Insights

Archived Insights

Election Update

November 2016

The United States 2016 election concluded early this morning with Donald Trump securing the Presidency and Republicans maintaining control of Congress. We wanted to share with you our thoughts regarding the impact of yesterday's vote on our fixed income and equity investment strategies and our outlook going forward.

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Wells Fargo

October 2016

We are deeply disappointed by the events involving widespread illegal practices within Wells Fargo’s (WFC) retail bank. The global capital markets are predicated on fair and ethical practices, as well as equitable and transparent information sharing. Any time this trust is violated, especially by a leading financial firm, there is certainly cause for concern. As both quality-oriented investors and a 198 year-old financial services company, we at BBH hold these values sacrosanct, and are therefore particularly disappointed when integrity in our industry is compromised.

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The Context in Which We Are Investing Today

Michael R. Keller, CFA August 2016

BBH Core Select Co-Managers, Tim Hartch and Michael Keller, provide perspective on the current equity bull market is well into its seventh year, with stocks rising to new highs despite a soft global economy and weakening corporate earnings. In this commentary, we discuss some of the unusual conditions we are seeing in today's equity markets and offer our views of the underlying drivers. We also revisit the concepts of price risk and business risk and how we aspire to mitigate both factors over time by investing in high quality businesses at discounts to our appraisals of their intrinsic values.

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In a wide ranging interview, host Consuelo Mack and Tim Hartch discuss why we think the market has become more challenging from a valuation perspective, BBH Core Select and BBH Global Core Select’s bottom up approach, and why we believe a concentrated portfolio works best for our investors.

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Digital Disruption in Retail, Payments & Media

Michael R. Keller, CFA, Marla Sims, CPA May 2015

The computer is not a new invention, but after a multi-decade wave of technological innovation that has occurred at an exponential rate, digital technologies have become both powerful and pervasive. Not only are they making many of the former dreams of futurists come true, as the quotation above so eloquently alludes to, but digital technologies have infiltrated business across virtually every industry and the everyday lives of most humans to a degree that was unfathomable just fifteen years ago. From mobile phones to video streaming to peer-to-peer lending to e-health, digital advances continue to meaningfully affect business and proliferate at a rapid pace. Three of the most prominent sectors in which digital innovation is having a dramatic effect are the retail, payments and media sectors.

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