What can cooking teach us about investing?

In the latest episode of Thinking Aloud, John Davis, CFA, sits down with Mike Poggi, CFA, Portfolio Manager of Brown Advisory’s Large Cap Sustainable Value Strategy, to explore the parallels between cooking and investment decision-making.

From preparing thoroughly before acting, to learning through repetition and from mistakes, Mike reflects on how experience can sharpen judgment over time. He also discusses the importance of conviction, adaptability and continually refining the investment process as markets change. 

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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. 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 for informational purposes only.

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. 

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other portfolios or funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in their research process but do not make investment decisions based on third-party data alone.

In this latest episode of Thinking Aloud, Business Development Associate Daniela Lampru is joined by Amy Hauter, CFA, Portfolio Manager of Brown Advisory’s U.S. Taxable Fixed Income strategies, to discuss why preparation can matter more than prediction, particularly in times of uncertainty.

Markets, like life, rarely unfold exactly as expected. Drawing on lessons from both parenting and investing, Amy explores the concept of optionality, a mindset centered on building flexibility into decisions as a practical way to navigate potential future changes. Their conversation considers how flexibility, thoughtful preparation and patience can help investors respond to shifting conditions while remaining grounded in conviction when the future is impossible to predict. 

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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. 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 for informational purposes only.

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. 

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other portfolios or funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in their research process but do not make investment decisions based on third-party data alone.

In the third episode of Thinking Aloud, Business Development Director Harry Jebb is joined by Global Fixed Income Portfolio Manager Ryan Myerberg for a wide-ranging conversation on sport, investing and the dynamics of high-performing teams. 

Ryan reflects on the lessons he has drawn from elite sport and explores how effort, humility, resilience and collective ambition translate into investing. He discusses what it takes to build a team capable of managing an unconstrained fixed income strategy, why diverse perspectives matter in avoiding echo chambers, and how challenge and trust can improve portfolio outcomes.

Their conversation also examines how fixed income investors navigate moments of market stress, make conviction calls when the future is uncertain, and balance strategic views with shorter-term opportunities. Throughout, Ryan returns to a central idea: successful investing is not about the individual, but about disciplined teamwork in pursuit of client outcomes.

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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. 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 for informational purposes only.   

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. 
Private credit and private equity investments involve additional risks, including illiquidity, valuation uncertainty, limited transparency, and the potential loss of principal, and may not be appropriate for all investors.

Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a portfolio and compares its risk-adjusted performance to a benchmark index.

In this episode of Thinking Aloud hosted by Maud Bridel, Portfolio Manager of the Brown Advisory Global and International Value Select strategies, Nick Kirrage, discusses Michael Mauboussin’s Think Twice and the lessons it offers investors about investment decision-making, bias and process. Nick reflects on building a new investment team from scratch, the difference between a great company and a great investment, and the importance of humility, data and self-awareness in navigating markets. He also shares why human behavior remains central to value investing and recommends John Kenneth Galbraith’s “The Great Crash” as a timeless read for investors.

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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. 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 for informational purposes only.

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. 

Hosted by Tim Hathaway, in this episode of Thinking Aloud, Portfolio Manager Mick Dillon reflects on the book Investing in Hidden Monopolies* that has recently influenced and expanded how he evaluates long-term investment opportunities, highlighting the role of customer outcomes in his investment philosophy for the Brown Advisory Global Leaders Strategy. Together, they explore how customer loyalty can help shape moats and barriers to entry, with Experian offering a compelling example of how this concept plays out in the portfolio.

*Investing in Hidden Monopolies: Why Customer Loyalty Creates Superior Moats and How You Can Profit by Patrick J. Wierckx

 
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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. 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 for informational purposes only.

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. 

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in the fund. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone.

Thinking Aloud is a podcast series where Brown Advisory’s investment professionals unpack an idea that has recently shaped their perspective. Each episode features an informal conversation with a Brown Advisory expert about their insight, gathered from a book or article, a conversation, speaker, conference, podcast, compelling data point, or even a personal event. At its heart, the podcast invites you to explore how broad insights can challenge assumptions, deepen understanding, and inspire more intentional decision‑making. We hope each episode encourages you to stay curious, reflect on what influences your own thinking, and remain open to learning from the world around you. 

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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. 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 for informational purposes only. 

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.