYU Professor Aswath Damodaran, 23.04.2019" https://lnkd.in/e3UkQNJa Both statements support my view on the universality of pure trend following, which is typically diversified across hundreds of markets, not just stocks, to participate in much of the alpha potential of inefficient market movements. Finally, I would like to thank my dear friend, Niels Kaastrup-Larsen, for this great last podcast of 2023 and all the other hundreds of podcasts. They provide some of the most illuminating insights into the world of finance. Check them out for yourself @ https://lnkd.in/em-FBeQf Wishing you a happy, prosperous and healthy New Year 2024, Norbert Febriarini Weiwei Edgar Harald Hari Jörg Matthias Stefan Thomas Tobias #Trend #TrendFollowing #Momentum #TimeSeriesMomentum #Volatility #CTA #ManagedFutures #SystematicInvesting #Investment #Finance #Trading #TradingStrategy #SGTrend

When you have the opportunity to be the guests in a podcast that had over 9 million digital downloads in 2023, you know you are getting a major break. Some of the recent guests of Top Traders Unplugged platform: ▫ FT 2023 Book of the Year Winner Amy Edmondson (The Right Kind of Wrong) ▫ Award-winning NY Times Journalist Rob Copeland (The Fund) ▫ FT Chief Economics Correspondent Martin Wolf (Crisis of Democratic Capitalism), ▫ Carlyle founder David Rubenstein (How To Invest)   And so now you can add to this list of celebrities: "Koen De Leus & Philippe Gijsels" with our book "The New World Economy in 5 Trends – Investing in times of #superinflation, hyperinnovation & climate transition". What an honor!   We talked a lot about the rapid pace of #innovation, why productivity hasn’t increased until now (consumer surplus: yes, producer surplus: no), why we think this will change in the coming decades and whether or not #AI will steal all the jobs (spoiler alert: no, it won’t). 'You talked too much", Philippe Gijsels will probably say, and indeed the first 15 minutes are mine. But than – unavoidable – Philippe takes over and from then on it’s almost finished for me.😉 He talks about how you can navigate in the AI trends as an investor, is the energy transition a good investment, is there a new commodity or metal super cycle coming and so on. And of course, gold! Two predictions of the book that already have come true: gold and copper at a new record. And a third one: getting inflation down will not go as smoothly as everybody thought half a year ago. Many thanks to Niels Kaastrup-Larsen of DUNN Capital (Europe) for this opportunity and to our host Kevin Coldiron, Lecturer in the Financial Engineering Program at U.C. University of California, Berkeley, Haas School of Businessl for his in-depth question and having taken the time to read our book. It was a pleasure being in the podcast and I hope you all will find it an interesting episode. Please click on the link to listen to the podcast: https://lnkd.in/evftDket or https://lnkd.in/ezDrm9W4 #TopTradersUnplugged #Podcast #Economy