The Forward P/E Is Not Reliable Short Term

The forward P/E ratio (or any P/E ratio for that matter) is not a reliable predictor of what the m ...


The Strategic and Tactical Case for a Foreign Stock Allocation

Time-tested reasons why we believe a globally diversified portfolio serves clients well and the ta ...


Floating-Rate Loan Outlook for 2019

We are maintaining our tactical allocation to floating-rate loans. We recognize that we are later ...


Evermore Global Value Annual Update

The purpose of our recent stocks discussions with manager David Marcus and his team was to re-asse ...


February 2019 Monthly Market Update

Equity markets around the world rallied in January following a December that was one of the worst ...


Understanding Our Portfolios' Downside Loss Thresholds

While our model portfolios’ trailing 12-month returns are very close now to these thresholds, we d ...


Fourth Quarter 2018 Attribution Summary

During the fourth quarter, our tactical asset allocation positions contributed to performance in o ...


Year-End 2018 Investment Commentary

Across the board, it was an extremely difficult year to make money in the financial markets, with ...


Will the Pendulum Swing Back Toward Active Management?

We believe there are a number of cyclical factors that have been tailwinds to the S&P 500 Inde ...


We Have No Concerns About the Deutsche Muni Team

As we mentioned on our third quarter 2016 research call, we have been in contact with the Deutsche ...


Interview with Cove Street Capital's Jeffrey Bronchick

On May 3, 2016, we held a conference call with Jeffrey Bronchick, portfolio manager of Cove Street ...


BBH Core Select: First Quarter 2016 Conference Call Notes

Co-portfolio managers Tim Hartch and Michael Keller, along with members of their investment team, ...