Solving World Hunger through Innovation | Part 1

Lithium is the lightest metal, so soft that you can cut it with a knife. Its structure gives it the ability to store large amounts of energy, making it ideal for manufacturing batteries. As the world moves to create a lower-carbon economy, the energy transition may well hinge on lithium.

To learn more about lithium and its role in electrification and the shift to renewable energy sources, Brown Advisory's Erika Pagel sits down with Eric Norris, President of Energy Storage at Albemarle—the largest producer of lithium in the world.

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

ESG 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. ESG analysis may not be performed for every holding in every strategy. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify issuers that they believe may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in issuers that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be screened out of other ESG oriented portfolios. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.

Nuclear power has had a controversial history. Today, however, it is often considered an essential energy source for a lower carbon future. In a continuation of our NOW series on the energy transition, Erika Pagel sits down with Joe Dominguez, CEO of Constellation, the leading operator of nuclear power plants in the US. Joe and Erika discuss progress in shifting to a lower carbon economy, where nuclear fits in, promising innovations, and what it will take to get to net zero by 2050. 

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

ESG 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. ESG analysis may not be performed for every holding in every strategy. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify issuers that they believe may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in issuers that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be screened out of other ESG oriented portfolios. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.

As investors, we know that climate risk is real—and that we cannot achieve real climate action without a material shift to renewable energy sources. So, as we think about driving toward a lower carbon economy, we want to understand different opportunities and perspectives across the energy landscape. In this episode we are diving into renewables, and specifically into solar power. Brown Advisory's Erika Pagel sits down with Raghu Belur, the Co-founder and Chief Products Officer of Enphase Energy, which has revolutionized the solar industry with its microinverter-based technology. Erika and Raghu explore solar—in terms of economics, job creation, energy security and climate action.

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

ESG 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. ESG analysis may not be performed for every holding in every strategy. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify issuers that they believe may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in issuers that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be screened out of other ESG oriented portfolios. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.

In part 1 of our energy transition series, Dr. Atul Arya, Chief Energy Strategist of S&P Global, said, "Energy companies are really good at putting steel in the ground and building stuff." In his mind, they must be part of the solution to create a low-carbon economy. So, in part 2, Brown Advisory's Erika Pagel explores the role of traditional energy companies with Allyson Book, the Chief Sustainability Officer of Baker Hughes, an engineering and technology provider that works with many of the largest global traditional oil and gas companies. How are the companies that built their businesses on fossil fuels facilitating a transition to a more sustainable, lower-carbon future?

Guest:
Allyson Book, Chief Sustainability Officer, Baker Hughes

Host:
Erika Pagel, CIO for Sustainable Investing; Portfolio Manager, Brown Advisory

Recommended Reading:

• Fostering Effective Energy Transition, World Economic Forum, May 2022
• Leading Oil and Gas into a Net Zero World, The Atlantic Council, March 2022

Recommended Listening:

• Oil and Gas Majors in the Energy Transition: A Conversation with Mike Wirth, Chairman and CEO of Chevron, Council for Strategic & International Studies, June 7, 2022
• How to Take Carbon Management to the Next Level, CERAWeek, March 2022

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

In conjunction with Climate Week, we launched the first episode in our three-part NOW podcast series on the transition to a low-carbon economy. In this first episode, Brown Advisory’s Erika Pagel sits down with Dr. Atul Arya, the Chief Energy Strategist of S&P Global, to discuss the race to net zero. They cover the impact of the war in Ukraine, the role of traditional energy companies, the promise of technology and innovation, and the feasibility of reaching the Paris Agreement’s critical but ambitious targets by 2050.

Guest:
Atul Arya, Ph.D.

Senior Vice President and Chief Energy Strategist, S&P Global

Host:
Erika Pagel
CIO of Sustainable Investing; Portfolio Manager, Brown Advisory

Background Reading:

• Getting Going: Breaking Through the Barriers to Corporate Climate Action, Oliver Wyman/The Climate Group, September 14, 2022
• Energy Transition Outlook, S&P Global, August 15, 2022
• The Net-Zero Transition in the Wake of the war in Ukraine: A Detour, a Derailment, or a Different Path?, McKinsey Quarterly, May 19, 2022
• Why the Energy Transition Will Be So Complicated, Dan Yergin, The Atlantic, November 27, 2021

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

Artificial intelligence appears poised to disrupt industries, improve customer outcomes, and enhance lives, and solutions based on AI are projected to contribute as much as $15 trillion to the global economy in 2030—more than the current output of China and India combined. The problem-solving potential of AI is seemingly limitless, and it may well change the way we work, travel, power our cities, diagnose disease, and organize our society. 

And yet there are reasons to be cautious. Information is power, and that power can be used for good or for ill. In this episode, Brown Advisory’s Katherine Kroll explores the investor case for “ethical AI” and why failing to proactively ensure AI is used to help, not harm, is a material and salient risk not only to investment performance but to our society’s ability to thrive. She speaks with three of the foremost experts on ethical AI: Aza Raskin, co-founder of the Center for Humane Technology; Arathi Sethumadhavan, Ph.D., Head of User Research for Ethics & Society at Microsoft; and Kay Firth-Butterfield, Head of AI and Machine Learning, World Economic Forum. 

Guests:
Kay Firth-Butterfield
Head of AI and Machine Learning, World Economic Forum

Aza Raskin
Co-founder, The Center for Humane Technology

Arathi Sethumadhavan, Ph.D.
Head of User Research for Ethics & Society, Microsoft

Host:
Katherine Kroll
Investment Specialist, Brown Advisory 

Investment Commentary:

Victoria Avara
ESG Equity Research Analyst, Brown Advisory

John Canning, CFA
Equity Research Analyst, Brown Advisory

Background Reading

• The Promise and Challenges of AI, American Psychological Association, November 3, 2021
• Fueling the Fire: How Social Media Intensifies U.S. Political Polarization—and What Can Be Done About It, NYU Stern School, September 2021
• He Created Your Phone’s Most Addictive Feature. Now He Wants to Build a Rosetta Stone for Animal Language, GQ, June 30, 2021
• Truth or Lie: The Rise and Rise of Disinformation, Medium, June 25, 2021
• National Conversations in Artificial Intelligence: Reimagining Regulation for the Age of AI Project Team, World Economic Forum, July 2021
• Corporate Engagement Spotlight: Ethical AI Practices, Brown Advisory, April 22, 2021

Recommended Listening:

• Your Undivided Attention

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

Fortune recently ranked Dan Schulman, CEO of PayPal, near the top of its annual World’s Greatest Leaders list, and as long-term shareholders of PayPal, we agree with their assessment. We have watched Dan lead PayPal’s ongoing growth into a digital platform responsible for more than $1 trillion in payments globally last year. In addition, he has been steadfast and outspoken about the role of business in society and the need to modify capitalism.

We were thrilled to have the opportunity to sit down with Dan during our latest episode of the NOW Podcast. Brown Advisory's Ken Coe spoke with Dan about how he views his employees as his number one constituency; PayPal's role in providing working capital and creating virtuous cycles in low-income neighborhoods; the future of financial technology; the need for all of us to rise above our own self-interest to drive progress for all, and more.

To wrap up the discussion, Ken brought in Jake Cusack and Efe Braimah from our frontier markets partner, CrossBoundary, to continue the conversation about opportunities in the fintech sector and making a difference.

Guest:
Dan Schulman, President and CEO, PayPal

Host:
Ken Coe, CFA, Equity Research Analyst, Brown Advisory

Investment Commentary:
Efe Braimah, Associate Principal, CrossBoundary

Jake Cusack, Co-Founder and Managing Partner, CrossBoundary

Recommending Listening:

• What COVID-19 Means for the Future of Commerce, Capitalism and Cash, TED2020, May 2020
• Never Stand Still with Dan Schulman

Recommended reading:

• What is Stakeholder Capitalism?, World Economic Forum, January 22, 2021
• PayPal 2020 Global Impact Report 
• Kenya is Becoming a Global Hub of FinTech Innovation, Harvard
• Dan Schulman of PayPal on Guns, Cash and Getting Punched, The New York Times, July 27, 2018

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

Nature-based factors and challenges have a real impact on our economies, lives and investments. To kick off Season 3 of the NOW podcast, Brown Advisory's Karina Funk sits down with Dr. M. Sanjayan, CEO of Conservation International, for a special Climate Week episode. They discuss the critical need to invest in biodiversity; in the irrecoverable carbon in mangroves, tropical forests and peat lands; and in the indigenous communities that depend on these natural ecosystems to protect commodities, supply chains, public health and the planet. 

Later in the podcast, Karina talks with Mike Hankin, Brown Advisory's CEO, about how sustainability can be a powerful tool to create stronger businesses and drive long-term growth.

Guest:
M. Sanjayan, Ph.D.
CEO, Conservation International

Host:
Karina Funk, CFA
Portfolio Manager; Chair of Sustainable Investing, Brown Advisory

Investment Commentary:

Michael Hankin
President; CEO, Brown Advisory

Background Reading

• 2021 Sustainability Report, Brown Advisory, July 2021
• 2020 Impact Report: Large-Cap Sustainable Growth Strategy, Brown Advisory, January 2021
• Unlocking Private Capital for Nature-Based Solutions in Emerging and Frontier Markets, CrossBoundary, August 2021
• Our Response to Climate Change is Missing Something Big, Scientists Say, The New York Times, June 10, 2021 
• What on Earth are Natural Climate Solutions, Conservation International, November 25, 2019
• Nature’s Make or Break Potential for Climate Change, The Nature Conservancy, October 16, 2017
• Protecting Irrecoverable Carbon in Earth’s Ecosystems, Nature Climate Change, April 2020
• When COVID Flattened Tourism, Carbon Credits Kept These African Hills “Green,” Conservation International, April 13, 2021
• As Pandemic Pounded Peru, One Region Thrived On Coffee, Carbon, Conservation International, April 9, 2021 
• Solving Climate Naturally – a podcast

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

Blockchain technology offers the promise of a new era of secure, decentralized transfer of value on the internet—a future less reliant on trusted intermediaries and gatekeepers. Some have described blockchain as Web 3.0, unlocking the true vision of what the internet was meant to be, where users of applications are also the owners. Despite their recent—and signature—volatility, digital assets have grown into a $2 trillion market that extends well beyond Bitcoin and is attracting entrepreneurs, investors and corporate support at an accelerating rate. There is clearly a lot of innovation both in digital assets—or cryptocurrencies—as well as with the underlying blockchain technology. But how much is legitimate excitement about this revolutionary technology, and how much is inflated exuberance?

To explore the potential, and examine some of the questions hanging over the industry, Brown Advisory’s Sid Ahl sat down with three crypto experts: Joe Lallouz, Founder and CEO of Bison Trails (acquired by Coinbase); Ash Egan, Partner, Accomplice; and Ria Bhutoria, Principal, Castle Island Ventures. 

Be sure to stay tuned for the Brown Advisory investment team’s perspectives, when Erika Pagel, CIO of Sustainable Investing, and Ken Coe, Financial Services Equity Analyst, join Sid (at 51:00) to share their takeaways. 

Guests:
Mrinalini "Ria" Bhutoria, Principal, Castle Island Ventures
@riasearch

Ash Egan, Partner, Accomplice
@AshAEgan

Joe Lallouz, CEO, Bison Trails; Partner, Ambush Capital
@JoeLallouz

Host:
Sid Ahl, CFA, CIO for Private Client, Endowments and Foundations, Brown Advisory 

Investment Commentary:
Ken Coe, CFA, Equity Research Analyst, Brown Advisory

Erika Pagel, CIO of Sustainable Investing, Brown Advisory

Recommended reading:

• Decentralized Finance: What It Is, Why It Matters, Andreessen Horowitz, June 15, 2021
• The Brutal Truth About Bitcoin, The New York Times, June 14, 2021
• Crypto Memes and Dreams--Why It's Different This Time, Medium, June 1, 2021
• How Much Energy Does Bitcoin Actually Consume? Harvard Business Review, May 5, 2021
• Understanding the Different Types of Cryptocurrency, SoFi, January 15, 2021
• What is "Proof of Work" And "Proof of Stake"? Coinbase
• Bitcoin: A Peer-to-Peer Electronic Cash System [White paper], Satoshi Nakamoto, October 31, 2008

Recommended listening: 

• Tom Schmidt Explains What You Need to Know about DeFi, Odd Lots, June 28, 2021
• The Potential of Blockchain Technology, Invest Like the Best, April 13, 2021
• Crypto, An Oral Essay, The 16z Podcast, April 17, 2021

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.

In this episode, Brown Advisory’s Meredith Shuey Etherington, a San Francisco-based portfolio manager, speaks with Fred Blackwell, CEO of the San Francisco Foundation, and Craig Young, Managing Principal of Tidewater Capital, to examine whether the Bay Area and San Francisco can retain and even enhance their identity as the home of the innovation economy. 

San Francisco has been a paradox for decades—at once a stunningly beautiful city at the epicenter of high-tech innovation, and a fragile community grappling with various social crises, the highest cost of living in the U.S. and a vast wealth gap. The pandemic intensified many of the city’s problems, and recent headlines have revealed a string of companies moving their headquarters from the Bay Area to Austin, Miami and elsewhere. Our conversation looks at the challenges and opportunities that will shape San Francisco’s future. Later in the podcast, Brown Advisory’s JJ Baylin and Amy Hauter join Meredith to discuss how we are investing in the future of cities for our clients.

Guests:
Fred Blackwell
CEO, San Francisco Foundation

Craig Young
Managing Principal, Tidewater Capital

Host:
Meredith Shuey Etherington
Portfolio Manager, Brown Advisory

Investment Commentary:

JJ Baylin
Private Equity Analyst, Brown Advisory

Amy Hauter, CFA
Portfolio Manager; Head of Sustainable Fixed Income, Brown Advisory

Background Reading

• Curb-cut effect, Angela Glover Blackwell, Stanford Innovation Review  
• Is Silicon Valley Dead? Not According to Venture Dollars, Wired, April 14, 2021 
• New California State Credit Will Fund Homes For Mentally Ill People, The Bond Buyer, November 14, 2019  
• Solving the Housing Crisis Is Key to Inclusive Prosperity in the Bay Area, PolicyLink; USC Program for Environmental and Regional Equity; The San Francisco Foundation   
   

Thank you for joining us on our podcast journey. To stay in touch about future podcasts, please sign up here. Visit our website to learn more: www.brownadvisory.com/now. 

We want to hear from you! Send a note to NOW@brownadvisory.com to get in touch. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. 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 podcast is not intended to be and should not be considered 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. There is a risk that some or all of the capital invested in any such securities may be lost. 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.