The Big Picture

FEBRUARY 6, 2024

I could maybe flip that around a little bit since I think particularly post 2008, 2009, the quality style of investing has become a lot more popular. And actually Ben Inker is the head of our asset allocation group. That’s the key to quality investing. 00:18:41 [Speaker Changed] Yep. It was over 50 right? In 2000, right.

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Brown Advisory

JUNE 3, 2015

The Fed has held the benchmark federal funds rate at zero—a record low—since December 2008 and further reduced borrowing costs through so-called quantitative easing, a bond-purchase program that more than quadrupled its balance sheet to $4.5 Concern about future economic growth undermines valuations. Unemployment fell to 5.4%

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Valuation Economy Banking Economics 52

Brown Advisory

FEBRUARY 15, 2019

But the drop in valuations experienced at year’s end, alongside higher bond yields, offer a foundation for better long-term return expectations across most asset classes. This is also a fitting moment to review the intersection of risk and valuation. Entering 2019, we face rising economic, political and market risks. In non-U.S.

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Valuation Clients Portfolio Investing 52

James Hendries

JUNE 26, 2023

However, the impending end of the Federal Reserve (Fed) rate-hiking campaign, and the economy’s and corporate America’s resilience, help make the bull case that steers LPL Research toward a neutral, rather than negative, equities view from a tactical asset allocation perspective. At the same time, the resilience of the U.S.

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Marketing Marketing Asset Allocation Valuation 52

James Hendries

JUNE 20, 2023

That’s not suggesting another 2008 is coming, but rather highlights how fast the economic environment can change. A lot changed over the course of 2007 and 2008 as the economy fell into the Great Financial Crisis. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock.

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Marketing Marketing Economy Communication 52

Investing Caffeine

APRIL 1, 2022

People forget that commodity prices approximately doubled after the 2008 Financial Crisis, only to experience a subsequent slow bleed over the next decade until prices were essentially chopped in half. They certainly could, but valuations remain attractive given where interest rates currently stand. Source: Trading Economics.

Economy 59

Economy Economics Valuation Investing 59

Brown Advisory

APRIL 1, 2015

In Engines That Move Markets, a 2002 book about the cycles of technology investing, Alasdair Nairn defines “bubbles” as periods when investors appear to suspend rational valuation, much as they had during the dotcom craze shortly before the book was published. Possible Signs. Merger and acquisition dollar volume has reached precrisis peaks.

Investing 52

Investing Investments Valuation Assets 52

James Hendries

DECEMBER 12, 2022

during the month, which was the best month for core bonds since December 2008. The Strategic and Tactical Asset Allocation Committee’s (STAAC) S&P 500 year-end fair value target of 4,000-4,100 is based on a price-to-earnings ratio of 17.5 It is also a major component used to calculate the price-toearnings valuation ratio.

Portfolio 52

Portfolio Taxes Asset Allocation Investments 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S.

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Management Investing Investments Valuation 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S. Risks in Bonds.

Management 52

Management Investing Investments Valuation 52

James Hendries

AUGUST 15, 2022

is dragged down by 2008-2009 when the index tumbled 37%. We maintain our preference for equities over fixed income and cash in our recommended tactical asset allocation. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. The average of 1.1% How can this be?

Marketing 52

Marketing Marketing Economy Valuation 52

Brown Advisory

DECEMBER 2, 2015

This helps to meet your immediate needs and instill discipline in a longterm context, averting excessive spending when valuations are rising. After the 2008-2009 financial crisis, many clients could use loss carry-forwards to reduce taxes against gains taken in subsequent years. By Taylor Graff, CFA, Asset Allocation Analyst.

Taxes 52

Taxes Clients Estate Planning Portfolio 52

Brown Advisory

SEPTEMBER 3, 2015

The Federal Reserve, since pushing down the main interest rate to zero in 2008, has repeatedly acknowledged that a “reach for yield” may threaten financial stability. By Taylor Graff, CFA, Asset Allocation Analyst. Following such an approach, we do not hold appropriation bonds sold by Puerto Rico and Chicago.

Transportation 52

Transportation Government Economy Asset Allocation 52

Brown Advisory

JULY 1, 2016

Changes in their assumed rate of return can impact decisions ranging from asset allocation to the spending level that a portfolio can rationally support. Our Investment Solutions Group spends considerable time trying to gauge the long-term outlook for stocks since it is central to asset allocation decisions and recommendations.

Investing 52

Investing Investments Portfolio Assets 52

Brown Advisory

JULY 1, 2016

Changes in their assumed rate of return can impact decisions ranging from asset allocation to the spending level that a portfolio can rationally support. Our Investment Solutions Group spends considerable time trying to gauge the long-term outlook for stocks since it is central to asset allocation decisions and recommendations.

Investing 52

Investing Investments Portfolio Assets 52

Brown Advisory

MARCH 30, 2020

The background liquidity conditions for capital markets have changed substantively since the 2008-09 financial crisis, and to some extent these changes have contributed to the liquidity crunch in various segments of the market in the wake of the coronavirus outbreak. As we now know, this celebration was premature.

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Management Marketing Marketing Clients 52

Brown Advisory

MARCH 30, 2020

The background liquidity conditions for capital markets have changed substantively since the 2008-09 financial crisis, and to some extent these changes have contributed to the liquidity crunch in various segments of the market in the wake of the coronavirus outbreak. RECENT TRENDS AFFECTING LIQUIDITY.

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The Big Picture

MAY 9, 2023

And then I moved back to London at the end of 2008, which was a really interesting pivot. At the end of 2008, we owned a lot of illiquid assets. And there was a problem with 168 of them at the end of 2008. It was the year I made partner, actually, in 2008. I did that for a couple of years. SALISBURY: Absolutely.

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The Big Picture

JANUARY 21, 2025

And then when I left the journal for the first time in 2008, they said, well, who should we hire to replace you? 00:16:42 [Speaker Changed] Coming into sort of late 2008, I think, if I recall correctly, I was somewhere between 70 and 80% stocks by that point. I did it in 2008 in oh nine. I said, Jason’s wife.

Investing 147

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Dear Mr. Market

MARCH 11, 2023

IBM loses to QCOM based on valuation. Obviously this rattled a lot of nerves and the way we see it is that it won’t be a 2008 “Lehman” type event, however there will be other casualties or at least some banks that get major pressure. Watch for those that have even worse financials and balance sheets than SVB did.

Investing 105

Investing Investments Portfolio Assets 105

James Hendries

JULY 6, 2022

While we acknowledge that a V-shaped recovery is probably not in the cards and prior valuation targets no longer appear achievable, we remain constructive on equities for the second half, but not complacent. Remember stock valuations are inversely correlated to inflation and interest rates. Click here to download a PDF of this report.

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Marketing Marketing Valuation Economy 52

The Big Picture

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. It pushes valuations higher over time. 00:04:02 That’s what value add software was originally.

Assets 173

Assets Management Portfolio Marketing 173

Darrow Wealth Management

MAY 29, 2024

For example, the September 11th terrorist attacks and the 2008 Great Financial Crisis occurred under President G.W. President Obama’s term, starting in 2009, began when stock market valuations were near the bottom and as is well documented now, the stock market went on to its longest bull market in history. Probably not.

Marketing 105

Marketing Marketing Asset Allocation Investing 105

Darrow Wealth Management

MAY 29, 2024

For example, the September 11th terrorist attacks and the 2008 Great Financial Crisis occurred under President G.W. President Obama’s term, starting in 2009, began when stock market valuations were near the bottom and as is well documented now, the stock market went on to its longest bull market in history. Probably not.

Marketing 52

Marketing Marketing Asset Allocation Investing 52

Brown Advisory

NOVEMBER 14, 2017

While this shift in monetary policy may ultimately have important implications for asset allocation and other investment decisions, we’re not convinced that its near-term impact will be particularly significant. Big Balance Sheet By way of background, the Fed’s balance sheet has roughly quintupled since the financial crisis of 2008.

Investing 52

Investing Investments Assets Numbers 52

Brown Advisory

NOVEMBER 14, 2017

While this shift in monetary policy may ultimately have important implications for asset allocation and other investment decisions, we’re not convinced that its near-term impact will be particularly significant. By way of background, the Fed’s balance sheet has roughly quintupled since the financial crisis of 2008.

Investing 52

Investing Investments Assets Numbers 52

The Big Picture

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. Every bank had balance sheet.

Banking 162

Banking Assets Government Marketing 162

The Big Picture

JUNE 13, 2023

And so we go back to the basics of what our job should be, risk underwriting, risk assessment, asset prices are different from asset valuation. I mean the valuation is the future cash flow discounted at a risk-free rate plus a risk premium. RITHOLTZ: (LAUGHTER) CHABRAN: And find a reason why they would allocate there.

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Banking Assets Investments Investing 147

The Better Letter

JANUARY 26, 2024

In late 2008, Dent published another book, The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History , moving into the “doom and gloom” business. who became a professor at the University of Michigan before setting up his own asset management firm. 2020 : “[E]xtreme valuations.

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Assets Valuation Marketing Management 104

The Big Picture

MARCH 12, 2024

My family and I moved to McLean, Virginia in, in 2008. They’re asset allocation model driven folks. Who, who, who, who else did you speak to when you were there? What, so what was that experience like? Sean Dobson : I lived in Washington, DC for five years. Yeah, it’s super patient, it’s super sophisticated.

Banking 147

Banking Marketing Marketing Investing 147

Truemind Capital

APRIL 11, 2025

The world order started changing in 2008 when significant quantitative easing (QE) – money printing and near-zero interest rates, was announced by major central banks led by the US Fed during the subprime crisis. Focus on valuations. Diversify across asset classes – equity, debt & Gold and across geographies.

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Asset Allocation Economy Valuation Portfolio 52

The Big Picture

NOVEMBER 25, 2024

00:21:21 [Speaker Changed] So this story came out that, oh, value is defensive because it has this valuation buffer to it 00:21:28 [Speaker Changed] In that one example. And then what happened in, in 2008? 00:30:52 [Speaker Changed] You have four big problems that happen in 2008. They took a point and they drew a line.

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James Hendries

NOVEMBER 8, 2022

These runoffs do happen: In 2022 both Georgia Senate seats went to a runoff, as did Georgia Senate election in 1992 and 2008. Barry Gilbert , PhD, CFA, Asset Allocation Strategist, LPL Financial. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock.

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Marketing Marketing Government Banking 52