Blistering changes in fields such as technology call for bold responses—a theme we recently explored with clients at our NOW 2016 forum. In this issue: Moral Courage Amid Disruption Brown Advisory colleagues recently gathered with clients to explore how disruption in technology and other fields calls for bold, even-handed decision-making and what we call moral courage. By Brien White, Head of Washington Office, Portfolio Manager Profits, Not Vapor: Titans Emerge in Cloud Computing Three companies have brought down to earth the long-elusive goal of selling corporate customers computing power through the Internet. By Maneesh Bajaj, CFA, Portfolio Manager and Emmy Mathews, CFA, Equity Research Analyst In Too Deep? The Risks From Sub-Zero Rates Six central banks try to spur growth by introducing negative rates despite potential hazards from the unprecedented policy. By Tom Graff, CFA, Head of Fixed Income and Quintin Ings-Chambers, Portfolio Manager Market Chill: Holding Fast To Fundamentals Volatility in equity markets has persisted as investors run from risk and search for yield. In times like these, we stay true to a bottom-up, value orientation. By Sid Ahl, CFA, Chief Investment Officer of ISG and Stephanie McCormick, Portfolio Manager Dire Call: Helping When It Is Most Needed After years of serving clients, we have found that the depth of our relationships is especially valuable when helping them adapt to the most difficult news. By John Poulton, Strategic Advisory and Doug Borg, Strategic Advisory Analyst