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Brown Advisory recently released its Q2 2020 Investor Letter, a copy of which you can download here. The Large-Cap Growth Fund posted a return of 27.86% for the quarter, outperforming its benchmark, the Russell 1000 Growth Index which returned 27.84% in the same quarter. You should check out Brown Advisory’s top 5 stock picks for […]...
PACCAR Inc. (NASDAQ: PCAR) isn't rushing electric trucks to market. But it says its Kenworth, Peterbilt and European DAF brands will sell them at the right time."Our goal is to make sure that we're in a position to provide our customers the lowest-operating-cost vehicles whenever the market is ready, when there's infrastructure, when there's regulation and when the technology is ready," CEO Preston Feight said Tuesday."It's [the] early days, and we feel like we're really on top of it, and we're focused on a plan that is actionable and buildable," he said on the company's second-quarter earnings call with analysts who asked several questions about battery and fuel cell electrification. Though PACCAR takes a long view of hydrogen fuel cells, the company is more of a leader than a laggard in both battery and fuel cell electric powertrains."To date, we have deployed over 60 battery-electric, hybrid and hydrogen-powered trucks," Feight said. Port...
(Bloomberg) -- Former Wirecard AG Chief Executive Officer Markus Braun and two other former officials were arrested as prosecutors said the company knew about massive losses as early as 2015.The trio conspired to obtain about 3.2 billion euros ($3.7 billion) in fraudulent loans, Munich prosecutors said Wednesday. Company officials allegedly decided to inflate the books with fake assets to make the company appear more attractive to investors, clients and lenders.“The suspects knew at least by the end of 2015 that the Wirecard Group was losing money,” prosecutors said. “Deceived by faked accounts, banks in Germany and Japan as well as other investors granted funds of about 3.2 billion euros, which are now most likely lost.”Wirecard filed for bankruptcy after acknowledging that 1.9 billion euros it had listed as assets probably didn’t exist, deepening its accounting woes. The company admitted that previous descriptions of its business with third parties, which processed transactions...
(Bloomberg Opinion) -- The U.S. just took a step beyond funding Covid-vaccine research toward actively securing shots. On Wednesday, the government signed an agreement with Pfizer Inc. and BioNTech securing 100 million doses of their vaccine candidate for $1.95 billion, payable if the inoculation succeeds in clinical trials and gets approved by the Food and Drug Administration. Vaccine pricing is always contentious, and even more so now in the midst of a global pandemic. Setting terms in advance is the right idea even though the government doesn't know and won't know for some time if the shot works. The alternative — waiting until a candidate proves effective and relying on weak U.S. pricing mechanisms to keep it affordable — isn’t appealing.The value of a vaccine that protects against Covid would be enormous, from the health benefits it would accrue to individuals to the broader advantages of helping protect the community at large and allowing broader swaths of the economy to stay...
