食色官方app下载,水中色视频,免费裸聊直播The Advisory 鈥?Our latest insights http://yagipay.com/ en 爱情海直播官网下载,色老板7m视频分类凹凸,草莓色版appThe Materiality of The "S" In ESG http://yagipay.com/intl/materiality-s-esg <span class="field field--name-title field--type-string field--label-hidden">The Materiality of The "S" In ESG </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 07/07/2020 - 17:28</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Environmental, social, and governance (ESG) research among institutional investors has historically focused mostly on the “Eâ€?and the “G,â€?leaving social issues as somewhat of a forgotten middle child. Investors have concentrated on quantifiable environmental targets such as carbon emissions, and on best governance practices for compensation and board composition; meanwhile, social investment risks—especially risks related to racism and racial injustice—have often taken a back seat.</p> <p>There are several factors that may have led institutional investors to deemphasize social issues in their research. Social matters have been viewed as abstract in nature, and they are often broadly intertwined with our societal fabric, which makes it very difficult to develop a quantitative model for understanding how these matters impact corporate performance. Additionally, there is an undeniable disconnect between the demographics of typical institutional investors versus the populations that are most directly impacted by the negative externalities of such investments.</p> <p>We believe that a company’s positive and negative social attributes are material and salient investment factors. Not only do these attributes represent meaningful risks and opportunities on their own, they are often inextricable from the environmental and governance matters that have captured the lion’s share of attention from ESG investors. We have seen this intersectionality play out very clearly in 2020; the evolution of the COVID-19 pandemic and the powerful reaction of society against police violence have developed in a highly interrelated matter. This has forced international attention on linkages in social and environmental justice that the Black community in the U.S. and other marginalized populations have long understood. It is just one of many examples that demonstrate why we believe that “E,â€?“Sâ€?and “Gâ€?issues need to be evaluated in concert with each other, and not in isolation.</p> <h5>INVESTMENT AND JUSTICE</h5> <p>As humanity’s technological and industrial footprint has expanded, our impact on the world has intensified, and our actions in one place can have meaningful impact in other places. This is the basis of environmental justice, a concept that can play out both globally and locally.</p> <p>On a global scale, the U.S. is the second-largest carbon-emitter in the world, next to China. The U.S. plays a meaningful role in determining the fate of many low-lying island nations—these countries generally have miniscule carbon footprints, yet their very existence above water is threatened by climate change. We believe an investment approach that seeks to avoid the destruction of nations is wise from a moral perspective, as well as from a financial perspective given the interrelatedness of the global economy. This is one of the reasons we seek to largely avoid investments in the world’s biggest corporate emitters. Simply put, we think there are better investments on the table.</p> <p>Domestically, we can look at the community of Port Arthur, Texas for a stark example of environmental injustice. The city is home to the largest oil refinery in the U.S., and the surrounding area has been referred to as “the Cancer Beltâ€?since the 1980s. Serious health conditions, including cancer, respiratory conditions and many other illnesses run rampant in Port Arthur. The communities closest to the refinery are predominantly populated by people of color, and those communities and their health are disproportionately affected. Texas Cancer Registry data from 2017 reported that Black people in Jefferson County, which includes Port Arthur, had cancer rates 15% higher than average Texans, and cancer mortality rates nearly 40% higher than the state average.<sup>1</sup></p> <p>Notably, preexisting respiratory conditions are a common result of living near facilities such as refineries or hazardous waste facilities, and those circumstances are also a key indicator of survival rate for those infected with COVID-19. This is all part of a broader mosaic in the U.S. that systemically harms people of color; Black people in the U.S. are 4x more likely to die from COVID-19<sup>2</sup>, 2.5x more likely to die from police brutality<sup>3</sup> and 3x more likely to die from air pollution than white people.<sup>4</sup></p> <p>These concepts can come into play in our investment decisions. Our fixed income team recently passed on investing in bonds issued by a large city’s municipal water utility, for example; the reasoning was not just because of concern over water quality, but also because the team was concerned that the people at greatest risk of having contaminated water would be people of color.</p> <h5>PUBLIC OPINION IS SHIFTING, AND IT MATTERS</h5> <p>Issues perceived as “too politicalâ€?can be divisive, and difficult to navigate. Climate change, the COVID-19 pandemic and racially-driven police violence—these issues all have highly polarized stakeholders and progress is slow as a result.</p> <p>As long-term investors, we need to expect that highly divisive issues may evolve into consensus viewpoints in the not-so-distant future. Climate change stands out as an example of this concept. In 2010, the materiality of climate change risk was still widely debated in political and corporate circles; yet today, the corporate world has largely come to agree that climate risk is dangerous and that it is good business to try and mitigate that risk. We believe this was driven at least in part by ESG research practices that consistently looked at climate risks through an investment lens, looked at the cost/benefit of climate resilience measures being considered by companies and governments, and importantly, identified companies poised to expand existing businesses or create entirely new ones based on the growing customer demand for solutions to reduce energy, water and other resource usage. To a meaningful extent, company and issuer action on climate change has become the expectation, not the exception.</p> <p>Climate change and racism are not identical issues. Rising sea levels are scary, but they do not force us to look in the mirror and confront our society’s prejudices and systemic biases. But climate change is increasingly understood as a risk to investments, health, and justice, and we view social issues like racism in the same manner.</p> <p>We think one clear factor investors need to consider is the racial diversity and progressiveness of Generation Z, which accounts for 40% of consumers as of 2020.<sup>5</sup> The rising generation has high expectations for companies with regard to sustainability and social responsibility. They want to work for businesses and buy products that reflect their diversity and inclusiveness, and companies are going to need to meet this generation’s expectations to attract their talent and purchasing dollars. Approximately 90% of Generation Z supports Black Lives Matter, and brands that do not clearly articulate anti-racism efforts risk losing this cohort as customers or colleagues.<sup>6</sup></p> <h5>WHAT WE ARE DOING AS INVESTORS</h5> <p>Deep-seated social inequities such as systemic racism cannot be fixed with a single approach. Efforts on multiple fronts are needed to fully realize the vision of “liberty and justice for all.â€?In addition to the political and civil debates occurring across the U.S., we believe that investors can and will play a role, and that companies and bond issuers will be held increasingly accountable for the impact they have on their colleagues, communities, and customers.</p> <p>Our firm’s ESG research process seeks to dynamically respond to complex problems. For many years, we have used this process in an effort to examine a wide range of factors that we believe influence an issuer’s or a company’s long-term health and prosperity, such as employee treatment, customer care, health and safety, and other responsible management practices. These factors are always meaningful for issuers and companies, and social issues such as the COVID-19 pandemic and racial inequality simply reinforce just how important these factors are.</p> <p>We seek to continue to approach social issues, like racism, through ESG and fundamental research integration, proxy voting, and direct engagement with companies and bond issuers.</p> <p><b>Engagement:</b> We are actively promoting racial justice under our firm’s three primary 2020 engagement priorities: Diversity, Climate Change and AI Ethics.</p> <p><b>Diversity:</b> Through engaging with companies and issuers on diversity and inclusion, we can encourage them to increase their representation of diverse identities—not just because it is the right thing to do, but because it is also good for business (for example, companies with above-average diversity scores are nearly 20% more likely to have increased innovation revenue compared to companies with below-average diversity).<sup>7</sup> We can also encourage structural transformation to support racial justice; an example is investing in municipal bonds that seek to ensure equitable access to essential resources and services, like affordable housing, public transit, and education.</p> <p><b>Climate Change:</b> Through advocating for climate change mitigation, we can encourage businesses and communities to prepare for climate resiliency, knowing very well that climate change will likely affect communities of color disproportionately, as well as efforts to mitigate the damage from climate change.</p> <p><b>AI Ethics:</b> Our engagements focused on responsible AI Ethics and data privacy are aligned with our prioritization of anti-racism. Surveillance technology is often embedded with the human bias of those who program it, so it is not entirely surprising to find that technologies such as facial recognition are less accurate for people of color. In a landmark 2019 study, a majority of facial recognition algorithms in use across the U.S. showed worse performance for nonwhite faces versus white faces—in some cases, drastically worse.<sup>8</sup> Another study showed that one technology misidentified a number of black U.S. lawmakers for criminals.<sup>9</sup> AI Ethics is still an evolving topic, but AI is bound to play a material role in upholding human rights in the future. We have been in dialogue with the leading companies producing AI technology and making decisions about data privacy for the last two years. We were encouraged by the actions of several of these companies following efforts led by the Black community in the wake of the recent examples of police brutality highlighted in 2020. Several large technology companies will limit the use of their facial-recognition systems going forward, and will not sell the controversial technology to police departments until there is a federal law regulating the technology.</p> <p><b>Proxy Voting:</b> Our decisions regarding proxy voting help complement our engagement approach. As equity investors, we tend to vote in favor of shareholder proposals that encourage diversity and discourage institutional racism. For example, our firm voted in favor of a recent shareholder proposal that called on the company to evaluate its impact on communities of color as it relates to environmental justice. This vote was cast despite our proxy voting service provider recommending we vote against it.</p> <p><b>Investment Choices:</b> Beyond our engagement efforts with regard to racism, we proactively seek equity and fixed income investments that are impacting this issue positively, such as companies receiving high marks with regard to diversity and inclusion and bonds from issuers who are expanding access to basic human rights like clean water. By studying metrics around representation, pay parity, accessibility of products, arbitration policies, health and safety, and how companies and issuers are impacting the communities in which they operate, we seek to avoid investments that worsen racism and favor those that are working to solve for it.</p> <h5>CONCLUSION</h5> <p>Marginalized populations have suffered for many years from racial violence, unequal access to public health, disproportionate impact of climate change and many other injustices. These societal challenges are not new, and we expect them to grow in importance and materiality. At Brown Advisory, we are focused on using this global inflection point to further strengthen our commitment to diversity and equity. We have taken many of the actions we ask of companies and issuers, such as improved disclosure, goal-setting with regard to hiring and promotion, and forming a racial justice task force. There is more to do. And we will hold companies, bond issuers and ourselves accountable. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><ol><li><a href="http://www.naacp.org/wp-content/uploads/2017/11/Fumes-Across-the-Fence-Line_NAACP_CATF.pdf">http://www.naacp.org/wp-content/uploads/2017/11/Fumes-Across-the-Fence-Line_NAACP_CATF.pdf</a></li> <li><a href="http://www.forbes.com/sites/isabeltogoh/2020/05/07/black-people-are-four-times-more-likely-to-die-from-coronavirus-uk-statistics-show/">http://www.forbes.com/sites/isabeltogoh/2020/05/07/black-people-are-four-times-more-likely-to-die-from-coronavirus-uk-statistics-show/</a></li> <li><a href="http://www.pbs.org/newshour/health/after-ferguson-black-men-and-boys-still-face-the-highest-risk-of-being-killed-by-police">http://www.pbs.org/newshour/health/after-ferguson-black-men-and-boys-still-face-the-highest-risk-of-being-killed-by-police</a></li> <li><a href="http://qz.com/1226984/environmental-racism-has-left-black-americans-three-times-more-likely-to-die-from-pollution/">http://qz.com/1226984/environmental-racism-has-left-black-americans-three-times-more-likely-to-die-from-pollution/</a></li> <li><a href="http://www.genzinsights.com/marketing-to-gen-z-in-2020-what-brands-should-know#:~:text=In%202020%2C%20Gen%20Z%20will,Gen%20X%20and%20Baby%20Boomers.">http://www.genzinsights.com/marketing-to-gen-z-in-2020-what-brands-should-know#:~:text=In%202020%2C%20Gen%20Z%20will,Gen%20X%20and%20Baby%20Boomers.</a></li> <li><a href="http://www.businessinsider.com/how-gen-z-feels-about-george-floyd-protests-2020-6">http://www.businessinsider.com/how-gen-z-feels-about-george-floyd-protests-2020-6</a></li> <li><a href="http://www.weforum.org/agenda/2019/04/business-case-for-diversity-in-the-workplace/">http://www.weforum.org/agenda/2019/04/business-case-for-diversity-in-the-workplace/</a></li> <li><a href="http://www.washingtonpost.com/technology/2019/12/19/federal-study-confirms-racial-bias-many-facial-recognition-systems-casts-doubt-their-expanding-use/ http://www.nytimes.com/2018/07/26/technology/amazon-aclu-facial-recognition-congress.html">http://www.washingtonpost.com/technology/2019/12/19/federal-study-confirms-racial-bias-many-facial-recognition-systems-casts-doubt-their-expanding-use/</a></li> <li><a href="http://www.nytimes.com/2018/07/26/technology/amazon-aclu-facial-recognition-congress.html">http://www.nytimes.com/2018/07/26/technology/amazon-aclu-facial-recognition-congress.html</a></li> </ol><p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Tue, 07 Jul 2020 21:28:52 +0000 ajackson 30676 at http://yagipay.com 忘忧草,夜宴视频,漂移福利导航Brown Advisory 2020 Sustainability Report http://yagipay.com/intl/brown-advisory-2020-sustainability-report <span class="field field--name-title field--type-string field--label-hidden">Brown Advisory 2020 Sustainability Report</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/18/2020 - 13:03</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><a href="http://yagipay.com/sites/default/files/Brown%20Advisory%202020%20Sustainability%20Report_0.pdf"><img src="http://yagipay.com/sites/default/files/styles/medium/public/download_PDF_btn.png?itok=0wjXIaOK" target="_blank" /></a></p> <p>We are pleased to share Brown Advisory’s first corporate Sustainability Report.</p> <p>Our firm has had a long-term commitment to sustainability principles, and to the prosperity of our clients, colleagues, communities and society at large. We think we have demonstrated the importance of being a leader on these issues, and in recent years, we have recognized the need to raise the bar further—to expand our thinking and become more disciplined about measuring our progress.</p> <p>The global COVID-19 pandemic and the most recent examples of racial injustice in the U.S. have shaken the foundations of our communities and society, creating immense economic and public health fallout that we are only beginning to comprehend. Against this backdrop, we are grateful to have this opportunity to share with you how we think about sustainability at Brown Advisory, how we seek to measure our firm’s impact on the world around us, and how we plan to improve in the years ahead.</p> <p>Our report covers sustainability issues related to our communities and society at large, our colleagues, and our clients.</p> <p><b>Community and society</b></p> <ul><li>Philanthropic activity</li> <li>Environmental impact, including our carbon footprint and our carbon-neutrality commitment</li> </ul><p><b>Colleagues</b></p> <ul><li>Career development support, including commitments to support colleague education</li> <li>Support for colleagues and their families, including revamped policies covering all expressions of gender and sexual orientation</li> <li>Diversity and inclusion programs and metrics</li> </ul><p><b>Clients</b></p> <ul><li>General commitments to ethics and fiduciary duty</li> <li>Cybersecurity programs to protect clients and colleagues</li> <li>Sustainable investing programs, including an assessment of the ESG exposures, carbon emissions and positive impact of our institutional strategy holdings</li> </ul><p>We view this report very much as a starting point. While we acknowledged some of the things we are doing well, we also used this opportunity to take a hard and honest look at areas where we need to improve, and laid out some of our plans to make progress. Ultimately, we want this and future iterations of this report to drive conversation with our stakeholders and amongst ourselves, and serve as a mechanism to strengthen the sustainability of our firm.</p> <p>We hope you find the report helpful and informative, and we welcome your questions and feedback.</p> </div> Thu, 18 Jun 2020 17:03:54 +0000 ajackson 30471 at http://yagipay.com adc直播,东京热女主惨的番号,哔哩兔acgJustice http://yagipay.com/intl/justice <span class="field field--name-title field--type-string field--label-hidden">Justice</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 06/05/2020 - 08:20</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>On Friday, June 5, we sent a letter to our clients expressing our thoughts on the brutal and horrible murders of George Floyd, Breonna Taylor, Ahmaud Arbery and others and the virulent and painful racism that continues to exist in this country. We intended for the letter to convey our commitment to understanding the problem and to taking steps to eliminate any form of discrimination, racism, bigotry or hatred at Brown Advisory or in the communities in which we live. We are privileged to share in the letter some of the thoughts of our colleagues and how they personally have been impacted by racism in their lives.</p> <p>We chose to express our thoughts in this manner as we believe that it reflects our sincere and authentic commitment to our colleagues, as well to our clients, to understand them as individuals. The letter does not cover everything that is on our minds. We know that we have a lot of work to do, as individuals, as a firm, as a community and as a country. At this point, we think that it is important to stay close to our DNA, communicate directly with our clients and others, listen to them, and continue our work to make a positive difference in the future.</p> <p>We have often expressed that our focus on diversity and inclusion is a journey. We continue to believe this is the case, but we want to make sure that we are on the “rightâ€?journey. There should be only one goal at the end: That no person should be subjected to any kind of discrimination or racism and all people should be treated equitably regardless of their race, ethnicity, religion, sexual orientation or minority status. In the letter, Mike makes it clear: "We all have a responsibility here; there are no innocent bystanders." </p> <p><u>If you would like a copy of the letter, please reach out below.</u></p> <p>We would ask that you read it carefully and that you take a moment to think about your colleagues, family members, friends and clients who have suffered from racism and discrimination and commit to making a difference in the future for them.</p> <p>This firm is a very special place, for so many reasons. What stands out to us as most important, however, is how much our colleagues care for each other and care about what is happening outside of Brown Advisory. We are grateful to each of them for their contribution.</p> <p> </p> <p style="text-align:center;"><em>Please fill out the form below to request a copy of the letter.</em></p> </div> Fri, 05 Jun 2020 12:20:00 +0000 achen 30246 at http://yagipay.com 91豆奶视频app下载ios,萝卜app下载安装,黄瓜视频在线下载appOur Communications to Clients Regarding the COVID-19 Outbreak http://yagipay.com/intl/our-communications-clients-regarding-covid-19-outbreak <span class="field field--name-title field--type-string field--label-hidden">Our Communications to Clients Regarding the COVID-19 Outbreak</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/20/2020 - 09:19</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>In the face of the rapidly evolving COVID-19 outbreak and its impact on financial markets, Brown Advisory’s top priorities are the well-being of our clients, colleagues and communities, and the uninterrupted delivery of performance, advice and service to our clients. As part of this effort, Mike Hankin and Dave Churchill wrote a letter to clients each week from the beginning of March through May to update them on how we were operating in the moment and our plans for the future. They were penned under the subject “Our focus on clients and colleaguesâ€?lt;/p> <p>If you would like a copy of these 12 weekly letters, please reach out below.</p> <p> </p> <p style="text-align:center;"><em>Please fill out the form below to request a copy of the letters.</em></p> </div> Wed, 20 May 2020 13:19:48 +0000 ajackson 29556 at http://yagipay.com 青娱乐免费观看,玉米视频下载,lusirapp免费下载Reflections for Five Years of Global Leaders http://yagipay.com/intl/reflections-five-years-global-leaders <span class="field field--name-title field--type-string field--label-hidden">Reflections for Five Years of Global Leaders</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 05/12/2020 - 09:38</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The Global Leaders strategy is focused on delivering long-term performance by building a concentrated portfolio of market-leading companies from across the globe. We believe that companies that combine exceptional outcomes for their customers with strong leadership can generate high and sustainable returns on invested capital (ROIC) which can lead to outstanding shareholder returns.</p> <p>We have witnessed a host of macroeconomic, political and other events over the last five years since the launch of the Global Leaders strategy, not least of all the global COVID-19 pandemic. We are saddened by the considerable impact and disruption this is having on society globally.</p> <p>Mick Dillon and Bertie Thomson, portfolio managers of the strategy, are keenly aware of the events that have disrupted markets over the last five years, yet equally aware of the risk to the portfolio if they let those events distract them from their research and investment decisions. Therefore, they try to keep it simple by focusing on businesses that deliver superior outcomes to customers. In their view, the best businesses serve their customers in some unique way, and over time should compound their advantages to deliver attractive investment returns for shareholders.</p> <p>At a time like this, they believe it is even more important to focus on the two key elements of their process which they feel provide their greatest source of investment edge—their <b>long-term vision</b> and <b>understanding of human behaviour.</b> You can read more about their current thinking in their latest investment letter <a href="http://yagipay.com/intl/global-leaders-investment-letter-q12020">Blinded by the Flashes of Light</a>.</p> <p>In this short reflective interview, we will draw upon a few of the areas that have helped shape Mick and Bertie’s Global Leaders journey so far. The strategy passed its five-year milestone on 1st May delivering 4.7% annualized outperformance (net of fees) since inception, but consistent with our investment team’s culture of continuous improvement, Mick and Bertie are eager and hungry for opportunities to learn and develop in the years ahead.</p> <h5>Q&A</h5> <h5>At the heart of your investment selection process is an appreciation for the customer. Why is the customer such a big focus of yours?</h5> <p><b>Dillon:</b> For us, at the most basic level, if you don’t have a customer you don’t have a business! It’s easy to lose sight of the essence of commerce: a transaction is a simple act, involving a buyer and a seller, of swapping one good or service for another. But it is those businesses that are able to go further by delivering something special to their customers that are of particular interest to us. The companies we seek are able to entice customers to return time after time, and this customer loyalty helps those companies maintain higher profits than their peers.</p> <p><b>Thomson:</b> We spend a considerable amount of time examining the different strategies that each franchise employs, in an effort to deduce whether the company has a competitive advantage that will enable it to keep satisfying its customers in a way that others can’t. Breadth of research is an important aspect of this analysis, and where possible, we spend as much time as we can with competitors, customers and suppliers assessing how wide each company’s economic moat is. We aren’t looking for companies that simply provide good outcomes resulting in a relative competitive strength. We are looking for those companies that provide goods or services that satisfy the customer in a unique way, in turn giving the company a dominant and sustainable position among its peers. We call this the ‘win-winâ€?and believe evidence of this shows up in a company’s return on invested capital (ROIC), which for us is a clear indicator of long-term success. According to a decade-long study by McKinsey & Company, companies that produce a ROIC in excess of 25% in 2003 still produced a ROIC in excess of 25% a decade later.</p> <hr /><p><b>Empirical Research: High ROIC Tends To Show Persistency (So Time Can Be On Our Side)</b></p> <p>S&P 500Âź Index, ROIC, 2003-2013 Data based on a McKinsey & Company study, “Valuation: Measuring and Managing the Value of Companiesâ€?lt;/p> <p><img src="http://yagipay.com/sites/default/files/gl_ROIC_reflections.jpg" /></p> <p style="line-height: 1.5em; font-size: 0.7em;">Chart reproduced with permission from McKinsey & Company as featured in the book, “Valuation: Measuring and Managing the Value of Companies, University Edition.â€?6th Edition, 2015. ROIC is calculated as percentage without goodwill. The selected sample is the S&P 500Âź Index.</p> <hr /><p><strong>“We are looking for companies that provide goods or services that satisfy their customers in a unique way that gives the company a dominant and sustainable position among its peers. We call this the win-win.â€?lt;/strong></p> <p><em>Further reading on this subject: <a href="http://yagipay.com/intl/global-leaders-investment-letter-q1-2016">Q1 2016 Investment Letter.</a></em></p> <h5>You often talk about portfolio managers being responsible for not just stock selection, but also capital allocation. Can you describe why this dual process is so important to you?</h5> <p><b>Thomson:</b> It continues to amaze us how little energy is dedicated to the subject of capital allocation in the investment management world. The overarching focus of the industry appears to us to be on the treasure hunt of picking winners (and avoiding losers), but we believe the question of how much to invest is mistakenly neglected. We are equally focused on stock selection and capital allocation, and as such we like to distinguish between the two processes. We believe it is ultimately the responsibility of the portfolio managers to turn great stock selection into even better returns. We will keep evolving both our processes with the ambition to deliver great stock picking (having more winners than losers) and great capital allocation (having more capital in our winners than our losers). In baseball terms this is defined as batting average (how often batters connect) and slugging percentage (their effectiveness when they connect). With the investment world seemingly more focused on batting averages, we’ll share with you this evergreen quote from Michael Mauboussin:</p> <p><em>“Great investors recognize another uncomfortable reality about probability: the frequency of correctness doesn’t really matter (batting average), what matters is how much money you make when you are right versus how much money you lose when you are wrong (slugging percentage). This concept is very difficult to put into operation because of loss aversion, the idea that we suffer losses roughly twice as much as we enjoy comparably sized gains. In other words, we like to be right a lot more than to be wrong. But if the goal is grow the value of a portfolio, slugging percentage is what mattersâ€?</em></p> <p>Michael J. Mauboussin, ‘Thirty Years: Reflections on the Ten Attributes of Great Investorsâ€?lt;/p> <p><em>Further reading on this subject: <a href="http://yagipay.com/intl/global-leaders-investment-letter-q1-2018">Q1 2018 Investment Letter</a>.</em></p> <h5>Your focus on continuous learning and self-improvement is admirable, can you describe the ways you foster a continuous learning environment?</h5> <p><b>Dillon:</b> It would be arrogant to think that we could not continually learn and improve and I believe that successful investing shares a lot of similarities with elite sport. Process, practice, discipline, persistence, longterm focus, decisions under uncertainty with incomplete information, probability-based thinking, control of inputs not outputs, and skill mixed with luck are all traits common to both sport and investing. Using a coach is also an important part of self-improvement in both disciplines. I very much live to learn, and I read a lot across business and investment topics, as well as physics, pro-cycling and personal/team improvement.</p> <p><b>Thomson:</b> Mick and I are lucky enough to have been able to marry our interests together in our process to help us continually seek improvements. The part that fascinates me is trying to understand why we behave in certain ways in different scenarios—a deep dive into our human behavior can help us learn from our mistakes.</p> <p>One of the best ways we think we do this is by using a third-party “coach”—an objective evaluator from outside the firm that helps us analyze our investment decisions—to see where we added value and where we lost ground. Every part of using a coach is about seeking to move the probabilities into our favour, to help create better returns for our clients. We believe our coach helps us become better capital allocators by ironing out the damaging impact of human behaviour which can destroy capital values if left unchecked. Over time, we have extended this process to develop a number of behavioral rules, probably the best example being our loss aversion rule which aims to minimise the impact of arguably the most damaging behavioural trait in our industry. Due to our inherent survival instinct, human beings feel pain twice as much as pleasure meaning that most investors find it difficult to face up to the pain of losing. As a result, we enforce a rule on ourselves when a position drops in value beyond a certain percentage: we either invest additional capital, as a confirmation of our confidence in our investment thesis, or exit the investment.</p> <p><b>Dillon:</b> Lastly I’d just add that Brown Advisory has always strived to create a collaborative environment for all colleagues where the views of each individual can be heard, and this is especially true of the way our investment team interacts. As we embark on the next five years of our strategy, we are thankful to be working alongside phenomenal colleagues in such a collaborative and supportive environment that keeps our clientsâ€?goals at the heart of what we do.</p> <p><em>Further reading on this subject: <a href="http://yagipay.com/intl/global-leaders-investment-letter-q1-2017">Q1 2017 Investment Letter</a> and <a href="http://yagipay.com/intl/global-leaders-investment-letter-q1-2018">Q1 2018 Investment Letter</a>.</em></p> <h5>How do you think about sustainability within the portfolio?</h5> <p><strong>Thomson:</strong> To us, corporate sustainability is primarily good business sense that goes hand-in-hand with value creation. As such, ESG research is an essential part of our Global Leaders investment strategy. It helps us to make intelligent choices about investments and to engage with company management teams on a wide variety of important topics that may affect their long-term prospects.</p> <p><b>Dillon:</b> As we discussed, our investment process centres on finding “win-winâ€?relationships between the customer and the company, whereby the customer gets something special from the company and the company is rewarded with outstanding economics. Embedding ESG considerations into our investment analysis not only helps to shield our clients from business risks, but also helps us invest in companies where we see the potential for a triple win—for the customer, the company and society or the environment.</p> <p><strong>“Sustainable investing is more than a fad—it is a welcome recalibration of perspective, from a short-term fixation on profits to a long-term view of value creation.â€?lt;/strong></p> <p>Microsoft is an oft-cited example, but we also like the way Indonesia’s Bank Rakyat—likely a less familiar name to many than Microsoft—has found innovative ways to tap into non-traditional growth drivers. Founded in 1896, PT Bank Rakyat Indonesia (BRI) has been partially governmentowned since Indonesia’s independence in 1950 and has played a critical role in promoting the government’s social agenda by advancing subsidized credit for rural enterprises. At the end of 2018, BRI had approximately $20 billion in loans outstanding to more than 10 million microborrowers in Indonesia. A decade ago, only one in five Indonesians had a bank account, and today, more than half of the country is “banked.â€?BRI also serves Indonesians who have no bank account, through its network of BRILink agents throughout the country. The number of BRILink agents grew by 230% between 2016 and 2019.</p> <p>BRI is a crucial lender to the informal economy in these rural regions and leads the Indonesian microfinance market. Through this important role, the company has been rewarded with approximately a 18% return on equity over the past five calendar years (2015-2019). Its rural credit infrastructure, combined with a community-based approach to lending, has created a difficult-to-replicate formula with low levels (2%) of nonperforming loans that in our view has led to a wide competitive moat.<sup>1</sup> We believe that these are clear wins for society, the customer and the business and we believe that Bank Rakyat is well positioned to produce long-term growth for our clients.</p> <p><sup>1</sup>All company data sourced from PT Bank Rakyat Indonesia </p> <p><em>Further reading on this subject: <a href="http://yagipay.com/intl/global-leaders-strategy-sustainable-perspectives">Global Leaders Sustainable Perspectives</a> and <a href="http://yagipay.com/intl/global-leaders-investment-letter-q3-2017">Q3 2017 Investment Letter</a>.</em></p> <h5>What has been the biggest challenge or most painful loss over the last five years?</h5> <p>In 2016 we initiated a position in Novozymes, a high-quality franchise that dominates its industry by providing high-quality biodegradable solutions to customers in a diverse set of end markets ranging from bioethanol to household care. We used market weakness stemming from concerns about near-term growth when starting an investment in Novozymes. However, the company continued to underperform and in the fourth quarter of 2016 it cut guidance for the third time in just over a year as buyers became more price conscious. A supply-side change with increasing market aggression from DuPont, the U.S. chemicals firm, impacted Novozymes’s growth and research and development (R&D) monetization ability. On the basis of a broken thesis, we exited the position before the end of 2016, but with hindsight, we should have sold our investment as soon as we realised the thesis was broken. This investment played on our minds as a clear manifestation of the consequence of loss aversion. We have spent time analysing our selling behaviour over the years and have implemented a rule which gives us a week to exit a position following our decision to sell due to a broken thesis. Managers often lose alpha when selling and so did we until we implemented this rule in January 2017. In the almost two years prior to this we calculate that we lost nearly 1% a year to poor selling. In the three plus years after the implementation of this rule, our selling strategy has actually produced a positive return (see chart below).</p> <hr /><p style="line-height: 1.5em; font-size: 0.7em;"> </p> <p><strong>Selling Strategy: Exit Decisively</strong></p> <p>As of 03/31/2020 Cumulative Loss From First Sale to Exit (basis points per annum) Global Leaders Representative Account</p> <p><img src="http://yagipay.com/sites/default/files/gl_basis_points.jpg" /></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Brown Advisory calculations. Past performance is not indicative of future results. The loss is calculated based on the price return of each stock from initial sell to exit date. The portfolio information provided is based on a representative Brown Advisory Global Leaders account and is provided as supplemental information. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold aparticular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned.</p> <hr /><h5>How are you different from other quality global fund managers?</h5> <p><b>Dillon:</b> There are some fantastic investors out there, including a number of high-profile global equity managers that we respect. Our style is a little different and in fact we believe it can often complement other managers. We believe our philosophy and process set us apart in ways we have highlighted in this interview. In terms of our portfolio positioning, we often see differences in our sector weightings compared to our peers, which for us is an outcome of our bottom-up stock selection process. In a concentrated portfolio of around 30 positions, we focus on conviction in our very best ideas to enable us to achieve alpha for our clients, and we are not afraid of looking different from the benchmark.</p> <p><b>Thomson:</b> Some managers have found success in owning consumer staples and defensive health care, but we find more attractive business models that fit our investment criteria in sectors such as technology, financials and industrials, which is where the bulk of our outperformance vs. our benchmark has come from over the last five years. We also expand our global reach to include emerging markets, not just developed markets, globally. Having said all this, we’re certainly not trying to be all things to all people, and the global equity market is vast, plenty big enough for varying—and often complementary—styles.</p> <p><b>Dillon:</b> One thing I would add is that we think it’s very important to eat our own cooking and we are heavily invested in this strategy alongside our clients. Ultimately, the fact that Brown Advisory is private and independent also helps to ensure that our goals are aligned with those of our clients.</p> <h5>Finally, as avid readers, can you give us some recommendations?</h5> <p>Almost impossible to narrow down but for our five-year anniversary we give you our top six!</p> <ol><li><b>Valuation: Measuring and Managing the Value of Companies</b> by McKinsey & Company (7th edition coming out soon)</li> <li><b>The Influential Mind: What the Brain Reveals About Our Power to Change Others</b> by Tali Sharot</li> <li><b>Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor</b> by Seth A. Klarman</li> <li><b>Influence: The Psychology of Persuasion</b> by Robert B. Cialdini</li> <li><b>The Most Important Thing: Uncommon Sense for the Thoughtful Investor</b> by Howard Marks</li> <li><b>The Art of Execution: How the World’s Best Investors Get it Wrong and Still Make Millions</b> by Lee Freeman-Shor</li> </ol><p> <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p><a href="http://yagipay.com/global-leaders-composite">Global Leaders Composite</a></p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Tue, 12 May 2020 13:38:12 +0000 ajackson 30086 at http://yagipay.com 爱上女优馆,adc视频网页,互动信息Coronavirus Information Center http://yagipay.com/intl/coronavirus-information-center <span class="field field--name-title field--type-string field--label-hidden">Coronavirus Information Center</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 04/30/2020 - 16:02</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><em>**Updated April 30**</em></p> <p>In the face of the rapidly evolving COVID-19 outbreak and its impact on financial markets, Brown Advisory’s top priorities are the well-being of our clients, colleagues and communities, and the uninterrupted delivery of performance, advice and service to our clients.</p> <p>As a result of many years of rigorous business continuity planning and testing, and the diligent work of the COVID-19 task force we established several weeks ago, we believe we are well prepared to meet these priorities through changes we have implemented and summarize below.</p> <p><strong>RECENT UPDATES: </strong></p> <ul><li><strong>On April 29, Mike and Dave sent a <a href="http://yagipay.com/sites/default/files/COVID-19 Note to Clients-Part IX.PDF">ninth weekly letter</a> to clients.</strong></li> <li><strong>We launched our podcast, <u><a href="http://yagipay.com/now2020/index.html">Navigating Our World</a></u>, to explore the pressing issues that are shaping our investment thinking and our society. </strong> <ul><li><strong><a href="http://yagipay.com/now2020/episode2.html">Our first episode</a> features a conversation between noted historian Jon Meacham and our CEO, Mike Hankin. </strong></li> <li><strong><a href="http://yagipay.com/now2020/episode3.html">Our second episode</a>, "The Power of Purpose" features Tamara Lundgren, Chair, President and CEO of Schnitzer Steel and Josh Silverman, CEO of Etsy.</strong></li> </ul></li> </ul><p> </p> <p>We will keep this space updated with new information as it becomes available.</p> <h5>INVESTMENTS:</h5> <ul><li><strong>INSTITUTIONAL STRATEGY COMMENTARY: </strong>Our portfolio managers and research teams are providing audio commentary regularly during this period, to ensure that clients and other parties can stay up to date on our perspectives regarding current market volatility and how we are positioning portfolios. Most of these webcasts are 5-10 minute updates from the portfolio managers, designed to provide essential information to clients in an effective manner.<br /><br /> Please <strong><a href="http://yagipay.com/us/view-webcasts ">click here</a></strong> to access our institutional strategy webcast center; if you have not previously registered you will need to complete a simple registration process to access the content. Below is a list of webcasts posted during this period: <ul><li><strong>April 9 Q1 2020 Equity Strategy Webcasts</strong>: Large-Cap Sustainable Growth, Large-Cap Growth, Global Leaders, Flexible Equity, Small-Cap Fundamental Value, Mid-Cap Growth, Small-Cap Growth, Equity Income</li> <li><strong>April 9 Q1 2020 Fixed Income Strategy Webcasts</strong>: Sustainable Core Fixed Income, Tax-Exempt Sustainable Fixed Income</li> <li><strong>April 6 ESG Research Update</strong>: Our Sustainable Investing team posted a new article, "<strong><u><a href="http://yagipay.com/us/covid-19-through-esg-investing-lens">COVID-19 Through An ESG Investing Lens</a></u></strong>," in which equity research analyst Emily Dwyer and fixed income research analyst Lisa Abraham discussed how companies in our portfolios are rising to the challenges presented by the coronavirus outbreak, and the work we are doing to monitor their progress.  </li> <li><strong>April 3 Technology Sector Webcast:</strong> John Canning, CFA, and Emmy Wachtmeister, CFA, Equity Research Analysts specializing in the Information Technology sector, discussed their views on how the sector is being impacted by the COVID-19 outbreak. Access the webcast <strong><u><a href="http://yagipay.com/us/view-webcasts">here</a></u></strong>.</li> <li><strong>March 27 Health Care Sector Webcast:</strong> Eric Gordon, CFA, Head of Equity Research and <a href="http://yagipay.com/mark-kelly">Mark Kelly</a>, Equity Research Analyst specializing in the health care sector, discussed perspectives on how the sector is responding to, and being impacted by, the COVID-19 outbreak. Access the webcast <strong><a href="http://yagipay.com/us/view-webcasts">here</a></strong>.</li> <li><strong>March 20 Equity Strategy Webcasts</strong>: Large-Cap Growth, Large-Cap Sustainable Growth, Latin American, Global Leaders, Mid-Cap Growth, Small-Cap Growth, Small-Cap Fundamental Value.</li> <li><strong>March 20 Fixed Income Webcasts</strong>: (Note: Fixed income strategies are only available to U.S. investors) National Municipal Bond, Strategic Bond, Sustainable Core Fixed Income, Tax-Exempt Sustainable Fixed Income.</li> <li><strong>March 13</strong>: <strong><a href="http://yagipay.com/equities-and-fixed-income-webcast">Equity and Fixed Income Strategies Update</a></strong>—commentary from Eric Gordon (Head of Equity Research), Tom Graff (Head of Fixed Income) and Keryn Brock (Head of International Institutional Business).</li> </ul></li> <li><strong>PRIVATE CLIENT/ENDOWMENT & FOUNDATION COMMENTARY: </strong> <ul><li><strong>April 14:</strong> Our Sustainable Investing team posted a new webinar, "<strong><u><a href="http://www.youtube.com/watch?v=2UQ8iu3nLSk&feature=youtu.be">Analysis, Outlook and Opportunities</a></u></strong>," in which research analysts Elise Liberto and Elizabeth Hiss join CIO of Sustainable Investing Erika Pagel to cover the performance of our sustainable investments across various asset classes during the COVID outbreak, and discuss some of the opportunities they are seeing in the current market.</li> <li><strong>April 8: </strong>Our Strategic Advisory Team published a helpful guide titled<strong> "<u><a href="http://yagipay.com/us/small-business-loans-under-cares-act">Small Business Loans Under the CARES Act</a></u>," </strong>to help clients better understand the newly enacted programs for tax relief and loan eligibility for small businesses.</li> <li><strong>April 3</strong>: Our Endowments and Foundations team posted a new article, "<strong><u><a href="http://yagipay.com/us/cares-act-impacts-endowments-foundations">The CARES Act: Impacts on Endowments and Foundations</a>.</u></strong>" The article discusses key provisions in the Act that may affect fundraising, loan availability and a variety of other aspects of nonprofit operations.</li> <li><strong>April 1</strong>: Our Strategic Advisory team posted a new article, "<strong><a href="http://yagipay.com/us/strategic-planning-volatile-markets">Strategic Planning in Volatile Markets</a></strong>," that covers a wide range of tax, gifting and other planning steps that clients may want to consider as they review their goals and long-term plans in this market environment.</li> <li><strong>March 30</strong>: Our Investment Solutions Group posted a new article, "<strong><a href="http://yagipay.com/us/managing-liquidity-coronavirus-market">Managing Liquidity in the Coronavirus Market</a></strong>," which discusses how lower levels of liquidity in equity and fixed income markets today, vs. 10 years ago, can exacerbate volatility during periods of stress. The article also covers how we manage this new liquidity reality in client portfolios.</li> <li><strong>March 27: </strong>Our Strategic Advisory team posted an article, "<strong><a href="http://yagipay.com/us/cares-act-first-look">The CARES Act: A First Look</a></strong>," in which they summarize the key provisions of the massive federal stimulus package that is poised to inject more than $2 trillion into the U.S. economy. The article will be updated in the coming days as new information becomes available regarding implementation of the Act's various programs.</li> <li><strong>March 26:</strong> Our Strategic Advisory team posted an article, "<strong><a href="http://yagipay.com/us/tax-loss-harvesting-upside-down-market">Tax Loss Harvesting: Upside To a Down Market</a>,</strong>" in which they offer an introduction to the practice of realizing losses strategically for the purpose of mitigating taxes. This topic is especially timely given the market's recent downturn and one which we are discussing with many clients.</li> <li><strong>March 25: </strong>(<em>Via our <a href="http://nextgenvp.com/">NextGen Venture Partners</a> team</em>) In an investor webinar, <a href="http://yagipay.com/dan-mindus">Dan Mindus</a>, <a href="http://yagipay.com/brett-gibson">Brett Gibson</a> and <a href="http://yagipay.com/jon-bassett">Jon Basset</a>, all NGVP Managing Partners, discussed how NextGen's portfolio companies were adapting and responding to COVID-19. Access the webinar <strong><a href="http://nextgenvp.wistia.com/medias/vfvl6wcd5z">here</a></strong>.</li> <li><strong>March 23:</strong> <a href="http://yagipay.com/charlie-constable">Charlie Constable</a> sent <strong><a href="http://info.yagipay.com/tax-updates-covid19-partII">a follow up note</a></strong> to clients regarding tax-related changes implemented by the IRS in response to COVID-19 <ul><li>Key message: 2019 federal tax return filing due date postponed to July 15</li> <li>Official IRS Notice: <a href="http://www.irs.gov/pub/irs-drop/n-20-18.pdf">2020-18</a> [This supersedes notice 2020-17]</li> </ul></li> <li><strong>March 20:</strong> <a href="http://yagipay.com/charlie-constable">Charlie Constable</a>, Head of Private Client, sent <strong><a href="http://info.yagipay.com/tax-updates-covid19">this</a> </strong>note to clients regarding tax-related changes implemented by the IRS in response to COVID-19 <ul><li>Key message: 2019 and Q1 estimated tax payments deferred to July 15</li> <li>Official IRS Notice: <a href="http://www.irs.gov/pub/irs-drop/n-20-17.pdf">2020-17</a></li> </ul></li> <li><strong>March 19:</strong> <a href="http://yagipay.com/paul-j-chew-cfa">Paul Chew, CFA</a>, Chief Investment Officer; <a href="http://yagipay.com/christopher-hancock-cfa">Christopher Hancock, CFA</a>, Head of International Investment Solutions Group; and <a href="http://yagipay.com/erika-pagel">Erika Pagel</a>, Chief Investment Officer of Sustainable Investing (with <a href="http://yagipay.com/jacob-hodes">Jacob Hodes</a>, Head of Private Equity, moderating) discussed the evolving conditions in global capital markets and how these conditions are impacting our clients' portfolios and driving client-specific decisions. Access the webinar <strong><a href="http://info.yagipay.com/client-webinar-03-19-2020">here</a></strong>.</li> <li><strong>March 19: </strong>(<em>Via our <a href="http://nextgenvp.com/">NextGen Venture Partners</a> team</em>) Ed Mathias, Senior Advisor at The Carlyle Group, and <a href="http://yagipay.com/paul-j-chew-cfa">Paul Chew, CFA</a>, Chief Investment Officer, discuss how macroeconomic changes are impacting decisions in both public and private markets. Podcast can be found <strong><a href="http://nextgenvp.wistia.com/medias/podhz8dtjh">here</a></strong>.</li> <li><strong>March 17: </strong>(<em>Via our <a href="http://nextgenvp.com/">NextGen Venture Partners</a> team</em>) <a href="http://yagipay.com/dan-mindus">Dan Mindus</a>, NGVP Managing Partner, and <a href="http://yagipay.com/taylor-graff-cfa">Taylor Graff, CFA</a>, Head of Asset Allocation Research, discuss the impact of the novel coronavirus on economic trends and financial markets. Podcast can be found <strong><a href="http://soundcloud.com/nextgenvp/taylor-graff-head-of-asset-allocation-research-at-brown-advisory">here</a></strong>.</li> </ul></li> <li><strong>GENERAL NOTES ON OUR CURRENT EFFORTS AND MINDSET:</strong> <ul><li>Our research and portfolio management teams are working diligently to take in market data and other information as it evolves, and interpret that information as best we can to make decisions for clients. On a daily basis, our equity, fixed income, private equity, asset allocation and manager research groups are meeting to update each other about relevant developments in their respective areas. We are compiling and sharing a daily summary of these investment discussions firmwide.</li> <li>Market conditions are changing rapidly, and during periods of volatility, we generally focus on the principles that have enabled us to serve clients well for many years—patience and discipline; ensuring ample liquidity; sticking to long-term plans and avoiding major deviations from those plans; capitalizing when a materially undervalued investment opportunity presents itself. Although each client’s situation is different, those principles are still broadly valid during this period.</li> <li>We are benefiting greatly from our daily morning research meeting. For many years, our entire firm has gathered at 8:30 a.m. each Monday, Tuesday, Thursday and Friday to discuss timely investment topics. Despite the fact that we are now all working remotely, our morning meeting sessions continue to help us share ideas and perspectives with each other.</li> </ul></li> </ul><h5>COMMUNICATIONS:</h5> <ul><li>Management & Operations:  <ul><li>The following communications have been sent to all clients from Mike Hankin (President and CEO) and Dave Churchill (CFO and COO): <ul><li><a href="http://yagipay.com/sites/default/files/COVID-19 Note to Clients-Part IX.PDF"><strong>April 29</strong></a> (Key messages: We are putting plans in place to support an eventual return to our offices)</li> <li><u><strong><a href="http://yagipay.com/sites/default/files/COVID-19%20Note%20to%20Clients-Part-VIII.pdf">April </a></strong></u><a href="http://yagipay.com/sites/default/files/COVID-19%20Note%20to%20Clients-Part-VIII.pdf"><u><strong>22</strong></u></a> (Key messages: NOW podcast launch and continue remote operations)</li> <li><a href="http://info.yagipay.com/client-letter-covid-19-partVII"><u><strong>April 15</strong></u></a> (Key messages: optimism tempered with caution regarding pandemic's trajectory)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19-partVI">April 8</a> </strong>(Key messages: fourth week of remote operations and organizing a "back to office" plan)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19-partV">April 1</a> </strong>(Key messages: we are embracing our "new normal" and investing for the future)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19-partIV">March 25</a></strong> (Key messages: we are thinking about the future and feeling opportunistic)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19-partIII">March 18</a> </strong>(Key messages: update on operations and upcoming webinars, launch of CV Information Center on website)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19-partII">March 11</a></strong> (Key message: decision to shift to a remote working environment)</li> <li><strong><a href="http://info.yagipay.com/client-letter-covid-19">March 5</a></strong> (Key messages: coronavirus task force established, NOW “cancellationâ€?</li> </ul></li> </ul></li> <li>Performance, Advice and Service: <ul><li>Our focus is having targeted conversations with each of our clients. Our goal is to reach all of our clients personally as much as possible during this period. It is critical to understand how the outbreak is affecting their individual situations in order to determine whether any adjustments to their portfolios or other planning structures are warranted.</li> </ul></li> </ul><h5>OPERATIONS:</h5> <ul><li><b>Brown Advisory is fully operational with nearly all colleagues working from home.</b> Starting in late February, we began enhanced testing of our business continuity plans in anticipation of the social-distancing scenario we now face. On March 11, we made the decision to have all colleagues begin working from home for at least two weeks. We are fully prepared to work remotely as a firm for an extended period if needed. Offices are being staffed for essential functions only. We will continually monitor conditions to determine an appropriate time to reopen our physical offices. <ul><li><b>Management of client assets has not been impacted by this change. </b>Our teams have all been able to efficiently implement portfolio decisions and trades from their remote locations, during a period of extraordinary market volatility and incredibly high volumes.</li> </ul></li> <li><b>Domestic and international work travel has been suspended; all meetings with clients and external parties are being conducted via phone or video conference unless extenuating client circumstances require an in-person meeting. </b>These changes are based on our desire to protect the health of our clients and colleagues, and to avoid any scenario where our business operations may inadvertently contribute to the spread of the coronavirus. As noted below, our client teams are working hard to connect with clients directly during this period, and are well equipped to set up remote meetings that can include clientsâ€?outside advisors and fully accommodate shared viewing of presentations and documents.</li> </ul><h5>EVENTS:</h5> <ul><li>On April 21, we launched our podcast, <strong><u><a href="http://yagipay.com/now2020/index.html">Navigating Our World</a>.</u></strong> In the wake of cancelling our 2020 NOW conference due to the COVID-19 outbreak, we assembled this podcast series with the goal of sharing conversations with innovators and thought leaders about the pressing issues that are shaping our investment thinking and our society. Our first episode features a conversation between noted historian Jon Meacham and our CEO, Mike Hankin, about what we can learn from past leaders to guide us during the current crisis that we all face together. You can access the podcast at <strong><u><a href="http://yagipay.com/now2020/index.html">our NOW website</a></u>, </strong>and through your favorite podcast platform.</li> <li><b>As noted in our March 5 letter to clients, we regretfully cancelled our in-person NOW 2020 conference. </b>We have hosted this major client gathering biennially for more than a decade; it is an opportunity for shared learning alongside our clients about the major forces shaping society and capital markets. <b>In its place, we are pushing forward with plans to bring our speakers and sessions to you digitally.</b> We are developing a podcast series and several video sessions as a platform for the exceptional group of speakers and experts that were a part of the originally planned conference agenda; we will provide updates on those plans soon.</li> <li><b>All other Brown Advisory events scheduled through May 15 have been cancelled. </b>These steps, and any further decisions regarding future events, are guided by ongoing guidance from the Centers for Disease Control and Prevention (CDC) and our own caution regarding potential health risks to attendees.<b> </b>During this period of prolonged social distances, we will continue to think about ways to use technology and other means to create interactive experiences for clients.</li> </ul><p>If you have any questions about Brown Advisory’s plans during this period, please do not hesitate to reach out to your client team. We are grateful to our dedicated and resourceful colleagues for their work in ensuring a seamless adjustment to a rapidly evolving environment. We are confident in our ability to maintain a high level of performance, advice and service to our clients fully in the days and weeks ahead.</p> </div> Thu, 30 Apr 2020 20:02:01 +0000 ajackson 30106 at http://yagipay.com fulao2在线下载,扫楼顺丝,四虎影视动漫成人在线观看COVID-19 Through An ESG Investing Lens http://yagipay.com/intl/covid-19-through-esg-investing-lens <span class="field field--name-title field--type-string field--label-hidden">COVID-19 Through An ESG Investing Lens</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 04/06/2020 - 10:32</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>In times of crisis, companies show through their actions how they prioritize various stakeholders, and how they balance societal concerns and profit motives. In some cases, companies are simply responding to government mandates or industry-wide pressure, but when they have a real choice in their path forward, we can get a glimpse at their corporate culture.</p> <p>The COVID-19 crisis has given us just such a glimpse at many companiesâ€?priorities. Sending employees home, closing stores, waiving fees and charges—these acts in response to COVID-19 may decrease a firm’s earnings in the short term, but may also lead to stronger employee morale, customer loyalty, and brand value in the long term. Further, companies that find a role in addressing this crisis can use this opportunity to do well in the world and to chart new long-term business opportunities, even if their efforts to help during this crisis hurt their bottom line in 2020.</p> <p>For many years, we have used our ESG research process to examine a wide range of factors that we believe influence a company’s long-term health and prosperity, such as employee treatment, customer care, health & safety, and other responsible management practices. These factors are always meaningful for companies, but the global pandemic has greatly amplified their importance. In our recent conversations with management teams at our portfolio companies, we have heard directly about the unprecedented challenges these firms are facing. Impressively, they are not only rising to the occasion to do right by their customers and employees, but many of them are contributing to a burst of innovation and creative thinking across the corporate landscape in a widespread effort to address the consequences of COVID-19. Every company faces different circumstances and is responding differently, but across our portfolios, we are seeing a mosaic of approaches and solutions emerge which gives hope and optimism—certainly for the long-term prospects of many of these companies, and for society’s broader recovery from this crisis as well. In short, we believe their actions demonstrate what it means to be a sustainable business.</p> <p>Here are a few examples of how some of our holdings across our equity and fixed income strategies are responding to COVID-19.</p> <h5>Ecolab</h5> <p>Ecolab is in the business of helping customers sanitize and maintain “cleanâ€?workspaces, from hospitals to restaurant kitchens and hotel rooms. The company produced several of the EPA-approved disinfectants that effectively remove COVID-19 traces when used with proper protocols. In a March 25 update, Ecolab reported a massive increase in demand for various product lines—triple the normal demand for hard surface sanitizers, and a 15x demand increase for hand sanitizers. It has rapidly stepped up its sanitizer production to five times its normal volume. It also reported higher demand for more advanced technologies—such as the solution offered by Bioquell, a recent acquisition, which uses a vaporized hydrogen peroxide-based process for decontaminating physical spaces—and it is focusing on educating customers on the use of these technologies.</p> <p>Of the company’s 130 manufacturing plants, 128 continue to run. Ecolab has implemented comprehensive social distancing protocols at all of its sites—shifts, lines and individual employees are all being isolated and separated—as well as heightened hygiene practices to protect its employees. Ecolab has also instituted a number of protocols for its field employees, who remain at work helping customers in a way that minimizes risk to both customer and employee.</p> <h5>CVS Health</h5> <p>Our sustainability thesis for CVS is rooted in its ability to provide access to affordable health care around the country. More than 50% of Americans live within 10 miles of a CVS MinuteClinic, and services provided at MinuteClinics can cost up to 90% less than at urgent care centers or emergency rooms.</p> <p>We are finding that CVSâ€?reach has helped it quickly respond to the needs of customers during this outbreak. It is establishing COVID-19 testing sites in its parking lots, and early on during this crisis, it announced free prescription delivery as a way to enhance social distancing. Further, the company is waiving copayments for Aetna members (CVS and Aetna merged in 2018) for all telehealth visits—not just COVID-19-related appointments. Not only does this relieve stress on the healthcare system (encouraging telehealth visits can cut down on physical trips to doctors and hospitals), but it highlights an area of CVSâ€?business that it is looking to grow.</p> <p>With regards to employees, CVS is addressing the fact that many of its front-line workers are part-time employees without comprehensive benefit packages. Part-time workers are now being provided with paid sick leave—this is on top of the 14-day paid leave provided to any employee who tests positive for COVID-19 or needs to be quarantined. And beginning in April, full-time and part-time CVS employees will be entitled to support for child and elder care, so that they can still go to work and know that their family care is covered. Additionally, the company has started awarding bonuses to pharmacists and other employees on the frontlines, including store associates, managers, and hourly employees.</p> <h5>Microsoft</h5> <p>Microsoft’s software, network and cloud technologies drive productivity at millions of enterprises around the world, and during this crisis, the importance of networking technology has become that much more critical to businesses who have needed to move day-to-day operations from the physical to the virtual world. In mid-February, Microsoft began offering a free six-month trial for its Microsoft Teams collaboration solution; daily active users jumped to 44 million in March, from just 20 million in November 2019. In late March, the company stated that it has not yet confronted capacity constraints, but if it does, “top priority will be going to first responders, health and emergency management services, critical government infrastructure organizational use, and ensuring remote workers stay up and running with the core functionality of Teams.â€?lt;/p> <p>Microsoft technology is also supporting patient care and COVID-19 research. It recently released a new platform to help customers share information and collaborate during a crisis; more than 2,000 customers have already installed it. Swedish Hospital and other local hospitals in Seattle are using Microsoft solutions to manage their bed count and inventory of critical supplies, and to share that information with others across the region. Johns Hopkins University has created an interactive dashboard to visualize and track COVID-19 cases in real time; the dashboard is hosted by a Microsoft solution partner, on the Azure cloud. In late March, Adaptive Biotechnologies and Microsoft expanded an existing partnership to work on decoding COVID-19 immune response and providing open access to that data; they are hopeful that this differentiated approach can improve detection methods and inform vaccine discovery for COVID-19.</p> <p>An additional note: Microsoft uses vendors for a variety of services, who employ hourly workers on contracts to serve Microsoft’s ongoing needs. Microsoft has confirmed that it will continue to pay all of these regular hourly wages, even if those hours are reduced because of COVID-19 concerns.</p> <h5>Fannie Mae and Freddie Mac</h5> <p>Both of these linchpin mortgage lenders have implemented programs to support homeowners and renters that may be facing financial hardship during this crisis. These include the suspension of foreclosure sales and evictions for single family housing, and grants of forbearance for multi-family property owners with the requirement that they suspend evictions of any tenants facing COVID-19-related hardship.</p> <p>We view these measures as especially important—at the level of individual families, as well as for the broader economy. The mortgage-backed and commercial mortgage-backed securities that we hold in our sustainable portfolios tend to be geared towards low and middle-income homeowners and renters; these families are more likely to experience near-term financial hardship as a result of this crisis. We think Fannie and Freddie’s flexibility is not only a benefit for borrowers and renters, but for us as investors as well; if stressed borrowers are given more time to get current on their payments, fewer of them will be forced into default, which destroys long-term value for us and other bondholders.</p> <p>These are just a few examples of many companies that are taking positive actions during the outbreak; we note that many of our retail-oriented investments, such as Home Depot, Nike and Starbucks have put in place strong programs to care for their employees, and many of our healthcare investments—Bio-Rad, United Health, Thermo Fisher, Danaher and others—are actively participating in the effort to improve detection and testing for COVID-19, care for its victims, and seek treatments.</p> <p>What we have highlighted here is mostly positive, but we are also very mindful of potentially heightened ESG risks, including exposure of employees to unsafe working conditions for those businesses that do remain open during these times. We are closely monitoring a handful of these situations, but in general believe that the companies in our portfolios are managing such risks well.</p> <p>Just as it is too early to draw conclusions about COVID-19 and how it will impact the economy and society, we think it is too soon to judge companies on the totality of their actions and responses to the crisis. We believe that the ESG research process we have in place is giving us much visibility into how our portfolio companies are reacting. Questions going forward include: How will COVID-19 impact companiesâ€?progress toward their broader sustainability goals? What are the long-term implications for the future of labor and human capital management—for example, will we see shifts to more independent contracting, or a larger shift toward work-from-home arrangements? How will companies handle executive compensation, share buybacks and other core financial matters in the wake of COVID-19? We believe that our process can help us seek out answers to these questions, and that it can continue to aid in our investment decision-making during and after this pandemic. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 06 Apr 2020 14:32:36 +0000 ajackson 29636 at http://yagipay.com 菠萝蜜视频官网在线,西瓜视频老版2018,合欢app官方网站Technology Sector | Market Update Webcast http://yagipay.com/technology-sector-market-update-webcast <span class="field field--name-title field--type-string field--label-hidden">Technology Sector | Market Update Webcast</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/146" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">mmckenna</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 04/03/2020 - 14:50</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.brighttalk.com/webcast/7491/396535?utm_campaign=communication_recording_published&utm_medium=email&utm_source=brighttalk-transact&utm_content=title"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Technology analysts, John Canning, CFA and Emily Wachtmeister, CFA, discuss the technology sector amidst the market volatility related to concerns over the novel coronavirus.</p> <p> </p> <p>Please register or sign in to your Brighttalk account in order to access this webcast. Click the link above to get started.</p> <p> </p> <p><em>Recorded on April 3, 2020</em>.</p> </div> Fri, 03 Apr 2020 18:50:09 +0000 mmckenna 29726 at http://yagipay.com 91成人免费视频,奶茶视频ios下载,桃花仙导航Global Leaders Investment Letter - Q1 2020 http://yagipay.com/intl/global-leaders-investment-letter-q12020 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q1 2020 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 03/31/2020 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q1 2020</em></p> <p>In this letter the team reflect on the considerable impact of COVID-19 during the first quarter 2020. They discuss what they believe are their key sources of investment edge â€?their long-term vision and deep understanding of human behaviour â€?and how their process has enabled them to navigate the recent volatility in the global markets.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://yagipay.com/sites/default/files/Brown%20Advisory%20-%20Global%20Leaders%20Investment%20Letter.pdf" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Tue, 31 Mar 2020 13:50:15 +0000 ajackson 29946 at http://yagipay.com 木瓜网视频,卡哇伊直播1.71官方版,食色app在线下载Managing Liquidity in the Coronavirus Market http://yagipay.com/intl/managing-liquidity-coronavirus-market <span class="field field--name-title field--type-string field--label-hidden">Managing Liquidity in the Coronavirus Market</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 03/30/2020 - 16:04</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>This article was written by Sid Ahl, Taylor Graff, Adam King and J.R. Rodrigo, members of Brown Advisory's Investment Solutions Group.</em></p> <p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Liquidity risk is a critical issue for investors at all times, and especially so in the current environment. The background liquidity conditions for capital markets have changed substantively since the 2008-09 financial crisis, and to some extent these changes have contributed to the liquidity crunch in various segments of the market in the wake of the coronavirus outbreak.</em></p> <p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>For the past year, we have been preparing client portfolios for the end of the extended bull market run that began in 2009—building cash and liquidity reserves, and also exploring opportunities in private and alternative asset classes that historically have offered lower correlation with public markets. The end of the bull market took a form that no one predicted, and the downturn we have experienced has been exacerbated by a lack of liquidity in key markets (this is especially true in fixed income segments like corporate and municipal credit). But if we have done a good job in structuring clientsâ€?portfolios to appropriately accommodate their shorter-term spending needs, then they are in a good position to weather the liquidity challenges that have accompanied the downturn. In this article, we discuss the factors that have changed market liquidity conditions over the past decade, how the “new liquidity realityâ€?has impacted several markets during the recent market downturn, and our views on potential steps going forward.</em></p> <p>Liquidity, like many concepts in the investment world, is simple on the surface but becomes far more complex when one examines it more deeply. Essentially, liquidity refers to how quickly an investment can be turned into cash. Consider how we defined investment risk in our 2018 asset allocation publication, <em>Confronting the Unknown:</em> “The probability that a portfolio will not meet an investor’s needs.â€?To state the obvious, it is impossible for a portfolio to meet an investor’s needs without an effective conversion of investments to cash; one cannot pay for a house with fund documents or a holdings report.</p> <p>Therefore, whenever we think about taking on illiquidity in portfolios, we must determine whether benefits such as higher return or potentially reduced risk are likely to compensate us for the potential risk of not being able to access capital when needed. In some cases, these decisions may be more focused on <b>structural liquidity</b>—in other words, whether it makes sense for a client to commit capital to a private equity or real estate fund for a period of years. In other cases—especially during periods of market stress—we may need to focus more on <b>market-based liquidity</b>—in other words, whether investors can, if they need to sell for any reason, quickly find buyers for an asset and expect a fair price (and whether adverse market circumstances might cause an investment’s theoretical liquidity to dry up).</p> <p>Both forms of liquidity are important to keep in mind when building a long-term investment plan. A mix of publicly traded holdings and “locked-upâ€?investments in private and alternative funds can offer healthy diversification and access to a broad range of opportunities. Additionally, it is crucial to understand that <b>true</b> liquidity can only be found in holdings that can be readily turned to cash at a reliable price, at a moment’s notice, and therefore it is prudent to hold enough cash and liquidity reserves to cover short- and medium-term needs, to avoid being forced to sell longer-term investments at an inopportune time.</p> <h5>RECENT TRENDS AFFECTING LIQUIDITY</h5> <p>In the years preceding the 2008-09 financial crisis, many observers celebrated a “golden age of liquidity.â€?Thriving Wall Street trading desks, alongside levered trading hedge funds, had driven bid-offer spreads on many assets, even high-yield bonds and structured products, to the lowest levels ever seen. As we now know, this celebration was premature. The system was rocked by the 2008-09 financial crisis; leverage dramatically declined within the financial system, and so-called “prop desksâ€?(units of financial firms that traded proprietary firm capital for profit) were banned by the Volcker rule and the Dodd-Frank Act.</p> <p>Another major shift in the market has been the rapid growth of passive investing. As indexing takes share from active investment managers, markets (or at least some market segments) become agnostic to price and trade far less frequently. High frequency trading strategies in theory are a force that would increase trading volume, but because many of these strategies are driven by momentum, they often pull back from the market during periods of market stress. Broadly, equity markets have seen a dramatic decline in trading volume since the financial crisis.</p> <p>The decline in liquidity in fixed income has also been profound. Because bonds are traded “over the counterâ€?(in contrast with stocks or commodities that trade via exchanges), dealers are the conduits of liquidity in the bond market; dealers are necessary to facilitate trades between buyers and sellers that otherwise would have no way of finding each other. Before the financial crisis, big institutional dealers were willing and eager to hold large inventories of bonds and trade to and from those inventories. This greatly aided liquidity and positioned dealers to profit on their holdings. However, due to the strict capital testing enforced on institutions in the wake of the crisis, dealers have dramatically decreased the size of their balance sheets and bond inventories, and today are only willing to match buyers and sellers. Meanwhile, the market must accommodate trading for a large and growing pool of securities; there are about 4,000 publicly traded U.S. stocks, but more than 30,000 U.S. bonds (any institution can have many different bonds outstanding at a given time). This figure is likely to grow in the future; post-crisis capital restrictions have pushed most banks away from the corporate lending business, so companies are more reliant on the bond market for debt capital.</p> <hr /><h5>Liquidity in Public Markets: A Decade of Decline</h5> <p><em>Equity trading volume has declined markedly since the financial crisis (top chart); meanwhile, dealer trading volume relative to the size of the corporate bond universe has fallen from 60% in 2007 to less than 10% today (bottom chart).</em></p> <p><img src="http://brownadvisoryd8stg.prod.acquia-sites.com/sites/default/files/daily_trading_volume_chart_0.jpg" /></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: BLOOMBERG</p> <p> </p> <p><img src="http://brownadvisoryd8stg.prod.acquia-sites.com/sites/default/files/primary_dealer_chart.jpg" /></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Federal Reserve Bank of New York.</p> <hr /><h5>ILLIQUIDITY IMPACTS</h5> <p>These dynamics have dramatically shifted the liquidity landscape across financial markets. Broadly, equity markets have seen a steep decline in trading volume since the financial crisis, and dealer activity relative to the size of the corporate bond universe has also dropped off dramatically (see charts), making the heavy volumes we’ve seen in February and March all the more shocking to the system’s current capacity.</p> <p>In the weeks following COVID-19’s rapid advancement from China across the world, we saw how the liquidity factors discussed above interact with a truly stressed market. In equity markets, there was not quite as much homogeneity as we might have feared given the “indexationâ€?of the equity fund universe, and there was discrimination between the broader, fear-driven sell off vs. sectors in deeper danger from protracted lockdowns and social distancing (energy, airlines and hotels are notable examples). However, bond markets were hit surprisingly hard during this period as investors of all stripes sought to convert investments to cash. Despite the U.S. Federal Reserve’s steep rate cuts in March, bond yields broadly rose due to widespread sales of fixed income assets. Municipal bonds sold off to the point that their tax-free yields rose substantially <em>higher</em> than the taxable yields of other bonds of similar duration and quality. Corporate credit was also brought low in March, with blue chip names like Disney, J.P. Morgan and others trading at spreads that were reserved for high-yield credit just a few weeks earlier. In back-to-back weeks ended March 13 and March 20, investment-grade corporate bonds experienced their worst and third-to-worst weeks on record; municipal bonds experienced their worst two weeks on record during the same period.</p> <p>The lack of dealer volume in the fixed income market today vs. 10 years ago almost undoubtedly accelerated the downturn in bond values. As noted in the chart below, outflows in municipal bonds during late March reached historic levels. A more substantial backstop of market-makers would not have prevented this selloff, but it may have helped to cushion the sharp reaction in bond prices if there were institutions in the market prepared to take assets onto their balanced sheets.</p> <hr /><h5>Harsh Reaction</h5> <p><em>The municipal bond market saw unprecedented outflows in mid-to-late March 2020, leading to an extremely sharp reversal in bond prices. Liquidity was very likely a factor exacerbating the downturn in prices; a larger pool of institutional dealers could have softened the blow of the mass selloff by taking inventory onto their books.</em></p> <p><img src="http://brownadvisoryd8stg.prod.acquia-sites.com/sites/default/files/muni_bond_prices_liquidity_chart.jpg" /></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Muni bond prices represented by the Bloomberg Barclays Municipal 1-10YR Blend Index. Weekly fund flows represented by ICI Municipal Bond Estimated Weekly Net New Cash Flow. All data sourced from Bloomberg.</p> <hr /><p>Prior to this downturn, we have experienced “bumps in the roadâ€?since the financial crisis that provided hints that the market had become less resilient to system shocks. In past pre-recession periods (in 1999-2000 ahead of the tech bubble, and in 2007 ahead of the financial crisis), volatility escalated gradually, but in 2015 and 2018 we had no warning in advance of dramatic ramp-ups in volatility. We’ve also seen several short-term dislocations in recent years, which quickly corrected for the most part, such as the “Flash Crashâ€?of 2010 (in which the Dow Jones Industrial Average dropped 600 points point within five minutes and largely bounced right back within a half-hour), as well as other similarly dramatic one-day events since (see chart). In these moments, the price of liquidity ramped up significantly, as key sources of liquidity such as passive index funds and high-frequency traders essentially exited the trading environment for stretches of time.</p> <hr /><h5>Big Market Swings Are No Longer Once-In-A-Generation Events</h5> <p><em>In recent years, capital markets have produced several severe one-day events that seemed almost impossible from a probability standpoint. High standard deviations from the norm tells us that these events were extremely unlikely (the 2010 "Flash Crash" was, according to statistics, a once-in-404-billion-years event), but they all happened, suggesting that modern market conditions are more conducive to such occurrences than what we have seen in the past. In each case, the “air pocketâ€?effect of liquidity drying up was a contributing factor; the same is true of the multiple days during March 2020 when markets swung with unexpected force.</em></p> <p> <style type="text/css"> <!--/*--><![CDATA[/* ><!--*/ <!--/*--><![CDATA[/* ><!--*/ table { border-collapse: collapse; width: 100%;} tr:hover {background-color: #f5f5f5;} td, th { font-size: 0.8em; text-align: left; padding: 10px; border: 1px solid #ddd; } #label th { color: #fff; text-align: center; } <!-- tr:nth-child(even) { --> <!-- background-color: #dddddd; --> <!-- }; --> .bold {font-weight: 800;} /*--><!]]]]><![CDATA[>*/ /*--><!]]>*/ </style></p> <table id="label"><tbody><tr><th> </th> <th bgcolor="#173963">Reference Market/Index</th> <th bgcolor="#173963">% Change</th> <th bgcolor="#173963">No. of Standard Deviations</th> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">5/6/2010</font></td> <td style="text-align: center;" valign="top">S&P 500 Index</td> <td style="text-align: center;" valign="top">-6.9</td> <td style="text-align: center;" valign="top">7.6</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">10/15/2014</font></td> <td style="text-align: center;" valign="top">10-Yr U.S. Treasuries</td> <td style="text-align: center;" valign="top">-15.0</td> <td style="text-align: center;" valign="top">6.8</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">3/18/2015</font></td> <td style="text-align: center;" valign="top">U.S. Dollar</td> <td style="text-align: center;" valign="top">-2.8</td> <td style="text-align: center;" valign="top">6.4</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">8/24/2015</font></td> <td style="text-align: center;" valign="top">S&P 500 Index</td> <td style="text-align: center;" valign="top">-5.0</td> <td style="text-align: center;" valign="top">5.5</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">10/7/2016</font></td> <td style="text-align: center;" valign="top">British Pounds Sterling</td> <td style="text-align: center;" valign="top">-6.2</td> <td style="text-align: center;" valign="top">11.2</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">2/5/2018</font></td> <td style="text-align: center;" valign="top">VIXÂź (Volatility Index)</td> <td style="text-align: center;" valign="top">164.0</td> <td style="text-align: center;" valign="top">20.3</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">3/16/2020</font></td> <td style="text-align: center;" valign="top">S&P 500 Index</td> <td style="text-align: center;" valign="top">-11.98</td> <td style="text-align: center;" valign="top">10.1</td> </tr><tr><td bgcolor="#173963" valign="top"><font color="white">3/16/2020</font></td> <td style="text-align: center;" valign="top">VIXÂź (Volatility Index)</td> <td style="text-align: center;" valign="top">43.0</td> <td style="text-align: center;" valign="top">6.2</td> </tr></tbody></table><p style="line-height: 1.5em; font-size: 0.7em;">Source: BLOOMBERG as of 3/31/2020. <b>Standard deviation</b> measures the extent to which the data points in a group are spread out from the mean or expected value of that group. In normally distributed data sets, two-thirds of the data points are within +/- 1 standard deviation from the mean; data points that are multiple standard deviations from the mean are considered outliers.</p> <p> </p> <hr /><h5>MANAGING LIQUIDITY RISK</h5> <p>A critical element to our management of liquidity risk is to straightforwardly ensure that a portion of every portfolio we manage for clients is held in cash or “cash equivalentsâ€?(i.e., highly liquid and stable investments like money markets or T-bills), in an amount that allows clients to meet any near-term spending requirements and gives them the confidence to leave long-term investments intact during a market downturn. We believe that maintaining this “operating bucketâ€?for clients effectively separates financial decisions and emotional reactions from investment decisions. Just as importantly, having liquidity on hand when the market is under fire can be a major advantage, giving us the flexibility to capitalize when the market offers us rare value.</p> <p>Looking beyond the “operating bucket,â€?most clients can also benefit from an allocation to assets that offer a combination of cash flow, high liquidity and reasonable stability as a source of capital for medium-term needs. The current, unprecedented market has challenged previous assumptions about the safety of some investments in this category, such as intermediate-term corporate or municipal bonds; there is a reason why we deem some holdings as part of a client’s “operating bucketâ€?and not others. However, the price dislocation we have seen in many of these market segments is just that—a price dislocation—and in many cases, the near-term drop in value does not indicate dire financial stress or a heightened probability of impairment. For holdings where we feel confident that the issuer can weather this storm, we are advising clients to simply collect the unchanged income payments from these holdings and to wait until valuations rebound or (in the case of bonds) until the underlying securities mature.</p> <p>Once we have taken steps to meet short- and medium-term spending requirements, we can more confidently consider various levels of illiquidity across the remainder of the portfolio’s longer-term investments. As noted earlier, accepting illiquidity is a path to potentially higher returns; for asset classes such as private equity, private real estate and private credit, we seek illiquidity premiums of between 1.5% and 3% per year over public-market counterparts (a range in line with what these asset classes have produced in the past 10-15 years). That level of premium is lower than one would have expected 20 or 30 years ago, because private markets today are bigger, more accessible and more competitive today than in the past. Still, the ability to earn an additional 2% or 3% in annual return can easily be the difference between success and failure in a long-term investment program. Moreover, we aim to add additional value in manager research and selection, which can hopefully further enhance returns beyond what clients would expect from the asset class overall.</p> <p>Committing capital contractually for years is not a decision to be taken lightly, particularly when interim liquidity decisions are ceded to a private fund manager. To some extent, objective logic can be your guide—if an investment earns a premium return it can help you meet long-term portfolio growth goals, so a long-term commitment to that investment may make sense as long as you do not need those funds for interim spending needs.</p> <p>But decisions around illiquid investments involve multiple subjective factors as well. At the moment, the predominant concern for nearly all investors is the volatility and uncertainty surrounding the COVID-19 outbreak and its potential impact on the economy and markets. Choosing to commit capital for long periods of time is a meaningful step under any circumstances, and certainly needs to be viewed even more cautiously in the current environment. Beyond this fact, we need to consider the investor’s emotional makeup, known spending needs and potential future obligations, as the investment cannot be viewed as a success if it prevents a client from meeting an obligation, fulfilling a lifestyle goal or sleeping at night. Moreover, today’s market presents deep challenges and conditions that do not have a great deal of historical precedent. We do not assume that all private fund managers will be able to navigate these trends, and generate illiquidity premiums, by default. As such, we discuss private and illiquid investments with clients in a highly customized manner, to ensure that recommendations fit their specific circumstances, and we devote ourselves to manager research to ensure that we only work with managers in whom we have the highest confidence. Given the current market backdrop, these core elements of our work with clients only become more important. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> <p style="line-height: 1.5em; font-size: 0.7em;">Private and alternative investments (including hedge funds and private equity, credit and real estate funds) may be available for qualified purchasers and/or accredited investors only.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The <strong>S&P 500Âź Index</strong> represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&Pâ€?, a subsidiary of S&P Global Inc.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The <strong>Volatility Index</strong>, or "VIX," is a real-time index that represents the market's expectation of 30-day forward-looking equity-market volatility. The VIX is a trademark of the Chicago Board Options Exchange.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The <strong>Russell 2000Âź Index</strong> is a market-capitalization weighted equity index that provides exposure to the small-cap segment of the U.S. stock market. It tracks the performance of the 2,000 smallest U.S.-traded stocks. Russell Indexes are completely reconstituted annually. All Russell Indexes and RussellÂź are trademarks/service marks of the London Stock Exchange Group of companies.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The <strong>MSCI Europe Index</strong> is designed to represent the performance of large- and mid-cap equities across 15 developed markets. With more than 400 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across European developed-market equities. All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The <strong>Bloomberg Barclays Municipal 1-10 Year Blend Index</strong> is a market value-weighted index which covers the short and intermediate components of the Barclays Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market..</p> <p style="line-height: 1.5em; font-size: 0.7em;">BLOOMBERG, is a trademark and service mark of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.</p> </div> Mon, 30 Mar 2020 20:04:25 +0000 ajackson 29616 at http://yagipay.com 快狐.apk免费版,水多视频污app下载,小优app官网为爱而生看片Equities and Fixed Income Webcast http://yagipay.com/equities-and-fixed-income-webcast <span class="field field--name-title field--type-string field--label-hidden">Equities and Fixed Income Webcast</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 03/13/2020 - 08:00</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.brighttalk.com/webcast/7491/390501?utm_campaign=communication_reminder_24hr_owner&utm_medium=email&utm_source=brighttalk-transact&utm_content=title"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Please register or sign in to your Brighttalk account in order to access this webcast. Click the link above to get started.</p> <div class="jsBrightTALKEmbedWrapper" style="background: rgb(255, 255, 255); width: 100%; height: 100%; position: relative;"><script class="jsBrightTALKEmbedConfig" type="application/json"> <!--//--><![CDATA[// ><!-- <!--//--><![CDATA[// ><!-- { "channelId" : 7491, "language": "en-US", "commId" : 385840, "displayMode" : "standalone", "height" : "auto" } //--><!]]]]><![CDATA[> //--><!]]> </script><script class="jsBrightTALKEmbed" src="http://www.brighttalk.com/clients/js/player-embed/player-embed.js"></script></div> </div> Fri, 13 Mar 2020 12:00:37 +0000 ajackson 29571 at http://yagipay.com 国外ios福利app日本,凤江湖楼凤,2018东京热a v手机在线Looking Back And Thinking Ahead: 10 Lessons Learned After 10 Years Of Managing Large-Cap Sustainable Growth http://yagipay.com/intl/looking-back-and-thinking-ahead-10-lessons-learned-after-10-years-managing-large-cap <span class="field field--name-title field--type-string field--label-hidden">Looking Back And Thinking Ahead: 10 Lessons Learned After 10 Years Of Managing Large-Cap Sustainable Growth</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 03/02/2020 - 10:33</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>We are excited to reflect on our ten year anniversary for the Large-Cap Sustainable Growth strategy. We are pleased that our long-term results have demonstrated that there does not have to be a trade-off between strong performance and smart investments that help address some of our society’s trickiest sustainability challenges. Consistent with our investment team’s culture of continuous improvement, we are also humbled by all that we have learned over the past decade, and all that we have yet to learn. Moreover, while our process and philosophy have not changed since the strategy’s inception, investing is a process of continual development and we remain both eager and hungry for opportunities to learn from our mistakes going forward. We are also thankful to be working alongside phenomenal colleagues, and expect to embark on another decade of growth together.</em></p> <p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Here are some of the key lessons that we have learned over this rewarding professional journey.</em></p> <ol><li><strong>Listen.</strong><br /> Intently listen to clients and to outside viewpoints. This is probably the most important lesson of all. We are open to continuous feedback from internal, as well as external parties and views.<br />  </li> <li><strong>Be humble.</strong><br /> Look at all of your data, and constantly reassess how you, your team and your process are adding value.<br />  </li> <li><strong>Embrace different perspectives.</strong><br /> We bring different backgrounds and a diversity of thinking to portfolio management. Karina came to investing from an engineering background, while David came to portfolio management from equity research covering the industrials sector. Our different perspectives complement and enhance each other in the portfolio decision-making process. With two of us at the helm, we challenge each other, leading to better chances of avoiding behavioral pitfall. So in short, know your strengths well, and appreciate your colleaguesâ€?strengths as part of a portfolio team.<br />  </li> <li><strong>The team matters.</strong><br /> We believe strongly that you have to constantly reinvest in the full team. Add resources, sometimes in new roles, always with the goal of making us better investors.<br />  </li> <li><strong>No shortcuts for understanding business models.</strong><br /> Understanding businesses is core to our process. One can pore over any amount of data, finesse and fit it into frameworks, read, talk, crunch numbers and develop financial models. But to find the best business models, and constantly try to upgrade a portfolio with the best ones—nothing can replace the hard work required there. To identify companies with pricing power, revenue visibility, mission-critical value creation and efficient and effective management and operations, we need to engage in thoughtful, primary research and reassess it often. The lesson is—there are no shortcuts to rolling up your sleeves and doing everything you can to understand a business.<br />  </li> <li><strong>Sustainability questions for all.</strong><br /> One can learn a lot from asking senior business executives about sustainability issues. Ask anyone and everyone at the companies you are talking to, as it pertains to their role and domain—the Chief Sustainability Officer (CSO), Investor Relations, the Chief Executive Officer, the Chief Financial Officer, the Head of Facilities, etc.—about sustainability as it relates to their enterprise.<br />  </li> <li><strong>Insights over frameworks.</strong><br /> There is a proliferation of ESG data that is only growing. Ratings too. ESG frameworks are abundant: The Task Force on Climate-related Financial Disclosures (TCFD), Sustainable Development Goals (SDGs), Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI), to name a few. But frameworks are not insight. Rather, they are ways of organizing data that can be useful to us as inputs. There is no substitute for doing the work of creating actionable investment insights from all the proliferation of information and noise in the market.<br />  </li> <li><strong>Importance of proprietary research.</strong><br /> We are selective and do our own fundamental analysis—and as stated earlier, there are no shortcuts. In addition, we have a dedicated ESG research team that helps us gather deeper insights and integrate this intelligence into our fundamental investment process. We believe that primary research is the only way to consistently drive well-informed investment decisions.<br />  </li> <li><strong>Sustainability is paramount for long-term investing.</strong><br /> Sustainability risks and opportunities are not a separate category of factors to be assessed, in our view. Rather, sustainability challenges are part of the reality in which we all live and operate. As investors, we must find the companies who understand these challenges and opportunities, and continue to adapt to these realities to pursue long-term profitability.<br />  </li> <li><strong>Long-term thinkers are leading the conversation.</strong><br /> Society is inexorably moving in a direction that will demand sustainability—from consumers demanding sustainable products, to younger generations coming into management roles at companies in which we invest. In our experience, the best business leaders are long-term thinkers who are already acting on the threats and opportunities of global climate change. While the next generation is known to be driving interest in sustainability, it is really the long-term thinkers, of all ages, in our view, who are leading the charge towards sustainability.</li> </ol><h4>Conclusion</h4> <p>We have learned a tremendous amount during this exciting decade-long journey. We remain fully committed and disciplined in our process of finding investment opportunities at the intersection of strong fundamentals, sustainable business advantages and attractive valuation. We look forward to building on this foundation over the decades to come. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 02 Mar 2020 15:33:02 +0000 ajackson 29486 at http://yagipay.com 富二代视频在线观看免费,向日葵视频app成人,花间免费下载安装Brown Advisory U.S. Sustainable Growth Introductory Webcast http://yagipay.com/brown-advisory-us-sustainable-growth-introductory-webcast <span class="field field--name-title field--type-string field--label-hidden">Brown Advisory U.S. Sustainable Growth Introductory Webcast</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 02/26/2020 - 08:00</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.brighttalk.com/webcast/7491/385840?utm_source=Brown+Advisory&utm_medium=brighttalk&utm_campaign=385840"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Please register or sign in to your Brighttalk account in order to access this webcast. Click the link above to get started.</p> <p> </p> <p><em>Recorded on February 26</em>.</p> <div class="jsBrightTALKEmbedWrapper" style="background: rgb(255, 255, 255); width: 100%; height: 100%; position: relative;"><script class="jsBrightTALKEmbedConfig" type="application/json"> <!--//--><![CDATA[// ><!-- <!--//--><![CDATA[// ><!-- { "channelId" : 7491, "language": "en-US", "commId" : 385840, "displayMode" : "standalone", "height" : "auto" } //--><!]]]]><![CDATA[> //--><!]]> </script><script class="jsBrightTALKEmbed" src="http://www.brighttalk.com/clients/js/player-embed/player-embed.js"></script></div> </div> Wed, 26 Feb 2020 13:00:37 +0000 ajackson 29371 at http://yagipay.com 影视看看,小红唇导航,可口可啪2019 Impact Report: Large-Cap Sustainable Growth Strategy http://yagipay.com/intl/2019-impact-report-large-cap-sustainable-growth-strategy <span class="field field--name-title field--type-string field--label-hidden">2019 Impact Report: Large-Cap Sustainable Growth Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 02/06/2020 - 08:15</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h4>A Letter of Introduction From The Portfolio Managers</h4> <p> </p> <p>At Brown Advisory, we are deeply committed to sustainable investing. Our firm managed more than $6 billion* in client assets under various sustainable investment mandates for individuals, families and institutions, as of Dec. 31, 2019. We firmly believe that there does not have to be a trade-off between strong performance and smart investments that help address society’s trickiest sustainability challenges.</p> <p>For a number of our sustainable investment strategies, we issue formal reports each year to keep clients informed about how those strategies are generating positive impact. Enclosed is our Impact Report for the Brown Advisory Large-Cap Sustainable Growth strategy.</p> <p>The report includes a review of how we invest using innovative ESG research, and in particular how we use the concept of Sustainable Business Advantage (SBA) to identify compelling long-term investments. We also discuss the positive environmental and social outcomes being created by our portfolio companies, and how we engage with portfolio companies and the sustainable investing community.</p> <p>As we celebrate the 10-year anniversary of our Sustainable Growth strategy, we are pleased to report continued progress and advancement of our sustainable investment initiatives at the firm. In 2019, we expanded our ESG research team to five full-time analysts with the addition of Lisa Fillingame Abraham and Victoria Avara, and we further built out our ESG research toolkit to more comprehensively serve the needs of the firm’s investment teams. We ramped up engagement activity with company management teams and refined the process that our proxy voting committee (which includes several of the firm’s senior executives) will use going forward. At the firmwide level, we will be issuing Brown Advisory’s first corporate sustainability report in the coming months, in which we will strive to answer the same questions about ourselves that we ask companies to answer before we consider investing in them.</p> <p>As always, we thank our ESG research team for its contribution to this report and our work in general. The team works tirelessly to ensure that our investment decisions are informed by solid ESG data and clear viewpoints about how that data may affect a company’s prospects. We thank all of our colleagues across the firm for embracing sustainable investing principles so enthusiastically. Most importantly, we are deeply grateful to our clients, who trust us as stewards of their capital and serve as our partners as we learn, innovate and improve over time.</p> <p>We hope you find this year’s report informative, and we welcome a continuing conversation with you about the work we are doing.</p> <p>Sincerely,</p> <p> </p> <div style="float: left; width: 35%;"> <p><strong>Karina Funk, CFA</strong><br /> Portfolio Manager <br />  </p> </div> <div style="float: left; width: 35%;"> <p><strong>David Powell, CFA</strong><br /> Portfolio Manager<br />  </p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:9px;">*Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC.</span></p> <p> </p> </div> Thu, 06 Feb 2020 13:15:05 +0000 ajackson 29396 at http://yagipay.com airav,一级片影院,色老板最新地址2019 Impact Report: Sustainable Core Fixed Income Strategy http://yagipay.com/intl/2019-impact-report-sustainable-core-fixed-income-strategy <span class="field field--name-title field--type-string field--label-hidden">2019 Impact Report: Sustainable Core Fixed Income Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 02/03/2020 - 08:02</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h4>A Letter of Introduction From The Portfolio Managers</h4> <p> </p> <p>At Brown Advisory, we are deeply committed to sustainable investing, with the goal of helping clients generate attractive investment returns, align their investments with their values and make a positive impact on society with their capital. Our firm managed more than $6 billion* in client assets under various sustainable investment mandates for individuals, families and institutions, as of Dec. 31, 2019.</p> <p>Our goal with this work is to help our clients generate attractive investment returns driven by innovative ESG research, align their investments with their values and make a positive impact on society with their capital.</p> <p>For a number of our sustainable investment strategies, we issue formal reports each year to keep clients informed about how those strategies are generating positive impact. Enclosed is our 2019 Impact Report for the Sustainable Core Fixed Income strategy. We seek to deliver attractive, risk-adjusted returns by incorporating environmental, social and governance (ESG) research that strengthens our bottom-up, credit-focused research while building a portfolio that aims to produce positive environmental and social impact.</p> <p>This report includes a review of how we invest using innovative ESG and sustainability research, how we look for and identify impact across various fixed income sectors, and how the investments in our portfolio are creating positive environmental and social outcomes. We also discuss how we engage with issuersâ€?sometimes for research and advocacy purposes, and other times in an advisory capacity with issuers seeking guidance on structuring their labeled bond offeringsâ€?as well as how we participate in the broader sustainable investing community.</p> <p>We are pleased to report continued progress and advancement of our firm’s sustainable investing platform in 2019. We expanded our ESG research team to five full-time analysts with the addition of Lisa Fillingame Abraham and Victoria Avara. As always, we thank our fundamental and ESG research teams, who work tirelessly to ensure that our investment decisions are informed by solid ESG data and clear viewpoints about how that data may affect a company’s prospects. Additionally, we thank all of our colleagues across the firm for embracing sustainable investing principles so enthusiastically, and most importantly our clients for entrusting us with their capital.</p> <p>We hope you find this report informative, and we welcome a continuing conversation with you about the work we are doing.</p> <p>Sincerely,</p> <p> </p> <div style="float: left; width: 35%;"> <p><strong>Tom Graff, CFA</strong><br /> Portfolio Manager<br />  </p> </div> <div style="float: left; width: 35%;"> <p><strong>Amy Hauter, CFA</strong><br /> Portfolio Manager</p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:9px;">*Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.</span></p> </div> Mon, 03 Feb 2020 13:02:00 +0000 ajackson 29391 at http://yagipay.com 花海直播官网下载,香草成视频人app下载,小说吧2019 Impact Report: Tax-Exempt Sustainable Fixed Income Strategy http://yagipay.com/intl/2019-impact-report-tax-exempt-sustainable-fixed-income-strategy <span class="field field--name-title field--type-string field--label-hidden">2019 Impact Report: Tax-Exempt Sustainable Fixed Income Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 02/03/2020 - 08:01</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h4>A Letter of Introduction From The Portfolio Managers</h4> <p> </p> <p>At Brown Advisory, we are deeply committed to sustainable investing, with the goal of helping clients generate attractive investment returns, align their investments with their values and make a positive impact on society with their capital. Our firm managed more than $6 billion* in client assets under various sustainable investment mandates for individuals, families and institutions, as of Dec. 31, 2019.</p> <p>For a number of our sustainable investment strategies, we issue formal reports each year to keep clients informed about how those strategies are generating positive impact. Enclosed is our Impact Report for the Brown Advisory Tax-Exempt Sustainable Fixed Income strategy. We seek to deliver attractive, risk-adjusted returns by incorporating environmental, social and governance (ESG) research that strengthens our bottom-up, credit-focused research, while building a portfolio that aims to produce positive environmental and social impact.</p> <p>This report includes a review of how we invest using innovative ESG and sustainability research, how we look for and identify impact across various municipal sectors, and how the investments in our portfolio are creating positive environmental and social outcomes. We also discuss how we engage with issuersâ€?sometimes for research and advocacy purposes, and other times in an advisory capacity with issuers seeking guidance on structuring their labeled bond offeringsâ€?as well as how we participate in the broader sustainable investing community.</p> <p>We are pleased to report continued progress and advancement of our firm’s sustainable investing platform in 2019. Among other initiatives, we expanded our ESG research team to five full-time analysts with the addition of Lisa Fillingame Abraham and Victoria Avara, and we launched a mutual fund based on this strategy at the end of 2019, and took a variety of other steps to expand our offering to clients.</p> <p>As always, we thank our fundamental and ESG research teams, who work tirelessly to ensure that our investment decisions are informed by solid ESG data and clear viewpoints about how that data may affect a company’s prospects. Additionally, we thank all of our colleagues across the firm for embracing sustainable investing principles so enthusiastically, and most importantly our clients for entrusting us with their capital.</p> <p>We hope you find this report informative, and we welcome a continuing conversation with you about the work we are doing.</p> <p>Sincerely,</p> <p> </p> <div style="float: left; width: 35%;"> <p><strong>Stephen Shutz, CFA</strong><br /> Portfolio Manager</p> </div> <div style="float: left; width: 35%;"> <p><strong>Amy Hauter, CFA</strong><br /> Portfolio Manager</p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:9px;">*Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.</span></p> </div> Mon, 03 Feb 2020 13:01:00 +0000 ajackson 29386 at http://yagipay.com 极品,菠萝蜜视频下载,狼友聚导航CIO of Sustainable Investing Erika Pagel Interviewed at Davos 2020 http://yagipay.com/intl/cio-sustainable-investing-erika-pagel-interviewed-davos-2020 <span class="field field--name-title field--type-string field--label-hidden">CIO of Sustainable Investing Erika Pagel Interviewed at Davos 2020</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 01/17/2020 - 07:33</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=Cm1fJnhDqII"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Brown Advisory chief investment officer of sustainable investing Erika Pagel was recently interviewed by journalist Andrew Wilson in Davos ahead of the World Economic Forum. Erika spoke about the firm’s sustainable investing practice, which has a long history of helping individuals, families, endowments and foundations invest in a way that aligns with their mission, values and beliefs. This expertise takes clients beyond traditional Environment, Social and Governance (ESG) models and is an important piece of Brown Advisory’s Sustainable Investing practice.</p> </div> Fri, 17 Jan 2020 12:33:00 +0000 ajackson 29341 at http://yagipay.com 网曝视频,小辣椒视频ios版,新版快狐破解版Global Leaders Investment Letter - Q4 2019 http://yagipay.com/intl/global-leaders-investment-letter-q4-2019 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q4 2019</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 12/31/2019 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q4 2019</em></p> <p>In this edition, the team discuss their view of human psychology and herd mentality, and how this can result in certain investing concepts becoming overly simplified and detached from economic reality. A pertinent example of this is the increase in companies buying back equity. The team discuss how they believe that this is just one tool in a company's capital allocation tool kit and needs to be viewed holistically in tandem with internal investment, acquisitions, deleveraging and paying dividends.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/int-global-leaders-investment-letter-q42019" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Tue, 31 Dec 2019 14:50:15 +0000 ajackson 29056 at http://yagipay.com 污污玉米视频软件,情趣魅惑,秋葵app苹果版下载NOW London 2019 | Behavioural Bias, Decision Making & Influence http://yagipay.com/intl/now-london-2019-behavioural-bias-decision-making-influence <span class="field field--name-title field--type-string field--label-hidden">NOW London 2019 | Behavioural Bias, Decision Making & Influence</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 11/12/2019 - 11:51</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=q9_XDib2Z64"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Tali Sharot, Professor of Cognitive Neuroscience, Department of Experimental Psychology at University College London spoke about how motivation and emotion determine our expectations of the future, our everyday decisions, our memories and our ability to learn. Her goal is to identify ways to encourage behavioural changes that enhance well-being and her work is of great relevance as it relates to how we think about and structure our investment processes. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p> </p> <p> </p> <p> </p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Tue, 12 Nov 2019 16:51:49 +0000 achen 29431 at http://yagipay.com 日本av七次郎,avbar,114美图Global Leaders Strategy: Sustainable Perspectives http://yagipay.com/intl/global-leaders-strategy-sustainable-perspectives <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Strategy: Sustainable Perspectives</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 10/08/2019 - 11:43</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Environmental, social and governance (ESG) considerations are being increasingly embraced by investors around the world. The concept of ESG, or sustainable investing, manifests in many ways in our industry, and we are hopeful that capital will continue to flow into shining examples of corporate citizenship.</p> <p>To us, corporate sustainability is more than a fad—it is primarily good business sense that goes hand-in-hand with value creation. As such, ESG research is an essential part of our Global Leaders investment strategy. It helps us to make intelligent choices about investments and to engage with company management teams on a wide variety of important topics that may affect their long-term prospects.</p> <h5>PHILOSOPHY AND APPROACH</h5> <p>We are long-term investors, and in our management of the Global Leaders strategy, we focus intently on companies that we believe create exceptional customer outcomes as a driver of long-term value creation. In an ideal world, we would never sell any of our investments, and we would be able to allow each franchise that we own to compound forward for decades.</p> <p>Unfortunately, capitalism can create an unbridled fixation on profits, and on short-term profits in particular. Companies and investors with a short-term mindset might ignore ESG issues and create significant business risks. We do not believe it is possible for a company to create value over the long term if it is damaging the environment or society with poor governance that fosters egregious and reckless behaviour. In the U.K., BP’s 2010 Macondo oil spill disaster and Sports Direct’s exploitative employment practices are examples of when environmental and social issues undermine a franchise’s ability to generate long-term cash flow.</p> <p>Accordingly, the consideration of ESG issues is a matter of perspective, and how one views these issues often has a great deal to do with one’s investment timeframe. For example, we take a very dim view of companies that do actual damage to their customers. For this reason, the Global Leaders strategy has never invested in tobacco companies, despite the fact that the addictive nature of nicotine has fostered powerful economic engines in many cases. Over the very long term, we believe tobacco companies will shrink out of existence as they continue to harm their customers. It is all a matter of perspective—the core of sustainable investing is sustainable value creation.</p> <p>ESG research can do more than help us avoid bad investments­—it can also help us find good ones. We look for companies that have “sustainable business advantagesâ€?(SBA)—in other words, companies that incorporate sustainability into their business in a way that can add real value for customers and shareholders, in the form of revenue growth, cost improvement or enhanced franchise value. To be compelling to us, a company’s SBA needs to have a material impact on the business—for example, an increasing percentage of a company’s overall revenue is driven by a product line that helps customers save energy. It also needs to be differentiated, meaning that the company is delivering something over and above its industry peers. For a number of our portfolio companies, a key part of our investment thesis is a specific SBA that, in our view, passes these materiality and differentiation tests.</p> <p>To us, the ESG movement in investing is a breath of fresh air and makes perfect business sense. Indeed, we view it as a positive step towards long-term investment thinking, and a great improvement over the fishbowl myopia that still afflicts most short-term investors.</p> <h5>FINDING WINNERS</h5> <p>Our investment process centres on finding “win-winâ€?relationships between the customer and the company, whereby the customer gets something special from the company and the company is rewarded with outstanding economics. Embedding ESG considerations into our investment analysis not only helps to shield our clients from business risks that can easily be ignored in the capitalist pursuit of profits, but also helps us invest in companies where we see the potential for a triple win—for the customer, the company and society or the environment.</p> <p>Microsoft is a case in point. The firm’s Azure cloud-computing solution frees customers and developers from intense management of on-premise hardware and software, and helps them drastically reduce energy usage. The company’s legacy operating systems and software businesses are stable, but this cloud-computing business is growing quickly and has become a powerful growth driver for the firm overall. Lastly Microsoft has been a 100% carbon-neutral operation since 2012, which we believe creates a clear “win-win-win.â€?lt;/p> <hr /><p style="color:#005593; font-size:25px; font-family:georgia,serif;">"Sustainable investing is more than a fad—it is a welcome recalibration of perspective, from a short-term fixation on profits to a long-term view of value creation."</p> <hr /><p>We also like the way Indonesia’s Bank Rakyat has found innovative ways to tap into non-traditional growth drivers. Founded in 1896, Bank Rakyat has been partially government-owned since Indonesia’s independence in 1950 and has played a critical role in promoting the government’s social agenda by advancing subsidized credit for rural enterprises. Indonesia has very low levels of financial services penetration, and thus its rural population is largely unbanked, with no real access to the modern financial sector except through microlending. Bank Rakyat is a crucial lender to the informal economy in these rural regions and leads the Indonesian microfinance market. Through this important role, the company has been rewarded with approximately a 22% return on equity over the past five calendar years (2014-2018). Its rural credit infrastructure, combined with a community-based approach to lending, has created a difficult-to-replicate formula with low levels (2%) of non-performing loans, that in our view has led to a wide competitive moat. We believe that these are clear wins for society, the customer and the business and we believe that Bank Rakyat is well positioned to produce long-term growth for our clients.</p> <h5>SUSTAINABLE INVESTING IS SMART INVESTING</h5> <p>When companies are smart about ESG, we believe it can help them on “defenseâ€?as well as on “offense”—in other words, we are mindful of the way companies are managing ESG risks effectively, capitalizing on sustainable business opportunities, or both. We believe that more investors are coming to view ESG from this perspective, and we see this as a maturation of sustainable investing towards a more holistic and intelligent conception of positive capitalism.</p> <p>To us, sustainable investing is far more than a fad—it is a welcome recalibration of perspectives that is here to stay. However the field of ESG research may evolve in the years to come, we are confident that it is adding value to our investment decisions today. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p class="responsive"><a href="http://yagipay.com/sites/default/files/microsoft_section.jpg"><img src="http://yagipay.com/sites/default/files/microsoft_section.jpg" /></a></p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Tue, 08 Oct 2019 15:43:27 +0000 ajackson 29041 at http://yagipay.com 九尾短视频,香蕉视频app官网首页,好看的电影Global Leaders Investment Letter - Q3 2019 http://yagipay.com/intl/global-leaders-investment-letter-q3-2019 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q3 2019</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 09/30/2019 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q3 2019</em></p> <p>In this letter the team discuss their thoughts on 'growth' vs 'value' given the market fluctuations over the last few months. Additionally they discuss emotion and how this plays a role in investing, relating this to Dr. Tali Sharot's research and the talk she gave at our NOW speaker evening in October 2019.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href=" http://info.yagipay.com/intl-global-leaders-investment-letter-q32019" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Mon, 30 Sep 2019 13:50:15 +0000 ajackson 29796 at http://yagipay.com 看微拍,午夜福利50集在线看下载,成人快手视频2019 Annual Report | This Time Tomorrow http://yagipay.com/intl/2019-annual-report-time-tomorrow <span class="field field--name-title field--type-string field--label-hidden">2019 Annual Report | This Time Tomorrow</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 09/13/2019 - 08:20</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>We are pleased to share with you Brown Advisory’s 2019 annual reportâ€?lt;strong><em>This Time Tomorrow.</em></strong></p> <p>The theme of this year’s report is our firm’s purpose, which we state most simply as “Raise the Future.â€?The future, and all that it represents, dominates our thinking, planning and goals. To raise the bar set by our clientsâ€?expectations, we pursue ideas, strategies and services aimed at supporting their long-term and, often, evolving goals. This obsession with the future inspires our work, drives us to innovate and, we believe, has led to meaningful, long-standing client relationships.</p> <p>For the first time, we share the stories of two clients to illustrate why the future guides everything we do: Our clients entrust us with their—and their stakeholders’—futures. Both of the clients whose stories we tell, and the organizations they represent, dedicate themselves to making the future brighter for the people and communities they serve, and embody our firm’s purpose.</p> <p>In addition to the client stories, you will also read about the new framework we raised to describe the Brown Advisory DNA. “The Four C’sâ€?are the foundational elements of our mission, purpose, values and beliefs; together, they propel us forward and keep us focused on tomorrow. In everything that we do, we strive to be:</p> <p><strong>Client First. Colleague Driven. Community Focused. Culture Led.</strong></p> <p>Here’s to <em>Raising the Future</em>, together.</p> <p> </p> <p> </p> <div class="greyLine"> </div> <p style="text-align:center;"><em>Please fill out the form below to download a copy of the annual report<br /> or <a href="http://info.yagipay.com/2019-AR-print-copy">click here</a> to request a printed copy.</em></p> </div> Fri, 13 Sep 2019 12:20:00 +0000 achen 28661 at http://yagipay.com 综合伊人,食色直播app下载,在线v片免费观看视频Healthy Returns: Sustainable Investing in the Health Care Sector http://yagipay.com/intl/healthy-returns-sustainable-investing-health-care-sector <span class="field field--name-title field--type-string field--label-hidden">Healthy Returns: Sustainable Investing in the Health Care Sector</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 09/10/2019 - 14:59</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif; font-style: italic;">Our Large-Cap Sustainable Growth portfolio managers discuss how they have approached the health care sector as sustainable investors.</p> <p>Some of the most compelling investments over the next decades, in our view, will be in companies that help solve some of society’s thorniest challenges—resource scarcity, chronic health crises, access to clean water and climate change, to name a few. Companies that do this exceptionally well can often put themselves in position to generate robust growth and profitability and reward shareholders over the long term.</p> <p>Our entire portfolio is built on this philosophy. Our investment criteria have led us to find these solution providers across a variety of sectors, particularly among health care, industrial and information technology companies. It turns out that companies can, in fact, often generate strong business results through products and business approaches that reduce energy and resource consumption, improve health outcomes, mitigate carbon emissions, and offer solutions to our long-term sustainability challenges. Our portfolio’s emphasis on these companies—and our willingness to decouple from our benchmark’s sector makeup to own sizable positions in them—has been a primary driver of our returns since inception.</p> <p>In this article, we will focus on our strategy’s health care investments, which have generated a 19% annualized return over the past five years ended Sep. 30, 2019, compared to a comparable figure of 8% for the health care holdings in our benchmark, the Russell 1000Âź Growth Index. Combined with a fairly consistent overweight in the sector over time, our stock selection in health care has driven an outsized proportion of our relative outperformance during that period.</p> <p>Here we discuss what attracts our interest in the sector, and what drives us away—and show how our choices have impacted our divergence of returns vs. our benchmark.</p> <h5>SECTOR BACKDROP</h5> <p>The importance of the health care sector to both society and the global economy is undeniable. Global health care spending is likely to exceed $10 trillion per year by 2022, according to Deloitte’s 2019 Global Health Care Outlook. Unsurprisingly, health care has also grown to become the second-largest sector in public equity markets, representing 13.7% of the market cap of the S&P 500 Index as of Aug. 31, 2019.</p> <p>The sector is making meaningful strides—notably, in the global fight against communicable diseases, and in innovative biotechnology research that offers hope for curing cancer, rare diseases, and other previously unsolvable medical challenges.</p> <p>Intractable challenges and obstacles remain: rising (some would say runaway) costs, rapid changes to the models used to deliver care, impacts from climate change and pollution, and massive inequities in access to care. Better health care data comes with the challenge of keeping that data private and secure. Drug pricing is a well-documented issue and few, if any, answers will satisfy all stakeholders. And the regulatory risks facing pharma and biotech companies are often binary in nature—FDA approval can mean billions in revenue, while a failed trial can lead to bankruptcy.</p> <p>The sector, therefore, presents fertile ground for investors but also contains plenty of danger. Our investment philosophy has always been to start with fundamentally strong companies that we believe are employing smart sustainability strategies to manage their risks, improve their cost structures, and create opportunities for long-term growth. Our approach in health care is no different.</p> <h5>A DRILLDOWN ON OUR PORTFOLIO</h5> <p>We generally focus our investments on solutions that we believe can achieve measurable and reliable results. We prefer businesses that have some control over their own destiny. In health care, these companies often include devices, services, tools or technologies that generate consistent results for customers such as shorter hospital stays for patients, reduced medical waste, higher success rates for medical procedures, or other tangible and (somewhat) predictable outcomes.</p> <p>We try to avoid companies that, in our view, are excessively exposed to pressures out of their control. In the health care sector, material shareholder value is too often subject to any number of surprises including clinical trial failures, political rhetoric around private/public health insurance, and drug pricing scrutiny. Price volatility is often triggered by these issues, and we find it difficult to justify sizable investments in firms tied to this volatility. We therefore seek to minimize exposure to these issues. (We can’t always avoid these issues entirely, however—for example, portfolio holding UnitedHealth is a well-positioned provider in our view, but it is nonetheless tied to the ongoing debate about universal health care and the potential elimination of private health insurance.)</p> <hr /><p><strong>Selected Sector Returns (Gross) Large-Cap Sustainable Growth Rep. Account vs. Russell 1000 Growth Index 9/30/2014â€?/30/2019 (Index=100)</strong></p> <p class="responsive"><a href="http://yagipay.com/sites/default/files/cumulative_Sustainable_return_lineChart.jpg"><img src="http://yagipay.com/sites/default/files/cumulative_Sustainable_return_lineChart.jpg" /></a></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Bloomberg. The portfolio information provided is based on a representative Large-Cap Sustainable Growth account and is provided as supplemental information. Sector allocations exclude cash and cash equivalents. Sectors and subsectors are based on the Global Industry Classification Standard (GICSÂź) classification system. Please see disclosure statements at the end of this presentation for the complete Large-Cap Sustainable Growth GIPS-compliant disclosure.</p> <hr /><p>The table below shows how our “basketâ€?of health care holdings has performed over the past five years, compared to the health care holdings in our benchmark (and the biotech subsector within health care). It is a quick illustration of a meaningful driver of our performance: The biotech subsector takes up more than a third of our benchmark’s health care allocation, but we largely avoid investing in biotech firms. That subsector’s weak performance over the past five years dragged on the benchmark’s returns, but had little impact on our portfolio.</p> <p>We can take this sector analysis further; the chart on the next page illustrates the breakdown of our health care holdings (in other words, our average weightings in various health care subsectors over time), vs. our benchmark. To be clear, we do not aim our investment at particular sectors or subsectors. But our criteria often lead us to specific areas of the economy where businesses are less subject to exogenous risk.</p> <hr /><h5>DISAGREEMENT CAN BE HEALTHY</h5> <p style="font-style: italic;">Our strategy’s investments in the health care sector historically have looked very different from the makeup of the health care holdings in our benchmark. We have had minimal exposure to the risks in the pharma and biotech sectors, and instead have invested most of our capital with companies focused on devices, technologies and services that seek to improve the effectiveness of health care delivery in a measurable way. These choices have generally benefited our overall portfolio returns over the past five years.</p> <p><strong>Average Health Care Subsector Weightings and Gross Returns, Five-Year Lookback (9/30/2014-9/30/2019)</strong></p> <p class="responsive"><a href="http://yagipay.com/sites/default/files/healthy_Sustainable_return_pieCharts.jpg"><img src="http://yagipay.com/sites/default/files/healthy_Sustainable_return_pieCharts.jpg" /></a></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Bloomberg. The portfolio information provided is based on a representative Large-Cap Sustainable Growth account and is provided as supplemental information. Subsector return figures provided above reflect the aggregated returns of the relevant equity holdings in the representative account portfolio and the benchmark, due to price movements and dividend payments or other sources of income, and exclude cash. Sector allocation data reflects average monthly exposure over the five-year period ended Sep. 30, 2019, and excludes cash and cash equivalents. Sectors and subsectors are based on the Global Industry Classification Standard (GICSÂź) classification system. Please see disclosure statements at the end of this presentation for the complete Large-Cap Sustainable Growth GIPS-compliant disclosure.</p> <hr /><p>To be sure, our relative avoidance of the pharma and biotech subsectors has hurt us at times during our history when those sectors were outperforming. We can be fairly certain that we will be out of step again at some point in the future when momentum develops behind these and other segments of the health care industry. Cutting-edge drug research continues to produce some truly amazing discoveries, but we find it challenging to base an investment thesis on events that hinge on binary outcomes like regulatory approvals or litigation results. We prefer to invest where we have greater visibility over longer periods of time, and we believe that approach will serve us well.</p> <p>Importantly, sector allocation is only part of the story—our stock selection has also benefited our returns. We are first and foremost bottom-up fundamental stock pickers; here we highlight several of our holdings that illustrate the kinds of opportunities we like to own:</p> <ul><li><strong>Edwards Lifesciences</strong> is a developer and manufacturer of technologies used to treat structural heart disease. The company’s transcatheter aortic valve replacement is less invasive than traditional open-heart surgery and is approved for patients deemed too high-risk for traditional surgery. This minimally invasive surgery technology effectively increases the probability of survival, reduces the length of hospital stays and readmission rates, and provides patients with a significantly higher quality of life post-surgery. A secondary (but still meaningful) benefit of Edwardsâ€?technologies: reduced time in the hospital for patients means a reduction in waste generated during those hospital stays (an occupied hospital bed generates an average of thirteen pounds of medical waste per day, according to the Environmental Protection Agency). Edwards has been one of our stronger performers over the past year or so, and we believe it has a strong competitive position and the ability to maintain its leadership in its market for some time to come.</li> <li>We view <strong>Illumina</strong> as a great example of a business model that is on the right side of a health care sector risk, namely drug pricing and regulation. For a number of years, advances in genomic sequencing have led to incredibly effective drug treatments for small, targeted groups of patients; because of the smaller size of the patient audience for these targeted treatments, prices often have been extremely high. However, costs are gradually coming down in a number of cases, and insurance plans are beginning to cover these treatments thanks in no small part to companies like Illumina who are enabling more effective genomic research. Illumina offers a wide range of tools for large-scale analysis of genetic variation and function. We believe that regardless of the debate over drug pricing, Illumina is in an excellent position because its tools will always be in demand from health care firms who want to improve their research processes. Our investment in Illumina is, we hope, still in its early innings—it has not yet generated the returns for us that we believe it can earn over the coming years.</li> <li>In our view, <strong>Danaher</strong> has an especially interesting position in the health care market, due to its leadership position in bioprocessing workflow solutions. As we have noted, biotechnology stocks are volatile, but we believe that the sector offers undeniable growth potential over the next several years, driven by multiple secular tailwinds such as increasing penetration of existing drugs in high-growth markets like China, a rich development pipeline of new drugs and the rise of biosimilar drugs. To meet this demand, many companies are making large investments in bioprocessing equity and manufacturing infrastructure, and we believe that Danaher is poised to be a prime beneficiary of this industry-wide investment activity. As a result, by owning Danaher we believe that we can benefit from the growth of the biotechnology sector, without becoming unduly exposed to the pricing and regulatory risks endemic to the industry.</li> </ul><p>As a final note, we should mention that a number of our successful investments are not in the health care sector, but their growth has been partly propelled by health care drivers. When we think about the challenges and opportunities in health care, we try not to limit our thinking to the companies that are nominally “inâ€?the health care sector according to GICS or any other classification system. For example, Fortive is the “other halfâ€?of Danaher, formed when Danaher divided its portfolio into two businesses. Danaher is now classified as a health care company, and Fortive as an industrial firm, but a variety of Fortive’s solutions are still aimed at the health care industry. Earlier this year, Fortive acquired Advanced Sterilization Products from Johnson & Johnson, giving it a leading position in sterilization and disinfection technology. These products and services help health care customers combat one of the leading causes of hospital readmissions.</p> <p>Sustainability is complicated; making progress in one sector generally requires contributions from many other corners of the economy. We are finding companies across the entire equity universe that are driving innovation and value in the health care arena, and we will continue to explore the investment opportunities those companies create. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p><a href="http://yagipay.com/us/large-cap-sustainable-growth-composite">Click here to view Large-Cap Sustainable Growth Composite Disclosures</a></p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> The S&P 500 Index is a capitalization-weighted index of 500 stocks that is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Standard & Poor’s, S&PÂź, and S&P 500Âź are registered trademarks of Standard & Poor’s Financial Services LLC (“S&Pâ€?, a subsidiary of S&P Global Inc.<br /><br /> Global Industry Classification Standard (GICSÂź) and “GICSâ€?are service makers/trademarks of MSCI and Standard & Poor’s.<br /><br /> BLOOMBERG, is a trademark and service mark of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.</p> </div> Tue, 10 Sep 2019 18:59:48 +0000 ajackson 28956 at http://yagipay.com 玉米视频资源网,奶茶视频在线下载安卓,蜜桃诱惑Investment Perspectives | Cool Change http://yagipay.com/intl/investment-perspectives-cool-change <span class="field field--name-title field--type-string field--label-hidden">Investment Perspectives | Cool Change</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 08/06/2019 - 08:46</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>"Time for a cool change; I know that it's time for a cool change..."<br /> —Little River Band, 1979</em></p> <p>Changes occur for a variety of reasons. Sometimes a major event makes it clear that an immediate course correction is needed. Other times, a series of occurrences allows a decision to evolve gradually. And often, as in the present instance, it just “feels right.â€?lt;/p> <p>After more than 50 years of writing research reports and investment letters (including the last 20 with Brown Advisory), it’s time to pass the baton to a better qualified, more knowledgeable and—yes—younger colleague who can take <em>Investment Perspectives</em> forward. Meanwhile, I plan to focus my time on working with the many clients I’ve come to know over the years. A cool change indeed.</p> <p>I could not be more pleased to introduce my colleague Taylor Graff into this equation. Ever since Taylor joined our firm in 2010, I’ve been deeply impressed with his understanding of the markets and his intellectual curiosity with respect to all types of investments. As head of asset allocation research in our Investment Solutions Group, he is responsible for analyzing the relative attractiveness of various asset classes and investment strategies. In fact, I’ve borrowed numerous insights from him and his team in preparing to write these letters, so it’s time to give him the byline. Taylor is also an excellent communicator and regularly shares his thoughts with our balanced portfolio managers serving private clients, endowments and foundations.</p> <p>Taylor and I will collaborate on <em>Investment Perspectives</em> in 2019 (you will hear from Taylor directly on the next page), and he will take over fully in 2020. Of course, I look forward to continued conversations with him about the markets and this publication.</p> <p>Analysts and other observers of the markets are expected to focus on the future, helping clients evaluate an array of strategies and navigate uncertainty. <em>Investment Perspectives</em> is intended to do just that, but at this juncture, if I may be permitted a momentary look back at the past, it may add some, well, perspective.</p> <h5>Changes in the Investment Landscape</h5> <p>By far the greatest change in the investment business during the last half-century has been the introduction of technology and its impact on information flow, productivity and market efficiency. In my early days as an equity analyst for Alex. Brown, we thought we were being timely if we produced a quarterly update on a company within a week of its earnings report. The news came across the “tape,â€?or Dow Jones Newswire, and then we traded calls with the CEO or CFO of the company until eventually making contact to ask a few questions. We updated our earnings forecast on a sheet of columnar accounting paper (in pencil with a good eraser, using a cumbersome electromechanical calculator), wrote out our report in longhand, had it typed and retyped until it looked presentable, and then mailed it out to clients.</p> <p>In today’s world, research updates appear on client screens within hours (or in some cases minutes) of the release of a company’s earnings report or any other meaningful event. Information is released simultaneously to market participants. Broadly inclusive conference calls among management, the research community and the press mean that investors have little opportunity to cultivate relationships with management that could lead to an information edge. Importantly, too, securities law has evolved in an effort to level the playing field among investors. These factors have combined to increase the value of “independentâ€?research—digging into sources of information away from a company in order to assess its prospects. In a word, the internet has changed everything.</p> <p>Technology has also enabled analysts, portfolio managers and traders to improve their productivity. Instant access to information allows analysts to monitor a greater number of stocks, and portfolio managers are able to analyze their holdings and track performance in myriad ways. Growth in the markets, together with the minimal need for capital in order to manage money, has caused a huge increase in the number of professional investors over the years, institutionalizing the markets and making them far more “efficient.â€?This trend is particularly visible at the transaction level. Traders can choose among several markets and numerous dealers to find the best price for transactions. Commission rates that used to be 40â€?0 cents per share are now routinely 1 or 2 cents, or less.</p> <p>These changes generally have been positive for the markets and for investors. Lower transaction costs allow market participants to trade in and out of positions with less “friction,â€?and for the most part, markets are much more liquid today than 20 or 30 years ago. The rise of trading-oriented hedge funds in the 1990s resulted in part from—and contributed to—higher levels of liquidity. At the extreme, advances in computing power have led to the phenomenon of high-frequency trading, or the use of algorithms to move in and out of stocks in fractions of a second in an attempt to capture tiny profits on each trade. Even without this type of computer-driven trading, portfolio turnover has increased dramatically.</p> <p>To a certain extent, greater market efficiency has meant a decline in the profitability of trading for Wall Street firms, leading to fewer dealers in some markets, such as municipal bonds, and raising the effective minimum size threshold for being a public company. Moreover, merger and acquisition activity coupled with the growth of private equity (providing ample capital for companies to remain private or, in the case of buyouts, to go private) has caused the number of public companies to drop by half since the late 1990s. Those that remain are more or less adequately covered by the Street from a research perspective, but to be successful, professional investors have needed to build their own, independent research capabilities in order to compete in terms of investment performance. Over the last 20 years, our team of equity research analysts has grown from five people to 26 as of June 30; today, about 200 of our colleagues are entirely focused on investment research and portfolio management.</p> <p>As the investment world has evolved and our team has grown, one thing has remained constant: our unwavering commitment to an independent, fundamentally based research process as the key driver of investment results. In the quarter-century since our founding, technology may have accelerated the speed of data flow, but it has also allowed us to find and analyze more sources of information. Greater access to an array of independent sources provides us a deeper and more diversified view of the companies we own for clients or are considering owning. Further, we continue to refine our decision-making process, with a strong emphasis on teamwork. It’s been a privilege to observe this evolution and to share my perspective with our clients over the years. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div style="background-color: #dce4f3; padding: 10px;"> <h5>THEN AND NOW: The Value Of Historical Perspective</h5> <p>by Taylor Graff, CFA</p> <p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>"Finding patterns is easy in any kind of data-rich environment. The key is in determining whether the patterns represent noise or signal.â€?—Nate Silver, 2012</em></p> <p>I'd like to begin by saying that it is, and will be, an honor for me to interact with so many clients through this publication, and to continue the tradition that Bill has built over the years. In my nearly 10 years at Brown Advisory, I’ve enjoyed reading Bill’s perspective on the markets and investing, and I look forward to this opportunity to share my own perspectives and those of our broader investment team with all of you. Further, I hope it can be a two-way conversation, as it has been for Bill, so please feel free to provide your thoughts in response to mine.</p> <p>Bill’s reflections on the changes that have occurred in the markets over the last few decades brings to mind the importance of understanding history as a key to successful investing. One of the things I enjoy about Brown Advisory is that, in tracing our roots back to 1800, we tend to have a deep sense of history that promotes a long-term perspective. Those of us coming up in the business benefit from the experience of veterans in the firm who have invested for decades, through different market cycles and across asset classes. Being able to draw on their knowledge has been helpful for me personally and for many of my colleagues, who are better able to make thoughtful investment decisions on behalf of our clients due to the senior guidance and mentorship they have received.</p> <p>As a student and lover of history, I enjoy the opportunity to discuss key market events with those who were active in the investment markets at the time. Examples that come to mind include the decline of the Bretton Woods system in the late 1960s, the “Nifty Fiftyâ€?bubble, the oil embargoes and the high inflation of the 1970s, Paul Volcker’s hiking short-term interest rates to 20% in the early 1980s, and the stock market crash of 1987. A better historical understanding of these events helps us take into account a wider range of possibilities as we consider potential market and economic outcomes in the future.</p> <p>Moreover, it provides an antidote to what I see as a recurring defect in market commentaries: historical analyses that only look at relatively recent U.S. data. We understand why many analyses have this narrow focus—market data that is complete and readily available to most investors dates back just a few decades, and U.S.-based data tends to be more complete and reliable than that of other regions. Nonetheless, we believe a more comprehensive view is needed.</p> <p>To illustrate this point, let’s look at the ongoing debate about the probability of a near-term recession. Investment letters and research pieces across the industry are divided on the topic of recession, although they are often quite certain of their convictions. According to many pundits, a recession either must be on the horizon, or, alternatively, cannot possibly be on the horizon. Optimists point out that every recession in the last 45 years was preceded by either a large financial bubble (technology stocks in 2000, U.S. housing in 2007) or a spike in oil prices (1973, 1980 and 1990)—conditions that are not present today. Pessimists, however, note that it has been more than 10 years since our last recession—longer than any previous expansion, suggesting that a recession may be overdue.</p> <p>In the wider context of history, however, these “analysesâ€?seem simplistic. For example, it is true that the asset bubbles and oil spikes that have preceded recent recessions aren't present today, but looking further back, we can find many postwar recessions where those conditions weren't present (see chart below). Additionally, while it is true that the U.S. has not seen 10+ year economic expansions, other developed markets certainly have. Japan experienced just one recession (around the oil crisis of 1973) between the end of World War II and 1990; that recession was bookended by two very long economic expansions of more than 15 years each. Additionally, the Australian economy has not experienced a recession since 1991. This is an excellent example of how a broader historical and geographic context can help us avoid making unwarranted assumptions or predictions.</p> <hr /><h5>HISTORY HELPS US THINK ABOUT THE FUTURE—IF WE LOOK BACK FAR ENOUGH</h5> <p><em>Some observers are comforted that recessions since the 1970s have been preceded by oil price spikes or asset bubbles—conditions that do not exist today. However, looking further back in history, we see many recessions that occurred without those preexisting conditions.</em></p> <p class="responsive"><a href="http://yagipay.com/sites/default/files/IP2019_table.JPG"><img src="http://yagipay.com/sites/default/files/IP2019_table.JPG" /></a></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Bloomberg.</p> <hr /><p>Rising trade tensions provide another example of the value of historical perspective. Since trade barriers have been falling across the globe since World War II, there are no recent analogues to help us understand the effect of rising tariffs in today’s world. However, in the decades before World War II, there were several periods when trade barriers increased. Most famously, the Smoot–Hawley Tariff Act passed in 1930 and dramatically raised U.S. tariffs. Historians generally believe that Smoot–Hawley’s negative impact on trade deepened and prolonged the Great Depression. By looking at the magnitude of these various trade actions and how they impacted global trade, we are better able to consider the likely ramifications of rising trade tensions today. This is especially important for us, considering that trade today is a notably greater percentage of U.S. GDP than it was 100 years ago.</p> <p>So what, on balance, does this historical perspective imply about the current environment? The short answer is that it’s very much a mixed picture. Valuations are elevated but nowhere near the bubble levels of the late 1990s. Interest rates are low, but not nearly as low as those in Europe and Japan. In terms of the economic cycle, we think the risk of a recession is at its highest level since 2009, but it is still far from a certainty. Monetary conditions have tightened, the labor market is also tight and the chance of supply pressures resulting from trade barriers create further risk. On the other hand, inflation is subdued, and leverage levels are reasonably modest in the private sector, particularly for household and financial companies.</p> <p>All of the factors listed above are oft-cited precursors of recession based on history, but these indicators are not pointing in a clear and consistent direction. Unfortunately, the market rarely sends clear, ringing signals to us about how to proceed. It is far more common to find a noisy environment like the one we see today, where we can find plenty of reasons for both optimism and caution. <strong><em>As a result, we never build portfolios whose success depends heavily on a particular market outcome. Rather, we aim to position clients for success in a wide variety of market outcomes.</em></strong> Today, we are fully allocated to fixed income, emphasizing higher-quality parts of the bond market. In addition, we are encouraging clients to build allocations to other, more stable asset classes, such as cash-flowing real estate and hedged strategies. At the same time, we continue to embrace bottom-up, company-specific opportunities in the equity market that we believe can thrive through market cycles, particularly in less-efficient corners of the market where valuations are less stretched. Our aim is to position portfolios for long-term success through good markets and bad.</p> <p>Our research helps us to understand the past and the present, and to make educated decisions about the future. However, we never <strong>know</strong> what is going to happen next. Accordingly, we tend to take a balanced approach. I look forward to sharing our research and thinking with you in the future.</p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">*Alternative investments may be available for accredited investors and qualified purchasers only.<br /><br /> The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS, BLOOMBERG.COM and BLOOMBERG LAW are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.</p> </div> Tue, 06 Aug 2019 12:46:24 +0000 ajackson 28606 at http://yagipay.com 花椒视频1在线观看,日本爱爱视频,食色直播在线观看Brown Advisory鈥檚 2019 PRI Assessment Report http://yagipay.com/intl/brown-advisorys-2019-pri-assessment-report <span class="field field--name-title field--type-string field--label-hidden">Brown Advisory’s 2019 PRI Assessment Report</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 07/24/2019 - 10:04</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Brown Advisory has been a signatory to the PRI (Principles for Responsible Investment) since 2014, and each year, we complete a rigorous disclosure of our sustainable investing practices as part of our obligation as a signatory. PRI is the nexus for a massive, global network of asset owners and investment managers—its 2,350+ signatories as of June 30, 2019 represent more than $86 trillion of invested assets. While the PRI is not a ratings agency, PRI disclosures and the organization’s assessment of those disclosures are widely followed by investment decision-makers around the world.</p> <p>We are pleased to share the PRI’s 2019 assessment of Brown Advisory’s sustainable investing practices; our scorecard is provided below. Across multiple asset classes, and with regard to our direct management of securities portfolios as well as our selection and monitoring of third-party managers, we received “Aâ€?scores in nearly every category. We are especially gratified by the A+ score (the highest attainable) we received in the Strategy and Governance category; we see this as a strong external validation of our firm’s and our senior leadership’s commitment to sustainable investing.</p> <p>The PRI disclosure process was designed purposefully to encourage progress by revealing best practices to signatories; the process provides invaluable guidance to us every year on additional steps we can take as a firm. We look forward to follow-up consultation with PRI staff in the coming months, to identify opportunities to further enhance our solutions for clients.</p> <p>Please feel free to get in touch with us with any questions about the PRI disclosure process or about our 2019 assessment. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <hr /><h5>2019 PRI Assessment Report for Brown Advisory: Summary Scorecard</h5> <p class="responsive"><a href="http://yagipay.com/sites/default/files/PRI_table_updated_v2.jpg"><img src="http://yagipay.com/sites/default/files/PRI_table_updated_v2.jpg" /></a></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: UNPRI.</p> <hr /><p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> UNPRI is an independent organization that oversees a global disclosure process for its more than 2350 member organizations (primarily investment firms and asset owners that are referred to as PRI “signatoriesâ€?. Every year, signatories complete a detailed questionnaire with information about their sustainable investment practices in manager selection, securities research, engagement with shareholders, proxy voting and other areas. Each answer is awarded 0,1,2 or 3 points by PRI’s assessment team based on key activities or practices that PRI deems favorable, and the sum total of points awarded within each section of the report determines the recipient’s letter grade (from A+ on the high end to E on the low end) for that section. Letter grades are based on absolute point totals, and are not based on a distribution curve.</p> </div> Wed, 24 Jul 2019 14:04:15 +0000 ajackson 28506 at http://yagipay.com 骚妇喷水视频,91影视服务提供商,污视频花间app有哪些2019 Berkshire Hathaway Annual Shareholder Meeting http://yagipay.com/intl/2019-berkshire-hathaway-annual-shareholder-meeting <span class="field field--name-title field--type-string field--label-hidden">2019 Berkshire Hathaway Annual Shareholder Meeting</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 07/23/2019 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>The Berkshire Hathaway annual meeting is an opportunity for shareholders and analysts to pose questions to Warren Buffett and Charlie Munger. They answered about 50 questions during the five-hour gathering.</em></p> <p>A touchpoint for developing good investment thinking is going to Omaha each May for the Berkshire Hathaway shareholdersâ€?meeting to hear the insights of Warren Buffett, chairman, and his longtime business partner, Charles Munger, vice chairman. These notes are filtered observations organized to group important themes from responses to the more interesting questions, rather than a transcript, and the author’s observations are bracketed. The notes do not cover every question and answer, though that is available at a fabulous archive of Berkshire’s annual meetings at <a href="http://buffett.cnbc.com/">buffett.cnbc.com</a>.</p> <p>The format of the meeting is question and answer. Shareholders and panels of three business journalists and three investment analysts alternate in posing over 50 questions to Buffett and Munger in two 2.5-hour sessions. Listening to Buffett and Munger, you get a course in business, investing and decision-making drawn from their combined 183 years of life experienceâ€?8 for Buffett, and 95 for Munger. The course is more how to think than what to think.</p> <p>The Brown Advisory Flexible Equity Strategy holds shares in Berkshire Hathaway. Members of our investment team have attended these meetings for over 30 years.</p> <h5>Background on Berkshire Hathaway</h5> <p>Since Buffett took control of Berkshire Hathaway in 1965, Berkshire has grown from a small, competitively challenged New England textile company to one of the largest U.S. companies, with nearly 400,000 employees and an equity market capitalization of over $500 billion as of June 30, 2019. Berkshire is the sixth most valuable company in the U.S., after Microsoft, Amazon, Apple, Alphabet and Facebook. Its share price has compounded at more than twice the rate of the stock market over Buffett’s 54-year tenure (20.5% versus 9.7% for the S&P 500Âź Index), though its rate of gain versus the market slowed as Berkshire grew larger and size became an anchor. Berkshire Hathaway is no longer a stock that will make investors rich with outsized returns, but it should at least keep them so by earning returns competitive with the broader market over time. Buffett said Berkshire won’t be the highest compounder by a long shot, but it should be one of the safest ways to make decent money over time.</p> <p>Berkshire is unusual among public companies. It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance, court investors with quarterly earnings calls and management meetings, or even have budgets and strategic plans at the parent company. Major capital allocation decisions are centralized with Buffett and a few others, while operating decisions are made at the subsidiary level by the appropriately incentivized managers of those businesses. Berkshire is extremely decentralized in its operating management with just 26 employees at its corporate offices and the rest at about 90 separate operating companies, about a dozen of which would be Fortune 500 companies on their own. Buffett is still going strong, though he has prepared for his succession by naming Ajit Jain to oversee Berkshire’s insurance operations and Greg Abel to oversee the noninsurance businesses.</p> <p>Berkshire has a unique approach to compensation. Buffett and Munger are each paid $100,000 per year in salary, but subsidiary managers can make many millions in compensation depending on their business unit results and particular incentive plan to fit their business. Abel and Jain, the designated successors to Buffett, were each paid $18 million in 2018. The highest paid members of Berkshire’s board of directors—those serving on the audit committee and get an extra $4,000 stipend—earned just $7,300 in 2018, compared to $300,000 or more per year at most large public companies. Buffett, Munger and members of the board own meaningful amounts of stock acquired with their own money rather than through stock grants or options.</p> <p>The culture of Berkshire—in particular, its attitude toward capital allocation, delegation of managerial authority to business units, fiscal conservatism and treating shareholders as business partners—should outlast the current leadership. The Annual Meeting helps ingrain this culture with shareholders and employees.</p> <p>Berkshire had revenues of $248 billion and operating profit of $24.8 billion in 2018. The largest of Berkshire’s businesses is property and casualty insurance, with GEICO as the most recognizable brand among several insurance businesses. Insurance produced $123 billion in investable float in 2018, which partially funds Berkshire’s $339 billion investment portfolio as of March 31, 2019. Other large or recognized noninsurance businesses within Berkshire are Burlington Northern Railroad and Precision Castparts (industrials), Berkshire Hathaway Energy (utility), and consumer companies Fruit of the Loom, Dairy Queen, See’s Candies, Duracell and Clayton Homes. Berkshire’s investment portfolio holds about $210 billion in equities, $19 billion in bonds and $110 billion in cash equivalents. Among the larger equity holdings in Berkshire’s portfolio are Apple (Berkshire owns 5.4% of the Apple shares outstanding), Bank of America (9.5%), Wells Fargo (9.8%), Coca-Cola (9.4%), American Express (17.9%) and Kraft Heinz (26.7%).</p> <p>Readers seeking to know more about Buffett, Munger or Berkshire’s approach are encouraged to study Berkshire’s Owner’s Manual and Buffett’s many annual letters to shareholders, available at <a href="http://www.berkshirehathaway.com/">www.berkshirehathaway.com</a>; the book <a href="http://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018/ref=sr_1_1?s=books&ie=UTF8&qid=1435151413&sr=1-1&keywords=poor+charlie%27s+almanack+the+wit+and+wisdom+of+charles+t.+munger"><i>Poor Charlie’s Almanack</i></a>, a collection of speeches and presentations by Munger; and the <a href="http://buffett.cnbc.com/">CNBC Buffett Archive</a>.</p> <h5>Share Repurchase</h5> <p>The first question of the day, one of several on the topic, was about Berkshire repurchasing its own shares. Buffett explained his key evaluation in buying back Berkshire’s stock is if the purchase price is clearly below the intrinsic value of the shares, so the remaining shareholders are better off after Berkshire buys the stock than before. Berkshire bought $1 billion of its shares in the first quarter and has ambitions to buy much greater amounts depending on the price relative to value of the shares. A later questioner quoted Buffett as having said Berkshire could buy back $100 billion of its stock, equivalent to 20% of its shares. Buffett confirmed the quote but noted for Berkshire to spend $100 billion, the market value of the company likely would be less than the current $500 billion at the time! Buffett has invested in companies that had retired 70% of their shares over time, so he likes the idea of companies buying shares at a discount to intrinsic value. Munger added, “When buying back stock gets really obvious, they will be very good at it.â€?Buffett asked Munger to repeat that for emphasis.</p> <h5>BNSF Railway</h5> <p>There were several questions about the profitability and efficiency of Berkshire’s BNSF Railway, the second largest railroad network in the U.S. Observing that several other rail companies had improved margins by adopting precision scheduled railroading practices, would BNSF do the same? Buffett gave some background on precision railroading, crediting Hunter Harrison, who became the CEO of several railroad companies, for originating the practice. Buffett agreed that precision railroading had been beneficial for its adopters over time, but it created disruption—sometimes substantial—to client service as it was implemented. BNSF is watching what others do and is not above copying good ideas to become more efficient while serving customers well. BNSF’s margins should be comparable to its competition over time, so there is an opportunity to improve. Munger doubted that anyone would be interested in imprecise railroading. [Longtime investors in the Flexible Equity Strategy benefited from the precision approach to railroading on two occasions—first, at Canadian National, where Harrison implemented it, and then at Canadian Pacific, when Harrison moved there].</p> <h5>Wells Fargo</h5> <p>Buffett was asked why he had not been more outspoken about the fake account issues at Wells Fargo. Buffett said Wells Fargo made a mistake in how it incentivized its employees and that this resulted in the fake accounts, but it made a bigger mistake in not fixing the problem when it first surfaced, well before the government settlement brought it to the public’s attention. Problems are sometimes going to happen in companies, and misbehavior of some sort in companies with thousands of employees is almost certain. Managements need to make it easy to hear about the problems and misbehavior. Buffett’s advice for people running businesses is to take action quickly when they find something that is leading to bad results or bad behaviors. Wells Fargo is now exhibit one on the list of banks where people behaved badly, but go back a few years, and it’s a long list covering practically all major banking companies. Managers lost their jobs, and all those companies have paid a price in fines—actually, their shareholders paid the price. Berkshire, as a 9% owner of Wells Fargo, has born the cost of whatever Wells Fargo has paid in fines.</p> <p>Munger added that he doesn’t think people ought to go to jail for honest errors of judgement. It is bad enough to lose your job. Leaders at Wells Fargo made mistakes but were not deliberately malevolent. Munger does not think that Tim Sloan, who resigned as CEO of Wells Fargo earlier this year, even committed honest errors of judgment, and Buffett agreed. Sloan stepped up to become CEO at Wells Fargo after the problems surfaced in 2016 but failed to satisfy politicians and regulators with Wells Fargo’s pace of progress on regulatory issues.</p> <p>Buffett has been outspoken about financial institutions that have to be bailed out by the government. He thinks their leaders should lose their net worth, and directors should lose their prior directorsâ€?fees. He explained that the Federal Deposit Insurance Corporation, which provides the deposit guarantees for banks and saving institutions, is actually paid for by bank fees, so it has never cost the government any money and has a $100 billion surplus.</p> <h5>Politics and Regulation, Socialism Versus Capitalism</h5> <p>Buffett said that when he speaks about politics, he is speaking as a private citizen, not as the CEO of Berkshire, though he has to be clear, as others assume he is speaking for the company. Berkshire does not make contributions to political candidates and does not allow people within the company to use their position to raise funds for candidates. So far as lobbying, some of Berkshire’s subsidiaries that operate in regulated industries will make contributions to industry groups to maintain the same political access to rule-makers as their competitors.</p> <p>Regulation can be irritating but is needed. In insurance and banking, companies make promises in return for their customersâ€?money. Those kind of businesses can attract charlatans, so you need regulation and regulatory policing to make sure the promises can be honored.</p> <p>Buffett is a card-carrying capitalist. Berkshire shareholders owe a lot to the market system and the rule of law, but capitalism also involves some regulation and taking care of people who are left behind. The private sector does a better job than the public sector in most things, but the private sector cannot solve all problems, so the public sector has a role. Buffett does not think that the U.S. will turn socialist in 2020, 2040 or 2060.</p> <h5>Berkshire’s Succession Planning, Cultural Differences to Others, ESG Reporting</h5> <p>Relative to succession planning, Buffett was asked if the format of the meeting might change to have Jain, Abel, Todd Combs and Ted Weschler on the stage to answer questions, as well as Buffett and Munger. Jain and Abel are Buffett’s designated successors and are vice chairs of Berkshire. Combs and Weschler manage large investment portfolios for Berkshire. Buffett said the format was flexible, and Jain and Abel were available for questions. Combs and Weschler were not going to answer investment questions because investment decisions are valuable proprietary information to Berkshire. Buffett praised Abel and Jain for their accomplishments and their knowledge of the businesses and work ethic, and invited questions for them as well.</p> <p>Munger added that Berkshire’s organization is peculiar in corporate America—a different and nonbureaucratic way of making decisions, few people at headquarters and a lack of committees deliberating forever and making bad decisions. Berkshire is radically different, but he does not want it to be like everyone else since Berkshire’s way has worked better. Buffett added that Berkshire’s way of operating is a huge advantage in being able to act quickly and at scale on the right opportunities when the markets get out of whack. He gave the example of the recent deal to invest $10 billion in an 8% convertible preferred stock of Occidental Petroleum as an example of acting quickly on a good opportunity. The Occidental Petroleum deal came together over a weekend with a phone call, a meeting, an agreement and a check over three days—no one else can act in size that quickly. Weschler and Combs are also able to develop and act quickly on unusual situations. Munger noted that Berkshire has a lot of cash and knows how to act when the markets panic, so if the world goes to hell in a hand basket, Berkshire is the right company to be in. If the world doesn’t fall apart, Berkshire should be OK too.</p> <p>As an aside related to why markets occasionally go into a panic, Munger volunteered that he has been invited to a bitcoin happy hour over the weekend. As a critic of cryptocurrencies, Munger has been trying to figure out what bitcoin people do at a happy hour and finally figured it out—they celebrate the life and work of Judas Iscariot! [Trading paradise for 30 pieces of silver]. In a related story of people making bad choices and poor calculations, Buffett told about passing through Las Vegas on his honeymoon and observing lots of well-dressed but mathematically challenged people playing betting games that are stacked against them. He told his wife, “We are going to make a lot of money!â€?lt;/p> <p>Berkshire’s different way of operating was highlighted by a question about its environmental, social and governance (ESG) reporting from a shareholder worried that Berkshire might not score well on these measures. Buffett thinks Berkshire would score quite well on ESG measures, but it does not participate in the surveys that lead to ratings or rankings. Berkshire does not want to spend resources collecting data for reports that do not serve a good business purpose, though it wants its managers to do the right things and gives them enormous latitude to do so. As an example of good environmental practice, Buffett cited Berkshire’s electricity generation in Iowa, where Berkshire Energy produces 100% of the electricity it sells from wind power. As an example of not doing unnecessary reports, Buffett said Berkshire does not even produce a monthly profit-and-loss statement that consolidates all its operating units. They do not believe they need it and are not going to do it just because it is standard practice elsewhere. Quarterly consolidation is enough.</p> <p>On standard practices, Munger added that advisors on best practices do not really know what the best practices are. The advisors know what they think are the best practices, but they determine that based on what sells rather than what works. He prefers the way Berkshire does things and hopes Berkshire continues to determine its own best practices.</p> <h5>Berkshire’s Insurance Operations</h5> <p>A Wall Street analyst asked for guidance on how to value Berkshire’s insurance business. Buffett explained the value of the insurance business was in the float and cost of float that Berkshire generates through its operations. Float is the money (insurance premium) insurance companies receive that is invested until it is paid out to cover claims. Berkshire has $124 billion in float that is long-lived and more likely to grow than shrink. In most years, the float costs nothing to obtain because Berkshire underwrites insurance profitably. Buffett likened the float to having a bank in which people deposit $124 billion [at 0% interest] and promise never to withdraw it. The float is more or less permanent because Berkshire takes in new premiums each year that at least offset the amounts paid in claims. Profitable underwriting over time is why the float costs so little. Berkshire invests the float in businesses and securities.</p> <p>Buffett places a very high value on this float but won’t give a number. Berkshire’s float has taken a long time to develop and has only happened because of extraordinary people running its various insurance businesses and its financial strength. [Insurance is a mediocre business for most companies because of unprofitable underwriting, but not for Berkshire because Berkshire is better at it than others]. Insurance claimants, particularly other insurance companies who reinsure with Berkshire, need to know their claims will be honored even under the toughest conditions. [Berkshire’s financial strength helps it generate low-cost float, which in turn contributes to Berkshire’s financial strength].</p> <h5>Kraft Heinz</h5> <p>Several questions focused on Berkshire’s investment in Kraft Heinz (KHC) and its relationship with 3G Capital, which Berkshire partnered with in buying Heinz in 2013 and Kraft in 2015. KHC’s share price has fallen from a high of over $90 per share in 2017 to about $30 recently. Buffett said the consumer packaged food business had gotten tougher because of changing relationships with retailers. Companies like Costco have developed their own brands, and the competition for gross margin has increased. However, the bigger problem was the mistake of paying too much for the Kraft portion of KHC. KHC makes a good business return, earning approximately $6 billion before taxes on $7 billion of tangible capital. The $6 billion is higher than it was a few years back, but Buffett implied the price paid incorporated expectations that earnings would have been much higher. You can turn any investment into a bad deal by paying too much. [KHC recently reduced its dividend, changed management and restated prior earnings because of an accounting issue. Of note, at $30 per share, Berkshire has not lost money in KHC, just not made the money it expected to, but it did lose the prior appreciation from when the stock was higher].</p> <p>Buffett said it was possible to do another deal with 3G and his friend Jorge Paulo. 3G is better than Berkshire in going into situations that need improvement and fixing them, but 3G also likes more leverage than Berkshire and is more willing to pay more for a deal. Munger added that 3G had a long series of successful transactions and then one that did not work so well. That is a normal pattern. Good ideas can be pushed too far.</p> <h5>Employment Outlook and Automation</h5> <p>Asked how the rise of automation would affect employment, Buffett rolled the question back 200 years to the outlook for farming employment with the rise of farming machinery. Other industries developed to absorb farm jobs that were replaced by machinery. The U.S.’s economic system and the inventiveness of its people creates new jobs for people in spite of the dislocations in some areas. Our system has been remarkable in growing the number and quality of goods per person over time through improvements in productivity. Buffett does not know what the next big thing is, but he knows there is a next big thing for employment and rising standards of living. [See Berkshire’s 2015 annual report for a more detailed discussion of this topic].</p> <h5>Financial Disclosure in the Annual Report</h5> <p>Asked if Berkshire is disclosing fewer financial details in its annual report, Buffett responded that he doesn’t think that is the case. The format sometimes changes from year to year as the company grows, and details on smaller operations become less important, but he writes his annual letter the same as always. He thinks about his two sisters as he writes. He communicates to them what he would tell anyone who has a large investment in the company. He writes in language an intelligent person will understand without having to be immersed in the business to follow the discussion. Buffett is communicating for shareholders instead of analysts or competitors, who might relish the fine detail, but the important facts are there about the major businesses and what management is trying to do over time.</p> <p>In responding to another question, Buffett said that in a world where so much is institutionalized, he likes that Berkshire is largely owned by individuals who trust management and do not worry what the next quarter’s earnings are going to be. [Of note, many large public companies no longer publish letters to shareholders at all; instead, they rely on the SEC filings as their message, or lack thereof, to shareholders. Some of these same companies spend substantial time courting Wall Street analysts and institutional investors with quarterly conference calls and access to management. Instead, Berkshire puts its communications focus on the annual letter, report and shareholdersâ€?meeting].</p> <h5>General Investment Questions</h5> <p>Buffett and Munger’s investment success leads to a number of questions each year from those seeking to understand how Berkshire invests and learn how to make their own fortunes. The first questioner on the subject sought advice on becoming a money manager and asked how to know when you are ready to manage other people’s money.</p> <p>Buffett explained that his partnership started in 1956, when he came back to Omaha from New York after working for Benjamin Graham. He had sold securities in Omaha before working for Graham and didn’t want to do that again. Then, some family members asked him to manage their money. He was concerned that they may not have the right expectations, so he laid out the ground rules of what he thought he could do and how he should be judged. He was very concerned about aligning expectations so he could invest without worrying about his clients panicking if the market went down. You need clients who are in sync with you and your expectations, which means you should not take on clients with unrealistic expectations.</p> <p>Munger retold one of his favorite stories about a young man who asked Mozart how to write symphonies. Mozart said the young man was too young to write symphonies. The young man objected. Mozart was writing symphonies at the age of 10. Mozart replied that yes, that’s true, but he was not asking others how to do it! Munger’s Mozart story has wisdom as well as humor. The greats in any field have confidence and skills to go beyond the basics to invent and innovate to take performance to new levels.</p> <p>Another individual noted that many technology companies have wide moats and strong brands, and are led by brilliant entrepreneurs. Buffett was asked if Berkshire should expand its circle of competence to spot future winners in this group. Buffett agreed he liked good businesses that are protected by wide moats and acknowledged that companies with a business moat in the technology field can be very valuable. However, he felt he was not the best to judge that in the technology field. Others know more about that game, and he does not want to play in games he does not fully understand. He’s not going into something just because someone else says it’s a good thing to do, but he works to expand the circle of competence of people at Berkshire. Berkshire may hire people like Combs and Weschler, who are better at understanding certain areas of investing. The question of expanding the knowledge base is a good one. They are focused on it and are trying to improve.</p> <p>An earlier questioner, noting Berkshire’s recent purchase of Amazon stock, asked if Berkshire might be moving away from value investing. Buffett commented that it is interesting that the term value investing came up because both Weschler and Combs, one of whom bought the Amazon position, are value investors just like Buffett. Value investing is making a calculation when you invest as to the probabilities of what money you’ll get back in the future, when you’ll get it and what interest rates will be in between. The calculation is the same whether you’re buying a bank at 70% of its book value or Amazon at some very high multiple of earnings.</p> <p>[The value investing philosophy, which is getting a lot of cash in the future for the cash invested today, differs from and is often confused with the value investing style. The value investing style, like that reflected in value indexes, such as the Russell 1000Âź Value Index, restricts itself to investing in statistically cheap investments measured by ratios such as price-to-book or price-to-earnings. The difference between the value philosophy and the value style is widely misunderstood in the investment industry. Buffett and Berkshire follow the value philosophy instead of the value style].</p> <p>Buffett explained that the principles of value investing go back to Aesop, who said a bird in the hand is worth two in the bush. Buffett explained that in buying Amazon (or anything else), they try to figure out whether there are five birds in the bush, 20 birds in the bush or, in the worst case, only one. They then ask how long it will take to get to the bush, how sure they are of getting to the bush and whether someone is going to try to take the bush away.</p> <p>The value philosophy guides Buffett and will guide his successors in managing the investments at Berkshire. He thinks they will be more right than wrong. Later, when asked how Combs and Weschler had performed with their portfolios, Buffett said one had done slightly better than the market returns and the other slightly less, but it had been a tough period to beat the market. Both have had better returns than Buffett over the same period. Combs and Weschler have made Berkshire a lot of money over the years but had done that in a market where the S&P 500 Index did very well too. They are both very smart, particularly smart with money, and have helped Berkshire in other ways too.</p> <p>Munger added when something as extreme as the internet comes along and you don’t catch on, other people are going to surpass your investment results. He doesn’t mind not having caught Amazon, but he feels silly for not identifying Alphabet early when he could see what GEICO was spending on advertising at Google.</p> <p>On Berkshire investing in an equity index fund as an alternative to holding cash while waiting for better investment opportunities, Buffett said that this is a valid alternative and one that his successors may wish to employ. He noted that moving $100 billion in and out of index funds is different than moving $1 billion or $2 billion in terms of market impact. Berkshire invested $10 billion quickly in the Occidental Petroleum deal. Cash lets it act quickly. There are conditions, though unlikely, where Berkshire could invest $100 billion very quickly. If these conditions came along, the investments would likely do much better than an index fund. Berkshire has operated expecting to get chances to deploy its capital. If the chances come, it will come when others don’t want to invest their capital. Two or three times in the next 20 or 30 years, it will be raining gold, and all you will have to do is go outside, though they do not know when this will happen. If Buffet’s choices were only T-bills or an index fund over time, he’d take the index fund. But he still hopes to do better when the opportunities come along. Berkshire’s conservative attitude of keeping extra cash is consistent with serving its investors who have virtually all their net worth in Berkshire.</p> <p>On the subject of returns in public equities versus private equities, Buffett said he doubted that private equities on an unlevered basis would do better than public equities, but leverage may magnify returns. If private equity managers can buy assets that have the potential to return 7% or 8% with money borrowed at 4% or 5% and do not have to worry about bond covenants, they can see attractive results, even after some bankruptcies. Berkshire is not going to lever up, so it is not interested. Buffett has seen some very intelligent people ruined by leverage, citing the experience of Long-Term Capital Management in 1998. Buffett cautioned not to get too excited about the investment prospects of alternative investments. The supply/demand conditions that exist today for private equity money deals, which he estimated at about $3 trillion, including borrowings, versus the $30 trillion in public equities differ greatly from that of 10 or 20 years ago. There is also an issue with reported returns. Private equity managers often calculate their return on invested capital instead of committed capital. Committed capital is what an investor is on the hook to supply and is charged a fee on, regardless of whether it is called for investment. Returns are not as good as they look in the marketing materials. Salespeople are lying a little bit to make the sale.*</p> <p>Asked how to build your circle of competence if you were just starting today, given that investing is more competitive, Buffett agreed the investment world is much more competitive now than 70 years ago. Buffett said he would try to learn about many businesses and figure out which ones he could develop important knowledge of that was different from his competitors. Also, he said he would try to figure out which businesses he really did not or could not understand. He would want as big a circle as he could develop, but he had to be realistic about the limits to his circle. Munger offered that the great strategy for most of humanity is to specialize. He said, “Nobody wants to go to a doctor that’s half proctologist and half dentist.â€?Munger said he and Buffett did not really specialize, but he does not think he can recommend that path to other people. Buffett said you don’t have to know everything. Just one thing can give you an edge at some point. He quoted Thomas Watson Sr., who founded IBM, as saying, “I’m no genius, but I’m smart in spots, and I stick to those spots.â€?lt;/p> <h5>2020 Annual Shareholders Meeting</h5> <p>The next meeting will occur on Saturday, May 2, 2020, in Omaha, Nebraska. Omaha is a nice weekend getaway with a number of attractions in addition to the annual meeting events. Make your plans early if you would like to attend, as hotels and planes fill up. Alternatively, the meeting will be webcast. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <hr /><h5>Brown Advisory Colleagues and Guests in Ohmaha</h5> <p class="responsive"><a href="http://yagipay.com/sites/default/files/2019_berkshireHathaway_pic.jpg"><img src="http://yagipay.com/sites/default/files/2019_berkshireHathaway_pic.jpg" /></a></p> <hr /><p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">*Alternative investments may be available for accredited investors and qualified purchasers only.<br /><br /> The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> The S&P 500Âź Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. S&PÂź and S&P 500Âź are registered trademarks of Standard & Poor’s Financial Services LLC. The Russell 1000Âź Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. RussellÂź, Russell 2000Âź, Russell 1000Âź Growth, Russell 1000Âź Value when related to the Russell indexes are trademarks of the London Stock Exchange Group of companies. An investor cannot invest directly into an Index.</p> </div> Tue, 23 Jul 2019 13:50:15 +0000 ajackson 29046 at http://yagipay.com 猫咪短视频app,哈密瓜视频网站一触即发,九九热线有精品视频86Global Leaders Investment Letter - Q2 2019 http://yagipay.com/intl/global-leaders-investment-letter-q2-2019 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q2 2019 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sun, 06/30/2019 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q2 2019</em></p> <p>The Global Leaders team are constantly striving to improve in everything they do. One method to facilitate this is their annual offsite. In this letter, the team distill some of their learnings and share some key reflections from their recent offsite. Additionally, the team present thoughts on corporate governance providing what we believe is the antidote to the inherent agency problem CEOs have with regards to shareholders, and discuss an interesting recent case study from a Global Leaders investment with this in mind. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q22019" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sun, 30 Jun 2019 13:50:15 +0000 ajackson 29856 at http://yagipay.com 粉点福利导航,花椒直播app下载安装,狐狸视频下载Global Leaders Investment Letter - Q1 2019 http://yagipay.com/intl/global-leaders-investment-letter-q1-2019 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q1 2019 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sun, 03/31/2019 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q1 2019</em></p> <p>In this letter the team discuss their thoughts on pricing power and the various nuances that surround this concept as one possible measure of the quality of a business. The team look at various scenarios using a fictional company and hypothetical data to explore the concept of pricing power in more detail. . <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q12019" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sun, 31 Mar 2019 13:50:15 +0000 ajackson 29861 at http://yagipay.com 色老板2018在线在线观看免费,宅男宅女播放器下载,秋葵视频破解版下载污U.S. Industrials: From Detractors to Darlings http://yagipay.com/intl/us-industrials-detractors-darlings <span class="field field--name-title field--type-string field--label-hidden">U.S. Industrials: From Detractors to Darlings</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 03/15/2019 - 09:06</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color: rgb(0, 85, 147); font-family: georgia,serif; font-size: 18px; font-style: italic;">In 2018, U.S. industrial stocks had their second-worst year relative to the broad U.S. equity market in two decades, but so far in 2019, the sector has come back strongly. In this article, our industrials analysts look at some of the reasons for the sector’s recent swings, and how they approach investing in a space where valuations and sentiment can shift rapidly.</p> <p>Industrials within the S&P 500<sup>Âź</sup> Index underperformed the Index overall by 8% in 2018—one of the sector’s worst showings in twenty years. But in the early weeks of 2019, industrials were up more than 6% (as of 2/28/19), outpacing the broader market by a notable margin. What drove this reversal of fortune?</p> <p>In our view, the answer is less about any fundamental changes in conditions, and more about sentiment and expectations—specifically, expectations about capital expenditures across the economy.</p> <p>Over the course of 2018, investors faced one uncertain scenario after another. In the U.S., the direction of the Fed’s interest-rate moves was an ongoing concern, in addition to the anxiety leading up to November’s 2018 midterm elections and a host of other politically charged issues. Investors also worried about inflation—both from rising commodities and higher wage costs —as well as from strong concerns about wage growth affecting companies with a large service component. China continues to loom large as worries mount over its economic growth both from the direct impact from the trade war as well as from the cooling off of the property sector and consumer spending fears—particularly around autos. In addition to trade friction, other global concerns include tariff disputes, Brexit, Italy’s fragile political situation and more.</p> <p>All of these factors led investors to fear that companies would delay and/or reduce capital spending plans, which in turn drove down sentiment for U.S. industrial stocks throughout the year.</p> <p>However, a number of the market’s fears cleared up in early 2019. The Fed has signaled a pause and/or slowdown in rate hikes, for example, and investors now appear to be more optimistic about trade conditions between the U.S. and China. The resulting relief and optimism about industrial activity helped to buoy stock prices through February. Again—we believe that all of this up-and-down volatility was driven more by sentiment than by meaningful fundamental changes.</p> <h4>Finding Stability on Shaky Ground</h4> <p>These sorts of swings are not new for the U.S. industrial sector. Due to the sector's cyclical nature, industrial stocks are typically sensitive to changes in economic sentiment. We try to be long-term owners of industrial companies we believe have great business fundamentals, and that can require patience during periods when the market sours on a specific subsector or on industrials broadly. By remaining focused on business drivers versus market sentiment—and seeking out companies whose fundamentals are holding up well relative to peers—we can be more confident owning these companies for the long term. This approach can also reveal moments when we can build a new position, or add to an existing one, at what we view as especially attractive valuation levels.</p> <p>A recent example is Aptiv, a supplier in the automotive sector that we have owned across several strategies in recent years. The company’s product portfolio is quite differentiated, with a focus on technology for safety, connectivity and infotainment. Its offerings are increasingly valued by automakers as cars become more sophisticated technology platforms. Over the past eight quarters (see chart below), global auto sales have lagged, and U.S. auto sales have also faltered. Meanwhile, Aptiv has continued to generate solid revenue growth as it adds new content and gains market share. Against this backdrop, we have been able to buy more Aptiv opportunistically, increasing our ownership in line with our strong conviction in the company. Despite the fact that the stock has lagged in sympathy with the U.S. auto sector as well as overall weaker industrial sentiment, we feel confident in the company’s prospects.</p> <hr /><h4>Bucking the Trend</h4> <p>While global auto sales have lagged, Aptiv (APTV) has continued to grow and thrive due to an innovative, differentiated product platform. Strong fundamental prospects give us confidence to own companies like Aptiv, even when market sentiment is against us.</p> <p class="responsive"><a href="http://brownadvisoryd8stg.prod.acquia-sites.com/sites/default/files/autoSales_chart.JPG"><img src="http://brownadvisoryd8stg.prod.acquia-sites.com/sites/default/files/autoSales_chart.JPG" /></a></p> <p style="line-height: 1.5em; font-size: 0.7em;">Source: Bloomberg and Aptiv PLC company report.</p> <hr /><p>We invest in a number of U.S. industrial firms that we consider to be excellent operators and stewards of capital. To confidently hold these companies for the long term, we cannot be unduly influenced by sentiment or even the inevitable ebbs and flows of cyclical factors. It may sound overly simplistic, but we believe that positive business results translate into positive equity returns over time. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> The S&P 500Âź Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company.<br /> Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&Pâ€?, a subsidiary of S&P Global Inc.<br /> Sectors are based on the Global Industry Classification Standard (GICSÂź) classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICSâ€?and “GICS Directâ€?are service marks of Standard & Poor’s and MSCI . “GICSâ€?is a trademark of MSCI and Standard & Poor’s.<br /> BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS, BLOOMBERG.COM and BLOOMBERG LAW are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.<br /> All financial statistics are calculated using information from FactSet as of the report date unless otherwise noted. FactSetÂź is a registered trademark of FactSet Research Systems, Inc.</p> </div> Fri, 15 Mar 2019 13:06:46 +0000 ajackson 27761 at http://yagipay.com 雪梨app下载,91色视频,18禁啦啪啦漫画Outlook for 2019 | The Measure of All Things http://yagipay.com/intl/outlook-2019-measure-all-things <span class="field field--name-title field--type-string field--label-hidden">Outlook for 2019 | The Measure of All Things</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 02/12/2019 - 09:12</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Last year, our annual outlook publication, <em><a href="http://yagipay.com/us/outlook-2018-confronting-unknown">Confronting the Unknown</a></em>, focused on risk: how we define it, how we measure it, and what we saw as the major risks facing investors in 2018. The discussion, unfortunately, was timely given the market volatility we experienced last year. Two of the five risks we highlighted—the risks of rising interest rates and heightened global trade tensions—were top of mind for investors throughout the year. Later in the year, markets became anxious about other topics, such as a potential economic slowdown, a new level of dysfunction in Washington (including unusual executive challenges to the Fed's independence and an extended partial government shutdown), and escalating trade disputes between the U.S. and China. All of this weighed heavily on equity returns across the globe in 2018.</p> <p class="text-align-center"><a href="http://yagipay.com/sites/default/files/2019-02/Brown%20Advisory%20-%20The%20Measure%20of%20All%20Things%20-%20Outlook%20for%202019.pdf" target="_blank"><img src="http://yagipay.com/sites/default/files/download_PDF_btn.png" /></a></p> <p>Entering 2019, we face rising economic, political and market risks. But the drop in valuations experienced at year’s end, alongside higher bond yields, offer a foundation for better long-term return expectations across most asset classes. Given that backdrop, many of our client conversations during the back half of 2018 centered on how we might balance these opportunities and risks. Valuation is one of the key drivers of long-term future equity market returns, and as such, we thought an appropriate topic for this year’s publication would be a deeper dive into valuation—the figures we examine to gauge valuation, the manner in which we adjust portfolios to valuation shifts, and the state of market valuations today in our view. There is no silver-bullet metric for valuation analysis, and as we will demonstrate later in this report, the variety of metrics that we monitor—from price/sales ratios to enterprise value/EBITDA multiple—sometimes point in different directions. We believe that by gathering a wide spectrum of information, we can begin to cut through the market’s noise and make informed decisions that help us lean into value and away from more expensive areas.</p> <p>One example of this which we will explore in depth is examining the opportunity set between U.S. vs. non-U.S. equities along with the topic of geographic diversification. The prolonged period of strong U.S. performance has led many U.S.-based investors to consider severely reducing or even abandoning non-U.S. equity exposure. Consistent headlines about political turmoil (such as in the U.K., Italy and Turkey), economic challenges (such as in China, Argentina and Germany) and structural issues (such as in Japan and Italy) have fueled concerns about non-U.S. markets. But there are still long-term opportunities to invest in great companies in these countries. We wanted to offer a holistic look at how we think about the geographic mix of our equity investments.</p> <p class="text-align-center responsive"><img src="http://yagipay.com/sites/default/files/isgOutlook_fillerImage.jpg" /></p> <p>This is also a fitting moment to review the intersection of risk and valuation. 2018 marked the 10-year anniversary of the depths of the 2008â€?9 financial crisis, an event that tested the strength of the global financial system, the will of the global body politic, and the mettle of everyday citizens throughout the world. We are now also nearly 20 years separated from the collapse of the internet bubble in the late 1990s. During both of these events, asset prices became disconnected from reasonable estimates of intrinsic value. Investors who weathered these storms all bear scars, but we can all draw important lessons from those events about the risks of excess leverage in portfolios or on balance sheets, the importance of sticking to your investment discipline, and the need to maintain a diversified asset allocation with robust liquidity to withstand periods of market mayhem.</p> <p>We don’t see the same levels of excess in either market valuations or excessive debt levels that we saw in 1999 or 2008, but global economic growth appears to be slowing, and we do see rising risks of a recession in the U.S. Our base scenario for 2019 includes a deceleration of U.S. growth, but not a recession. Nevertheless, we are concerned about the pressures of rising interest rates and the potential blowback from global trade strife. On the other hand, the recent market sell-off has taken valuations in equity markets to somewhat more attractive levels. In our conversations with external managers, and with Brown Advisory’s own equity and fixed income research teams, we are hearing more excitement about bottom-up investment opportunities than we have in the past few years. In non-U.S. markets, the opportunities look even more attractive from a pure valuation perspective, and one area of particular focus in this publication will be how valuation and other factors inform our views and decisions about investments in Europe, emerging Asia and other areas of the world.</p> <p>We are moderately cautious in our portfolio positioning at the start of 2019, with reduced equity exposure vs. our long-term targets and an emphasis on liquidity in our client portfolios. In times of elevated volatility, we seek to remain disciplined, control the natural human impulse to retreat from losses, and avoid any overreactions to near-term price movements. We have been preparing client portfolios for these conditions for more than two years and believe we are in a good position to approach today’s challenges from a position of strength and patience.</p> <p>But this stance is a baseline that changes for every client, depending on that client’s situation. The title for this year’s report comes from a quote from the Greek philosopher Protagoras, often paraphrased as “Man is the measure of all things”—a statement about relativism (i.e., two people can experience the same set of conditions differently, and both experiences are equally valid representations of reality) that cuts to the heart of our work. The objective realities of today’s market may lead to very different advice and diverging paths for our clients, informed by their time frame, circumstances and temperament. Our aim is to help them reconcile the objective and subjective factors that each play a key role in their long-term plans.</p> <p>As always, we hope this paper leads to valuable conversations with our clients and helps us make better decisions together as a result. We look forward to hearing your thoughts and comments. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> <p style="line-height: 1.5em; font-size: 0.7em;"><sup>1</sup>Private and alternative investments (including hedge funds and private equity, credit and real estate funds) available for qualified purchasers and/or accredited investors only.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The following indexes were used throughout this report to represent returns and characteristics of various asset classes and regions:</p> <p style="line-height: 1.5em; font-size: 0.7em;">U.S. Equities: The S&P 500Âź Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&Pâ€?, a subsidiary of S&P Global Inc. The Russell 3000Âź Index is a market-capitalization weighted equity index that provides exposure to entire U.S. stock market. It tracks the performance of the 3,000 largest U.S.-traded stocks, which collectively represent about 98% of all U.S. incorporated equity securities. The Index is completely reconstituted annually. The Russell 3000Âź Index and RussellÂź are trademarks/ service marks of the London Stock Exchange Group of companies.</p> <p style="line-height: 1.5em; font-size: 0.7em;">Emerging-market equities: The MSCI Emerging MarketsÂź Index captures large and mid-cap representation across 23 Emerging Markets countries. With 834 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Emerging Markets Net Total Return (Local) Index tracks the performance of the MSCI Emerging Markets Index in local-currency terms. The MSCI Emerging Markets EMEA Index captures large and mid-cap representation across 10 emerging markets countries in Europe, the Middle East and Africa. With 145 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. European equities: The MSCI Europe Index is designed to represent the performance of large- and mid-cap equities across 15 developed markets. As of December 2017 it had more than 400 constituents and covered approximately 85% of the free float-adjusted market capitalization across European developed-market equity. Japan equities: The MSCI JapanÂź Index is designed to measure the performance of the large and mid-cap segments of the Japanese market. With 319 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan. EAFE equities: The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada. With more than 900 constituents as of December 2017, the MSCI EAFE Index covered approximately 85% of the free float-adjusted market capitalization in each country. The MSCI EAFE Net Total Return (Local) Index tracks the performance of the MSCI EAFE Index in local-currency terms. Asia ex-Japan equities: The MSCI Asia ex Japan Index captures large and mid-cap representation across 2 of 3 developed market countries (excluding Japan) and 9 emerging markets countries in Asia. With 953 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Latin American equities: The MSCI Emerging Markets (EM) Latin America Index captures large and mid-cap representation across 5 emerging markets countries in Latin America. With 108 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Non-U.S. equities: The MSCI World Ex-U.S. Index represents the performance of large and mid-cap securities across 22 of 23 developed-market countries, excluding the U.S. With more than 1,000 constituents as of December 2018, the Index coves approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World Ex-U.S. Index represents the performance of large and mid-cap securities across 22 of 23 developed-market countries (excluding the U.S.) and 24 emerging-market countries. With more than 2,100 constituents as of December 2018, the Index coves approximately 85% of the global equity opportunity set outside of the U.S. Unless otherwise noted, all non-U.S. equity return data is cited in USD terms.</p> <p style="line-height: 1.5em; font-size: 0.7em;">All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.</p> <p style="line-height: 1.5em; font-size: 0.7em;">Investment-grade bonds: The Bloomberg Barclays Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. High-yield bonds: Bloomberg Barclays U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.</p> <p style="line-height: 1.5em; font-size: 0.7em;">BLOOMBERG, is a trademark and service mark of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.</p> <p style="line-height: 1.5em; font-size: 0.7em;">Terms and definitions: Definitions for various valuation ratios (Price/Earnings, CAPE, EV/EBITDA, Price/Sales, Price/Book Value, and Price/Cash Flow) are provided in a table on page 10 of the full publication. Earnings Growth refers to the growth rate of a company’s net profit. Yield to maturity is the total return anticipated on a bond if held until it matures. Yield to worst is the lowest total return anticipated on a bond with callable, puttable or other features (i.e., the "worst" outcome between yield to maturity, yield to call, yield to put, etc.).</p> </div> Tue, 12 Feb 2019 14:12:18 +0000 ajackson 27446 at http://yagipay.com 91约社交,小优视频app官网网站ios,浪浪色版appStrategic Advisory 鈥?a thinking partnership http://yagipay.com/intl/strategic-advisory-thinking-partnership <span class="field field--name-title field--type-string field--label-hidden">Strategic Advisory â€?a thinking partnership</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 01/17/2019 - 09:02</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h4>Making sense of complexity</h4> <p>For many of our clients, the greatest challenges they face do not fit neatly into boxes. The inter-play of personal taxes â€?sometimes in more than one country â€?their business interests and investments, philanthropic intentions, and the education and succession of the next generation creates complexity and contradictions that can seem at times impossible to untangle.</p> <p>Brown Advisory's 30 strategic advisors bring together experience across many fields, including law, taxation, investment, business and family dynamics to act as a sounding board and thinking partner for clients wrestling with these challenges.</p> <p>Our role as a strategic advisory team is flexible, being governed by the individual circumstances and needs of each client. Typically, we work with our clients and their advisors to understand, clarify and articulate their holistic situation and goals so that prioritisation, planning and protection around all types of “lifeâ€?events can be efficiently diagnosed and implemented.</p> <h4>Strategic Advice: from the client’s perspective</h4> <p>Whilst the United Kingdom remains a very popular place in which to live, the political, tax and economic landscapes have, like many other places in the world, become increasingly complicated. It is against this background that we work with clients across a wide range of topics.</p> <p><strong><em>Non-UK domiciled UK residents</em></strong><br /> Many of our clients live in the UK as citizens of other countries, including the United States. We help these clients navigate and understand the intricate tax and reporting rules that may follow from being resident (or contemplating becoming resident) in the UK.</p> <p><strong><em>UK domiciled UK residents</em></strong><br /> Our UK resident and domiciled clients are no more immune to this increasingly complex legal and tax landscape. Nevertheless, asset protection and the timely relinquishing of control of assets to the next generation are often front of mind for many of our clients. We recognize that efforts to achieve asset protection and form succession plans need to take into account many factors, including familial dynamics, the value and characteristics of assets, tax cost and cash-flow.</p> <p>Whatever the citizenship, residency and tax profile of our clients, it is their goals and objectives, in each case, that drive the formation of the solutions and methods that are ultimately deployed.</p> <p><strong><em>Case Study â€?Mr. and Mrs. X</em></strong><br /> Mr. and Mrs. X are citizens of the United States who have been living in the UK for several years. They had accumulated significant wealth in the U.S. from their investment and employment activities before they moved to the UK, and continue to do so today.</p> <p>When we first met Mr. and Mrs. X, we learned that their greatest uncertainty was how to manage their UK expenditure without incurring unnecessary tax costs. This concern had been brought to a head because they were contemplating a significant property purchase in the UK and were unsure which of their savings and investments would be the optimal source of funding.</p> <p>After an initial information gathering phase with Mr. and Mrs. X and their tax advisors, we proposed a revised account framework to ring-fence those monies which might be inefficient to bring to the UK and to make future identification of available assets easier.</p> <p>Having helped to clarify which parts of their estate might be most efficient for funding the property investment, for meeting annual expenditure in the UK, and for long-term growth, we constructed investment plans for each.</p> <h4>Strategic Advice: from the perspective of the client’s other advisors</h4> <p>We think that our clients get the best results when their investment, accounting and legal advisors are all working in sync with each other. As strategic advisors, we often play a coordinating role, communicating with our clientsâ€?other advisors to ensure there is a common understanding and direction across the board. It is on this premise that we have built many fruitful partnerships with lawyers, accountants and other professionals to effectively serve our mutual clients.</p> <p>We are fortunate to be able to meet with clients on a regular and consistent basis which allows us to spot potential issues that may be appearing on the horizon and ensure the right members of the clientsâ€?broader advisory team are brought in and/or introduced as early as possible.</p> <p>We are proactive in trying to provide a communication channel between our clientsâ€?various advisors, so everyone can work from the same playbook, preempt potential issues long before they become last-minute concerns, and generally provide a more seamless experience and consistent result for the client.</p> <h4>Strategic Advice: our history</h4> <p>Our strategic advisory philosophy has been an essential component of Brown Advisory's approach since our firm’s founding over 25 years ago. Our first clients were complex families who valued our ability to help them devise investment plans that were closely intertwined with their business, succession and estate planning needs.</p> <p>Today, our firm serves many families and institutions around the world and we carry our strategic advisory philosophy into all of our relationships. Whilst investment return is an important part of our clientsâ€?holistic strategy, we know that supporting non-investment goals is also a priority. We view a client’s long-term plan as a tapestry that depicts different events and goals (past, present and future); strategic advice is the thread that weaves it all together.</p> <p>As strategic advisors, we are privileged to work so closely with our clients and their teams and we are fortunate that our ability to be objective and empathetic with clients is reinforced by the structure and culture of our firm. We are free from the potential conflicts which can arise where firms are involved in lending, underwriting, commission-based transactions or other activities. In addition, we charge no fee to our clients for our strategic advice.</p> <h4>How can we help?</h4> <p>In the future, we will publish articles and host events in London that capture some of the planning solutions we bring to bear for our clients. In the meantime, we are happy to be a resource to anyone who has questions about our approach or the role that a Strategic Advisor may be able to play for them. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 17 Jan 2019 14:02:34 +0000 ajackson 27046 at http://yagipay.com 香蕉频视下载丝瓜,花椒app下载,av天堂东京热不卡在线观看Global Leaders Investment Letter - Q4 2018 http://yagipay.com/intl/global-leaders-investment-letter-q4-2018 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q4 2018 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 12/31/2018 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q4 2018</em></p> <p>In this edition the team explore two concepts—myopic loss aversion and information cascades. They feel that both ideas are relevant today as some investors become increasingly short-term focused amid concerns about an imminent global recession. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q42018" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Mon, 31 Dec 2018 14:50:15 +0000 ajackson 29866 at http://yagipay.com adc影院年龄确认网站,2018东京热视频在线播放网站,小辣椒直播app二维码2018 Impact Report: Large-Cap Sustainable Growth Strategy http://yagipay.com/intl/2018-impact-report-large-cap-sustainable-growth-strategy <span class="field field--name-title field--type-string field--label-hidden">2018 Impact Report: Large-Cap Sustainable Growth Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 12/19/2018 - 11:16</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h4>A Letter of Introduction From The Portfolio Managers</h4> <p> </p> <p>Brown Advisory is deeply committed to sustainable investing, with the goal of helping our clients generate attractive investment returns, align their investments with their values and make a positive impact on society with their capital.</p> <p>Our clients are interested in learning more about the impact component of their sustainable investing strategies. To address this growing interest, we are pleased to issue our first, formal annual Impact Report for the Brown Advisory Large-Cap Sustainable Growth Strategy.</p> <p>The report includes a review of how we invest using innovative ESG and sustainability research, a discussion of the positive environmental and social outcomes being created by our portfolio companies, and a look at how we engage with portfolio companies and with the broader sustainable investing community.</p> <p>We want to express our gratitude to our research team of Emily Dwyer, Amy Hauter, Katherine Kroll and intern Lisa Fillingame, who work tirelessly to ensure that our investment decisions are informed by solid ESG data and clear viewpoints about how that data may affect a company’s prospects. Emily and Katherine were instrumental in the preparation of this report. We also wish to thank our firm’s Sustainable Investing Advisory Board; we greatly value the outside perspectives of Dan Esty, Kate Gordon, Marty Kaplan and Mamie Parker, and their insight and guidance is essential to our work. </p> <p>Finally, we are extremely grateful to CEO Mike Hankin, the senior leadership at our firm, our broader investment and strategic advisory teams, and in one way or another, every single one of our colleagues for their wholehearted support of sustainable investing principles and their eagerness to help build and advance our sustainable investing effort.</p> <p>On their behalf, we are proud to present this Impact Report to our clients. We hope you find it informative, and we welcome a continuing conversation with you about the work we are doing.</p> <p>Sincerely,</p> <p> </p> <div style="float: left; width: 35%;"> <p><strong>Karina Funk, CFA</strong><br /> Portfolio Manager and<br /> Head of Sustainable Investing </p> </div> <div style="float: left; width: 35%;"> <p><strong>David Powell, CFA</strong><br /> Portfolio Manager<br />  </p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:9px;">*Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.</span></p> <p> </p> </div> Wed, 19 Dec 2018 16:16:04 +0000 ajackson 26381 at http://yagipay.com adc官方网,9uuapp官网,台湾s8视频app下载Finding Alpha in Challenged Global Markets http://yagipay.com/intl/finding-alpha-challenged-global-markets <span class="field field--name-title field--type-string field--label-hidden">Finding Alpha in Challenged Global Markets</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 12/12/2018 - 09:26</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global investors need to have an open mind. At any given time, many countries and markets around the world may appear to be rife with risks and problems, and yet in many cases, these countries may also offer sources of return that may not be evident at first glance. The best global managers are the ones that probe below the surface and find those sources of return. An excellent case study for this idea is Japan, a country that many investors wrote off long ago—but one that managers have successfully mined for return opportunities during the country’s extended economic struggles.</em></p> <p>In 1989, as the Berlin Wall began to fall, another 20th century institution, namely the Japanese market, started to collapse.</p> <p>On December 29, 1989, the Japanese equity market peaked at a level of 2,881. Many readers may not recall the market’s euphoria for all things Japanese. Unbridled optimism ushered in an economic bubble of historic proportions. The fever pitch reached such a level that at one point the 379 acres under Tokyo’s Imperial Palace were assessed at a value greater than the entire state of California. However, the downturn was swift. By August 1990, the Japanese market had plummeted to half of its peak.</p> <p>Roughly 29 years have passed and the Tokyo Stock Price Index or TOPIX (1,695) is still 42% below its 1989 peak. The aversion to Japanese equities today seems just as great as the insatiable demand investorsâ€?exhibited just three decades ago.</p> <p>One principal reason for the antipathy has been Japan’s lackluster economic performance. Annual real economic growth since 1994 has averaged less than 1%. Over that time period, the TOPIX has only fared slightly better. The Index has delivered 2.1% in local terms and 1.6% in USD terms given the slight depreciation of the Japanese yen.</p> <p>Japanese policy makers have not been indifferent to the economic malaise. Stimulus measures have been both firm and consistent. In fact, government debt, the one area where Japan’s growth plans have succeeded, has expanded to 236% of GDP.</p> <p>Putting recent experience aside for the moment, we would argue that a story is developing in Japan that investors may be missing. One of the potential reasons for the market’s unawareness to Japanese opportunities is its persistent and unwavering focus on growth.</p> <p>It is not uncommon for investors to focus on growth as the single most important factor generating returns. Higher growth is “goodâ€?while lower growth is “bad.â€?And here’s the point in the analytical framework where investors may risk making a meaningful mistake.</p> <p>While economic growth can be a critical factor in equity market performance, it is certainly not the only factor; and in many cases, likely not the most important. This type of single-factor analysis overlooks key variables at the company level such as return on capital, interest rates and entry points (i.e. valuation). Regarding the last point, it is completely plausible to generate above-average rates of return from a business in a state of decline assuming the purchase price reflects the economic reality.</p> <p>From a macro perspective, we concede that Japan’s economy remains lackluster. From a micro perspective, however, a more interesting story emerges. There is a subset of companies within the Japanese economy undergoing a transformation. As part of this metamorphosis, management teams are paying greater attention to creating shareholder value.</p> <p>Moreover, Japan’s equity market remains deep, liquid and well organized in our view. Pockets of considerable industry fragmentation are poised for a first-mover advantage, especially given the trifecta of cash-rich balance sheets, ultra-low interest rates and valuation support. Finally, a prolonged lack of interest in Japanese equities by foreign investors has arguably made the equity market reasonably inefficient by developed-market standards.</p> <p>Good managers have been able to deliver returns that global investors would find attractive, even while investing in Japan’s “no-growthâ€?economy. We track several funds that have successfully outperformed not only the TOPIX over the past 10 years, but the MSCI World Index as well. We follow these managers closely and know them well; they offer particular approaches to investing in a country that effectively remains an outlier in the investing world, and we believe they have the opportunity to continue delivering strong results.</p> <p>Renowned Harvard economics historian David Landes once wrote, “
economic analysis cherishes the illusion that one good reason should be enough.â€?This certainly applies in the case of Japan. For many investors, double-digit returns from Japanese equity markets are not supposed to happen. It creates too much conflict with an existing worldview—whereby the dependent variable (i.e. equity returns) originates from a function that is arguably overly predisposed to a single independent variable (i.e. growth). However, for those willing to challenge consensus, the rewards could be meaningful. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /><b>TOPIX (The Tokyo Price Index)</b> is a metric for stock prices on the Tokyo Stock Exchange. TOPIX is a capitalization-weighted index that lists all firms in the “first sectionâ€?of the TSE, a section that organizes all large firms on the exchange into one group. The second section of the TSE pools all of the smaller remaining companies.<br /><br /><b>MSCI World Index</b>, which is part of The Modern Index Strategy, is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. MSCI is a market leader in global equity indexes and has over $3.6 trillion in assets benchmarked to the MSCI World Index suite.<br /><br /> The TOPIX Index Value and the TOPIX Trademarks are the intellectual property rights owned by the Tokyo Stock Exchange. All rights relating to the TOPIX, including calculation, publication and use of the TOPIX Index Value as well as those relating to the TOPIX Trademarks belong to the Tokyo Stock Exchange. All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.<br /><br /> BLOOMBERG and BLOOMBERG INDICES are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates (“collectively, “Bloombergâ€? or Bloomberg’s licensors own all proprietary right in the BLOOMBERG INDICES.</p> </div> Wed, 12 Dec 2018 14:26:54 +0000 ajackson 25281 at http://yagipay.com 136导航,月漫app官网,btaaBrown Advisory Latin American Strategy http://yagipay.com/intl/brown-advisory-latin-american-strategy <span class="field field--name-title field--type-string field--label-hidden">Brown Advisory Latin American Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 10/05/2018 - 10:16</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Rupert Brandt and Peter Cawston recently joined Brown Advisory, bringing with them the Latin American strategy they have managed for more than a decade. In this conversation, the two portfolio managers share their perspectives on a market in which they’ve invested for a combined 28 years, and why they view Latin America as one of the last great untapped investment opportunities in the world.</em></p> <h4>Q: Can you provide some basic context on the Latin American opportunity?</h4> <p>Well, first things first—this is a big economy and a big opportunity. We are essentially talking about six countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. Brazil on its own is roughly equal to India in terms of GDP. Taken together, these six countries have a population approaching half a billion people, and produce just under U.S. $5 trillion in GDP<sup>1</sup>.</p> <p>A powerful long-term economic transformation is in progress in Latin America. The dictatorships, currency pegs, hyperinflation and guerilla warfare of the 1980s have gradually been replaced in these six countries by democracy, floating currencies, independent central banks and, for the most part, peace. Inflation is a particularly clear window into the transformation in the region; in five of these six countries, inflation has fallen from the 100% range in the 1980s and early 1990s, to low single digits today (Argentina is much earlier in its transformation but following the same model). Middle class growth (from barely 20% of the population in 2002, to more than 35% today<sup>2</sup>) is also transforming Latin America. In addition to its greater purchasing power, the middle class also has something to lose and is thus, in our view, more supportive of governments with pro-business approaches.</p> <p>Latin America is one of the last big markets in the world to mature, and we see the potential for top-line growth similar to that of emerging Asia in recent years, possibly with much better bottom-line results. Asia’s GDP growth has often failed to translate into high returns on invested capital (ROIC) for Asian companies. One reason is the ease with which Asian companies can borrow, leading to high debt levels in many cases. In Latin America, high interest rates were the norm for many years, so the best management teams there have real discipline around generating a return on invested capital greater than the cost of capital. This helps them transfer GDP growth more readily to their bottom lines.</p> <div class="greyLine"><a> </a></div> <h4>Latin America is Growing Rapidly―Especially Outside of Brazil and Mexico</h4> <p><i>Despite various economic challenges faced in the region over the past twenty years, Latin America's economic growth has outpaced that of developed markets. Notably some of the fastest growth is in Peru, Colombia and Chile―these countries are a notable weighting of Brown Advisory's Latin American Strategy relative to the Latin American indexes. The portfolio information provided is based on a representative account and is provided as supplemental information.</i></p> <p><strong>Real GDP Growth Rate by Country/Region (12/31/2000â€?2/31/2017)</strong></p> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/latam_gdp_regiongrowth_chart.jpg"><img alt="Real GDP Growth Rate by Country/Region (12/31/2000â€?2/31/2018)" src="http://yagipay.com/sites/default/files/latam_gdp_regiongrowth_chart.jpg" /></a></p> <p style="line-height: 14px; font-size: 0.8em;">Source: Bloomberg. Growth rates cited in the right column are annualized.</p> <div class="greyLine"><a> </a></div> <h4>Q: You’ve covered Latin America for 20 years. Why do you think the opportunity is particularly attractive now? Conversely, what are some potential downside risks?</h4> <p>We think that today is a great point of entry into Latin America. First, the region appears to be at an early point in its economic cycle. Latin American economic upturns in the postwar era have all lasted at least five or six years, and this cycle looks particularly promising as all six of our economies are poised to benefit from recent structural reforms, and their currencies are attractively valued vs. the U.S. dollar which should help them compete globally in our view. Corporate margins are not above long-term averages. Economic policy in the region, in our view, offers a fairly benign outlook—interest rates are reasonable (with the notable exception of Argentina), private sector debt is relatively low, and Latin America is not unwinding a major quantitative easing program like many other regions.</p> <p>Second, we believe that currencies in the region are undervalued. We do not try to forecast currency movements, but we always want a view on whether currency is more of a risk or opportunity at a given moment. Right now it appears to be an opportunity—the real effective exchange rate vs. the U.S. dollar is below its 20-year average in most of the markets in which we invest, despite the improved economic conditions in these countries.</p> <p>Finally, the valuation picture looks attractive in our view. Our portfolio has generated admirable earnings growth since the strategy's inception, and the companies we own were producing an adjusted 19% return on equity and had an adjusted 0.8x net debt/EBITDA ratio (excluding financials)<sup>3</sup> as of late September 2018. Those are robust results for a portfolio trading at approximately 13x estimated adjusted 2019 earnings â€?a multiple that should rise if earnings accelerate as we expect<sup>3</sup>. We see this as an unusually low valuation at the beginning of an economic acceleration, offering incremental return potential for proactive investors. So we see all of these economic, currency and valuation factors converging to produce an attractive outlook over a five-plus year time horizon.</p> <p>There are always risks in emerging markets, however. A recession in the developed world, a Chinese debt crisis, a retrenchment of commodity prices, or a reversal of positive structural trends in these countries--all of these are possibilities that could set Latin American markets back. And the region’s stock markets are still vulnerable to rapid inflows and outflows of foreign capital (an inherent challenge for any emerging market portfolio).</p> <p>Time has taught us to be patient about the "two steps forward, one step back" pattern that can play out in Latin America. Setbacks occur in different countries at different times, and these situations sometimes—not always—create opportunities for us to add alpha. The latest ongoing example is in Argentina. For the past several years, Argentina’s new pro-market government has been actively reforming the economy—deregulating prices, sorting out the fiscal deficit, sorting out inflation and encouraging private investment. A big part of the country’s economic story is rooted in its agricultural sector, and when it suffered its worst drought in 50 years in 2018, it triggered significant currency weakness and a selloff in its equity markets. The government has responded in an orthodox manner, taking steps such as raising interest rates sharply to stem inflation. We believe that the long-term fundamentals in Argentina are still very promising, and we expect to see the economy recover and re-establish attractive GDP growth in 2019. Given current equity valuations combined with a relatively inexpensive currency, we have had the opportunity to invest in some appealing Argentinian companies at attractive prices.</p> <div class="greyLine"><a> </a></div> <h4>The Rise of the Latin American Middle Class</h4> <p><i>The middle-class explosion that has driven growth in emerging Asia is also occurring in Latin America. The percentage of Latin Americans with middle class incomes has risen dramatically since the early 2000s, which has led to a boom in consumer spending and, indirectly, the popularity of more market-friendly governments.</i></p> <p><strong>Middle Class / Poverty Population Trends In Latin America, 2003-2016</strong></p> <p>(Expressed as % of population within daily USD spending ranges)</p> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/latam_populationpoverty_chart.jpg"><img alt="The Rise of the LatAm Middle Class" src="http://yagipay.com/sites/default/files/latam_populationpoverty_chart.jpg" /></a></p> <p style="line-height: 14px; font-size: 0.8em;">Source: World Bank. Poverty level defined as income of approximately $5.50 USD per day or less; middle class defined as income between $13 and $70 USD per day.</p> <div class="greyLine"><a> </a></div> <h4>Q: Do you think investors need specific exposure to Latin America?</h4> <p>We think it makes sense to invest in Latin America, given the bottom-up opportunity and compelling valuations. But benchmark-driven emerging market (EM) strategies don’t offer a lot of Latin American exposure currently. These indexes are market-cap weighted and backward-looking in their construction, so they will not reflect a higher Latin American allocation until share prices have meaningfully rerated in response to the economic resurgence we are seeing in the region. For that reason, we think that investors seeking to capitalize on that resurgence are better served by having specific Latin American exposure.</p> <p>That being said, we think our value-add is more rooted in stock selection than in regional exposure. We focus primarily on absolute returns, and don’t guide the portfolio relative to any benchmark. One of our portfolio companies, Nutresa, is a good example—we own it for fundamental reasons, not because it gives us exposure to the region or to Colombia. Colombia offers tailwinds to be sure—it’s a free-market democracy where GDP per capita has grown 2.5x since 2000<sup>4</sup>. But the bulk of our thesis is based on the company itself. We believe that it has excellent brand strength across its core categories including cold cuts, chocolate, pasta and coffee, leading to a 60% aggregate market share in Colombia, which accounts for 60% of its business<sup>5</sup>. It has a strong distribution network that gives it a competitive advantage against multinational entrants in our view. Moreover, comparisons with other countries strongly suggest that demand for Nutresa’s products will rise as GDP/capita and the middle class grow, so it has an immense runway for growth.</p> <h4>Q: How does your strategy differentiate from other Latin American strategies?</h4> <p>We have <strong>a particular focus on "underpenetrationâ€?in the portfolio </strong>(i.e., situations where an industry has not fully realized its potential in a given country). This focus leads us to companies that have the potential to capture, in essence, three sources of growth. As noted, we believe key Latin American countries are poised for attractive nominal GDP growth; underpenetrated industries offer the potential to grow faster than overall GDP; and finally, our research seeks to uncover companies that can gain share and grow faster than their industries. We believe this focus on underpenetration is a major reason why our portfolio companies have generated strong earnings growth since the strategy's inception, during a decade-plus period that we would describe as peak-to-trough for the region's economies. </p> <p>Additionally, we believe that <strong>our benchmark-agnostic approach offers greater diversification</strong> of country and currency risk than benchmark-driven strategies.The MSCI Latin American Index is market-cap weighted, so Brazilian and Mexican companies can represent as much as 80% of the Index at times. The Index can also have meaningful weights in companies that we think are unattractive from a fundamental standpointâ€?state-owned businesses with poor governance influenced by politics, energy and other commodity companies, and companies in slower-growth sectors such as telecommunications. Petrobras—driven by the inherently unpredictable price of oil, and governed by political appointees that change with every election—is a good example; it's a large constituent within the Index, but it is not the kind of model we want to back with our clientsâ€?capital.</p> <p>In contrast, we seek to invest broadly across countries with solid long-term fundamentals and improving policy environments, and in high-quality growth stocks with long growth runways that operate in clearly underpenetrated domestic industries. Our portfolio is more diversified than the Index across the six major economies in Latin America (for example, Peru made up about 15% of our portfolio as of June 30, 2018, vs. only about 4% of the Index<sup>6</sup>). We only invest in "private" (i.e., not state controlled) companies with managers clearly aligned with shareholder interest; we don’t invest in state-controlled companies and we avoid commodity and low-growth stocks; and, we only invest in companies where we think long run results are relatively predictable and we believe that profits will compound well over time.</p> <p>A benchmark-agnostic approach will inevitably have periods when it exceeds and lags benchmark indexes that other strategies track more closely. However, over the long term our strategy has generated higher returns than the MSCI Latin American Index, at similar levels of volatility, since its 2006 inception.</p> <p>Finally, we believe that we know these markets very well after many years of visiting and investing in Latin America. There are about 100-150 companies of real interest to us. We each visit the region several times per year, so between us we usually spend 15-20 weeks a year in the countries we invest in and conduct 300-400 meetings with this select list of firms each year. In addition, we attend Latin American conferences and meet Latin American companies in London when they are doing non-deal roadshows (many come to London once or twice per year). So we’re very close to the data and to each company’s strategy and management team.</p> <h4>Q: How can investors access the strategy?</h4> <p>Investors can access the strategy through the existing UCITS Fund or through a segregated mandate. In the U.S., the strategy is available via segregated mandate, and we have plans to launch an SEC-registered mutual fund in the near future. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p style="font-size:10px; line-height: 1.5em;"><sup>1</sup>Source: World Economic Outlook Database, April 2018, International Monetary Fund.<br /><sup>2</sup>Source: The World Bank, LAC Equity Lab: Poverty â€?Poverty Rate. Data from 2000â€?016 updated and published in April 2018.<br /><sup>3</sup>Source: Bloomberg, Brown Advisory and broker estimates. Characteristics exclude cash and cash equivalents.The return on equity or <strong>ROE</strong> figure cited is an adjusted trailing 12-month weighted average. Companies with a negative ROE were removed from the calculation. The calculation is as of Sept. 19, 2018. Further details on calculation methodology are available on request. The unadjusted ROE is 17.0%. The unadjusted estimated 2019 earnings are 13.9x. The portfolio information provided is based on a representative account and is provided as supplemental information.<br /><sup>4</sup>Source: International Monetary Fund.<br /><sup>5</sup>Source: Grupo Nutresa Corporate Presentation/Fact Sheet.<br /><sup>6</sup>Source: Brown Advisory.</p> <p> </p> <p> </p> <div class="greyLine"><a> </a></div> <p><a href="http://yagipay.com/disclosures/latin-american-composite">Click here to view Latin American Composite Disclosures</a></p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /><strong>Return on Invested Capital (ROIC)</strong> measures a company's profitability in the context of the capital it invests in its business. It is calculated as NOPAT/IC; where NOPAT (net operating profit after tax) is (EBIT + Operating Leases Due 1-Yr)*(1-Cash Tax Rate) and IC (invested capital) is Total Debt + Total Equity + Total Unfunded Pension + (Operating Leases Due 1-Yr * 8) –ExcessCash.<br /><br /><strong>Alpha</strong> is used in finance as a measure of performance. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark which is considered to represent the market’s movement as a whole. The excess return of an investment relative to the return of a benchmark index is the investment’s alpha.<br /><br /> The <strong>MSCI Emerging Markets (EM) Latin America Index</strong> captures large and mid cap representation across 5 Emerging Markets (EM) countries in Latin America which include: Brazil, Chile, Colombia, Mexico, and Peru. With 109 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.<br /> BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS, BLOOMBERG.COM and BLOOMBERG LAW are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.<br /> All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.</p> </div> Fri, 05 Oct 2018 14:16:00 +0000 ajackson 24881 at http://yagipay.com 伊在人线香蕉观新在线5,pear二维码,丝瓜视频无限看在线下载Why Invest in Europe and Asia (Even as U.S. Stocks Charge Ahead)? http://yagipay.com/intl/why-invest-europe-and-asia-even-us-stocks-charge-ahead <span class="field field--name-title field--type-string field--label-hidden">Why Invest in Europe and Asia (Even as U.S. Stocks Charge Ahead)?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 10/02/2018 - 12:30</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Diversification is a powerful tool for investors. It makes sense to spread investments into different asset classes and different global regions to balance risk and reward. But in recent years, a number of investors—especially those in the U.S.—have started to question why they should allocate to non-U.S. equities at all. U.S. stocks have generally been clear outperformers since the 2008-09 financial crisis, and it hasn’t really been close: Over the ten years since the financial crisis, U.S. equities have returned more than 11% per year (for USD-based investors), while outside the U.S., equity returns were closer to 5% per year for the same period. (For currency-hedged investors, the difference is less dramatic due to currency trends over this period, but the basic narrative is the same.)</p> <p>Recency bias is a powerful force, and it drives many smart people to assume that what they have seen recently is the “new normal.â€?But the truth is that the return differential between U.S. and non-U.S. stock has cycled back and forth regularly for many decades. There is no reason to expect that this cycle has ended, and/or that one side has somehow “won.â€?Moreover, despite persistent strength in U.S. markets ten years after the financial crisis, there are a number of fundamental factors supporting a “relative comebackâ€?for both developed and emerging non-U.S. markets.</p> <div class="greyLine"><a> </a></div> <h4>The U.S. / Non-U.S. Stock Contest: A Split Decision, Historically</h4> <p><i>A quick review of recent history shows that picking either side of this contest would have left you sorely disappointed in your choice during many of the past 40 years:</i></p> <p><strong>Relative Performance, U.S. Equities vs. Non-U.S. Equities (USD)</strong><br /> One-Year Rolling Time Periods (12/31/79â€?/30/18)</p> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/chart_globalDiversification92518.jpg"><img alt="Relative Difference Between U.S. and Non-U.S. Equity (USD) Returns" src="http://yagipay.com/sites/default/files/chart_globalDiversification92518.jpg" /></a></p> <p style="line-height: 14px; font-size: 0.8em;">Source: Bloomberg. U.S. equities are represented by the Russell 3000Âź Index. Non-U.S. equities are represented by the MSCI EAFE Index from 1979-1987, and the MSCI ACWI ex. U.S. Index from 1988-2018.</p> <div class="greyLine"><a> </a></div> <p>In the 1980s, non-U.S. stocks were big winners over the U.S., as Japanese markets boomed and the U.S. “Black Mondayâ€?crash in 1987, among other factors, weighed on market returns. Then, in the 1990s, U.S. stocks benefited greatly from an internet-driven technology renaissance, while later in the decade non-U.S. markets were stung by the Asian Financial Crisis in 1997 and the Russian government debt default a year later. The 2000s were another period of broad outperformance for non-U.S. stocks, and as we’ve noted, U.S. stocks have reigned since the global financial crisis of 2008-09.</p> <p>We see here a general pattern of multiyear cycles when one “sideâ€?of this equation outperforms the other, and a series of boom and bust events that would have been difficult to predict in advance, but ended up benefiting or hurting one region over others in an outsized manner. None of this was easily predictable before it happened—and in truth, none of it offers much in the way of predictive value for us going forward. But we know that regional results have varied wildly over the years, and fortunes have shifted quickly. Against that backdrop, we think the best way to earn attractive returns while reducing risk is to diversify one’s portfolio across the globe. And by diversification, we mean balance in allocation less from quarter to quarter, or year to year, but rather over long periods, to balance when one region or the other struggles.</p> <h4>Continental Confidence: A Review of our Approach to European Equities</h4> <p>However, diversifying blindly takes away one’s ability to make educated choices on markets that look fundamentally attractive. We strike a balance—we seek broad diversification, then lean our weightings in one direction or another based on our fundamental outlook for various regions.</p> <p>For several years after the crisis, we consciously underweighted Europe; austerity as well as the economies of Greece and several other “peripheralâ€?EU nations held back Europe’s recovery relative to the U.S. Our clients in Europe have a different starting point for geographic equity weightings than those in the U.S. (investors typically use benchmarks that emphasize home markets, to align risk with their home economies and currencies), but across the board we recommended a tilt away from Europe and toward the U.S.</p> <p>Then, after six years we regained a greater degree of optimism about Europe and began shifting assets back in that direction, as we noted in <a href="http://yagipay.com/en/theadvisory/european-re-entry-why-we-are-shifting-portfolios-toward-european-stocks">an article in 2017</a>. Europe’s economic picture had improved markedly at the time, with debt crises fading into the rearview mirror and broader leading indicators such as purchasing manager sentiment heading in the right direction. Equity valuations in Europe at the time were more attractive than those in the U.S. These arguments still generally hold today in our view.</p> <p>We should note that at both ends of this decision-making spectrum, our shifts were incremental, not dramatic, and represented overall movements of 3-4% of our overall portfolio mix. We may look back in 12-18 months and see that our recent incremental shift toward Europe was slightly positive or negative. But we believe we will feel comfortable with our decision to remain invested globally, so we have the potential to capture opportunity and weather risk in a balanced manner. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /><strong>Russell 3000Âź Index</strong> is a market-capitalization-weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.<br /> “FTSEÂźâ€? “RussellÂźâ€? “MTSÂźâ€? “FTSE TMXÂźâ€?and “FTSE Russellâ€?and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies.<br /><strong>MSCI EAFE Index</strong> is a stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. & Canada. It is maintained by MSCI Inc., a provider of investment decision support tools; the EAFE acronym stands for Europe, Australasia and Far East.<br /><strong>MSCI All Country World Index</strong> Ex-U.S. (MSCI ACWI Ex-U.S.) is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets.<br /> All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.<br /> BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS, BLOOMBERG.COM and BLOOMBERG LAW are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.</p> </div> Tue, 02 Oct 2018 16:30:46 +0000 ajackson 24896 at http://yagipay.com 炫美社,懂片帝最新版下载,磁力宝Global Leaders Investment Letter - Q3 2018 http://yagipay.com/intl/global-leaders-investment-letter-q3-2018 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q3 2018 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sun, 09/30/2018 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q3 2018</em></p> <p>In this letter, the team discuss the dangers of shorthand valuation techniques and the oversimplification of passive investing, particularly during periods of market volatility. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q32018" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sun, 30 Sep 2018 13:50:15 +0000 ajackson 29871 at http://yagipay.com 色学堂导航,一起搞色,后宫视频appTake ESG Ratings With A Grain Of Salt http://yagipay.com/intl/take-esg-ratings-grain-salt <span class="field field--name-title field--type-string field--label-hidden">Take ESG Ratings With A Grain Of Salt </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/2116" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">jsayo</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/09/2018 - 10:05</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>For good investors, a third-party rating system—for example, credit ratings from Moody’s or Fitch, or mutual fund star ratings—is usually just a first step in an investment decision-making process that involves a lot of other research and analysis. Yet when it comes to environmental, social and governance (ESG) research, a growing number of investors are keen to adopt a third-party rating system as the beginning and end of their process.</p> <p>The simplicity of this idea is appealing. If you want to invest in “goodâ€?ESG companies and avoid “badâ€?companies, it would be wonderful to simply apply a prepackaged ratings screen to an index to achieve that result. To be clear, leading ESG research firms like MSCI and Sustainalytics have strong research teams and provide valuable information to thousands of investment firms, including ours. But if investors rely solely on the ratings built from that research to gauge an investment’s sustainable merits and risks, they will almost always miss out on key information that can only be surfaced through diligent, primary research.</p> <p>There are several problems with leaning too heavily on ESG ratings. One specific challenge is a lack of standardization—every ratings system prioritizes different factors when defining a “goodâ€?ESG company. Some prioritize transparency and disclosure; others prioritize a company’s environmental or social track record or its past controversies; others prioritize current carbon emissions. Depending on which ratings service you choose, you may see wildly different results.</p> <p>Last year, Karina Funk and David Powell published a <a href="//yagipay.com/en/theadvisory/esg-and-stock-%C2%ADpicker%E2%80%99s-dilemma">journal article</a> in the <i>Journal of Environmental Investing, </i>that discusses the opportunities and challenges of using ESG information to improve investment decisions. In one section of the article, we conducted an exercise to compare six leading ESG ratings schemes. We translated each firm’s ratings system into a consistent, 1-to-10 scale (1 representing the “worstâ€?ESG score and 10 the “bestâ€?, then looked at how each firm rated the holdings in our firm’s Large Cap Sustainable Growth portfolio. The average result was a spread of nearly five points between the best and worst score—in other words, a typical company might receive a top-quartile rating from one ratings system, and a bottom-quartile rating from another.</p> <div class="greyLine"> </div> <h4>Eye of the Beholder: ESG Firms Rate Companies Very Differently</h4> <p>We looked at how six ESG ratings schemes rated a variety of companies (as of Dec. 31, 2016) covered by our research team. The difference between the “bestâ€?and “worstâ€?ratings for each company is shown below—often, the gap is quite wide. (Ratings translated to a consistent 1-10 scale. Both the companies and ratings providers are anonymized for confidentiality purposes.)</p> <p class="responsiveImg"><a href="//yagipay.com/sites/default/files/u1/esg_chart.jpg"><img alt="Wide difference between best and worst ESG ratings for sampled portfolio companies" src="http://yagipay.com/sites/default/files/u1/esg_ratings_chart.jpg" /></a></p> <p>Source: Brown Advisory. Each company depicted in the chart received a rating from all six research firms.</p> <div class="greyLine"> </div> <p>For example, American Tower (a cellular tower company in which we’ve invested) currently receives a top rating from one leading ESG ratings system, and a rock-bottom rating from another. In the former case, the ratings analysis lauds American Tower for various factors, such as enabling communication in developing markets, and treating its workers well. In the latter case, the low rating is largely driven by a lack of transparency and disclosure on various matters. The key question here shouldn’t be which rating is correct—each firm’s analysis raises good points. Instead, investors should ask what they can learn from each of these ratings, to help them build a more complete picture. Our investment isn’t based on a 3rd-party rating; we invest due to strong company fundamentals and a solid ESG profile that, in our estimation, tangibly enhances American Tower’s business prospects. Specifically, it is the only tower operator to offer shared (and thus efficient) backup power generating capacity for the multiple carriers on its towers. Backup power is a critical need for carriers, who spend on the order of $15 billion per year in outages and degradation.</p> <p>What we take away from this discussion is that ratings—whether you’re looking at mutual fund rankings, credit ratings or ESG grades—should not be viewed as an endpoint, but as the start of a research journey that spurs subsequent questions and more digging for information. In our view, no amount of raw ESG data can tell an investor whether a company is a sound fundamental investment—we believe that primary research is the only way to consistently drive well-informed investment decisions.</p> <p>For more information about how we think about ESG information in our research, please review the full journal article we published on this topic, <i><a href="//yagipay.com/en/theadvisory/esg-and-stock-%C2%ADpicker%E2%80%99s-dilemma">ESG and the Stock Picker’s Dilemma</a></i>. <img alt="" src="http://yagipay.com//sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p> </p> <p> </p> <p> </p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 09 Jul 2018 14:05:26 +0000 jsayo 30486 at http://yagipay.com comics,最新菠萝蜜视频app在线,夜色美女直播app下载Global Leaders Investment Letter - Q2 2018 http://yagipay.com/intl/global-leaders-investment-letter-q2-2018 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q2 2018 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sat, 06/30/2018 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q2 2018</em></p> <p>With the Global Leaders Strategy having reached its 3 year anniversary, the team reflect here on what they’ve learnt on their journey so far. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q22018" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sat, 30 Jun 2018 13:50:15 +0000 ajackson 29876 at http://yagipay.com 空姐诱惑,夜色美女直播app官网下载,墨镜原创NOW 2018 Conference: Our Investment Team鈥檚 Roundtable Recap http://yagipay.com/intl/now-2018-conference-our-investment-teams-roundtable-recap <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 Conference: Our Investment Team’s Roundtable Recap</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/14/2018 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=GHo13TwkrE4&index=9&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><i>The NOW conference is always memorable, but this year’s conference included some particularly compelling and provocative ideas. I wanted to make sure we considered those ideas and their implications for the portfolios we manage for our clients, with truly open minds. So, after the NOW conference, I invited a number of colleagues to join me for dinner so we could gather in a comfortable off-site environment, free of distractions, and connect the dots between what we heard at NOW and what we’re thinking about as investors. I'd like to thank my colleagues <a href="http://yagipay.com/lisa-cuesta">Lisa Cuesta</a>, <a href="http://yagipay.com/taylor-graff-cfa">Taylor Graff</a>, <a href="http://yagipay.com/amy-hauter-cfa">Amy Hauter</a>, <a href="http://yagipay.com/jane-korhonen-cfa">Jane Korhonen</a>, <a href="http://yagipay.com/stephanie-mccormick">Stephanie McCormick</a>, <a href="http://yagipay.com/adi-padva">Adi Padva</a>, <a href="http://yagipay.com/keith-stone-caia">Keith Stone</a> and <a href="http://yagipay.com/lyn-white-cfa">Lyn White</a> for their contributions to a rousing and wide-ranging discussion.</i></p> <p><i>I was not surprised at all when the conversations started at a polarizing moment from the conference. At one point, Skip Gates brought up the concept of reparations for historical injustices against African-Americans. If you attended NOW, you’ll remember the nearly physical reaction that rippled throughout the auditorium when the word “reparationsâ€?was spoken. A good number of attendees recoiled in displeasure and an equivalent number perked up eagerly.</i></p> <p><i>What pleased me to no end was that our entire group said that they enthusiastically welcomed that uncomfortable moment, and other uncomfortable moments that occasionally occur at our NOW conferences. They all believe what I believe, which is that the point of NOW is to not just to expose us to provocative ideas. We want the conference to force us to open our eyes, look at those new ideas, and consider whether we should respond by redirecting our actions and energies along a more fruitful path.</i></p> <p><i>Our group covered a wide range of topics during a freewheeling two-hour conversation. I’ve done my best to capture the more interesting takeaways in the summary you'll find on the next few pages. There is no doubt that the NOW conference, and our small group’s recap conversation, addressed many important questions about the future of society; in this write-up, we have tried to keep the focus on our efforts to invest successfully for our clients.</i></p> <h4>On the Social and Environmental Factors That Are Driving Business and Investing</h4> <p>Race, gender, political and identity schisms are roiling our society to an extent not seen since the civil rights era. While the direct ties to our work as investors may not be immediately obvious, they are definitely there: We strongly believe that the companies that thrive over the long term will be the ones that can openly address these challenges and in so doing find opportunities for growth. Moreover, we want to be one of those companies.</p> <p>In that vein, it was interesting to hear the results of the Edelman Trust survey in the session led by Matt Harrington, Edelman's COO. We heard that people are losing faith in governments and placing more trust in corporations; notably, 64% of respondents want CEOs to take the lead on a lot of society’s issues. Jane Korhonen, a portfolio manager in our Washington, D.C . office, saw this as an almost unimaginable shift in trust away from traditional institutions and toward corporations to solve the world’s problems.</p> <p>But the shift is occurring nonetheless. I asked Lisa Cuesta and Keith Stone, both of whom focus on the startup/venture universe, for their thoughts on the movement among startups to align business with mission. They are both seeing a lot more mission-aligned thinking on the part of companies and venture funds alike. In many cases, mission drives passion, and this passion can be a powerful force for startups in their initial push to get off the ground. They said, that mission is often a clear catalyst for recruitment, customer delight and business growth; one example is Grove Collaborative, a firm whose entire business is based on providing “clean livingâ€?e-ecommerce—a collection of organic household products made available through a subscription service. There is no real reason for that company to exist—there are plenty of ways to get organic household products already. But Grove succeeds because it is so passionate and mission-driven. This drives their people, the information they offer, the community they’ve built. They’ve earned a position as a deeply trusted source and beloved brand, and grown very rapidly. In this case, the mission alignment drove their superb execution, which led to success.</p> <p>Taylor Graff noted that today’s corporate environment is truly different than what it was 20 years ago: in the past, profit versus mission was a binary choice and a trade-off, but today, markets, consumers and prospective employees have all shifted considerably in a manner that allows companies to earn positive ROI when they allocate capital in line with their mission.</p> <p>With this in mind, I asked Adi Padva, Lyn White and Amy Hauter—all of whom examine public companies for us in the equity and credit markets—how they engage with companies on these social and environmental issues. They all identified the surge in the number of companies that proactively address these issues today in quarterly presentations, versus just a few years ago. Sustainability is becoming almost a required component of corporate presentations to the investment community; however, companies vary widely, and they also noted the need to be watchful and separate authentic business commitments from greenwashing.</p> <p>Amy also noted that the merits of an investment may be straightforward when it comes to financial returns, but mission-related evaluation is more subjective. She cited a number of renewable energy bonds we own that were issued under the Green Bond Principles, so we know that the proceeds are going to good projects. But some of those bonds are issued by oil companies, utilities that also burn coal and so forth. Investors will respond differently to these—some are uncomfortable with the issuers, while others are pleased by the positive environmental impacts produced by the projects being funded. We consider all of these things when we invest, but we need to make sure we’re transparent about what we own and why so our clients can make these judgment calls for themselves.</p> <h4>On Artificial Intelligence</h4> <p>This year’s conference was subtitled “Humanity in a Time of Intelligent Machines,â€?and the ramifications of AI were discussed throughout the day—not just the viability of the technology, but the challenges of integrating AI into society.</p> <p>Lisa shared an interesting anecdote related to self-driven cars, a market that is providing a spark for AI innovation. When she worked at Google, she wrote an internal article about her fear of driving, and as a result the company invited her into its pilot program for autonomous vehicles. She commuted in a self-driving car for an extended period, and the car worked perfectly. This was in 2013. The technology is there. Her point was that the big hurdles for AI will be just as much about adoption, acceptance and psychology as they will be about the technology itself.</p> <p>We asked each other for guesses on when we will see the tipping point for autonomous vehicles and what will catalyze the big push for driverless vehicles to become the rule, not the exception. No one wanted to take the bait with a specific guess—a moment of pride for me, we strongly discourage speculation at our firm!—but a number of folks were quite optimistic about anticipated progress. Adi noted that there are some really strong business drivers here and that they may override resistance faster than some think. Insurance companies will factually benefit from driverless cars, based on the actuarial numbers. The cost for the self-driving systems are declining rapidly. And constant connection with mobile devices makes driving less desirable for people, and FAR less desirable for a family whose kids are learning to drive.</p> <p>On the question of who will win the driverless vehicle race, Keith noted that in the end, miles driven will be a key success factor, both for developing robust technology and for winning approval from regulators. Google has a big head start, and new entrants face the natural and financial limits on how many physical miles a given company can record in a day. But he cited Zoox, a portfolio company of one of our venture managers, as an example of a company using AI creatively; it is using AI to run simulations of driving miles, which is letting the company build knowledge much faster than it could by logging physical miles on the road, and it is catching up rapidly with companies like Google. This approach is also helping Zoox in its efforts to reimagine cars from the ground up—it is testing vehicle concepts that depart significantly from standard vehicle designs, and virtual simulations allow them to evaluate various designs before building physical models.</p> <p>In terms of other applications for AI, Lisa noted that while we are still many years away from “realâ€?AI, the machine learning capabilities available today can still be commercialized, and there are markets where this machine learning is in high demand. NextGen Venture Partners (which recently joined Brown Advisory) invested in a company called Customer Science that, in a nutshell, helps firms with a lot of customer data make use of that data. It has lots of offline customers with a dire need to compete with Amazon and other digitally native companies, and understand how their customers think and behave the way the digital companies do. Another example: Unilever bought Dollar Shave Club for $1 billion, and it wasn’t because they’re selling $1 billion worth of razor blades—it was for the company’s ability to understand how its customers think and shop. It was DNA that Unilever didn’t have.</p> <p>Jane raised the uncomfortable issue of how AI might directly affect the investment management business. She doesn’t think we should fear losing our jobs to robots, and neither do I, but we both see AI as a great opportunity for companies like ours. She hopes to be able to use AI to better understand our clients; to better understand how to translate each client’s risk profile into concrete portfolio parameters; to better understand how clients they want to see information reported to them. I wholeheartedly agree, and I suspect that AI will affect our business in a lot of ways that aren’t yet fully apparent.</p> <h4>On Trade Wars</h4> <p>Taylor had a number of thoughts regarding the healthy debate on trade we enjoyed at the conference. Those who attended the conference heard a friendly but spirited debate over the merits of protectionism versus free trade. Rather than argue on one side or the other, Taylor noted that the policy developments we’ve seen this year are less about who’s right on trade and more about the fact that free trade opponents are winning the war of words among a wide swath of the voting public. As investors, we know that companies have been huge beneficiaries of free trade, and if they can’t successfully convince the public of the merits of free trade, they may lose the favorable environment they’ve enjoyed.</p> <p>The U.S. has staked out a highly protectionist stance so far this year, at least by the standards of the last few decades of U.S. policy. Where we go from here is really in the hands of other countries and how they respond. As we have noted in other settings, we don’t want to venture guesses about how trade negotiations may play out, but we know that the overall environment is a bit of a minefield for multinational companies whose earnings guidance this year and next depend on free trade and open borders. As such, we’ve tried to account for this rising risk in our asset allocation work, leaning away from large caps and into smaller companies, in both the U.S. and emerging markets, whose businesses are relatively local and not dependent on exports.</p> <h4>On Blockchain</h4> <p>Everyone at our gathering agreed that blockchain technology offers enormous potential. But so far, the bulk of the activity in this market has been focused on cryptocurrency, and as we’ve seen, participation in Bitcoin or other cryptocurrencies is really more about speculation at the moment than it is about investment in a disruptive technology. Lisa noted that NextGen has met with a number of companies in the past 12â€?8 months, some of which had pretty solid businesses—but these companies are becoming hopelessly distracted by the initial coin offering route and by trying to build convoluted business models around the issuance of their own currency.</p> <p>I struggle to support arguments in favor of buying into cryptocurrency right now. Some people tout the network effect that will buoy a cryptocurrency if enough people get behind it, but the value of the currency today is largely based on its scarcity—it takes a significant investment of resources to produce even one incremental unit of Bitcoin. How can you build network effect when it is so hard to scale up volume? Lisa noted that proponents of these currency systems argue that their value stems from their stability and reliability in comparison to fiat currencies, especially from sovereign entities that perennially struggle with inflation. But that is also a tough argument to support given the volatility we see in the crypto market today.</p> <p>The real issue with cryptocurrency is that it is a product created for the purpose of transacting, but it is still in the early stages of scaling up and does not yet make sense as a transaction medium. Keith noted that the wild speculative environment that has occurred around Bitcoin has essentially no relation to the eventual intended purpose of Bitcoin. Not only is the price far too volatile today, but it is still essentially cost-prohibitive to conduct Bitcoin transactions over normal financial channels.</p> <p>But we have to recognize that even in its immature state, the market is building rapidly. Coinbase booked $1 billion in revenue last year, and it oversees more accounts than Charles Schwab. That’s a major company. Whether or not we think any of this makes sense right now, a lot of people do, and we need a view on it.</p> <p>Lisa warned that this wave feels different than previous technology waves. In the past, the “nerds in the garageâ€?were always the ones leading the charge at first, and the money followed behind. But with crypto, a lot of the early attention is just driven by the money pouring in. It remains to be seen whether the attention we’re seeing in the space translates to real transformation. When I think back to the dawn of the internet, we saw the creation of world-changing technology that started to change the world, but the early companies were eviscerated because they didn’t really understand how to translate the technology into a really transformative business. We had companies like Pets.com trying to move traditional business models to the web in a very ham-handed fashion or companies that spent investor capital without restraint. There are for sure thoughtful people building thoughtful businesses around blockchain as we speak, but I also think it’s likely that 10 years from now, there will be transformative blockchain businesses that are not even scribbled on a napkin yet.</p> <h4>On Philanthropy and Leadership</h4> <p>We were fortunate to hear from David Rubenstein during the NOW conference, and he gave us a lot to think about regarding how the successful and fortunate can think about giving back to the world.</p> <p>Stephanie McCormick offered several thoughts during our dinner conversation about how Rubenstein’s words related to her experience counseling clients on matters of philanthropy and legacy. She made a point of emphasizing how personal a matter it is when a client is exploring how much of their wealth they should give back. The Giving Pledge is a wonderful commitment, and we admire folks like Warren Buffett, Bill Gates and David Rubenstein, who have signed up to give away a majority of their wealth to philanthropic causes. With any of our clients, we can only help them answer the question of “how muchâ€?through an extended series of conversations over time, in which we discuss family obligations, legacy goals, estate planning constraints and a host of other factors. The answer for everyone is different.</p> <p>That being said, she really appreciated Rubenstein’s discussion about aligning mission with giving. We have a number of clients at Brown Advisory who have come to us in just the past few years, and they really haven’t had people talk to them before about that alignment or encourage them to really explore that question of mission. It’s worth exploring, and sometimes you need a push to get outside your comfort zone. Helping your local community is of course an admirable and worthy goal, and in most communities, there are a variety of established structures to help you do that. When you define your mission more ambitiously (in Rubenstein’s case, his mission is to help America be a better place—that’s fairly ambitious!), you can end up a little bit further out on a limb. There’s less structure to help you accomplish your goals, you probably need to work harder to define your goals crisply and you may want to be more creative in your activities. Obviously, we aren’t all in a position to buy copies of the Magna Carta and essentially gift them to the public commons as Rubenstein has! But Stephanie felt strongly, and I certainly agree, that his model for thinking about philanthropy can be of value for a lot of our clients.</p> <p>In fact, I felt like the discussion of the Rubenstein session helped us to really pull together a lot of the lessons from the day and tie them to this fundamental notion that it’s wise to really open up our minds when it comes to how we can contribute and give back to society. We talked during the day about grand philanthropic efforts, about making investments in companies that think wisely about society, about the societal implications of technologies like AI, and about individual actions to build a more diverse and inclusive workplace or community. It all makes a difference.</p> <p><img alt="" src="http://yagipay.com/sites/default/files/u1/chewsig.jpg" style="width: 150px; height: 78px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 14 Jun 2018 14:27:19 +0000 achen 26246 at http://yagipay.com 色漫坊,写真,夜未央2007在线观看Market Volatility鈥擨taly Edition http://yagipay.com/intl/market-volatility-italy-edition <span class="field field--name-title field--type-string field--label-hidden">Market Volatility—Italy Edition</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/07/2018 - 08:18</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>For the past few weeks, Italy’s political situation has rattled investment markets. Investors fear that the nation’s political direction may lead to credit problems in Italy, and/or lead the country to exit the EU. We avoid reacting to “as it happensâ€?news stories, but we need to look at the facts behind any emerging economic scenario and determine the scale and scope of the risk.</p> <p>As background, Italian elections in March resulted in a fractured parliament; the two leading parties are both populist, and both have espoused skepticism about the EU and the common currency in the past. These parties agreed in mid-May to join forces and form a coalition government; the transition period that followed was extremely contentious but the new government was sworn in on June 1.</p> <p>Investors are concerned for two main reasons:</p> <ol class="one-column-list"><li>Italy’s economy—the world’s ninth largest—is not very healthy. Its debt/GDP ratio is 130% (second only to Japan among major economies), and its GDP has grown by less than 0.5% over the past 20 years). Its population is shrinking, presenting a tangible obstacle to future growth. Italy’s creditors are already nervous about these conditions; the recent political issues exacerbated their worries.</li> <li>This is a Euroskeptic coalition, and many investors fear an Italian exit from the EU and/or broad EU destabilization. Few expect a direct referendum on exiting the EU, but the new government’s platform calls for a combination of tax cuts and welfare spending that will almost certainly result in conflict and tension with Brussels.</li> </ol><p>So far, markets have reacted substantially to the first concern, but in very limited fashion to the second. During May, two-year Italian bond yields leapt from -0.3% to a peak of 2.8% before settling back closer to 2%—a very large move in a short period of time. Italian stocks fell more than 9% in May (see chart), with Italian bank shares tumbling more steeply.</p> <p>However, losses have been mild elsewhere; the German stock market was down but to a much lesser extent in May, and the U.S. stock market advanced. Bond yields in other higher-risk EU countries like Spain and Portugal moved up, but only slightly.</p> <div class="greyLine"><a> </a></div> <p align="center" class="responsiveImg"><a href="http://yagipay.com/sites/default/files/u1/stock_market_returns_italy_chart.jpg"><img alt="Stock Market Returns in May (Italy vs. Other Worldwide Benchmarks)" src="http://yagipay.com/sites/default/files/u1/stock_market_returns_italy_chart.jpg" style="width: 800px; height: 478px;" /></a></p> <p style="font-size:.8em;">Source: Bloomberg. As of May 31, 2018. Italy, Germany, World and U.S. market returns are represented by the MSCI Italy Index, MSCI Germany Index, MSCI ACWI and MSCI U.S. Index respectively (see below for index definitions).</p> <div class="greyLine"><a> </a></div> <p>All this suggests that investors are currently sanguine about contagion risk. Partly because of the 2011 Eurozone crisis, the EU has far more robust mechanisms to ameliorate a debt crisis now. Further, exports to Italy are not a large part of other European economies—for Germany, Italy represents just 2.5% of total exports, and the figure is lower for other major EU nations. Finally, we believe that concerns about Italy should be viewed alongside the healthy fundamentals and attractive valuations that support a more positive view on European stocks.</p> <p>Before this scenario unfolded, a pessimistic view of Italy alongside a positive outlook on the rest of Europe likely made sense. At the moment, we believe that it still makes sense if one holds to the view that Italy’s actions will have muted spillover effect on other economies. Investors should remain on guard, however, for signs to the contrary. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> The <strong>MSCI Italy Index</strong> is designed to measure the performance of the large and mid cap segments of the Italian market. With 24 constituents, the index covers about 85% of the equity universe in Italy.<br /> The <strong>MSCI Germany Index</strong> is designed to measure the performance of the large and mid cap segments of the German market. With 65 constituents, the index covers about 85% of the equity universe in Germany.<br /> The <strong>MSCI ACWI Index</strong> is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International (MSCI), and is comprised of stocks from both developed and emerging markets.<br /> The <strong>MSCI U.S. Index</strong> is a market capitalization weighted index designed to measure the performance of equity securities in the top 85% by market capitalization of equity securities listed on stock exchanges in the United States.<br /> All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.</p> </div> Thu, 07 Jun 2018 12:18:05 +0000 achen 24296 at http://yagipay.com s8sp视频网站在线观看,夜色直播appios软件,水蜜桃视频app最新破解版下载NOW 2018 | Towards Artificial General Intelligence? http://yagipay.com/intl/now-2018-towards-artificial-general-intelligence <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | Towards Artificial General Intelligence?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 11:51</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=J0eGkl8muGU&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1&index=6"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>In a first for NOW, the multitalented Ashley Llorens kicked off the 2018 conference with a killer hip-hop performance that had the crowd putting their hands in the air. While we all would have enjoyed a longer set from Llorens (who performs around the world as SoulStice), he soon moved his presentation to his “otherâ€?area of expertise: He leads the Intelligent Systems Center at the Johns Hopkins University Applied Physics Lab, where he spearheads research and development activities in machine learning, robotic and autonomous systems, and applied neuroscience.</p> <p>Llorens took the audience through an exploration of artificial general intelligence, or AGI, which refers to a future state when machines are able to develop and evolve as human beings do. He believes that we are nearing an inflection point in the long path toward AGI, but we still have a long way to go in terms of functionality as well as societal trust in truly intelligent machines.</p> <p><strong>General intelligence, AI, Machine Learning and deep learning.</strong> Humans are the best example of what Llorens defined as general intelligence—nature has designed our function. From all of the inputs we take in from the world around us, the outputs of human general intelligence are actions directed toward basic goals, like survival and procreation, and more complex ones, like self-improvement and entertainment. Today, artificial intelligence (AI) is not general but specialized. With driverless cars and other AI systems, humans design the function according to a finite, anticipated set of scenarios. We see the limitations of specialized AI when the machine encounters a scenario that it is not specifically programmed to navigate.</p> <p>In recent years, research at the cutting edge of AI has made some progress in breaking through these limitations. Machine learning is an emerging science in which people help machines design their own function, and machines can achieve an intelligence that is not specifically programmed. Llorens contends that we are far from machines achieving the type of general intelligence that humans possess, but he believes we are at an inflection point in the evolution of machine learning.</p> <p><strong>Basic functions of AGI.</strong> Llorens broke down the output of intelligence into four main functions: perceive, decide, act and team. He reported that we are making progress in all four areas, but that material limitations remain across all four.</p> <p>In terms of perception, machines now perform speech and object recognition with lower error rates in many applications than humans. However, machines are still incapable of reasoning or intuition. In terms of decision-making, computers can now beat the best human players of complex strategy games like chess and go. These algorithms can now learn from self-play and are capable of adapting themselves to other games with different rules. Regarding action, machines still struggle to navigate the physical world, and regarding team-based or collaboration intelligence, machine-to-machine communication is still in its infancy.</p> <p><strong>Calibrating trust in intelligent systems.</strong> Even if and when we can close these gaps in AGI function, society still needs to get comfortable with trusting intelligent machines. Llorens highlighted four key areas of consideration. First, we need to gain comfort with evaluation and comparison—will we refuse to accept 15,000 fatalities per year from driverless cars, even if we know that human drivers kill 30,000 each year? Second, we need to build resiliency to adverse influences and find ways to prevent those who would seek to “foolâ€?AI systems for their own benefit. Third, we need strong policy platforms so we can, for example, make smart decisions to use systems that we don’t fully understand if those systems work better than the systems we do understand. Finally, we need to align the goals of machines with our own goals; in other words, for widespread adoption, we need machines to do what we intend, not just what we explicitly ask for. While it may be many years before a robot can truly behave, act, sing and dance like a human, it is not too early to begin preparing ourselves for a world where we coexist with intelligent machines. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 15:51:49 +0000 achen 26251 at http://yagipay.com 合欢污视频app,菠萝蜜影视网,月亮视频app在线观看 视频Welcome to the NOW 2018 Review and Videos http://yagipay.com/intl/welcome-now-2018-review-and-videos <span class="field field--name-title field--type-string field--label-hidden">Welcome to the NOW 2018 Review and Videos</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 11:51</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=GHo13TwkrE4&index=9&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> Thu, 31 May 2018 15:51:49 +0000 achen 26261 at http://yagipay.com 香蕉视频官网ios下载,抖音成人版富二代,6080影院NOW 2018 | Closing the Gender Wealth Gap http://yagipay.com/intl/now-2018-closing-gender-wealth-gap <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | Closing the Gender Wealth Gap</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 11:51</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=SS7OShMwMGU"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The typical woman who works full time earns 79 cents for every dollar earned by a typical man. We hear this income statistic a lot. It’s disheartening, more so when you learn that the disparity is even worse along racial lines. Black women earn 63 cents for every dollar earned by white men; Hispanic women, 54 cents.</p> <p>It’s good that we are talking about the gender income gap between men and women, but we are not talking enough about the equally important gender wealth gap. Panelist Elena ChĂĄvez Quezada, who founded the Closing the Women’s Wealth Gap Initiative, told us that women control 33 percent of the wealth that men do. This holds true even for women who work full time and have never married, despite the fact that those women have almost closed the gap with men who’ve never married (97 cents for every dollar). Far more disturbing: single black and Hispanic women own less than a penny for every dollar owned by white men. Older women are twice as likely to live in poverty as older men.</p> <p>Meanwhile, 50 percent of college students are women; 50 percent of business owners in this country are women; 72 percent of high school valedictorians are women. Why isn’t progress on income equality leading to progress of wealth equality?</p> <p>It is common knowledge that women did not have the same access to capital as men throughout U.S. history, but some of the egregious inequalities in recent history forced double and triple takes during our panel. Until 1974, women couldn’t access credit in their own name. And it wasn’t until 1988 that women were able to take out a business loan without a male relative co-sign. 1988! Of course, the painful history of racial injustice in the U.S., from slavery to Jim Crow laws to redlining, has systematically blocked both men and women of color from building wealth.</p> <p>To address the gender wealth gap, the panelists say that parity starts with finding solutions to the big, tangible barriers that women in our country currently face. For example, low-income women in subsidized housing are required to pay 30 percent of their income toward their housing. This may sound reasonable, but it creates a strong adverse incentive: The more they make, the more they pay. These types of scenarios create impossible choices for low-income women—working a second job might provide a bit more income, but is less likely to enable any sort of wealth-building. Sherry Riva and her team at Compass Working Capital are addressing situations like this; within its family self-sufficiency program, Compass provides support services built around a HUD program that allows families to capture in a savings account any increase in rent triggered by an increase in income. Compass helps low-income women and families out of poverty and creates an orientation toward the future.</p> <p>Other solutions are often more obvious, such as programs that offer financial coaching on budgeting, saving for a down payment on a house, saving for retirement and other aspects of financial planning. Employers can help with purposeful attention to benefit programs, such as clear retirement choices with automatic investment options, and more generous maternity and paternity leave. And government can also play a role in subtle ways—for example, policies that limit predatory student lending practices would disproportionately benefit women, who are more likely to have predatory student debt that persists even through a bankruptcy.</p> <p>Access to financial education and resources affects women at all levels of wealth—the gap exists for relatively well-off women just as it does for poorer women. The fact that women haven’t had the same access to capital, business networks and mentors as their male counterparts has resulted in women-owned businesses staying small rather than scaling up to larger enterprises with the frequency that businesses owned by men have. Providing women with access to these resources, especially at critical moments, can be a huge step toward closing the gender wealth gap. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 15:51:49 +0000 achen 28881 at http://yagipay.com xm9.app熊猫直播,小优视频为爱而生软件,全网最新大片NOW 2018 | 50 Years after MLK: Does Race Matter? http://yagipay.com/intl/now-2018-50-years-after-mlk-does-race-matter <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | 50 Years after MLK: Does Race Matter?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 11:41</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=wRNfYORYnJM&index=1&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Fifty years after Dr. King’s assassination, many Americans are examining how we’ve changed for the better as a country and where we still fall short. Dr. Gates, one of the country’s most respected voices on race in America, opened our panel on this topic at NOW 2018 with a blunt question: Fifty years later, what changes would please Dr. King about America today? Our panelists each gave the country mixed grades in terms of positive change since 1968: on one hand, progress in terms of reversing segregation and elevating a generation of diverse, barrier-breaking leaders; on the other hand, persistent disparities and injustices faced by poor people of color. It is true that the percentage of African-Americans making at least $75,000 annually has more than doubled in 50 years, and those making $100,000 or more has nearly quadrupled. However, the percentage of African-Americans at or below the poverty line has not improved, nor has the unemployment rate for African-Americans overall.</p> <p>Cecilia Munoz of New America mentioned a disturbing statistic about how maternal health disparities for black women have worsened: Black women are three to four times more likely to die from pregnancy-related causes as white women, according to the Centers for Disease Control and Prevention. This is not just an unacceptable disparity; it is actually worse today than it was 25 years ago.</p> <p>The discussion moved from race divides to class divides—this was fitting, given Dr. King’s devotion to the related-but-distinct issues of class and race. The panelists noted that we view many problems today through a racial lens when a class-based lens may be more helpful. The xenophopia and resentment we see today are in many cases strongly connected to people who feel economically insecure—they feel like someone else is getting ahead and they are not. Discrimination, based on class or race or of any kind, distances us from Dr. King’s philosophy of the “beloved communityâ€?in which people of different backgrounds recognize that we are all interconnected and that our individual fates are inextricably linked to the fates of others.</p> <p>Munoz specified that her role as a policymaker is to help expand the middle class and create economic advancement. She spoke of the benefits of bringing unlikely partners together in policy efforts; it makes it harder to demonize the other side once you start working productively with them. Dr. Alexander uses philanthropy in her role at the Andrew W. Mellon Foundation to address race and class. She described how philanthropy can provide a lever to elevate brilliant voices in arts and humanities that might otherwise not be heard. And Right Rev. Sutton, the Episcopal Bishop of Maryland, underscored how religion and religious communities can help us recognize each other’s humanity and elevate thinking from a “meâ€?mentality focused on salvation or the afterlife to an “usâ€?mentality focused on the here and now.</p> <p>Sutton also cautioned that tallying 50 years of human achievement is complex and perhaps subjective—we are constantly as humans taking two steps forward and one step back. While it can be difficult to face our shortcomings, we can all take action today and in the future—speaking up instead of remaining a silent bystander, promoting inclusive language, being intentional about diversity and inclusion—in ways that Dr. King would view as positive change. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 15:41:54 +0000 achen 26256 at http://yagipay.com 熊猫直播官方,13579视频,七色小说NOW 2018 | Free Trade, Tariffs and Trouble http://yagipay.com/intl/now-2018-free-trade-tariffs-and-trouble <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | Free Trade, Tariffs and Trouble</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 11:17</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=0DRlgS6CuiY&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1&index=14"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Current news of tariffs and trade wars is the latest evidence that the ideology of free trade and globalization is under attack. This battle isn’t being fought in classrooms or among academics (most economists view free trade as broadly beneficial for the global economy), but on the front lines of social media. “Free trade supporters have lost the debate completely inâ€?this new space,â€?stated Andrew Wilson during our NOW 2018 panel on trade policy.</p> <p>According to Wilson, free trade proponents have a communication problem: Despite convincing arguments, they have steadily lost ground to inflammatory anti-trade rhetoric that connects emotionally on issues like jobs or security. Social media has enabled extreme views on trade to become a part of mainstream thinking.</p> <p>Carla Hills, a former U.S. trade representative and chief negotiator on NAFTA, noted that many Americans don’t understand the extent to which future U.S. growth depends on international trade. “With five percent of the world’s population producing 15 percent of the world’s output, we can’t just look inward. We need the markets overseas.â€?The data backs her up: A recent Peterson Institute report found that freer trade helped annual U.S. GDP grow by $2.1 trillion between 1950 and 2016.</p> <p>Ron Kirk had a different experience with trade and NAFTA, as mayor of Dallas in the 1990s. NAFTA helped open up new markets for local businesses, but he saw the instinctive fear that in some cases transcended logic, among many who feared their jobs would be outsourced due to NAFTA. He recalled a Dallas factory worker who had complained to him that NAFTA had led to his factory being shuttered—in reality, the worker’s job had been lost years before NAFTA was signed.</p> <p>Over time, many more U.S. manufacturing jobs have been lost to technological advancements and automation than to trade. Neither the public nor the private sector adequately trained or invested in those displaced workers. Thea Lee noted that free trade policies have generally failed to proactively protect U.S. workers, and ultimately these failures have contributed to the recent populist backlash. In Lee’s view, future trade policies are set up for failure if they do not adequately address workersâ€?rights and important issues such as environmental protection.</p> <p>While disagreeing on several points, the panelists found consensus on several key points. They agreed that the current administration’s trade moves have been poorly communicated, creating a great deal of uncertainty for U.S. businesses and major U.S. trade partners. This uncertainty could drag the economy down if it begins to affect business decisions and overall sentiment. Also, they all felt that the World Trade Organization, while not perfect, is still our best option for resolving trade disputes because it is the only mechanism we have for enforcing global trade discipline. As Kirk described the organization, it is “the best house on a bad block.â€?lt;/p> <p>Finally, the panel all emphasized that education and investment in U.S. workers are critical for U.S. competitiveness in the future. Many displaced workers don’t have the skills for better jobs that are now abundant in America. Hills discussed the millions of high-paying, technology-oriented jobs that are currently unfilled in the U.S. due to a lack of skilled workers. Kirk also called for better education and skill training so we can compete with China. Lee argued that advocating for workers through fair policies and education is a win-win: It would address trade issues and also serve domestic political agendas. Finally, Wilson noted that proper education and skill training would also address the communication and messaging problem for free trade supporters by replacing fear with confidence among many workers. If the U.S. can educate its working class to excel in a broader range of emerging industries, maybe it can replace fear with confidence as the dominant narrative thread when it comes to free trade. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 15:17:08 +0000 achen 26271 at http://yagipay.com 水果短视频app,久草首页,健康看片NOW 2018 | The Changing Nature of Trust http://yagipay.com/intl/now-2018-changing-nature-trust <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | The Changing Nature of Trust</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 10:51</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=Y_jSON3DV48&index=14&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>For 18 years, Matt Harrington has been studying, analyzing and synthesizing the evolution of society’s trust in four institutions: government, business, NGOs and media.</p> <p>Harrington oversees global operations for Edelman, a leading global communications marketing firm that partners with many of the world’s largest and emerging businesses and organizations. Through the Edelman Trust Barometer, a widely followed online survey with over 33,000 respondents from 28 countries, Harrington and his team gather data about trends in how trust has changed over time and how people in different countries perceive their public and private leaders.</p> <p>The barometer presents its findings in a series of “readingsâ€?using a scale from 1 to 100, with 100 equating to complete trust in an institution. Broadly, groups with scores of 60â€?00 are referred to as “trusters,â€?50â€?9 are “neutralâ€?and 49 and below are “distrusters.â€?lt;/p> <p>In his presentation at NOW, Harrington covered three themes that emerged from the 2018 Trust Barometer survey.</p> <p>The U.S. and China are a world apart: The barometer identified a major split between nations where trust is rising versus others where it is falling dramatically. The most notable example: Trust in China has risen meaningfully in the past year, while in the U.S., trust has plummeted. Over the past year, China’s trust in its public and private leadership has grown the most, while the United Statesâ€?trust has fallen. Looking specifically at trust in government, China scored an 84 in its view that government will do what is right, while the U.S. scored a 33—down quite a bit from its score of 47 just last year. China views government as its most trusted institution, while the U.S. views government as its least trusted by far.</p> <p>People want truth but struggle to find it: From the decline in faith in traditional journalism to the rapid rise of less reliable sources of information, trends in media have been a source of great concern to most people around the world for years. The barometer confirmed this point: The media (broadly defined in the survey to include social media platforms) emerged as the least trusted institution globally. Harrington presented examples across the world that showed a high skepticism in the news we are reading. Seven out of 10 respondents worry about false information or fake news being used as a weapon. One particularly dramatic example: the “informed publicâ€?in the U.S. (defined via income and education criteria as well as news consumption habits) scored a 68 in overall trust in 2017, but that figure plummeted to 45 in 2018, just one year later.</p> <p>A surprising revelation from the 2018 survey was that 50 percent of respondents stated that they consume news “less than weekly”—this response covered traditional consumption as well as information shared by others or pushed to respondents in a feed of any type. So many people have become suspicious of the media and upset by ever-increasing political vitriol, and we have all likely come across friends or colleagues who are choosing to disengage at various levels. However, the fact that half of all respondents have disengaged from the news media to such an extreme extent is a worrying development.</p> <p>People are placing their faith in new leaders: Trust in government has dropped around the world, and respondents are looking to businesses and CEOs to take a stand and lead. Sixty-four percent of respondents want CEOs to take a lead on issues of importance, rather than waiting for governments to impose change through regulation. Recently, we have seen many examples of CEOs taking a stand on a variety of issues such as diversity, guns, equal pay, sexual harassment and other issues. The survey also suggests that people want businesses to act broadly, to engage their local communities and to build trust by activating the entire organization. (As a side note, in our equity research process, we often see these leadership characteristics emerge at companies that implement successful sustainable business strategies that ultimately drive their financial results.)</p> <p>The topic of trust came up many times throughout the NOW 2018 panel discussions. The Edelman barometer and Harrington’s presentation helped all of us at the conference to expand our understanding of trust and to appreciate how it is evolving differently within different demographic groups around the world. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 14:51:28 +0000 achen 26281 at http://yagipay.com 食色视频app1.0 最新版,心上人app破解版下载,嘿嘿漫画官方网站NOW 2018 | What Makes a Great Leader? http://yagipay.com/intl/now-2018-what-makes-great-leader <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | What Makes a Great Leader?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 09:49</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=iruw6v5lE4A&index=9&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>What do the Magna Carta, the Washington Monument and giant pandas have in common? Those who have followed David Rubenstein’s career know that he has supported all of these causes and many others through his exemplary philanthropic efforts. During the NOW 2018 conference, Rubenstein and Brown Advisory CEO Mike Hankin engaged in a rapid-fire conversation that covered Rubenstein’s thoughts on a wide range of topics, from the Founding Fathers to Facebook and Twitter.</p> <p>Rubenstein is a co-founder and co-executive chairman of The Carlyle Group, one of the world’s largest private equity firms. Since he helped start Carlyle in 1987, it has grown into a firm managing $174 billion from 31 offices around the world.</p> <p>History and patriotism—both resounding themes in Rubenstein’s life—permeated the discussion. He grew up in a modest household in Baltimore, Maryland, and at age six, he took the initial step toward unlocking a fountain of knowledge by attaining his first public library card. He has never looked back; today he aims to read at least 100 books every year, a feat that is especially impressive given the enormous amount of time he devotes to philanthropic work.</p> <p>Rubenstein’s interest in “patriotic philanthropyâ€?is guided by his early experiences in government service. In the 1970s and early 1980s, he served as chief counsel to the Senate Judiciary Committee’s Subcommittee on Constitutional Amendments, then as President Carter’s deputy assistant for domestic policy. He brings a passion and intellectual command of government, policy and history to his humanitarian endeavors, and wants others to learn from history so that we can all do better in the future. He cited a few painful reminders of the decline of historical knowledge in the U.S.: According to the Annenberg Public Policy Center, 75 percent of Americans can’t name the three branches of government, and more than 30 percent do not know their First Amendment rights.</p> <p>Why did he purchase a copy of the Magna Carta to put on display? Why did he pledge millions to repair the Washington Monument? Rubenstein values history as a tangible, physical asset, and he feels that experiencing the real thing is more inspiring than simply viewing a memory on a computer screen.</p> <p>Rubenstein spoke about the importance of giving back, with one’s time as well as money if possible. He was an early signatory of the Giving Pledge, a commitment from a growing number of extremely wealthy individuals to donate a majority of their wealth to charity. The Greek term <i>philanthropia</i> means “love of mankind,â€?and Rubenstein brings a level of passion and generosity to mankind that is unmatched by most. He said that being generous makes you feel good and in his opinion helps you to live longer. He said that he hopes there is a special place in heaven for people who give generously: “I can’t guarantee this, but why would you want to take a chance that I’m wrong?â€?lt;/p> <p>The brisk conversation sped through the decades to arrive at a discussion of our highly polarized society. He noted that our current polarization doesn’t compare to the stark divisions of the Civil War that eventually claimed 6 percent of the U.S. population. Nonetheless, our political leaders are increasingly gridlocked. What if we turned things over to young people? Rubenstein views young people as a creative force—most companies are started by people in their 20s and 30s, and rarely does one see a septuagenarian launch a startup.</p> <p>With Washington falling short at times, Rubenstein noted that society is also placing more faith and confidence in business leaders to solve societal problems. Companies such as Facebook, Apple, Amazon and Google offer products, services and utility to the world, and despite bumps in the road, these firms are largely viewed as positive agents of change. Rubenstein sets a powerful example of someone focused on leading—speaking up, standing up for what is right and inspiring others to collectively raise the future. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 13:49:59 +0000 achen 26276 at http://yagipay.com 蜜桃视频官网,下载九尾短视频app,女同事视频NOW 2018 | China and the Race for Artificial Intelligence - Cloned http://yagipay.com/intl/now-2018-china-and-race-artificial-intelligence-cloned <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | China and the Race for Artificial Intelligence - Cloned</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 09:20</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=QhVz54CJUCg&index=12&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The advent of artificial intelligence (AI) is one of the top technology stories in recent years. Not surprisingly, AI has also permeated public policy discussions, especially with the U.S. and China each putting forth plans to address the future of this technological revolution. The race is on to lead the world in AI innovation, and a panel of experts at NOW 2018 offered insight on the competitive dynamics between the two global superpowers driving progress in AI.</p> <p>The U.S. has led AI research out of the gate, with its national focus on entrepreneurship and the startup infrastructure afforded by Silicon Valley and other innovation hubs. Nick Zhang, founder and CEO of the Wuzhen Institute, a China-based think tank, shared insights on the geographic dispersion of AI development thus far. Zhang presented data on three key indicators—AI company headquarters, AI patent filings and AI venture capital (VC) investment—to show that the U.S. has commanded the majority of AI activity over the past two decades. Notably, between 2000 and 2016, U.S.-based companies received more than 70 percent of total worldwide venture funding in the AI sector. But the activity gap has narrowed over the past five years, and a growing number of startups, patent filings and VC dollars are now driven by Chinese innovation.</p> <p>Although the first stages of AI’s evolution have emanated from the West, China’s state-sponsored goal to lead the AI market by 2030 has accelerated research initiatives throughout Asia. Elsa Kania of the Center for New American Security specializes in Chinese defense innovation and emerging technologies. She highlighted the Chinese government’s role in the country’s pursuit of AI advancement; the government already has taken steps in terms of implementation, allocating data resources to startup companies with test-phase algorithms and establishing fully funded AI research laboratories. China’s proactive steps are particularly notable at a time when U.S. STEM (science, technology, engineering and math) funding is steadily declining—a dynamic that potentially opens the door for China to gain ground on the AI innovation front.</p> <p>Keys to advancement in AI include the development of new algorithms, affordability of computational power and access to actionable data. Both countries have unique resources that offer competitive advantages. Today, the U.S. university system leads the field in algorithm research and, according to Zhang, is on the verge of computational processing innovations that will become the global gold standard. However, the U.S. faces a potentially insurmountable challenge in the form of China’s structural advantage relating to data collection. With a population of mobile and internet users more than triple the size of that of the U.S., China is fundamentally better positioned to collect actionable data for new AI applications.â€?lt;/p> <p>While a competition pitting two world superpowers against each other makes for good headlines, neither country is likely to dominate all AI disciplines. Investors may benefit from the research race we see today, which is likely to boost research funding on both sides and potentially accelerate breakthroughs in the field. As long-term investors with exposure to innovation centers in the private markets, Brown Advisory seeks investments that can benefit from the disruption potential of AI advancement. Almost all of the VC firms in our portfolio have invested in AI-driven companies, and we expect that trend to continue as AI grows more ubiquitous on a global scale. Sharpened by both the U.S. entrepreneurial ecosystem and China’s robust state-sponsored asset dedication, we expect AI innovation will occur at an increasingly rapid pace, yielding new technologies, social implications and investment opportunities in the years to come. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 13:20:18 +0000 achen 26291 at http://yagipay.com 安卓雪梨,心上人直播破解版下载,91短视频appNOW 2018 | What is the Economic Impact of Political Polarization? http://yagipay.com/intl/now-2018-what-economic-impact-political-polarization <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | What is the Economic Impact of Political Polarization?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/31/2018 - 09:11</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=KWmu94I6ggw&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1&index=7"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The U.S. economy has improved markedly since the 2008â€?9 credit crisis. We’ve had 90 straight months of positive job growth and a near-record 36 consecutive quarters of economic expansion. But while all may appear rosy on the surface, when you dig deeper, you can find some worrying trends. Ted Gayer, a leading economic thinker at the Brookings Institution, joined us at NOW for a discussion about some of these trends and how they have been exacerbated by policy and political factors.</p> <p>Productivity growth has been weak in the U.S. for more than a decade—it began to decline in 2005 through the credit crisis and since then has recovered, but at a tepid pace. Despite adding workers, we’re not seeing big gains in output: “We’ve added lots and lots of jobs, but we haven’t gotten a lot of growth out of it,â€?Gayer noted.</p> <p>Gayer homed in on a specific statistic: labor force participation for “prime-ageâ€?men (aged 25â€?4). Gayer noted, “In the 1940s and 1950s, if you were [in this group], you were either working, looking for work or dead. There was nothing else.â€?But this figure has steadily declined since World War II, from nearly 100 percent to less than 90 percent today. For several decades, rising employment for women made up the gap, but starting about 20 years ago, labor force participation among women also started to decline. Participation in other developed nations has also fallen, but the decline has been more severe in the U.S. The weakness in participation is compounded by weakness in productivity.</p> <p>Many factors are weighing on productivity; Gayer commented on a few during the session. Many of us spend â€?,000 hours a year or more spent watching some screen.â€?Nearly half of the men who have dropped out of the labor force are on pain medication, and more middle-aged men are dying from suicide and from alcohol and opioid abuse. Gayer raised other questions: Is technological advancement actually driving inequality and a shift in the economic pie toward capital and away from labor? “It’s easy for economists to say, ‘Look—this is what happens all the time. You get a technological innovation, people adjust and you get growth.â€?But when ‘people adjust,â€?it can be socially dislocating. The ‘adjustmentâ€?that happens to dad will affect the son and daughter a generation later. These adjustment costs are substantial and long lasting. This gets mixed in with opioid abuse and other indicators of social problems. And, indeed, that does contribute to the political climate that we’re in.â€?lt;/p> <p>To address poor growth, policymakers cut taxes and increase government spending. But they usually do so when unemployment is high and economic conditions are weak. “This time around, we’ve put our foot on the gas at a time when unemployment is really low.â€?And even before the recent stimulus, debt levels were growing. Why does this matter? Historically, government spending on mandatory items, like Medicare and Medicaid, was proportionally low, while discretionary items, like defense spending, were a larger chunk of the budget. Today, the budget is increasingly dominated by required spending and interest expense on debt. “Everything gets a little bit harder if your federal budget is devoting more and more money just to paying off interest on previous borrowing.â€?lt;/p> <p>While the Fed is raising interest rates, those rates remain low in historical context. This leads to an important political question, according to Gayer: “Is our partisan environment preparing us for what inevitably will be a recession?â€?With very low interest rates, tax cuts already in place and government spending pushing debt ever higher, will we have tools available to deal with a recession when it happens? What happens if current policy solutions don’t ultimately address the weak productivity growth they hope to correct and instead simply spark inflation? While we hope that the economy and our policy toolkit evolve with the changing environment, as investors, we need to prepare for a future where we can’t take a robust economy for granted—all the more reason for us to remain devoted to fundamental investment research so we can parse the wheat from the chaff. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Thu, 31 May 2018 13:11:51 +0000 achen 26286 at http://yagipay.com 七次郎最新在线播放,七次郎在线视频线路针对华人,花间直播官方app下载NOW 2018 | The Global Refugee Crisis http://yagipay.com/intl/now-2018-global-refugee-crisis <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | The Global Refugee Crisis</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/30/2018 - 17:06</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=g6tUilUI0bY&index=5&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The world currently faces one of the most tragic humanitarian crises in modern history. According to the United Nations, more than 65 million people are currently forcibly displaced from their homes, a larger number than at any time since World War II. Today’s refugees are displaced on average for nearly 20 years, longer than at any other time in recorded history. Children born in conflict zones are particularly vulnerable; displaced children living in camps—described as the “lost generation”—have limited access to education and basic resources, and are essentially robbed of their childhoods.</p> <p>A passionate and dedicated panel discussed a range of critical challenges facing refugee communities across the world. Adina Appelbaum spoke about the crisis in North and Central America, and the legal challenges for refugees seeking to represent themselves in the U.S. Sasha Chanoff focused on the issue from an international perspective, recounting his experience in a U.S. rescue operation into the Congo to evacuate massacre survivors. Caryl Stern shared stories from her work with children across the world with UNICEF.</p> <p>Refugees face three options after being displaced. They can return home, they can integrate into the country to which they fled or they can relocate to a country with a program that allows them to resettle. In most cases, these are options in theory only, and refugees have no real choices available to them. Returning home is often unimaginable due to ongoing violence or threat of genocide. Integrating into a destination country has legal challenges with no defined pathway to citizenship. And resettlement programs have limited spots and long waiting periods. The crisis is exacerbated by the fact that refugees are often stripped of their options and prohibited from living outside of the temporary camps where they first settled. Many camps are “temporaryâ€?in name only—an estimated $25 billion a year is now needed for the food, water and other costs associated with refugee camps that were initially set up for emergency service but are becoming more and more permanent.</p> <p>The rising tide of nationalism makes integration or resettlement more difficult. Refugees are wrongly stigmatized and painted as existential threats to national security and identity. Countries taking in most of the world’s refugees are often ill-equipped to address their needs, but wealthier countries have not stepped up to help. Many people view refugees through a zero-sum lens—what a refugee receives, a citizen must sacrifice—and on that basis fight vigorously to prevent refugees from resettling.</p> <p>Refugees also struggle with legal representation. In the U.S., for example, refugees can legally seek asylum but are immediately detained by Immigration Customs Enforcement and have no legal avenue to seek release from custody. Migrants escaping violence in their home countries—including children separated from their families—are often detained in the U.S. for the entirety of their case. Refugees are not guaranteed the same legal rights in immigration courts as they would be in other U.S. courts, and refugees often represent themselves without understanding the law, their current status or even the language used in the court proceeding.</p> <p>The panelists stressed that despite the problem seeming overwhelming at times, action on a local and personal scale can have monumental impacts in helping the plight of refugees. Donations help fund programs, organizations and humanitarian missions that save lives; making your voice heard with politicians reminds them that the issue is a top concern of constituents; volunteering in any professional capacity helps underfunded NGOs accomplish their mission. Finally, conversations with family, friends and colleagues about the dangers of xenophobia can help stop fear from descending into race-based hatred. When refugees integrate or resettle, they generally become positive, active citizens in their communities and contribute more to social welfare than what they extract. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Wed, 30 May 2018 21:06:20 +0000 achen 26301 at http://yagipay.com 老司机都明白的网站,好屌色在线,花间直播官方下载网站NOW 2018 | Is Blockchain the New Internet? - Cloned http://yagipay.com/intl/now-2018-blockchain-new-internet-cloned <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | Is Blockchain the New Internet? - Cloned</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/30/2018 - 16:45</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=XvopXd6LsQk&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1&index=4"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Despite the countless benefits of the internet, it suffers from a glaring gap in its fundamental design. To hear popular science author Steven Johnson describe it, this fundamental flaw is that the internet lacks an open-source feature to map each user’s identity. This functionality, or lack thereof, can be viewed as the primary driver behind dominant internet business models that track usersâ€?identities and behaviors, and sell that information to advertisers. But as Johnson discussed in his presentation at NOW, the advent of blockchain technology—the internet buzzword of 2017 and the core engine of cryptocurrencies like Bitcoin—is poised to disrupt the traditional architecture of the internet. And like the internet revolution that came before it, blockchain may just change everything.</p> <p>The discussion of identity and anonymity online tends to produce a strong gut reaction for most of us. It is too easy to envision an Orwellian nightmare where dystopian autocracies track the public’s every digital move. But what if the internet’s lack of functionality to track identity was filled by something other than advertising companies that persuade users to cough up their personal data, then sell that data to the highest bidder?</p> <p>Tim Berners-Lee, the oft-credited father of the internet, is pushing for exactly that. He is drawing from his experience at CERN in the 1980s, where he shepherded the open-source creation of the internet’s core protocols. An international cohort of academics share his vision, and they hope to develop an open-source solution to track digital identity. But Johnson believes that any open-source identity solutions will be impossible to get off the ground.</p> <p>Johnson’s reasoning: He refers to the environment that spawned the internet as “Internet One,â€?and describes it as an early and relatively utopian environment that was absent any geopolitical or corporate interests. It was simply a group of academics who understood the need for universal standards and protocols to make the nascent internet work. Those early developers were free to collaborate and build their optimal design for the internet, without needing to contend with commercial forces.</p> <p>Today’s “Internet Twoâ€?environment is completely different: Corporate behemoths are now motivated by profit to develop closed protocols and compete for their share of captive web traffic, leaving little room for open-source academic consortiums to gain any traction. In addition to the corporate influence over the internet, we now live in a world where nations themselves compete in various ways online—try to imagine internet regulators from Washington to Brussels to Beijing agreeing on a common framework for addressing digital privacy, and you begin to see why Johnson and others doubt that any open-source proposal can succeed.</p> <p>Enter blockchain technology, which Johnson refers to as “digitized trust.â€?Blockchain circumvents the traditional need for a centralized database like Facebook or Google to ensure that identity, information and transactions are accurate. Instead, a replicated and encrypted database, or “ledger,â€?is distributed to and shared by all users. Blockchain technology simultaneously allows any user to edit the ledger to record valid transactions, and because the latest verified version of the ledger is constantly replicated and shared among participants, in theory no one can erroneously or maliciously tamper with it.</p> <p>In short, it removes—again, in theory—the need for a trusted third party. In ideal applications, banks would not be needed to stand between buyers and sellers, and firms like Google or Facebook would not be needed to facilitate identity verification across the many websites you use every day.</p> <p>Blockchain is still in its infancy, and we can’t yet predict the direction this technology will take—new paradigm for digital communication, passing fad or somewhere in between. But Johnson views it as a path to taking back our privacy. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Wed, 30 May 2018 20:45:34 +0000 achen 26296 at http://yagipay.com adc影院苹果下载,春意网站免费,水果视频官方app下载NOW 2018 | The Economic Imperative of Climate Action http://yagipay.com/intl/now-2018-economic-imperative-climate-action <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | The Economic Imperative of Climate Action</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/30/2018 - 16:35</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=PwtWnqFB7jc&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1&index=3"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>According to recent Gallup polls, 68 percent of Americans believe global warming is caused by human activities. Over 40 percent of Americans either worry a great deal about global warming or think that it will pose a serious threat in their lifetime.</p> <p>The speakers on the NOW 2018 panel "The Economic Imperative of Climate Action," are in the business of providing policy, investment, and data-driven solutions for the climate change crisis. But not all of them were first movers in labeling climate change a problem in need of an urgent answer.</p> <p>Had Jerry Taylor spoken on this panel 10 years ago, when he represented groups like The Cato Institute that resist the idea that climate change is a problem, he would have said that the economic imperative for climate action was minimal and that the consequences of climate change were exaggerated.</p> <p>But over time, he stopped believing the argument he was paid to represent, and today he works with Republicans in Washington to think through policy solutions for a crisis he once dismissed. He told us that Bob Litterman, a top risk management professional at Goldman Sachs, changed his mind. “[Bob] said that there is a wide range of possible outcomes from climate change, and there very well may be a lot of uncertainty. But uncertainty is a reason to hedge. There are outlier outcomes with very major impacts. And that point eventually reduce my old arguments to rubble.â€?lt;/p> <p>Richard Sorkin and his firm, Jupiter Intelligence, which assesses risk related to severe weather and climate change, also believe in the philosophy that even at low probabilities, the potential losses from outlier climate scenarios demand serious attention from investors and businesses. “If you have a major asset that’s currently just outside of a high-risk flood zone, it doesn’t take a lot in terms of rising sea levels or storm intensification, on the margin, for that asset to degrade from low risk to high risk. We’re already seeing that some of these marginal impacts can become relevant in time horizons as short as five to eight years,â€?Sorkin said.</p> <p>Sorkin is currently focused on gaining the trust of insurance companies and other prospective clients, some of whom are less convinced than others of the merits of climate risk analysis. Sanjeev Krishnan of S2G Ventures, a multistage food and agriculture venture fund, wrestles with similar issues of trust. “The universe of ‘Big Foodâ€?companies has a lower approval rating than Congress, and consumer preferences are shifting away from large established brands and toward organic and local agriculture. But farmers continue to rely on a system built around traditional nutrient agriculture. That’s what we struggle with. With such fundamental dislocation, how do you build trust in a new system?â€?lt;/p> <p>Though they battle daily to win the hearts and minds of people and organizations that are highly resistant to climate change warnings, these panelists remain optimistic.</p> <p>Krishnan finds promise in the openness of many farmers to new solutions (“Farmers are looking for the toolkits and the pricing signals to mitigate climate change 
it’s already startedâ€?; Sorkin is confident that climate action increasingly makes good and obvious business sense (“There is a probability distribution of risk here, and smart decision-makers will factor that inâ€?; and Taylor is optimistic that even seemingly radical notions like a carbon tax can happen. He noted that “green energy is so economically competitive that even a reasonably modest carbon tax would do a lot for market decarbonization. Once it becomes clear that we don’t need fossil fuels to run this economy—that’s the tipping point.”Â?lt;img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Wed, 30 May 2018 20:35:01 +0000 achen 26311 at http://yagipay.com 深深几许,v聊app怎么玩,熊猫tv直播平台下载NOW 2018 | Finding Truth in a World of Disinformation http://yagipay.com/intl/now-2018-finding-truth-world-disinformation <span class="field field--name-title field--type-string field--label-hidden">NOW 2018 | Finding Truth in a World of Disinformation</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/30/2018 - 15:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=SOWRUNwY6sA&index=13&list=PLjvcJceWfdIvX--icgwF1767Y4lxAJip1"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>In a year when border protection is consistently headline news, it is ironic that the media is struggling with a border war of its own—specifically, the border between information and disinformation. News consumers are confronted daily with the challenge of discerning truth from falsehood. Which sources are to be trusted, when such divergent versions of reality are put forth by different media outlets, both traditional and digital, and when accusations of “fake newsâ€?and slander have become a normal reaction to any unwelcome story?</p> <p>Propaganda and false news narratives are certainly not new problems—U.S. and world history is filled with examples of dishonesty in the press. But disinformation in the past was often dead shortly after arrival throughout U.S. history. “Early American newspapers—especially those engaged in politics—were full of slander and libel. But their small scale and readership meant that the regular churn would bury the stories which were untrue or lacked merit,â€?noted Steve Clemons, Washington editor-at-large for <i>The Atlantic</i>.</p> <p>Today’s environment is entirely different. False stories that nonetheless feed into an audience’s predispositions or political opinions can spread like wildfire on social media, with a velocity driven by likes, views and shares. This viral media environment is without precedent in journalistic history. Graham Brookie, who leads the Digital Forensic Research Lab for The Atlantic Council (no relation to the publication <i>The Atlantic</i>), says that this choppy transition from analog to digital is hitting millennials particularly hard. “The youngest generation is fully digital—they’re born with a tablet in their hands. So they are the ones thrust into this transformational movement,â€?he noted.</p> <p>Brookie's DFR Lab defends fact and truth in journalism; it conducts on-the-ground investigative journalism itself to identify and debunk instances of disinformation in media. Their specific targets include bad actors seeking to weaponize disinformation for the purpose of influencing elections or generating public support for policy initiatives.</p> <p>A case study of its work: Just prior to the 2017 German parliamentary elections, a far-right German political party, Alternative fĂŒr Deutschland, circulated a photo of a German woman among a crowd of darker-skinned men to evoke the spree of widely reported sexual assaults in German cities on New Year’s Eve 2015. Brookie and his team identified the photo as a complete fabrication—using a variety of analytical techniques they identified its components as images of Egyptian democracy riots during the Arab Spring, with an image of a German mode superimposed in the foreground. DFR disseminated the debunked photo through its local media partner, German magazine <i>Bild</i>, in advance of the election.</p> <p>Facebook has been front and center in recent discussions about disinformation in politics, and both panelists underscored its central role in the modern media landscape.</p> <p>“Facebook has a governance problem on their hands,â€?said Clemons. “Audience growth and higher user engagement is the core of its business model.â€?But as Facebook transforms from an internet platform into the equivalent of a global media company, it needs to take into account issues of information integrity that were not central issues in its formative years. Older media outlets remain challenged by the rapidly evolving media landscape; as advertising dollars have replaced subscription revenue as the dominant source of revenue, the approach of journalists has had to evolve. “There is still a market for marketplace for long-form, high-quality, complex journalism, but you have to earn your readers back every day,â€?Clemons noted.</p> <p>Both speakers expressed optimism for the enduring value of objective news. But they cautioned that the consumers of news must play their part in preserving that objectivity and combating disinformation. Brookie reminded us how important it is to approach all news sources with a healthy degree of skepticism, and Clemons hopes that society can find a way to “embed in the system a premium on critical thinking in the citizenry.”Â?lt;img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"><a> </a></div> <p>The views expressed are those of Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Wed, 30 May 2018 19:27:14 +0000 achen 26306 at http://yagipay.com 色漫坊,写真,夜未央2007在线观看2018 Annual Report | Intangibles http://yagipay.com/intl/2018-annual-report-intangibles <span class="field field--name-title field--type-string field--label-hidden">2018 Annual Report | Intangibles</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/24/2018 - 14:20</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>In this year’s report we describe our aspiration to build “Brown Advisory 4.0â€?which, to us, is the next chapter of our firm’s evolution. While it may seem to be a somewhat arbitrary point of inflection, it is intended to raise the bar for our responsibilities to our clients in a very significant way. Through a series of stories that highlight how some of our colleagues are leading the evolution of our business, we hope to articulate clearly to you how we are tackling some of the challenges facing our business, and also set forth where we see some of our greatest opportunities.</p> <p>One of the most immediate and, we hope, visible manifestations of Brown Advisory 4.0 is a statement of our firm’s “purpose”—which you will find at the end of the annual report. The statement itself may be new, but sentiment behind it has been embodied by our colleagues since our inception in 1993. Simply put, our purpose embodies what draws us to work each day at Brown Advisory. We come to work because we care—we care deeply about our clients, our colleagues and our communities—and we are always thinking about how we can make a difference for the future.</p> <p>Thank you for your continued support of Brown Advisory—we hope you enjoy this year’s annual report and will join us in our effort to Raise the Future.</p> <div class="greyLine"> </div> <p style="font-family: 'Roboto light'; font-size: 18px; padding: 0 0 10px 0; display: block; margin: -10px -15px 0 -10px; color: #888; font-weight: 700;text-align:center;">If you would like to request a printed copy of the 2018 Annual Report please click the link below.</p> <div style="text-align:center;margin:auto auto;padding-bottom:20px;"><a class="cta-button" href="http://info.yagipay.com/2018-annual-report-order">Request a Hard Copy Annual Report</a></div> </div> Thu, 24 May 2018 18:20:55 +0000 achen 26206 at http://yagipay.com 永久免费月亮视频,最新番茄社区安卓版下载,色老板avBalancing Act | For Good Measure: How We Value Global Leaders http://yagipay.com/intl/balancing-act-good-measure-how-we-value-global-leaders-0 <span class="field field--name-title field--type-string field--label-hidden">Balancing Act | For Good Measure: How We Value Global Leaders</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 04/18/2018 - 11:03</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio. In this article, Global Leaders portfolio managers Mick Dillon and Bertie Thomson discuss the dangers of oversimplifying valuation. They also explain why they focus squarely on a company’s business model as the ultimate measure of its intrinsic value.</em></p> <p>When it comes to the thorny issue of valuation, we share the view of one of our favorite financial thinkers, Alfred Rappaport: “Cash is a fact, profit is an opinion.â€?Rappaport, author of the seminal text <em>Creating Shareholder Value</em>, made this statement in specific reference to the limitations of using accounting profits vs. cash flow. Accounting profits, or earnings, are subjective, easily manipulated and influenced by the vagaries of accounting, while cash flow is objective and much harder to fudge. For this and other reasons, we believe that earnings are a poor measure of a company’s value. This makes ratios like the P/E ratio dangerous as a valuation tool.</p> <p>Discounted cash flow analysis is the foundation of our valuation work. Free cash flow generation should be the key output of any enterprise, so we value every enterprise based on the net present value of its future cash flows. Crucially, this analysis values a business in its entirety by examining the total cash flow produced and separating it between different claimants, most notably creditors, and the last to get paid—ourselves the shareholders. This also means we implicitly bring a company’s balance sheet into the valuation equation. We believe that investors who ignore an enterprise’s sources of financing when valuing it do so at their peril. As we discuss in this article, we focus on cash flow—its sustainability, its likely growth trajectory and the portion we are entitled to as equity owners.This is a cornerstone of our investment philosophy and the starting point for all of our investment decisions. During our valuation work, based on cash flow analysis, we focus on absolute valuation as opposed to short-cut valuation metrics relative to benchmarks or peer groups.</p> <p>Most market participants forget that multiples are valuation shorthand that embed several of a company’s key value drivers into a single number. Simple ratios like P/E create mental shortcuts that appeal to our automatic and responsive mode of thinking. Daniel Kahneman famously distinguishes this as <em>System 1</em> thinking, which he describes as fast, instinctive and emotional, from our slower, more deliberate and logical <em>System 2</em> thought process.</p> <p>Heavy users of P/E multiples deride the complexity of using discounted cash flow analysis. They forget that the multiple still encompasses this complexity, or they simply choose not to verify the many assumptions buried in the single ratio on which they rely. Left unchecked, the human mind prefers the easy way out—the path of least mental resistance.</p> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-scale.jpg"><img alt="" src="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-scale.jpg" />â€?lt;/a></p> <p>One of the key embedded assumptions within the P/E ratio is return on invested capital (ROIC). ROIC is a measure of financial productivity; we view it as the missing link between sales and free cash flow. The higher the ROIC, the more free cash flow is produced per unit of sales. Companies only create value when their ROIC exceeds their blended cost of capital—in other words, when a unit of the company’s free cash flow exceeds the capital unit cost of generating it. ROIC is also a key determinant of a company’s sustainable growth level, which is a function of the reinvestment rate of its cash flow and the expected return on that reinvestment. For example, a company with a 10% ROIC needs to reinvest 100% of its cash flow to grow at 10%, whereas a 20% ROIC company will need only a 50% reinvestment rate to grow at the same level of 10% (20% ROIC x 50% reinvestment rate). The 20% ROIC company clearly has more flexibility because of its higher ROIC. It can decide to invest more cash flow to drive higher growth or keep reinvesting at 50% and use the excess cash flow to improve its balance sheet. In this example, there is no prize for guessing that the company with a 20% ROIC is more valuable than the one with a 10% ROIC, all else being equal. ROIC, reinvestment rates and sustainable growth rates are three variables that largely slip below the radar in the one-eyed world of the multiple-focused investor.</p> <div class="quote">ROIC, reinvestment rates and sustainable growth rates are three variables that largely slip below the radar of the multiple-focused investor.</div> <p>Given our approach, we are naturally wary of the investment community’s overreliance on P/E and other valuation multiples. Although widely used by most investors, P/E ratios have a number of limitations. As already mentioned, earnings are based on accounting. Managers can easily manipulate conventionally accepted non-GAAP adjusted earnings figures with a multitude of perfectly legal techniques; subjective omission or reclassification of certain costs is perhaps the most obvious example. In addition, the P/E multiple crucially ignores the structure of a balance sheet. As an example, two companies with similar outlooks may both trade at 15 times earnings, but one may have no debt, while the other’s debt levels may be double or triple that of its equity value. Again, it is obvious that the first company is more valuable despite the P/E parity.</p> <p>Lastly, P/E ratios ignore a company’s competitive advantages and they ignore how a company’s advantages manifest in its ability to sustain its ROIC. Competitive forces dictate that a company’s ROIC will trend towards its cost of capital over time. We look for highly productive, high-ROIC companies and we look for “fade-resistantâ€?businesses that can leverage competitive advantages to generate excess returns for extended periods. Competitive advantage and fade periods can be expressed in discounted cash flow analysis, but like the other factors discussed above, they are buried invisibly within a price multiple.</p> <p><img alt="" src="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-plane.jpg" style="width: 330px; height: 282px; float: left;padding-right:10px;" />Although using multiples for valuation presents numerous problems, they do have certain uses. They aid speedy comparisons between similar business models when factors such as ROIC, growth and fade are part of the discussion. With this in mind, we consciously view multiples as outputs rather than inputs of the key variables of value creation. Accordingly, we frequently use multiples as a means of asking ourselves what the equity market seems to be pricing into a company’s share price. This involves deconstructing multiples into the core variables of ROIC, growth, reinvestment and fade, which helps us ask thoughtful questions about the implied values, even if we cannot derive definitive answers. This can be a useful complement to our primary approach of discounted cash flow analysis, as we try to reverse engineer the expectations implied by a company’s share price.</p> <p>​Arguably, the biggest benefit that we derive from P/E multiples is the frequent inefficiency that occurs in a stock’s price when investors overly focus on this shorthand valuation technique. For example, we largely avoid “hotâ€?investments with high P/E multiples; in many cases, investors justify these multiples by looking at near-term earnings growth, without realizing that a company is destroying value because its ROIC is actually below its cost of capital and that its growth trajectory would require an unsustainably high reinvestment rate. Conversely, short-term investors may be put off by an artificially high P/E multiple when a company is undergoing a business model transition, but by using discounted cash flow analysis, we may see a path for significant long-term value creation. In these and other situations, the market’s myopia regarding multiples can create opportunities for the long-sighted, cash flow-centric investor.</p> <div class="quote">At the end of last year, the portfolio traded at a discount to its benchmark on a free cash flow yield basis—while offering double the sales growth and triple the ROIC.</div> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-fig1.jpg"><img alt="Portfolio Attributes as of Dec. 31, 2017 Brown Advisory Global Leaders Representative Account" src="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-fig1.jpg" /></a></p> <p>We will close by saying simply that the proof is in the pudding. We believe that the Global Leaders portfolio represents an attractive investment opportunity when viewed through the lens we use in our valuation work. As shown in the table above, our portfolio was essentially in line with its benchmark in terms of P/E ratio at the end of 2017. However, when looking at free cash flow yield (which, as discussed above, we consider a far more accurate measure of value), the portfolio was trading at nearly a 10% discount to its benchmark. Alongside this valuation discount, the portfolio’s sales growth was nearly double that of the benchmark, and its ROIC was nearly three times as high.</p> <p>This favorable profile is indicative of a group of businesses that have been highly productive with capital and offer strong potential for sustainable and faderesistant growth. When we measure value based on the inputs of value creation rather than a single output, we see a portfolio that offers attractive absolute and relative characteristics.</p> <p>By focusing on crucial variables such as ROIC, reinvestment rate and fade, we are confident that we can outperform a market that we believe leans too heavily on the shorthand of valuation multiples. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p class="responsiveImg"><a href="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-city.jpg"><img alt="" src="http://yagipay.com/sites/default/files/u1/ba4-forgoodmeasure-city.jpg" /></a><a>â€?lt;/a></p> <p> </p> <p> </p> <p> </p> <p><a> </a><a href="http://yagipay.com/en/disclosures/gl-composite">Click here</a> to read the GLobal Leaders Composite disclosure</p> <p> </p> <p> </p> <p> </p> <p>The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities or asset classes mentioned. It should not be assumed that investments in such securities or asset classes have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. Private investments mentioned in this article may only be available for qualified purchasers and accredited investors. All charts, economic and market forecasts presented herein are for illustrative purposes only. Note that this data does not represent any Brown Advisory investment offerings.<br /><br /> The Russell Global Large-Cap Net Index offers investors access to the large-cap segment of the entire global equity universe. The Russell Global Large Cap index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to accurately reflect the changes in the market over time. All Russell indices mentioned above are trademarks/service marks of the Frank Russell Company. RussellÂź is a trademark of the Frank Russell Company. One cannot invest directly in an index.<br /><br /> All financial statistics and ratios are calculated using information from Factsetas of the report date unless otherwise noted. FactSetÂź is a registered trademark of FactSetResearch Systems, Inc.<br /><br /><strong>Price-Earnings Ratio (P/E Ratio)</strong> is the ratio of the share of a company’s stock compared to its per-share earnings. P/E calculations presented use NTM (next twelve months) earnings estimates.<br /><br /><strong>ROIC</strong> is a measure of determining a company’s financial performance. It is calculated as NOPAT/IC; where NOPAT (net operating profit after tax) is (EBIT + Operating Leases Due 1-Yr)*(1-Cash Tax Rate) and IC (invested capital) is Total Debt + Total Equity + Total Unfunded Pension + (Operating Leases Due 1-Yr * 8) –ExcessCash. ROIC calculations presented use LFY (last fiscal year) and exclude financial services.<br /><br /><strong>FCF Yield</strong> is a measure of financial performance calculated as operating cash flow minus capital expenditures. FCF yield calculations presented use LFY and exclude financial services.<br /><br /><strong>Sales Growth Rate</strong> is based on reported company revenue for the past three years at the end of the current quarter, provided as a historical average.</p> </div> Wed, 18 Apr 2018 15:03:43 +0000 achen 28896 at http://yagipay.com 新版快狐,小优视频app在线下载,四虎新版影库 localhostGlobal Leaders Investment Letter - Q1 2018 http://yagipay.com/intl/global-leaders-investment-letter-q1-2018 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q1 2018 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 03/30/2018 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q1 2018</em></p> <p>In this letter, the team discuss their view of the importance of capital allocation. They feel that it is a discipline that is frequently overlooked by investors but it is a key area of focus for the global equity team. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q12018" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Fri, 30 Mar 2018 13:50:15 +0000 ajackson 29881 at http://yagipay.com d2天堂官网下载,91自拍论坛,918网站导航Global Leaders Investment Letter - Q4 2017 http://yagipay.com/intl/global-leaders-investment-letter-q4-2017 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q4 2017 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sun, 12/31/2017 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q4 2017</em></p> <p>In this letter the team discuss the folly of big picture forecasting. They also discuss leverage as the market continues to rise, in addition to a discussion of the EBITDA-to-net-debt ratio. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q42017" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sun, 31 Dec 2017 14:50:15 +0000 ajackson 29886 at http://yagipay.com 色青五月天,雪色导航,虾米女优馆Global Leaders Investment Letter - Q3 2017 http://yagipay.com/intl/global-leaders-investment-letter-q3-2017 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q3 2017 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sat, 09/30/2017 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q3 2017</em></p> <p>In this letter the team discuss their recent research trip to India and their view on sustainable investing and ESG analysis within the portfolio. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q32017" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sat, 30 Sep 2017 13:50:15 +0000 ajackson 29891 at http://yagipay.com 茄子视频破解无限,小妖精视频app下载安装,gelbooruManager Q&A: Mick Dillon and Bertie Thomson, Global Leaders Strategy http://yagipay.com/intl/manager-qa-mick-dillon-and-bertie-thomson-global-leaders-strategy <span class="field field--name-title field--type-string field--label-hidden">Manager Q&A: Mick Dillon and Bertie Thomson, Global Leaders Strategy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 08/25/2017 - 11:34</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Indeed a host of macro-economic and political events have impacted global markets since Mick Dillon and Bertie Thomson launched the Brown Advisory Global Leaders strategy. However, this duo strives to keep it simple by focusing on what they believe is the constant that cuts through macroeconomic noise: great companies producing shareholder value by delivering a special outcome to their customers.</p> <p>Mick explains, "Companies stand out by providing an exceptional and unique customer experience, which we believe leads to a high return on invested capital".</p> <p>This is not only his belief, but empirically proven through a McKinsey study which found that companies generating high ROIC are also likely to outperform in the long-term. Companies generating ROIC of 25%+ in 2003 sustained that level a decade later 83 percent of the time.</p> <p class="responsiveImg"><img alt="Leaders Tend to Stay Leaders | High-ROIC (>25%) companies typically stay high-ROIC companies and do not have their excess economicscompeted away. As seen below, companies generating high ROIC in 2003 were still still generating high ROIC in2013 in 83% of instances." src="http://yagipay.com/sites/default/files/u1/mickdillonqa_fig1.jpg" />â€?lt;/p> <p style="font-size:.7em;line-height:1.5em;padding:5px 0 0 0;">Chart reproduced with permission from McKinsey & Company Inc. as featured in the book, “Valuation: Measuring and Managing the Value of Companies, University Edition." 6th Edition, 2015. ROIC is calculated as % without goodwill. Please see the end of the presentation for important information. The selected sample size is the S&P500 Index.</p> <p>Beyond that indicator, the managers look for companies with three other qualities: solid fundamentals, strong leadership and reasonable valuations. Due to these high standards, less than one percent of potential investments in developed and emerging markets are suitable for the portfolio.</p> <p>This quality bias gives the team conviction in its holdings. They have only replaced seven to eight names in the portfolio per year since its 2015 inception, resulting in portfolio turnover well below peers and holding periods long enough to realise the potential of the companies in which they invest.</p> <h4 style="color:#1192df;">In Their Own Words...</h4> <p><strong>Q: The global equity market euphoria year-todate seems to know no bounds; how do you feel about valuations in this environment?</strong></p> <p><strong>BT:</strong> This question is at the front of many investorsâ€?minds and it is clear that volatility is low and aggregate equity market valuations are above historical averages. As a result of the ‘hunt for yieldâ€? we believe several sectors such as consumer staples, telecoms, utilities, and real estate have become overly stretched. Our performance was particularly impacted in the second half of 2016, having a zero weighting in three of these four sectors and an overall dividend yield below our benchmark Russell Global Large Cap index. But we have avoided these areas intentionally while some of our peers have embraced them. We think in absolute terms, valuing each investment on its merits. We see value in companies with a high return on invested capital (ROIC) and sustainable growth but these can have low or zero dividend yields. Pricing equities relative to bonds only makes sense if you think bonds are cheap. While this did not prove out in our results in 2016, we are boosted by year-to-date performance and feel confident in the long-term prospects for our portfolio.</p> <p><strong>MD:</strong>I would add that we prefer enterprise value of a company divided by its earnings before interest taxes (EV/EBIT) and free cash flow yield as shorthand valuation approaches rather than price-to-earnings multiples. With this in mind, the Global Leaders strategy has an aggregate projected median EV/EBIT multiple of 16.5x which is a modest premium to its benchmark of 14.0x. Using free cash flow yield, the premium is almost indistinguishable with the strategy trading on a historic median 4.4% yield compared to the global equity market which trades on 4.6%. For this modest premium our investors are getting close to double the sales growth (8.2% vs 4.3%) and more importantly double (17.9% vs 8.8%) the ROIC of the market.</p> <p><strong>Q: Given this continuation of an upward market trajectory, are you still able to find new investments that meet your criteria?</strong></p> <p><strong>BT:</strong> Our performance is an output of our stockpicking and we remain focused on searching all four corners of the globe for outstanding companies that trade at discounts to intrinsic value. One question we hear a lot is which areas of the world do we like more than others. We do not buy geographies though, we buy companies. We are excited to have found several European companies over the last year to add to the portfolio which are global businesses trading at discounts to international peers. Uncertainty in the market often creates opportunity, and as patient longterm investors, we look to take advantage of that.</p> <p><strong>Q: Can you give us an example of a special customer outcome?</strong></p> <p><strong>MD:</strong> One of my favorites is Taiwan Semiconductor Manufacturing. They make the chips for Apple, Qualcomm, and other leading technology companies who sell most of the smartphones and devices we all use every day. All of their customers say the same thing: Taiwan Semiconductor de-risks technology for them, and at a fraction of the cost. Morris Chang, the company’s 86-year-old founding chairman, gets it. He always says, “It’s all about the customer." His company provides a truly exceptional outcome for its customers, in that they do not need to worry about manufacturing investment. They can simply competeon the strength of their designs, which is where companies like Apple want to focus.</p> <p>In this way, the company has set itself apart and you can see it in the results. The company has grown from $1.5 billion in revenue in 1997 to nearly $30 billion today, is larger than its next 10 competitors put together, and most important to us, produced ROIC of over 20% each year in the past decade, apart from 2009.</p> <p><strong>Q: Your strategy hit its two-year mark in May. What are some of the things you learned in that time?</strong></p> <p><strong>MD:</strong> One of the biggest lessons we have learned is to pay close attention to disruptive companies that are changing how business is done. For example, the dynamics between suppliers and customers have changed materially. Previously, companies created a product and sold to distributors, who in turn sold to consumers. Suppliers of goods had the upper hand in this model. Now, a company like Priceline has aggregated consumers and built a scalable business model in offering this pool of potential customers to suppliers of goods and services. This is a massive shift in intermediation and has removed a substantial amount of pricing power from the hotel industry. We believe the disruption is so pronounced that loyalty and rewards programs are the last vestiges of the hotel industry’s hold on customers. Priceline continues to dominate the room reservation market, but does not own a single room. In our view this business model is brilliant and we are hoping to identify other similar disruptors in the future.</p> <p>Uncertainty often creates opportunities. When an event causes the market to overreact positively or negatively to a company we already like, it can give us a great entry or exit point. For example, the day after the Brexit vote last year we added to our position in Unilever. In our view, the worst-case scenario for Unilever following a British withdrawal from the European Union was far less than the 10% stock price decline. In our view, this decline presented a great valuation opportunity. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p>To read more about our current thinking please refer to our third quarter letter found <a href="http://info.yagipay.com/gl_3q2017_letter">here</a>.</p> <div class="greyLine"> </div> <p style="font-size:.7em;line-height:1.5em;padding:5px 0 0 0;">Private investments mentioned in this article may only be available for qualified purchasers and accredited investors.<br /><br /> The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views should not be construed as investment research. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> All data is sourced from FactSetÂź unless otherwise noted. FactSetÂź is a registered trademark of FactSet Research Systems, Inc.<br /><br /> The Russell Global Large-Cap Index offers investors access to the large-cap segment of the entire global equity universe. The Russell Global Large Cap index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to accurately reflect the changes in the market over time. The Russell Global Large-Cap Index is a trademark/service mark of the Frank Russell Company. RussellÂź is a trademark of the Frank Russell Company.<br /><br /> The S&P 500 Index is a capitalization-weighted index of 500 stocks that is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Standard & Poor’s, S&PÂź, and S&P 500Âź are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P"), a subsidiary of S&P Global Inc.<br /><br /> Sectors are based on the Global Industry Classification Standard (GICSÂź) classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS" and “GICS Direct" are service marks of Standard & Poor’s and MSCI . “GICS" is a trademark of MSCI and Standard & Poor’s.<br /><br /><strong>Price-Earnings Ratio (P/E Ratio)</strong> is the ratio of the share of a company’s stock compared to its per-share earnings.<br /><strong>FCF yield</strong> is a measure of financial performance calculated as operating cash flow minus capital expenditures. FCF yield calculations presented use LFY and exclude financial services.<br /><strong>EV/EBIT</strong> is a financial ratio used to measure a company’s return on investment. EV/EBIT calculations presented use NTM (next twelve months) estimates.<br /><strong>ROIC, or Return on Invested Capital</strong> is a measure of determining a company’s financial performance. For the Global Leaders strategy, it is calculated as NOPAT/IC; where NOPAT (net operating profit after tax) is (EBIT + Operating Leases Due 1-Yr)*(1-Cash Tax Rate) and IC (invested capital) is Total Debt + Total Equity + Total Unfunded Pension + (Operating Leases Due 1-Yr * 8) –Excess Cash. ROIC calculations presented use LFY (last fiscal year) and exclude financial services.<br /><strong>Dividend Yield</strong> is the ratio of a stock’s projected annual dividend payment per share for the fiscal year currently in progress, divided by the stock’s price.</p> </div> Fri, 25 Aug 2017 15:34:28 +0000 achen 25001 at http://yagipay.com 猫小姐直播app,91短视频,茄子在线视频appNOW 2017 | Cultivating the Seventh Sense: An Essential Instinct in the Age of Networks http://yagipay.com/intl/now-2017-cultivating-seventh-sense-essential-instinct-age-networks <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | Cultivating the Seventh Sense: An Essential Instinct in the Age of Networks</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/17/2017 - 16:18</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="float: right; padding: 0px 0px 10px 10px; font-size: 0.8em; width: 480px; text-align: center;"><img alt="Brown Advisory | NOW London 2017 | Navigating Our World | Cultivating the Seventh Sense: An Essential Instinct in the Age of Networks" src="http://yagipay.com/sites/default/files/u1/nowlondon2017_logo.jpg" style="width: 480px; height: 97px;" title="Brown Advisory | NOW London 2017 | Navigating Our World | Cultivating the Seventh Sense: An Essential Instinct in the Age of Networks" /><br /><img alt="Joshua Cooper Ramo, Co-CEO and Vice Chairman of Kissinger Associates and the author of the book The Seventh Sense at Brown Advisory's NOW Conference" src="http://yagipay.com/sites/default/files/u1/ramo_2.jpg" style="width: 480px; height: 270px;" /></p> <p>Ramo is currently the co-CEO of Henry Kissinger’s consultancy firm and a board member of Starbucks and FedEx. His business career took off in Beijing in 2002, following a distinguished tenure at TIME magazine, where he became the youngest senior editor and foreign editor in the magazine’s history. Still, he began his talk and introduced the origins of his book with an anecdote of what he referred to as “an $800 million dollar mistake.â€?He explained a job offer he received in the 1990s from two men “in flip-flops and shortsâ€?who were starting an Internet company from a small warehouse in Silicon Valley. After some deliberation, he declined the offer, as he could not imagine “who in their right mind would use something called Yahoo?â€?lt;/p> <p>This example was the first time he had directly encountered people who clearly saw a certain set of forces that would transform the world and were preparing to act on it. He noted that Friedrich Nietzsche, when discussing the Industrial Revolution, used the term “sixth senseâ€?to describe the instinct people needed to deal with that profound movement. Similarly, Ramo uses the term “seventh senseâ€?to describe the frame of mind needed to embrace and master the current revolution: network empowerment.</p> <p><img alt="Joshua Cooper Ramo, Co-CEO and Vice Chairman of Kissinger Associates and the author of the book The Seventh Sense" src="http://yagipay.com/sites/default/files/u1/ramo_4.jpg" style="width: 320px; height: 212px; float: left;padding:0 8px 8px 0;" />Connectivity, according to Ramo and many others, is the “unstoppable feature of our age,â€?defining both the huge challenges faced by existing institutions and the creative forces behind the rapid changes we are seeing. Consider that many institutions, from government to the media, are definitively less respected by their constituents than they were 10 years ago. Real-time information about natural disasters, disease outbreaks, terror attacks and other events often reveal the cracks in society’s solutions for dealing with these events. These and other factors related to connectivity are chipping away at the bedrock of traditional institutions. However, at the same time, connectivity is powering an energetic and aggressive creative energy. People and ideas are milliseconds apart where it was once days. Networks beyond a certain size become far more powerful than their constituent parts—the more people use a network, the more effective it becomes, and the more inevitable it becomes that others will join that network to gain its benefits. Many examples—from Microsoft Windows in the 1990s, to Google in the 2000s, to Facebook and LinkedIn in the recent decade—demonstrate this network effect.</p> <p>Ramo concluded with a plea to the audience to try and step back and watch this broader megatrend and its impact. The nature of hyperconnectivity in the media can ironically lead us to focus on individual events as they happen, but not as part of a broader pattern. We do so at the risk of missing just how much the power of networks plays into many of the unpredictable events roiling society today. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 17 Jul 2017 20:18:37 +0000 achen 21326 at http://yagipay.com 荔枝视频成人app,iavbobo,老版香蕉视频版下载NOW 2017 | What Next? Making Sense of the Global Economy http://yagipay.com/intl/now-2017-what-next-making-sense-global-economy <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | What Next? Making Sense of the Global Economy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/17/2017 - 16:13</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="float: right; padding: 0px 0px 10px 10px; font-size: 0.8em; width: 480px; text-align: center;"><img alt="Brown Advisory | NOW London 2017 | Navigating Our World | What Next? Making Sense of the Global Economy" src="http://yagipay.com/sites/default/files/u1/nowlondon2017_logo.jpg" style="width: 480px; height: 97px;" title="Brown Advisory | NOW London 2017 | Navigating Our World | What Next? Making Sense of the Global Economy" /><br /><img alt="Fresh from a one-on-one conversation with Donald Trump and his senior economic advisors, and on the heels of the UK general election, Zanny Minton Beddoes, Editor-in-Chief of The Economist, will share her distinctive perspective on “Trumponomics,â€?the global economy and UK politics, and set the stage for our speakers throughout the afternoon." src="http://yagipay.com/sites/default/files/u1/zany_2.jpg" style="width: 480px; height: 270px;" /></p> <p>Those looking for a security blanket may have been disappointed. Minton Beddoes delivered a thoughtful and perceptive critique of the global environment. The main body of her talk began with a thought experiment: If we had gained perfect political foresight 12 months ago—foreseeing the Brexit vote, a Trump presidency, a Macron victory out of nowhere in France, a coup in Turkey and a challenged UK election—would we have forecast record highs in global stock markets? The point of the question was to remind us of the perils of prediction, and of the huge disconnect between politics and markets—or, as she said, the “front and back pages of the newspaper.â€?lt;/p> <p>She noted that we live in enormously volatile times, and rather than expecting a reversion to the mean, we should instead be preparing for a continuation of dizzying change in the world, led by a broad rejection of the status quo.</p> <p>Minton Beddoes offered the audience a whistle-stop tour of the globe. A synchronized global upturn has buoyed markets, aided by stability and improvement in the emerging world, and a return of “animal spiritsâ€?to U.S. markets. The Trump presidency has so far not delivered on extreme fears or hopes—in Minton Beddoesâ€?words, on the fears of “Dark Donaldâ€?or the hopes for a “latter-day Reagan.â€?Investors were not spooked by the former initially, looking more to the potential benefit of infrastructure stimulus, tax cuts and regulatory relief. She commented that so far, the new administration has not produced meaningful detriment or benefit to the global or U.S. economy, and businesses in the U.S. are largely undistracted by the theatre in Washington.</p> <p><img alt="Zanny Minton Beddoes, Editor-in-Chief of The Economist, at Brown Advisory's NOW, Navigating Our World Conference" src="http://yagipay.com/sites/default/files/u1/zany_3.jpg" style="width: 320px; height: 212px; float: left; padding: 0px 8px 0px 0px;" />​Minton Beddoes was far from sanguine regarding the U.K. and focused some discussion on the upcoming Brexit negotiations—we note here that The Economist has long been a standard-bearer for internationalism, especially in reference to the U.K. In her view, the country’s government is ill-prepared for the impending talks, with constructive conversations largely stalling in recent months as the countdown clock continues to tick. Signs of weakness in the U.K. economy and a general election that only emphasized the divided views of the public were adding to a “febrileâ€?popular mood as the government attempts to carve a path forward. Minton Beddoes left the topic with the suggestion that the country may have been caught “on the crest of the populist wave”—just as it was potentially subsiding elsewhere.</p> <p>Even so, she believes that the prospects for Europe overall have improved. A Macron victory has stemmed a broad nationalist surge for the moment, and a Franco-German alliance has the potential to bolster the Eurozone and solidify its strategic importance. Meanwhile, the economy has picked up some steam, and some genuine signs of reform momentum could mean progress in areas like labor legislation.</p> <p><img alt="Zanny Minton Beddoes, Editor-in-Chief of The Economist, at Brown Advisory's NOW, Navigating Our World Conference" src="http://yagipay.com/sites/default/files/u1/zany_4.jpg" style="width: 320px; height: 212px; float: right;padding:0 0 0 8px;" />In her closing remarks, Minton Beddoes pushed our time horizons out to the long term. When historians look back at the first 20 years of the 21st century, they will note many things, such as a huge financial crisis, the emergence of China as a true global power, a demographic shift in developed markets and, possibly dwarfing all these factors, a period of enormous technological change. Drawing parallels with the industrial revolution in the late 1800s, Minton Beddoes noted that we may yet see wholesale shifts in society of a similar scale, with major disruptions to the industries and ways of life to which we are accustomed, and major changes in the role of the state. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 17 Jul 2017 20:13:12 +0000 achen 21321 at http://yagipay.com 先锋av电影,蝌蚪视频官网,一夜七次郎在线首页NOW 2017 | Shifting Alliances: America鈥檚 Changing Relationship with Asia and the Middle East http://yagipay.com/intl/now-2017-shifting-alliances-americas-changing-relationship-asia-and-middle-east <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | Shifting Alliances: America’s Changing Relationship with Asia and the Middle East </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/17/2017 - 16:08</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=_xpOz0a5N_4&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Under Secretary of State Clinton, the U.S. began to pivot its diplomatic and military focus toward Asia. Asia encompasses 40% of global gross domestic product, four of the top 10 trading partners of the U.S. and almost two-thirds of the world’s middle class. (Blinken described the Trump administration’s decision to abandon the Trans-Pacific Partnership in January 2017 as “pulling the gun out of the holster, finding your foot, aiming very carefully and pulling the trigger.â€?The idea that the U.S. would limit its economic access to Asia is “criminal,â€?in his words.) He believes that going forward, the true wealth of a nation should be measured largely by its ability to liberate its human resources. Focusing on China, he applauded the efforts to loosen the country’s economic reins in recent years but noted that there has not yet been an accompanying easing of the social and political restrictions and pressures. At some point, Blinken believes, the rapidly growing middle class will ask for this.</p> <p><img alt="Antony Blinken, Former United States Deputy Secretary of State at Brown Advisory's NOW Conference with Peter Mallinson, Vice Chairman, Brown Advisory Limited" src="http://yagipay.com/sites/default/files/u1/alliances_2.jpg" style="width: 320px; height: 212px; float: left;padding:0 8px 8px 0;" />Turning to India, he described the world’s largest democracy as being in a very strong economic position. With favourable demographics, 40% of its gross domestic product from foreign trade and status as the world’s leading defense importer in recent years, India is poised to drive global growth over the coming decade. Where it falls short is human development and ease of doing business—areas that will need to improve if India hopes to attract continued investment from the developed world.</p> <p>The U.S. and its allies are facing a number of threats around the world—Blinken listed North Korea, Iran and ISIS, among others. Blinken was deeply concerned about North Korea and its leader, Kim Jong-un, believing the situation there has reached “an acute phase.â€?In recent years, North Korea has sped up its progress on nuclear arms development and, in Blinken’s opinion, is “a few years awayâ€?from having the capability to reach the continental U.S. with a nuclear intercontinental ballistic missile. He noted that “we looked very hard at military options, and the truth of the matter is that there is simply not a good one.â€?He believes that the only hope is to try to get Kim Jong-un to the negotiating table by convincing China, which represents 90% of North Korean trade, to implement sustained economic sanctions.</p> <p><img alt="Antony Blinken, Former United States Deputy Secretary of State at Brown Advisory's NOW Conference with Peter Mallinson, Vice Chairman, Brown Advisory Limited" src="http://yagipay.com/sites/default/files/u1/antony_1.jpg" style="width: 320px; height: 212px; float: right;padding:0 0 8px 8px;" />With recent terrorist events in the U.K., Blinken’s comments about curbing the influence of ISIS were especially relevant. The good news, he said, is that the U.S. and its allies will shortly take away ISISâ€?self-declared caliphate in Mosul, Iraq, and that should render impotent one of the organisation’s primary narratives—that it is building a physical state. The bad news: Given how difficult it has become to travel to Iraq and Syria, ISIS is now telling followers around the world to “stay at home, attack at home.â€?To combat this more dispersed threat, intelligence and information sharing among countries is now even more essential. The U.S. has worked very hard to convince countries around the world to connect to Interpol so that information can quickly be used to monitor and detain individuals that have become radicalised. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 17 Jul 2017 20:08:17 +0000 achen 21316 at http://yagipay.com 18禁漫画观看无遮,成人糗事,番茄社区黄app下载NOW 2017 | Innovation Beyond Silicon Valley http://yagipay.com/intl/now-2017-innovation-beyond-silicon-valley <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | Innovation Beyond Silicon Valley</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/17/2017 - 15:21</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=9l_nBjpcmLA&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><a href="http://yagipay.com/now-2017-bio-stan-boland" style="color:#636363;text-decoration:underline;" target="_blank">Stan Boland</a>, CEO of U.K.-based FiveAI, has spent his career innovating in the communication sector, mainly in the semiconductor and telecom space, and is acutely focused on how artificial intelligence (AI) has the potential to revolutionize many industries. Academia is a primary source of innovation in AI; for example, the science to improve autonomous driving is evolving in top universities around the world. Boland says that the current technology cannot assure safe driving despite the hype, and experts are working to solve the problem of reconstructing the world dynamically with predictive capabilities. A key ingredient, he says, may be a more extensive sensor set on vehicles; today this could add as much as $40,000 to the cost of the car, but Boland believes this could be amortised over the duration of ownership, at least in the developed world.</p> <p><a href="http://yagipay.com/now-2017-bio-melinda-mellie-price" style="color:#636363;text-decoration:underline;" target="_blank">Mellie Price</a>, a serial entrepreneur, who is the Executive Director of Commercialization at The Dell Medical Center at The University of Texas at Austin, now focuses on the health care sector and mentioned that AI is playing a game-changing role in radiology. Universities such as hers are newer players in the innovation ecosystem, particularly in the realm of early-stage ventures. She believes that people working in communities that nurture startups are more collaborative than those working in environments populated by larger, more traditional companies.</p> <p>Speaking about Silicon Valley, Price noted that term sheets for deals based there are, in her view, too optimistic, which contributes to higher failure rates. Further, she feels that entrepreneurship in the San Francisco Bay Area is being commoditised—and she values startups that have taken the time to work with accelerator programs.</p> <p><img alt="David Blumberg, Founder and Managing Director of Blumberg Capital and Mellie Price, Executive Director of Commercialization at The Dell Medical School at The University of Texas" src="http://yagipay.com/sites/default/files/u1/innovation_2.jpg" style="width: 320px; height: 212px; float: left;padding:0 8px 8px 0;" /><a href="http://yagipay.com/now-2017-bio-david-j-blumberg" style="color:#636363;text-decoration:underline;" target="_blank">David Blumberg</a>, Founder and Managing Director of Blumberg Capital, has a global perspective on innovation, supported by the presence of his firm in San Francisco and Tel Aviv. From this perspective, he finds a range of investment opportunities. For example, he talked about the role of technology in changing transportation from a product to a service, and cited a German company looking at ways in which people in the developing world who require cost-effective transportation can share seats in cars.</p> <p>Against that backdrop, he sees his firm as not just an investor in startups but also an intermediary between startups and larger corporations. Venture firms are often able to offer a solution to corporations seeking a certain capability or an entrĂ©e into a particular niche; he also looks to share opportunities that may not be ideal for venture backing but could be a good strategic fit for a larger business.</p> <p>Blumberg added that regulatory and structural changes on Wall Street have led to less frequent IPOs for venture-backed firms, and that those IPOs now only occur when companies are more mature. As a result, a larger proportion of value accrues to entrepreneurs and venture backers.</p> <p><img alt="Stan Boland, CEO of FiveAI" src="http://yagipay.com/sites/default/files/u1/innovation_3.jpg" style="width: 320px; height: 212px; float: right;padding:0 0 8px 8px;" />When asked about macro risks for new companies, the panellists tended to minimise such factors and emphasise a greater focus on selecting the right opportunities. For Blumberg, one area of focus is financial technology, which tends to be heavily regulated for large institutions but offers more opportunity in the small and medium enterprise segment. Price noted that the time frame to invest in health care is often incompatible with the investment horizon of most funds, with the exception of health care information technology.</p> <p>Overall, the discussion demonstrated the breadth of opportunities available across a number of disparate industries, regions and technology realms, and highlighted the fact that investors who ignore innovation outside of Silicon Valley do so at their peril. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 17 Jul 2017 19:21:07 +0000 achen 21311 at http://yagipay.com fulao2最新地址,春意影院免费版,杏趣app下载安装NOW 2017 | Creating Value in an Age of Disruption http://yagipay.com/intl/now-2017-creating-value-age-disruption <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | Creating Value in an Age of Disruption</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 07/17/2017 - 15:03</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=aizKIOy9QB0&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The panel noted that disruption is not a new phenomenon: As long as there have been companies, there have been new upstarts and business models that have threatened to unseat those companies. What is new today is the delivery of disruption (from many more directions than in the past) and the pace of that delivery (much more rapid than in the past). <a href="http://yagipay.com/now-2017-bio-rupert-soames-obe" style="color:#636363;text-decoration:underline;" target="_blank">Rupert Soames</a>, Group CEO of Serco, a U.K.-based business services group, made the point that a discerning eye is key. When dealing with rampant change, it is essential to understand which issues simply scratch the surface of your business and which ones truly threaten to cut to the core.</p> <p>Disruption is an omnipresent consideration today. If a business is agile, disruption can be an exciting prospect, and present meaningful opportunities. On our equity research team and, in particular, within our Global Leaders strategy, we focus extensively on the idea of exceptional customer outcomes. A high proportion of the opportunities that arise from disruption stem from something exceptional being delivered to the customer. In the consumer realm, this may mean capitalising on the disruption of the Internet to create more personalised experiences, or providing a leap forward in convenience through home delivery, new pricing models or other innovations. <a href="http://yagipay.com/now-2017-bio-ron-dennis-cbe" style="color:#636363;text-decoration:underline;" target="_blank">Ron Dennis</a>, Chairman of high-end automotive firm McLaren, noted that his firm’s intention is always to deliver something special for the consumer, but the end result of this can lead to disruption versus its industry’s status quo.</p> <p><img alt="For companies to be successful over the long term, they need strong leaders who can deliver exceptional customer outcomes. Our esteemed panellists have led large, complex, global businesses. Mick Dillon will lead the panel in an exploration of the challenges—and opportunities—involved in building and leading businesses in the midst of intensive economic, political and demographic shifts; cyber threats; and environmental and social conflicts that are ongoing around the world." src="http://yagipay.com/sites/default/files/u1/disruption_2.jpg" style="width: 320px; height: 212px; float: left;padding:0 8px 8px 0;" />The panel agreed that disruption in business and replacement of old models with new ones are occurring at a much faster speed today. This poses challenges for companies and their managers, as it becomes harder to justify speculative investment in capital or R&D and far more difficult to navigate longer product development cycles in a rapidly changing environment. <a href="http://yagipay.com/now-2017-bio-dame-fiona-kendrick-dbe" style="color:#636363;text-decoration:underline;" target="_blank">Dame Fiona Kendrick</a>, Chairman of NestlĂ© U.K. and Ireland, talked about how in the face of disruption elsewhere, it is even more important to focus on longer-term value engines, like brands and talent.</p> <p><img alt="Ron Dennis CBE, Chairman of McLaren Technology Group, Dame Fiona Kendrick DBE, Chairman and CEO of NestlĂ© UK and Ireland, and Rupert Soames OBE, Group Chief Executive of Serco" src="http://yagipay.com/sites/default/files/u1/disruption_3.jpg" style="width: 320px; height: 212px; float: right;padding:0 0 8px 8px;" />In a discussion on disruption, it was perhaps inevitable that Brexit—perhaps the most disruptive force looming over the U.K. economy today—would come up. Our three panellists spanned the consumer, automotive and business services industries, so it was a good opportunity to hear from leaders across the economy. To their credit, the panellists did not offer speculation about the eventual outcome of Brexit negotiations, nor did they claim any silver-bullet answers. They emphasised an increased focus on varied issues such as talent retention, migration and tariffs that are likely to be important for their businesses as they attempt to navigate this transformative period.</p> <p>Overall, the discussion underlined the importance of agility and adaptability for businesses as they confront uncertainty and capitalise on disruptive change. <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.</p> </div> Mon, 17 Jul 2017 19:03:17 +0000 achen 21306 at http://yagipay.com 水多视频app,水果视频app看片 app,水果视频免费网站高清Global Leaders Investment Letter - Q2 2017 http://yagipay.com/intl/global-leaders-investment-letter-q2-2017 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q2 2017 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 06/30/2017 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q2 2017</em></p> <p>In this letter the team discuss the equity market euphoria and Robert Shiller’s cyclically adjusted price-to-earnings (CAPE) valuation tool in detail. They also discuss their favoured valuation metrics and the limitations of some others. Finally they dedicate a section to the economic moats that they seek, with a focus in this letter on the network moat.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q22017" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Fri, 30 Jun 2017 13:50:15 +0000 ajackson 29896 at http://yagipay.com 色老板在线,大香蕉伊在线74网站,青青草成人网NOW 2017 | Welcome http://yagipay.com/intl/now-2017-welcome <span class="field field--name-title field--type-string field--label-hidden">NOW 2017 | Welcome</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 06/19/2017 - 08:16</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=4B4kY0dZSH0&t=2s"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Thriving in Uncertain Times</p> <p>Welcome to NOW London 2017. We thank you for taking time to join us in a forum where we can listen to and reflect on important issues that are shaping our world. NOW, which stands for Navigating Our World, is designed to stretch our minds, broaden our perspectives and illuminate meaningful trends.</p> <p>Launched in 2008 to mark our 10th anniversary as an independent firm, NOW is Brown Advisory’s flagship investment conference. NOW embodies our firm’s strong belief in the value of seeking fresh and diverse views, listening carefully to experts across a variety of disciplines, and challenging conventional assumptions. We believe that thoughtful attention to varied perspectives helps us make better decisions for clients.</p> <p>We hope that you find NOW London 2017 to be informative and provocative.</p> </div> Mon, 19 Jun 2017 12:16:24 +0000 ajackson 24971 at http://yagipay.com 苦瓜视频下载安装,大香蕉青草草视频在线,adc视频软件下载EUROPEAN RE-ENTRY: Why We Are Shifting Portfolios Toward European Stocks http://yagipay.com/intl/european-re-entry-why-we-are-shifting-portfolios-toward-european-stocks <span class="field field--name-title field--type-string field--label-hidden">EUROPEAN RE-ENTRY: Why We Are Shifting Portfolios Toward European Stocks</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/01/2017 - 02:47</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Asset allocation—at least for us—is an exercise in nuance. We move slowly and carefully when it comes to shifting our portfolios away from one asset class or region and toward another. This approach is due to the value we place on patient and disciplined decision-making, especially in light of factors that must be evaluated in shades of gray, not black and white.</p> <p>Take Europe, for instance. Since the 2008â€?9 credit crisis, market sentiment on European stocks has shifted back and forth, from despair to confidence, depending largely on sentiment regarding the EU’s prospects as a viable political and economic entity. Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. (Note the titles of some of our articles on Europe in recent years, such as “Road to Recovery,â€?“Continental Divideâ€?and “Europe’s Slow Climb.â€? Thus, we consistently maintained a reduced weighting in European equities in the years since the crisis (relative to the blended benchmarks typically used by our clients to measure portfolio results).</p> <p>Over the long term, that stance has paid off. We maintain a model portfolio internally to track the results of our asset allocation stances. In that portfolio, our underweight to European stocks has been a strong contributor to our returns; in fact, since the model’s inception on Sept. 30, 2010, this underweighting was the largest positive contributor to the model’s relative performance out of all of our asset allocation decisions.</p> <p>But after more than six years, we are ending this stance, and recommending a return to a neutral weighting in European stocks. Again, this is a nuanced shift in our thinking, rather than a drastic one; “let’s take a neutral positionâ€?is hardly a rallying cry. But it is a meaningful change worthy of discussion after a long period of time.</p> <p>We have a number of reasons for our renewed comfort level:</p> <p><strong>Improving economy:</strong> The weakness of Europe’s macroeconomic outlook in recent years was one of the primary red flags we saw for European stocks. The 2008â€?9 global credit crisis, the ongoing debt crisis in Greece and other concerns have led to multiple years of austere economic policy in Europe, dampening growth prospects.</p> <p>However, global growth trends are improving broadly, and economic indicators in Europe have steadily improved since the middle of last year following the Brexit surprise. We emphasize leading indicators when developing our economic outlook, including purchasing manager surveys and leading economic indicator composites. Although leading indicators are typically built on “softâ€?data that measure sentiment, they have proven over time to be much more helpful in predicting recessions and GDP movement than the “hardâ€?data of economic results. As noted in the chart to the right, purchasing manager sentiment has improved notably in Europe over the past year, and we see similar indications in other statistics we track.</p> <p>Additionally, we believe that tail risks in Europe have eased of late. Recent political events have shaken confidence in the EU, but the victory of Emmanuel Macron over far-right candidate Marine Le Pen in France’s presidential election assuaged fears of a French exit from the EU, an event that likely would have triggered market volatility and heightened uncertainty. (The French election continued a recent trend—in several elections this year across Europe, the nationalist candidate lost and underperformed vs. expectations.) Collectively, the data and indicators we study suggest a reduced risk of recession in the region.</p> <p>Further, we see room for the European economy to grow. Broad unemployment remains well above pre-crisis levels, low inflation should encourage the European Central Bank to maintain loose monetary policy, and broadly, there is far greater slack in the economy in Europe than in the U.S. This may bode well for European stocks; while we can’t predict the specific movements of any economic cycle, we know that in general, we want to invest when leading indicators are improving but before an economy has fully recovered.</p> <p><img alt="Sentiment for the European economy has improved inrecent months; for example, purchasing managers inEurope are now expressing equally positive views aboutmanufacturing expansion as their counterparts in the U.S." src="http://yagipay.com/sites/default/files/u1/europereentry_fig1.jpg" style="width: 378px; height: 527px; float: right;" />â€?lt;/p> <p><strong>Better valuations:</strong> A key driver of our improved view on European stocks is simply that prices and valuations for those stocks are currently much more attractive to us than what we see in U.S. stocks.</p> <p>Most investors look at price-to-earnings (P/E) ratios as their gauge of stock valuation, and by this metric, the disparity between Europe and the U.S. is not particularly notable. European stocks have traded at lower P/E ratios than U.S. stocks since the middle of 2004. While the gap between the two has widened in the past few years, it has not widened dramatically. However, when measuring valuation using EV/EBITDA (enterprise value divided by earnings before interest, taxes, depreciation and amortization), a metric that we consider to be more accurate and helpful, the divergence of Europe from the U.S. is much clearer. As noted in the chart below, European stocks were trading 12% cheaper than U.S. stocks as of the end of 2015 on an EV/EBITDA basis; that gap widened to 20% by the end of April 2017.</p> <p>This widening discount is less a function of European stocks becoming cheaper and more a function of U.S. stocks growing more expensive. Nonetheless, the disparity is a key factor in our decisions about how to allocate capital between the two regions.</p> <p><strong>Currencies:</strong> Our analysis shows that between 1978 and 2014, currency movement explained 50% of the U.S. dollar returns of European stocks. We cannot predict the near-term movement of currencies—and we do not believe that anyone can do so consistently—but we also cannot ignore the importance of this factor. All we can do is look at a range of economic scenarios and seek to understand which currency appears favorably positioned from a currency perspective at any given moment in time.</p> <p>All else being equal, U.S. dollar-based investors will see weaker performance from their European stock holdings when the dollar strengthens vs. the euro. For example, if a French stock rose by 5% in France but the dollar gained on the euro by 10% during that period, a dollar-based owner of that stock would see a 5% decline in that stock in dollar terms. This has been the reality for much of the last few years: The dollar, buoyed by a recovering U.S. economy, and expectations for higher inflation and future Fed hikes, has strengthened considerably vs. the euro. This has led to the euro falling to historically low levels vs. the dollar in purchasing power parity (PPP) terms. (Think of PPP as the equilibrium point where a dollar would buy an equivalent basket of goods and services in the U.S. and in Europe.) As of March 31, 2017, the euro was undervalued by 25% vs. the dollar in PPP terms—meaning that a dollar could buy 25% more in Europe than it could in the U.S. We have not seen that much of a disparity since the euro first launched as the EU’s common currency.</p> <p class="responsiveImg"><img alt="When measured on an EV/EBITDA basis, European stocks are trading at their steepest discount relative to U.S. stocks in the post-crisis era." src="http://yagipay.com/sites/default/files/u1/europereentry_fig2.jpg" />â€?lt;/p> <p>From where we are today—with the U.S. at or near the end of an extended growth cycle and with signs pointing to improving growth in Europe—we believe that dollar-based investors are more favorably positioned for investing in European stocks from a currency perspective. Again, we are not implying that we can predict the near-term direction of currency markets or the extent to which they will move; we are merely developing a high-level perspective based on recent history and current economic indications.</p> <p>Opportunity to generate alpha: Finally, we note that over time, active managers focused on European equities generally have been able to add more value from stock picking than those managing U.S. equities. That has remained true in recent years, despite the macroeconomic headwinds that European markets have faced. Many of the best-performing European equity managers have outperformed their benchmarks notably in the years since the 2008â€?9 recession, while comparatively fewer top-performing U.S. large-cap managers have been able to beat the market consistently.</p> <p>Brown Advisory’s Strategic European Equity Fund, subadvised by Wellington Management, is highly differentiated from the MSCI Europe Index. The strategy’s portfolio manager, Dirk Enderlein, focuses on high-quality companies that are market leaders globally and within Europe, and many of its holdings are poised to benefit from stronger growth in core European markets. Meanwhile, Brown Advisory’s Global Leaders strategy allocates capital across the globe but in recent quarters has added several European names, including Hiscox in the U.K., Schindler Group in Switzerland, Henkel in Germany and Safran in France. The managers of Global Leaders are generally agnostic with respect to regional allocation, but currently their research is repeatedly leading them to ideas in Europe.</p> <p>To be sure, we are keeping a wary eye on Europe’s lingering issues. Europe still faces high debt levels in Greece and other countries and ongoing questions about isolationist political trends. Most importantly, Europe needs to build the promising economic sparks we’ve seen in the past year into a true flame. But with economic, currency and valuation factors all leaning in their favor, we are increasingly confident in the prospects for European equities.</p> <div class="greyLine"> </div> <p style="font-size:.7em;line-height:1.5em;padding:5px 0 0 0;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views should not be construed as investment research. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> The <strong>S&P 500Âź Index</strong> represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&Pâ€?, a subsidiary of S&P Global Inc. The <strong>MSCI Europe Index</strong> captures large and mid cap representation across 15 Developed Markets countries in Europe. With 442 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries.</p> </div> Thu, 01 Jun 2017 06:47:36 +0000 achen 25006 at http://yagipay.com 花间直播无限礼物版,樱桃视频―首页,向日葵app官方最新版2016-2017 Annual Report | Step Ahead. http://yagipay.com/intl/2016-2017-annual-report-step-ahead <span class="field field--name-title field--type-string field--label-hidden">2016-2017 Annual Report | Step Ahead.</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 05/01/2017 - 12:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Asking the tough questions is essential in our pursuit to step ahead.</p> <p>Inherent in our promise to clients is a responsibility to be honest, transparent and forthright about the challenges we face.</p> <p>This self-reflective exercise is a humbling journey. We set ambitious goals and sometimes come up short. We try new things that do not always work out. We spend time trying to find solutions to questions that have no answers. These stumbles are a fundamental piece of our client-first culture and the price we are willing to pay in our quest to stay a step ahead.</p> <p>In any industry, staying ahead of the game is a nearly impossible pursuit. Only a select few have proven an ability to do so over many years, decades and generations. To stay relevant in the face of unrelenting change, a company—especially an established one—must question the validity of its future existence. This questioning stresses a firm’s thinking quotient and tests its team’s humility.</p> <p>Even after twenty-four years, we feel like our journey is just beginning.</p> </div> Mon, 01 May 2017 16:00:05 +0000 achen 26211 at http://yagipay.com 七次郎在视线频,茄子视频免费下载安装,快狐视频Global Leaders Investment Letter - Q1 2017 http://yagipay.com/intl/global-leaders-investment-letter-q1-2017 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q1 2017 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 03/31/2017 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q1 2017</em></p> <p>The team discuss the reversal of the market ‘rotationâ€?from the previous quarter and areas where they were able to take advantage of short-term weakness. They also discuss their views on behavioural biases: The Investing Ape (‘Homo Investusâ€?.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href=" http://info.yagipay.com/intl-global-leaders-investment-letter-q12017" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Fri, 31 Mar 2017 13:50:15 +0000 ajackson 29901 at http://yagipay.com 九尾狐app官网,夜色交友,91短视频二维码下载Emerging Market Banks: Promise Amid Skepticism http://yagipay.com/intl/emerging-market-banks-promise-amid-skepticism <span class="field field--name-title field--type-string field--label-hidden">Emerging Market Banks: Promise Amid Skepticism</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Mon, 03/13/2017 - 10:37</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>For many investors, emerging markets are an enigma and represent a dichotomy between risk and reward. While these markets offer growth potential supported by secular tailwinds, these are also historically volatile markets and factors such as liquidity problems, political risks, weak regulations and currency instability compound investorsâ€?fears of negative surprises.</p> <p>While the risks in emerging markets merit consideration, we focus on finding emerging markets companies with a meaningful competitive edge, in the belief that such firms can better weather any short-term challenges in their markets and thrive over the long term. In particular, we see strong potential for companies that are well-positioned to serve members of the growing middle class in emerging economies, many of whom will be accessing a variety of services, such as banking and other financial services, for the first time (see chart below).</p> <div class="greyLine"> </div> <h4 style="color:#003767;">Serving the Underserved: The Emerging Markets Banking Opportunity</h4> <p style="color:#003767;">A 2014 study of global banking trends showed growth in the percentage of citizens in emerging markets with access to banking services. While the number of “unbankedâ€?citizens has fallen, banks still have a tremendous opportunity for emerging-market growth—in many regions, well over half of the population still has no relationship with the modern financial sector.</p> <p class="responsiveImg"><img alt="A 2014 study of global banking trends showed growth in the percentage of citizens in emerging markets with access to banking services. While the number of “unbankedâ€?citizens has fallen, banks still have a tremendous opportunity for emerging-market growth—in many regions, well over half of the population still has no relationship with the modern financial sector. " src="http://yagipay.com/sites/default/files/u1/EMBanks_Advisory-fig1.jpg" /></p> <div class="greyLine"> </div> <p>Three banking companies discussed in this article—HDFC Bank, AIA, and Bank Rakyat—are in our view excellent examples of firms poised to capitalize on the long-term secular EM opportunity. Each is generating roughly double the return on assets of typical high-quality banks in developed countries, and each possesses attributes that we associate with successful emerging-market growth investments.</p> <p>The <strong>Housing Development Finance Corporation Bank</strong> (HDFC) is a private Indian bank that provides personal, non-resident Indian (NRI), and wholesale banking to its customers. In a country where approximately 70% of the market is controlled by state-owned banks, HDFC Bank distinguishes itself by building a differentiated franchise that focuses on highyield retail products. Many Indian banks are burdened by government interference, offering their customers limited service while relying on outdated processes and technology, whereas HDFC offers a broad suite of online resources which connect customers to modern resources and products. In addition, HDFC has a proven track record of maintaining strong credit quality throughout the credit cycle. Its established position in an underpenetrated domestic market, combined with a prudent approach to credit underwriting, provides HDFC with what we believe is an opportunity to generate meaningful returns for many years to come. Beyond the online product suite, the bank is also turning gains from technology infrastructure into costcutting measures to improve its overall fiscal health.</p> <p>We see <strong>AIA Group Limited, Inc.</strong> (AIA) as another company with strong advantages in emerging markets. AIA is one of the largest life insurance providers in Asia, and a topthree provider in key markets such as Hong Kong, Singapore, Thailand, and China. AIA’s competitive advantage stems in part from an unparalleled agent network in Asia that allows it to address many underserved local markets. We believe AIA’s life insurance database, one of the largest in Asia, better enables it to price risk. The company is led by a well-respected management team with an intense focus on creating shareholder value. While China is a major driver of new business at AIA, we believe that the firm’s bias toward high-quality, protection-oriented policies steers it away from riskier policies in China and elsewhere and generally helps AIA remain structurally sound. Despite growing fears of a potential Chinese slowdown and concerns about a credit crisis, AIA remains well positioned as the market leader of pan-Asian insurers.</p> <div class="quote" style="padding:15px;">"Key competitive advantages separate these companies from their peers and provide an interesting case study on how we evaluate growing emerging market companies and identify their unique attributes."</div> <p>Finally, Indonesia’s <strong>Bank Rakyat</strong> has found innovative ways to tap into non-traditional growth drivers. Founded in 1896, Bank Rakyat has been partially government-owned since Indonesia’s independence in 1950, and has played a critical role in promoting the government’s social agenda by advancing subsidized credit for rural enterprises. Indonesia has very low levels of financial services penetration, and thus its rural population is largely "unbanked," with no real access to the modern financial sector except through microlending. Bank Rakyat is a crucial lender to the informal economy in these rural region and leads the Indonesian microfinance market. Through this role it has generated approximately a 25% return on equity over the past five years. Its rural credit infrastructure, combined with a community-based approach to lending, creates a difficult-to-replicate formula that creates a wide competitive moat and low levels (<1.5%) of non-performing loans. We believe that Bank Rakyat is well positioned to produce long-term growth, driven by increased adoption of its credit offerings by this largely unbanked population.</p> <p>All three of these companies benefit from unique competitive advantages within their respective markets. While the overall macro outlook for some emerging markets may seem negative, using a bottom-up, fundamental research process helps us identify companies that are well-positioned to capitalize on important trends and succeed over the long term.</p> <div class="greyLine"> </div> <p style="font-size:.7em;line-height:1.5em;padding:5px 0 0 0;">Private investments mentioned in this article may only be available for qualified purchasers and accredited investors.<br /><br /> The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views should not be construed as investment research. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> ROE, or Return on Equity, is equal to a company’s net income for a full fiscal year, divided by total shareholder equity.</p> </div> Mon, 13 Mar 2017 14:37:29 +0000 achen 25011 at http://yagipay.com 午夜电影网址,小妖精直播ios版本,2019丝瓜视频下载Global Leaders Investment Letter - Q4 2016 http://yagipay.com/intl/global-leaders-investment-letter-q4-2016 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q4 2016 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sat, 12/31/2016 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q4 2016</em></p> <p>This letter discusses Donald Trump’s victory in the U.S. presidential election and the ensuing market upswing. They also discuss their views on the market ‘rotationâ€?of stocks with perceived value qualities outperforming those with growth qualities.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q42016" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Sat, 31 Dec 2016 14:50:15 +0000 ajackson 29906 at http://yagipay.com 九尾视频app,老司机汇集,不羞澀Global Leaders Investment Letter - Q3 2016 http://yagipay.com/intl/global-leaders-investment-letter-q3-2016 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q3 2016 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 09/30/2016 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q3 2016</em></p> <p>In this letter the team discuss the current environment of higher valuations and the impact this is having on their investability test as part of their process. They describe their concept of calculating value using the weighted average cost of capital (WACC).  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q32016" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Fri, 30 Sep 2016 13:50:15 +0000 ajackson 29911 at http://yagipay.com 91jpav,美女直播福利直播,春意午夜影视院Global Leaders Investment Letter - Q2 2016 http://yagipay.com/intl/global-leaders-investment-letter-q2-2016 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q2 2016 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/30/2016 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q2 2016</em></p> <p>In this letter the team discuss the Brexit vote in the UK. They also give the example of the Thanksgiving turkey to discuss the dangers of relying on the status quo and therefore the ways they aim to protect clientsâ€?capital through their value discipline and behavioural rules.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-leaders-investment-letter-q22016" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Thu, 30 Jun 2016 13:50:15 +0000 ajackson 29916 at http://yagipay.com 春意视频网站,久草在在线免视频在线观看,色老板亚洲视频在线观NOW 2016 | The Reality of Climate Change http://yagipay.com/intl/now-2016-reality-climate-change <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | The Reality of Climate Change</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=yS68j1J7LvA&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>A change in climate caused by a buildup in greenhouse gases may bring a host of afflictions, including a reduction in crop yields and mass migration of people in several regions, according to the speakers in the NOW session titled, “The Reality of Climate Change: Impacts on Health, Food, Water and National Security.â€?Disruptive events triggered by climate change in countries with weak governments, fragile economies and crude infrastructure could lead to political instability and a reduction in worldwide trade, according to Sharon Burke, a senior advisor at New America. Global economic growth would slow, harming industrialized as well as developing countries.</p> <p>China holds an especially central role in global warming and efforts at regulating greenhouse gases, both at the domestic and international level, according to Kate Gordon, the vice chair of climate and sustainable urbanization at the Paulson Institute. The country’s regulatory weaknesses and counterproductive business incentives are slowing efforts outlined by China’s government to limit climate change, she said.</p> <p>Beijing is currently focused on shifting the world’s No. 2 economy to be based on services and consumption rather than on industrial manufacturing and government investment. As China’s steel production declines, such industrial output may shift to emerging economies with weaker environmental regulation, Gordon said. Indeed, China’s steel output increased during the 1980s amid a decline in U.S. coal and steel production stemming in part from tougher regulation. In other words, in the absence of effective global measures to limit climate change, China’s reductions in greenhouse gases could lead to increases elsewhere.</p> <p><img alt="Brown Advisory's NOW 2016 | THE REALITY OF CLIMATE CHANGE: IMPACTS ON HEALTH, FOOD, WATER AND NATIONAL SECURITY In this session, Mark Tercek of the Nature Conservancy and Kate Gordon of the Paulson Institute address the latest findings regarding one of the defining global challenges of the 21st century. The panel will discuss the varying impacts that climate change is having today on food production, water scarcity, public health and even international military conflicts, and how those impacts are likely to evolve in the coming decades." src="http://yagipay.com/sites/default/files/u1/ClimateChange.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />That said, there are many reasons to be guardedly optimistic that the world may begin to curb climate change, according to Mark Tercek, president and CEO of the Nature Conservancy. This progress was evident in diplomacy leading up to an agreement by 195 countries in December to take steps limiting climate changes. Under the pact, signed in Paris, the signatories pledged to reduce reliance on fossil fuels in favor of more sustainable technologies such as wind and solar power.</p> <p>The campaign against climate change should move forward simultaneously across many fronts. Stepped-up research into energy-efficient batteries could help realize the goal of sustainable transportation, Gordon said.</p> <p>Tercek, while stressing the importance of protecting biodiversity and promoting sustainability in urban areas, said he sees reasons to be “cautiously encouraged about the likelihood that humanity is going to finally get its act togetherâ€?and begin to slow the growth in greenhouse gas emissions.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:55 +0000 achen 26316 at http://yagipay.com 彩色直播app官方下载地址,lu. sir破解版,91成版人抖音app网站NOW 2016 | Putin鈥檚 World http://yagipay.com/intl/now-2016-putins-world <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | Putin’s World</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=n2xLC1v2LYg&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>On Feb. 27, 2014, unidentified troops, referred to as “little green menâ€?in news reports, stormed the Crimean peninsula. Within days, the soldiers occupied the Crimean Parliament prior to a vote by lawmakers to replace the regional prime minister with a member of the Russian Unity party and hold a referendum to join Russia.</p> <p>There was little doubt about the allegiance of the little green men. They appeared shortly after Ukrainian President Viktor Yanukovych, an ally of Russian President Vladamir Putin, fled to Russia and was replaced by Arseniy Yatsenyuk, a proponent of Ukrainian integration into the European Union. Although Putin’s opposition to the leadership change was predictable, his invasion of a sovereign nation and annexation of the peninsula was a shock that provoked condemnation from several nations.</p> <p>Inside Russia, the story was very different. According to a poll by the All-Russian Center for Public Opinion Research, 90% of Russians supported the annexation. Putin’s approval rating surged 10% in February and March of 2014, to 71.6%. He had convinced many Russians that their country was strong and impervious to foreign condemnation. Putin also distracted the public from the flagging Russian economy. The upshot—the incursion into Ukraine was a success, at least by the rules of Putin’s world, according to Angela Stent, director of the Center for Eurasian, Russian and East European Studies at Georgetown University.</p> <p>In describing Putin’s world, Stent compared how Russians and the West hold completely different views on historical events. For instance, many Russians believe that the Soviet Union fell not because of economic decay and mismanagement, but because U.S. infiltration and espionage exploited weak leadership, Stent said at the NOW 2016 forum. For his part, Putin sees efforts by the European Union and NATO to expand economic and political cooperation as part of a campaign to isolate Russia and challenge it militarily.</p> <p><img alt="Brown Advisory's NOW 2016 | PUTIN'S WORLD Vladimir Putin’s actions in recent years have been described as provocative or even belligerent by many observers, yet when viewed from his perspective—as a leader of a once-great power determined to restore Russia’s status in the world—one can gain a greater understanding of his motivations and the forces driving Russia. Angela Stent will discuss the dramatic recent developments in U.S.-Russian relations, and provide insights regarding a different, and potentially more fruitful, path forward for both countries." src="http://yagipay.com/sites/default/files/u1/putin.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Stent served in the State Department during the Clinton and Bush administrations, and has taught at the Moscow State Institute of International Relations, gaining a rich perspective on Putin and the future of his foreign policy. She likened Putin to a modern-day czar. Although the leading lights in the upper echelons of Russian society are often called oligarchs, “everything they have—it is at the pleasure of the czar,â€?Stent said. Political power in Russia is more centralized in one individual than at any time in the Soviet era. Putin is popular among the masses, who view him as a strong leader who will return Russia to its rightful place as a major global power. Putin’s political opponents are either disorganized or imprisoned, according to Stent.</p> <p>But all is not well in Putin’s world. Russia’s economy is highly dependent on natural resources, oil being one, and is under tremendous stress because of weak commodity prices. Russia is also suffering from capital flight and brain drain. Russians with substantial intellectual or financial resources are leaving Russia or trying to exchange their rubles for other currencies. The Russian economy needs to diversify and modernize, but government constraints prevent such a growth-friendly transition. After all, capital controls and state ownership further the interests of Putin and his political allies.</p> <p>The mix of an unstable economy amid apparent political stability makes Putin’s future moves difficult to ascertain. “We are dealing with a Putin who is unpredictable,â€?Stent said. Investors should take a very cautious approach toward Russia and monitor potential flashpoints closely, including Afghanistan, Moldova and Ukraine. The size of Russia’s economy, exceeding $1 trillion, and its significant role in global commodity markets make understanding Putin’s world essential.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:54 +0000 achen 26321 at http://yagipay.com 大香蕉直播間,食色ios最新下载,adc影院app下载NOW 2016 | Driverless Cars: Transforming Energy and Mobility http://yagipay.com/intl/now-2016-driverless-cars-transforming-energy-and-mobility <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | Driverless Cars: Transforming Energy and Mobility</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=Diob550JTxw&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Driverless cars will vastly improve what it means to be “on the road,â€?according to Lawrence Burns, advisor to Google on the Future of Transportation and Mobility. So-called autonomous vehicles could reduce the 1.2 million annual fatalities on world roads by 80%. Compared with current vehicles, a two-person electric “podâ€?could be 10 times more energy efficient and dramatically cut per-mile travel costs. Cars would also be used far more efficiently. Currently, the typical vehicle is unused about 90% of the time, logging just 15,000 miles per year compared with the 70,000-mile-per-year average use of a New York City taxi.</p> <p>The radical change in mobility has five concurrent themes—connected, coordinated, shared, driverless and tailored, said Burns, citing his insights from four decades of research at General Motors and his current position as an advisor to Google. The introduction of autonomous vehicles may begin on a large scale as early as 2018, he said.</p> <p>It is easy to lose sight of how far human mobility has progressed. In 1903, crossing the U.S. took 63 days. Thirteen years later, the trip took just five days. Today, Google’s autonomous vehicle has logged more than 1.5 million fully autonomous miles.</p> <p>While consumer demand is fueling the growth of driverless car technology and services such as Uber, regulation is the main force behind development of the electric car, according to Burns. The electric vehicle—including advanced electric and fuel cell drive trains—will probably become commonly used in 2020- 2025, he said. The gasoline-powered engine will not be supplanted in the near term.</p> <p><img alt="Brown Advisory's NOW 2016 | DRIVERLESS CARS: TRANSFORMING ENERGY AND MOBILITY Technology is redefining the concept of the car as “the ultimate mobile device,â€?and firms ranging from old-line auto manufacturers like General Motors and Toyota, to cutting-edge technology companies like Apple and Google, are racing to make their mark in the brave new world of driverless vehicles. Larry Burns, seasoned automotive executive and current advisor to Google’s transportation effort, will discuss his views on how the reinvention of the automobile will transform our economy and society." src="http://yagipay.com/sites/default/files/u1/cars.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Fast Lane</p> <p>Burns suggested that investors get in front of the driverless trend and the need to proactively manage risks. That requires an understanding of what is possible with new technology and new business models, as well as the potential hazards from computeroperated vehicles. He said businesses and investors should keep in mind a maxim—“Do unto others before others do unto you.â€?lt;/p> <p>Incumbent auto companies face disruption on many fronts. Companies such as Uber, Lyft and Zipcar are changing ownership needs and the use of cars. Tesla is pushing electrification into the mainstream. Google and Apple, and suppliers such as Mobileye, Delphi and NXP Semiconductor are bringing autonomous vehicles within reach. The traditional automakers are racing to catch up. GM has built a partnership with Lyft and is making its first serious foray into mass-market electrification with the Chevy Bolt, which it rolled out before Tesla’s Model 3. At Brown Advisory, we have taken a selective approach to investing in autonomous cars, mindful of the high levels of disruption. We have invested in companies that have enabled greater technological sophistication in cars, including NXP Semiconductor, Amphenol and TE Connectivity. Meanwhile, we are looking for new winners in the transition to a digital auto, as well as the dinosaurs that fail to evolve.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:53 +0000 achen 26331 at http://yagipay.com 珊瑚av,樱桃软件直播网站,艳文阁NOW 2016 | Strokes, Science & Video Games: Breaking New Neurological Ground in Treating Stroke Patients http://yagipay.com/intl/now-2016-strokes-science-video-games-breaking-new-neurological-ground-treating-stroke-patients <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | Strokes, Science & Video Games: Breaking New Neurological Ground in Treating Stroke Patients</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=3dNweHM6NiE&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Stroke persists as a scourge even in countries with the most advanced medical care. In the U.S., one out of every five people between the ages of 55 and 75 suffers a stroke, and currently there is no option available to treat or reverse the resulting damage to the brain. A stroke occurs in the U.S. every 40 seconds, making it the leading cause of long-term disability, with 75% of patients homebound within a year.</p> <p>John Krakauer, director of the Johns Hopkins Brain, Learning, Animation and Movement (BLAM) Laboratory, has sought to revolutionize treatment of stroke patients by assembling an eclectic team: animators, computer gamers, Disney/Pixar engineers and dolphin experts from the National Aquarium in Baltimore. He centers his approach on an appreciation for the link between the brain and physical movement, and for the brain's capacity for post-injury healing. Ultimately, Krakauer leverages the human brain's "plasticity," or inherent changeability throughout a lifetime.</p> <p>Clinical studies on mice provided early validation for Krakauer’s ideas. The BLAM lab found that a week after a stroke, intense training and rehabilitation could at best recover about 70% of the rodents' potential abilities.</p> <p>Researchers then induced a second stroke and immediately began retraining the mice, rather than impose a one-week delay. The contrast was dramatic: Intense retraining following the stroke helped the mice regain nearly 100% of prior potential. The results affirmed Krakauer's view that the longer training is delayed, the less a stroke victim would recover in brain function. Immediate and intense training, in his view, is the best way to leverage the brain’s receptivity to healing.</p> <p>Krakauer's approach defies current poststroke therapy, which usually entails two weeks in a hospital bed, in which 60% of the patient’s time is spent alone, with 85% of the time spent immobile. This treatment regimen persists even though data suggest that the brain's ability to recover atrophies four weeks after a stroke.</p> <p><img alt="Brown Advisory's NOW 2016 | STROKES, SCIENCE AND VIDEO GAMES: BREAKING NEW GROUND IN TREATING STROKE PATIENTS John Krakauer has injected a powerful dose of creativity and spirit into modern medicine since his arrival at Johns Hopkins in 2010. His Brain, Learning, Animation, Movement laboratory (BLAM! for short) seeks to “break down boundaries between the ordinarily siloed worlds of art, science and industry,â€?as reported in a recent New Yorker profile. He works with “Pixar-gradeâ€?designers, engineers—and yes, video game designers—to spark new insights about how stroke patients, and potentially many others, can make quantum leaps in recovery beyond what was previously thought possible." src="http://yagipay.com/sites/default/files/u1/stroke.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Under current techniques, rehabilitation fails to challenge the brain sufficiently in both range and intensity of movement. Much of the rehabilitation is focused on coping with the loss of brain function rather than the retraining of the brain, according to Krakauer.</p> <p>As an alternative, Krakauer has created an exoskeletal robotic arm that enables stroke patients to play a video game with their arm in which they mimic the movements of a dolphin through water. The semi-autonomous computerized machine and image challenge the brain to make the movements of a multitasking, skilled animal. While the approach has yet to be tested fully in a clinical setting, Krakauer said the device has increased patients' intensity of movement by two orders of magnitude compared with current rehabilitation techniques.</p> <p>Through his research, Krakauer is pushing back the boundaries on knowledge of the relationship between human movement and cognition. His findings may reshape current business models for aiding stroke patients and help advance the treatment of Alzheimer's and other neurological disorders.</p> <div class="greyLine" style="line-height: 20.8px;"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:52 +0000 achen 26326 at http://yagipay.com 女优仓库,胸模,涩妹子NOW 2016 | China鈥檚 Age of Ambition http://yagipay.com/intl/now-2016-chinas-age-ambition <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | China’s Age of Ambition</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=X_Bwp75ErT0&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Friction will probably persist in Sino-U.S. relations as China grows increasingly assertive and discards its long-standing strategy to “hide strength and bide time,â€?according to Evan Osnos, a China specialist and correspondent with The New Yorker. “We are in an era of strategic anxiety with China,â€?Osnos said in a NOW presentation. “It’s not at all clear what the intentions of each side is with respect to the other,â€?and “there will almost certainly be much more friction to come in the next few years.â€?lt;/p> <p>Beijing has taken a more aggressive stand beyond its borders than any time in decades, rapidly enlarging contested reefs and islands in the South China Sea for military purposes, Osnos said. Still, China does not aim to replace the U.S. overnight as the dominant global power because it recognizes the high cost of leading the world against such threats as Ebola and ISIS. Instead, China wants to rise to the status as one of several great powers in a multipolar world, Osnos said.</p> <p>Washington needs to pursue a nuanced policy as it sustains beneficial contacts in trade and other fields while resisting disruptive moves by Beijing, including its buildup in the South China Sea, Osnos said. “We sometimes use a blunt instrument when we need a scalpel.â€?lt;/p> <p>Based in Beijing from 2005 until 2013, Osnos won the National Book Award in 2014 for <em>Age of Ambition: Chasing Fortune, Truth and Faith in the New China</em>.</p> <p>The U.S. and China should seek to avoid the “Thucydides Trap,â€?in which an incumbent power and newly emerging rival fail to resolve differences and eventually clash, Osnos said. Thucydides, a fifth century B.C. historian, chronicled hostilities between Sparta and Athens in History of the Peloponnesian War. Outright conflict has flared in 11 of the 15 cases in history in which a rising power has challenged an incumbent, Osnos said.</p> <p><img alt="Brown Advisory's NOW 2016 | CHINA’S AGE OF AMBITION Many viewing China from the outside struggle to reconcile how two fundamentally different stories—on one hand the Communist Party seeking to maintain strict control, and on the other the millions of Chinese citizens rapidly reaching new heights of individual success—can take place within the same nation. The New Yorker correspondent Evan Osnos tackles this essential conflict in Age of Ambition: Chasing Fortune, Truth and Faith in the New China, the recipient of the 2014 National Book Award for nonfiction. In this session he will share his views regarding China’s evolution in recent decades, offering in the words of James Fallows a better understanding of China’s process of ‘becomingâ€?than most people could ever gain by living there." src="http://yagipay.com/sites/default/files/u1/china.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Growing bilateral competition coincides with an intertwining of interests in such areas as finance, trade, nonproliferation and anti-terrorism, prompting contradictions in the U.S. perception of China, according to Osnos. Americans simultaneously view China’s economy as both strong and vulnerable, while in geopolitics, they see Beijing as both a partner and an adversary, he said.</p> <p>As President Xi Jinping more aggressively pursues China’s global interests, he has amassed more power in domestic politics than any other Chinese leader since Mao Zedong, Osnos said. Xi aims to avert disorder at all costs, having grievously suffered with his family at the hands of the Red Guards during the Cultural Revolution (1966-1976).</p> <p>China’s president, according to Osnos, aims to overcome three challenges to stability:</p> <p><strong>Economic stagnation. </strong>China’s economy has slowed after decades of rapid growth, and public dissatisfaction may swell as expectations for greater prosperity go unmet. Xi recognizes that transitioning from an export- and investment-oriented economic policy toward reliance on services and consumption would likely spur growth, Osnos said.</p> <p><strong>Corruption.</strong> Xi has launched the harshest crackdown against graft in decades, mindful that crooked officials undermine the Communist Party’s credibility and the effectiveness of the government, according to Osnos.</p> <p><strong>Foreign influence.</strong> Xi sees threats to political order from new technology and Western concepts, such as individualism and democracy, Osnos said. He believes a firm hand is the best way to avert such tumult as the collapse of the Soviet bloc more than two decades ago, unrest in Tibet in 2008 and Xinjiang Province in 2009, and the Arab Spring uprisings in 2011.</p> <p>Xi aims to pose a “counterargument to the allure of Western ideasâ€?by promoting the notion of a “Chinese Dream,â€?in which an increasingly prosperous China becomes a dominant civilization, according to Osnos.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:51 +0000 achen 26341 at http://yagipay.com 黄瓜视频破解版无限观看,小棉袄app,下载熊猫直播视频NOW 2016 | The Future of College: Is It Worth the Money? http://yagipay.com/intl/now-2016-future-college-it-worth-money <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | The Future of College: Is It Worth the Money?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <a class="video-cover popup-video" data-effect="mfp-zoom-in" href="http://www.youtube.com/watch?v=2H7TjIPC910&feature=youtu.be"> <img src="http://yagipay.com/" alt="Video thumbnail" /></a> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The payoff from higher education is clear—college graduates generate 65% more in lifetime earnings than people with only a high school diploma. Their advantage has more than doubled since the 1980s, largely because innovation has increased demand for highly skilled workers. Still, such gains require a large upfront investment that for decades has increased faster than inflation. This rising cost of a college diploma has helped fuel the growth in student debt.</p> <p>While the burden of such borrowing is widely known, low graduation rates make the debt especially ill-advised, according to the speakers at the NOW 2016 panel titled, “The Future of College: Is It Worth the Money?â€?For example, community colleges, while charging a student just $6,000 to $10,000 per year, achieve an average graduation rate of just 9%, largely because of the composition of the community college population. Many students are adult learners, transfer students or they are enrolled under an ESOL (English for Speakers of Other Languages) program. The comparatively high student-to-advisor ratio also elevates the dropout rate, according to Philip Bronner, CEO of American Honors.</p> <p>In contrast, private colleges charge as much as $60,000 per year but achieve an average graduation rate of 59%. Catharine Bond Hill, president of Vassar College, said her institution annually spends about $80,000 per student, exceeding the college’s tuition of $52,000. The college fills the gap to meet its commitment to a low studentteacher ratio and to maintain wellregarded faculty and staff. Vassar’s graduation rate is around 90%.</p> <p><img alt="Brown Advisory's NOW 2016 | THE FUTURE OF EDUCATION: IS COLLEGE STILL WORTH THE MONEY? Skyrocketing costs, proliferation of Web-based alternatives to campus-based learning, a growing sense that college grads are not learning what’s needed to succeed in the modern economy--all of these trends are shaking the foundations of America’s higher education system. Our panel, which includes Catharine Bond Hill, President of Vassar College, Phil Bronner, Co-Founder of American Honors and Raj Date, Managing Partner of Fenway Summer, will offer their ideas about the current state of higher learning and how they propose to transform the way education is delivered." src="http://yagipay.com/sites/default/files/u1/Education.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />U.S. college dropout rates are elevated in part because lenders and colleges do not accurately determine the probability of graduation among student borrowers. Colleges receive payment from lenders regardless of the success rate among students, according to Raj Date, managing partner at Fenway Summer. With both lenders and schools paying insufficient attention to graduation rates, debt will probably persist as a significant challenge for many students, Date said. The fact that student loans are not forgiven in the event of bankruptcy makes the burden especially onerous.</p> <p>If graduation rates remain low and college costs continue to rise, students and their families will have to become more selective. During the next 20 years, some 500 to 1,000 of the 4,500 colleges and universities in the U.S. will probably consolidate or close down.</p> <p>Restricting student loans is not a reasonable way to push up graduation rates and reduce costs, Hill said. Such a move would put students from lower-income groups at a disadvantage. Instead, institutions could increase affordability by providing online courses. Also, educators should shift the incentive structure to ensure that students, lenders and institutions are accountable for their choices. Promoting responsible decision-making would curb debt, improve graduation rates and ensure that more students graduate onto a path toward prosperity.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:50 +0000 achen 26336 at http://yagipay.com 奶茶视频下载app安卓,花椒直播官方网,茄子短视频app破解版NOW 2016 | Energy, Money and the New World Economy http://yagipay.com/intl/now-2016-energy-money-and-new-world-economy <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | Energy, Money and the New World Economy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The benefits to the U.S. from its “revolutionâ€?in shale oil production have been far-reaching. The industry generated millions of jobs in the aftermath of the Great Recession. Indeed, former Federal Reserve Chairman Ben Bernanke called the shale boom one of the biggest boosts to the U.S. economy since 2008.</p> <p>Thanks to shale, the U.S. is now a “short-cycle producer,â€?and many production companies in the U.S. can ramp up or wind down output quicker than most competing sources of oil. Over time, such flexibility will help keep prices relatively low or moderate, though with a potential for volatility, Yergin predicted at the NOW 2016 conference. Major disruptions in supply could change that outlook.Moreover, U.S. oil output nearly doubled from 2008 until 2015, and production now exceeds that of every member of OPEC except Saudi Arabia. Drastically less dependent on oil imports, the U.S. has gained diplomatic leverage in the Middle East and elsewhere. Indeed, without the surge in domestic production, the U.S. would have likely been unable to secure a deal to curb Iran’s nuclear capabilities because oil sanctions would have failed, according to Daniel Yergin, vice chairman of IHS, a global research and information company with 9,000 employees in 33 countries.</p> <p>Although other countries are stepping up efforts to tap energy from shale, they are unlikely in the foreseeable future to challenge the pre-eminence of North American producers, Yergin said. The U.S. holds advantages that are difficult to duplicate, including its approach to regulation and its laws that give landowners mineral rights, he said.</p> <p>At the same time, Yergin said, producers need to pay close attention to the public’s environmental concerns, while noting that shale production is a highly regulated activity. Yergin cited a report by the Obama administration’s committee on the environmental aspects of shale—on which Yergin served—which found that the environmental aspects are generally appropriately managed.</p> <p>Yergin is one of the most soughtafter thought leaders on the interplay of energy, international politics and the global economy. His book—The Prize: The Epic Quest for Oil, Money and Power—won the Pulitzer Prize. His most recent book, The Quest: Energy, Security and the Remaking of the Modern World, describes the new geopolitics of energy, the emergence of new sources of energy and competition among nations to achieve energy security.</p> <p>Even Yergin is reluctant to forecast the price of oil. Anyone tracking the oil industry needs to be prepared for “the inevitability of surpriseâ€?from forces including geopolitics, major economic shifts and technological change, he said. Still, he said, he expects to see a better balance in 2017 between oil supply and demand. Oil would need to rise to about $60 per barrel to induce an increase in production, he said, predicting that $100-per-barrel oil is unlikely to be the norm. The wild card would be a major disruption of supply from exporting countries.</p> <p><img alt="Brown Advisory's NOW 2016 | ENERGY, MONEY AND THE NEW WORLD ECONOMY Daniel Yergin has earned his reputation as America’s, and perhaps the world’s, leading expert on the energy industry. His book The Prize: The Epic Quest for Oil, Money, and Power won a Pulitzer Prize and is still required reading for anyone interested in the history of oil. His follow-up in 2011, The Quest: Energy, Security and the Remaking of the Modern World, was equally prescient in its thesis that the future energy economy would not be characterized by a simplistic replacement of oil by some new technology, but rather a more nuanced combination of traditional and alternative energy sources, all competing with each other. Dr. Yergin will share his views on current events and his assessment of the world’s energy future." src="http://yagipay.com/sites/default/files/u1/oil.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Oil prices peaked at $147 per barrel in the summer of 2008. For several years, prices hovered around $100 a barrel until the OPEC meeting in November 2014. Since then, the price of oil has fallen, hitting a low of $26 in February 2016 before recovering in May 2016 to a range of $45 to $50. Lower prices have compelled U.S. producers to improve efficiency and accelerate innovation. Yergin estimated that a dollar invested in oil production today has twice the impact of just two years ago.</p> <p>While gas-powered cars are unlikely to disappear anytime soon, Yergin said he expects that public attitudes and regulation will lead to greater use of hybrid and electricpowered vehicles. Tesla has changed public perceptions of the electric car, he said, from the “egg on wheelsâ€?of the 1990s to an attractive, stylish and high-tech vehicle. With its Model 3, Tesla aims for volume, supported by the construction of its Gigafactory battery facility. Yergin noted the irony that the first lithium ion battery was developed by Exxon in 1975, when it was thought that the world was soon going to run out of oil.</p> <p>At Brown Advisory, we seek to partner with innovators in the energy industry and companies that show promise of long-term success. Yergin said that pioneers behind the shale revolution showed what Walter Issacson’s biography of Steve Jobs calls a “reality distortion effect’’—a combination of focus and willpower that broke through established wisdom, skepticism and institutional obstacles. Their boldness vaulted the U.S. among the world’s top three oil producers, reducing its imports from 60% of total supply to 25%â€?an achievement that, a decade ago, seemed definitely out of reach.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:48 +0000 achen 26346 at http://yagipay.com 91日韩欧美免费看最新入口2018,丝袜文学网,杏趣手机版下载NOW 2016 | Energy, Money and the New World Economy http://yagipay.com/intl/now-2016-energy-money-and-new-world-economy-0 <span class="field field--name-title field--type-string field--label-hidden">NOW 2016 | Energy, Money and the New World Economy</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 06/23/2016 - 10:27</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The benefits to the U.S. from its “revolutionâ€?in shale oil production have been far-reaching. The industry generated millions of jobs in the aftermath of the Great Recession. Indeed, former Federal Reserve Chairman Ben Bernanke called the shale boom one of the biggest boosts to the U.S. economy since 2008.</p> <p style="float: right; padding: 0px 0px 10px 10px; font-size: 0.8em; width: 480px; text-align: center;"><a alt="NOW 2016 Logo" href="http://info.yagipay.com/now2016recap" title="Welcome to the NOW 2016 Review"><img alt="Brown Advisory's NOW 2016 | Navigating Our World" src="http://yagipay.com/sites/default/files/u1/NOW2016_Logo_pubs_0.jpg" style="width: 480px; height: 96px;" /></a><br /><img alt="Daniel Yergin at NOW 2016" src="http://yagipay.com/sites/default/files/u1/Yergin.jpg" style="width: 480px; height: 270px;" /><br /> Photo from the NOW 2016 session titled, Energy, Money and the New World Economy. No video is available for this session.</p> <p>Moreover, U.S. oil output nearly doubled from 2008 until 2015, and production now exceeds that of every member of OPEC except Saudi Arabia. Drastically less dependent on oil imports, the U.S. has gained diplomatic leverage in the Middle East and elsewhere. Indeed, without the surge in domestic production, the U.S. would have likely been unable to secure a deal to curb Iran’s nuclear capabilities because oil sanctions would have failed, according to Daniel Yergin, vice chairman of IHS, a global research and information company with 9,000 employees in 33 countries.</p> <p>Thanks to shale, the U.S. is now a “short-cycle producer,â€?and many production companies in the U.S. can ramp up or wind down output quicker than most competing sources of oil. Over time, such flexibility will help keep prices relatively low or moderate, though with a potential for volatility, Yergin predicted at the NOW 2016 conference. Major disruptions in supply could change that outlook.</p> <p>Although other countries are stepping up efforts to tap energy from shale, they are unlikely in the foreseeable future to challenge the pre-eminence of North American producers, Yergin said. The U.S. holds advantages that are difficult to duplicate, including its approach to regulation and its laws that give landowners mineral rights, he said.</p> <p>At the same time, Yergin said, producers need to pay close attention to the public’s environmental concerns, while noting that shale production is a highly regulated activity. Yergin cited a report by the Obama administration’s committee on the environmental aspects of shale—on which Yergin served—which found that the environmental aspects are generally appropriately managed.</p> <p><img alt="The price of oil hovered at around $100 per barrel for several years before plunging in November 2014. In May, the price ranged from about $45 to $50 per barrel." src="http://yagipay.com/sites/default/files/u1/offPeakOilPrices.jpg" style="width: 750px; height: 341px;" /></p> <p>Yergin is one of the most soughtafter thought leaders on the interplay of energy, international politics and the global economy. His book—The Prize: The Epic Quest for Oil, Money and Power—won the Pulitzer Prize. His most recent book, The Quest: Energy, Security and the Remaking of the Modern World, describes the new geopolitics of energy, the emergence of new sources of energy and competition among nations to achieve energy security.</p> <p>Even Yergin is reluctant to forecast the price of oil. Anyone tracking the oil industry needs to be prepared for “the inevitability of surpriseâ€?from forces including geopolitics, major economic shifts and technological change, he said. Still, he said, he expects to see a better balance in 2017 between oil supply and demand. Oil would need to rise to about $60 per barrel to induce an increase in production, he said, predicting that $100-per-barrel oil is unlikely to be the norm. The wild card would be a major disruption of supply from exporting countries.</p> <p><img alt="Brown Advisory's NOW 2016 | ENERGY, MONEY AND THE NEW WORLD ECONOMY Daniel Yergin has earned his reputation as America’s, and perhaps the world’s, leading expert on the energy industry. His book The Prize: The Epic Quest for Oil, Money, and Power won a Pulitzer Prize and is still required reading for anyone interested in the history of oil. His follow-up in 2011, The Quest: Energy, Security and the Remaking of the Modern World, was equally prescient in its thesis that the future energy economy would not be characterized by a simplistic replacement of oil by some new technology, but rather a more nuanced combination of traditional and alternative energy sources, all competing with each other. Dr. Yergin will share his views on current events and his assessment of the world’s energy future." src="http://yagipay.com/sites/default/files/u1/oil.jpg" style="width: 320px; height: 213px; float: left; padding: 0px 10px 10px 0px;" />Oil prices peaked at $147 per barrel in the summer of 2008. For several years, prices hovered around $100 a barrel until the OPEC meeting in November 2014. Since then, the price of oil has fallen, hitting a low of $26 in February 2016 before recovering in May 2016 to a range of $45 to $50. Lower prices have compelled U.S. producers to improve efficiency and accelerate innovation. Yergin estimated that a dollar invested in oil production today has twice the impact of just two years ago.</p> <p>While gas-powered cars are unlikely to disappear anytime soon, Yergin said he expects that public attitudes and regulation will lead to greater use of hybrid and electricpowered vehicles. Tesla has changed public perceptions of the electric car, he said, from the “egg on wheelsâ€?of the 1990s to an attractive, stylish and high-tech vehicle. With its Model 3, Tesla aims for volume, supported by the construction of its Gigafactory battery facility. Yergin noted the irony that the first lithium ion battery was developed by Exxon in 1975, when it was thought that the world was soon going to run out of oil.</p> <p>At Brown Advisory, we seek to partner with innovators in the energy industry and companies that show promise of long-term success. Yergin said that pioneers behind the shale revolution showed what Walter Issacson’s biography of Steve Jobs calls a “reality distortion effect’’—a combination of focus and willpower that broke through established wisdom, skepticism and institutional obstacles. Their boldness vaulted the U.S. among the world’s top three oil producers, reducing its imports from 60% of total supply to 25%â€?an achievement that, a decade ago, seemed definitely out of reach.</p> <div class="greyLine"> </div> <p style="padding: 5px 0px 0px; line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.<br /><br /> This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties</p> </div> Thu, 23 Jun 2016 14:27:48 +0000 achen 26351 at http://yagipay.com 色猫导航,狼少年中心,av楼2015-2016 Annual Report | Building on Nuance http://yagipay.com/intl/2015-2016-annual-report-building-nuance <span class="field field--name-title field--type-string field--label-hidden">2015-2016 Annual Report | Building on Nuance</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Sun, 05/01/2016 - 07:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Nuance is most keenly detected by the patient, careful and considerate mind. At Brown Advisory, nuance lives in our vernacular, the rhythm of our culture and the expertise of our client teams. The innovative and compounding power of making properly nuanced decisions has allowed us to serve clients of the highest and most discerning quality for over 20 years. As stewards for our clients, we believe that this thoughtful attention to even the smallest details and subtleties will help us deliver on our mission.</p> <h4>Our Mission</h4> <p>Our mission is to make a material and positive difference in the lives of our clients by delivering a combination of first-class performance, strategic advice and the highest level of service. We make every effort to deliver these benefits in the most thoughtful way.</p> <p><img alt="We are client first, always; We work as a team; We believe in our people; We protect our equity structure; We never stop reinvesting; We are an investment firm, above all else; We grow; We strive to disrupt; We communicate beyond the doubt; We embrace outside views." src="http://yagipay.com/sites/default/files/u1/AR_Pencils_0.jpg" style="width: 800px; height: 614px;" title="We are client first, always; We work as a team; We believe in our people; We protect our equity structure; We never stop reinvesting; We are an investment firm, above all else; We grow; We strive to disrupt; We communicate beyond the doubt; We embrace outside views." /></p> </div> Sun, 01 May 2016 11:00:04 +0000 achen 26216 at http://yagipay.com 嘿嘿漫画连载官网,蜜桃app在哪下载,美女图片Global Leaders Investment Letter - Q1 2016 http://yagipay.com/intl/global-leaders-investment-letter-q1-2016 <span class="field field--name-title field--type-string field--label-hidden">Global Leaders Investment Letter - Q1 2016 </span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/43" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">ajackson</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 03/31/2016 - 09:50</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p style="color:#005593; font-size:18px; font-family:georgia,serif;"><em>Global Leaders Strategy Investment Letter - Q1 2016</em></p> <p>In their inaugural letter, the Global Leaders team shine some light on why they have a strong focus on customers and why high and sustainable ROIC is an important factor in their bottom-up analysis.  <img alt="" src="http://yagipay.com/sites/default/files/u1/b-box-logo.jpg" style="width: 12px; height: 16px;" /></p> <p> </p> <p><a class="btn btn-accent" href="http://info.yagipay.com/intl-global-eaders-investment-letter-q12016" target="_blank">Download the Letter</a></p> <p> </p> <p> </p> <p>Past performance is not a guarantee of future performance and you may not get back the amount invested.</p> <p style="line-height: 1.5em; font-size: 0.7em;">The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. </p> </div> Thu, 31 Mar 2016 13:50:15 +0000 ajackson 29921 at http://yagipay.com 类似萝卜视频看片软件,pron软件库,茄子软件app下载安装2014 Annual Report | Putting The Pieces Together http://yagipay.com/intl/2014-annual-report-putting-pieces-together <span class="field field--name-title field--type-string field--label-hidden">2014 Annual Report | Putting The Pieces Together</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Fri, 05/01/2015 - 12:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>We are pleased to share with you the 2014 annual report for Brown Advisory. The purpose of this report is to provide an update on the firm's performance as a business and its financial condition. As important, we use each year's annual report to continue the dialogue with our clients, our shareholders and our colleagues about the mission of Brown Advisory and the steps that we are taking to strengthen further our team, infrastructure and the client experience.</p> <p>We believe that we made great progress at Brown Advisory during 2014 in pursuit of our ongoing mission to build an investment and strategic advisory firm with one purpose—to deliver to our clients first-rate investment performance, creative and thoughtful strategic advice, and the highest level of client service.</p> </div> Fri, 01 May 2015 16:00:03 +0000 achen 26221 at http://yagipay.com 熊猫社区1·11,雪梨枪20分钟视频,萝卜视频最新版苹果版下载2013 Annual Report | A Look Inside http://yagipay.com/intl/2013-annual-report-look-inside <span class="field field--name-title field--type-string field--label-hidden">2013 Annual Report | A Look Inside</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 05/01/2014 - 12:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Many firms aspire to put clients first, but few can ensure the continuity of client-facing professionals that is ensured by our unique equity structure: Every single employee at Brown Advisory owns equity in the firm. Our insistence on an independent board of directors and outside shareholders underscores our commitment to embracing views from outside Brown Advisory that we believe is critical to sound decision making.</p> <p style="visibility: hidden;">Annual Report 2013</p> </div> Thu, 01 May 2014 16:00:02 +0000 achen 26226 at http://yagipay.com 春意影院播放器,熊猫社区app官网,水中色av综合2012 Annual Report | Thoughtful Investing http://yagipay.com/intl/2012-annual-report-thoughtful-investing <span class="field field--name-title field--type-string field--label-hidden">2012 Annual Report | Thoughtful Investing</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Wed, 05/01/2013 - 12:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>It is hard to believe that it has been 20 years since the idea behind Brown Advisory was put into place. Launched as an “independently mindedâ€?group at Alex. Brown, we became an “independently ownedâ€?firm in 1998 and have continued in this form ever since.</p> <p style="visibility: hidden;">Annual Report 2012</p> </div> Wed, 01 May 2013 16:00:01 +0000 achen 26231 at http://yagipay.com 番茄黄瓜网站,花间视频在线观看,91网红自拍2011 Annual Report | Making Connections http://yagipay.com/intl/2011-annual-report-making-connections <span class="field field--name-title field--type-string field--label-hidden">2011 Annual Report | Making Connections</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="http://yagipay.com/user/1" typeof="schema:Person" property="schema:name" datatype="" xml:lang="">achen</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 05/01/2012 - 12:00</span> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>â€?Performance. Advice. Service. Pick three.â€?That was our vision when we founded Brown Advisory in 1993.</p> <p style="visibility: hidden;">Annual Report 2011</p> </div> Tue, 01 May 2012 16:00:00 +0000 achen 26236 at http://yagipay.com