Brown Advisory

DECEMBER 2, 2015

In advising clients over the years, we have seen the value of helping families buy into the longterm orientation essential to successful investing and portfolio management through all market conditions. Determine both your annual level of spending and a five- and 10-year goal for portfolio returns.

Taxes 52

Taxes Clients Estate Planning Portfolio 52

Brown Advisory

SEPTEMBER 12, 2016

We look for fundamental strengths, attractive valuations and what we call Sustainable Business Advantage (SBA). When sizing up a company’s opportunities and risks, portfolio managers vary widely in how they weigh ESG factors. Some portfolio managers use ESG data to find companies that they believe are less harmful than others.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

Brown Advisory

SEPTEMBER 12, 2016

We look for fundamental strengths, attractive valuations and what we call Sustainable Business Advantage (SBA). When sizing up a company’s opportunities and risks, portfolio managers vary widely in how they weigh ESG factors. Some portfolio managers use ESG data to find companies that they believe are less harmful than others.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

The Big Picture

DECEMBER 6, 2022

But when you factor in, you know, legal costs, compliance, portfolio management, trading, there is a lot that goes into launching an ETF. And we’re having very good conversations with clients that I think, at current valuation levels, they remain, you know, very interested in the market and they see some opportunities.

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Brown Advisory

DECEMBER 2, 2015

In 2015, though, three trends began to weigh on stock prices: equity valuations rose above their historical average, record central-bank stimulus failed to fuel faster growth, and corporations, having already wrung out significant inefficiencies, made fewer gains in streamlining and improving profit margins, especially in the U.S.

Economy 52

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Brown Advisory

AUGUST 6, 2019

Taylor is also an excellent communicator and regularly shares his thoughts with our balanced portfolio managers serving private clients, endowments and foundations. Technology has also enabled analysts, portfolio managers and traders to improve their productivity. In a word, the internet has changed everything.

Investments 52

Investments Investing Clients Portfolio Management 52

Brown Advisory

AUGUST 6, 2019

Taylor is also an excellent communicator and regularly shares his thoughts with our balanced portfolio managers serving private clients, endowments and foundations. Technology has also enabled analysts, portfolio managers and traders to improve their productivity. In a word, the internet has changed everything.

Investments 52

Investments Investing Clients Portfolio Management 52

Brown Advisory

SEPTEMBER 22, 2017

84 One study concluded that investors "pay a financial cost in abstaining from [sin] stocks" (Hong, 2009). Another study found that by eliminating the worst ESG offenders the resulting hypothetical portfolios have greater downside protection (Hoepner, 2013). The Journal of Portfolio Management 40(2): 18-29. Springsteel.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

84 One study concluded that investors "pay a financial cost in abstaining from [sin] stocks" (Hong, 2009). Another study found that by eliminating the worst ESG offenders the resulting hypothetical portfolios have greater downside protection (Hoepner, 2013). The Journal of Portfolio Management 40(2): 18-29. References.

Portfolio 52

Portfolio Investing Investments Management 52

ClearMoney

NOVEMBER 4, 2021

As with many things in life, the truth is somewhere between the extremes: While both simulated and real-world data suggest momentum may not be suitable as a driver of long-term asset allocations, we believe momentum considerations can be integrated in a cost-effective way to help inform daily portfolio management decisions.

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Asset Allocation Commission Portfolio Assets 52

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investments 52

Investments Investing Portfolio Management 52

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investments 52

Investments Investing Portfolio Management 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. This decade poses its own distinct set of economic challenges, many of which are aftershocks from the 2008—2009 financial crisis. small-cap stocks. versus 1.9

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. This decade poses its own distinct set of economic challenges, many of which are aftershocks from the 2008—2009 financial crisis. small-cap stocks. versus 1.9

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

FEBRUARY 14, 2023

However, there may be opportunities to own corporate debt within Brazil to take advantage of strong commodity prices and improved balance sheets and valuations. Our approach is consistent and systematic across our platform.

Government 52

Government Investments Investing Economics 52

Brown Advisory

FEBRUARY 14, 2023

However, there may be opportunities to own corporate debt within Brazil to take advantage of strong commodity prices and improved balance sheets and valuations. Our approach is consistent and systematic across our platform.

Government 52

Government Economics Investing Investments 52

Brown Advisory

FEBRUARY 14, 2023

However, there may be opportunities to own corporate debt within Brazil to take advantage of strong commodity prices and improved balance sheets and valuations. Our approach is consistent and systematic across our platform.

Government 52

Government Economics Investing Investments 52

The Big Picture

FEBRUARY 17, 2025

00:10:08 [Speaker Changed] Yeah, so I graduated from HBS in summer of 2009 and I was fortunate enough to join the Grassroots Business Fund, which had been a division of the International Finance Corporation and literally spun out first half of 2008. That is not being reflected in valuations from a top down standpoint. 00:35:18 Right.

Investments 147

Investments Investing Economics Marketing 147

The Big Picture

OCTOBER 24, 2022

She has a fascinating career, starting a PLS working away up as an analyst and eventually, head of outcome-based strategies for Morningstar, eventually rising from that position and portfolio manager to Chief Investment Officer. And how do we think about them from a valuation perspective? NORTON: Yeah. NORTON: Yeah.

Portfolio 130

Portfolio Management Assets Investing 130

The Big Picture

JANUARY 21, 2025

I think it’s very hard to say stocks are objectively cheap because all of these valuation metrics have, have become unreliable over the decades as the nature of the stock market has changed. And then on top of that, of course we ran straight into the 2008, 2009 great recession. 00:21:46 Everything was a headache.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

OCTOBER 17, 2023

Then the volatility and, and the valuation makes an enormous difference. We’ve got an EM strategy, we’ve got an international strategy which we launched in 2009, which is non-us. Their randomness and, and you know, they hit, had a few hits also all the, all the valuation went up right to, to fairly extreme levels.

Investments 130

Investments Investing Clients Numbers 130

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. RITHOLTZ: Really quite fascinating.

Banking 162

Banking Assets Government Marketing 162

The Big Picture

SEPTEMBER 26, 2023

Not, not terribly busy in 2007 to be honest, but in 2008, 2009, 10, it was by far the busiest time in my career in investing. And if they don’t, we’re happy to own them at the valuation that we are creating that company act. Tell us about what’s going on today that makes it so interesting.

Banking 130

Banking Investing Investments Clients 130

The Big Picture

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

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Valuation Education Numbers Government 298

The Big Picture

JANUARY 27, 2025

He worked as a, essentially a high yield portfolio manager before going to the president and then CEO of the company. So he has seen the world of private investing from both sides, both as, as an investor and as part of the management team. He worked as a trader. I’d love to say that it was, it was real easy to do.

Assets 147

Assets Insurance Investing Investments 147

The Big Picture

MARCH 14, 2023

Everybody wants to sell a company when they get a good valuation. RITHOLTZ: So you’re there for 20 years, from 1988 to 2009. So, you know, 2009, what had happened was I was very burnt out. Well, I really thought and I think some of my associates thought that 2009 was a major market low. BERNSTEIN: Right.

Economy 162

Economy Investing Investments Portfolio 162

The Big Picture

APRIL 8, 2025

We’ve had gone through the, the Covid crisis, which stimulated unprecedented fiscal stimulus as a share of GDP and performance, what clients have actually experienced, if you go back to March of 2009, right? And you, and I remember March of 2009, the bottom, we were probably looking at an s and p 500 that was trading in the mid 606 6 6.

Asset Allocation 147

Asset Allocation Wealth Management Clients Assets 147

The Big Picture

MARCH 21, 2023

I was a fixed income portfolio manager and trader, which is a ton of fun. PIMCO out on the West Coast, read the first thing I wrote in the Journal of Portfolio Management. But plenty of valuation measures, it has no applicability for price-to-sales. Program didn’t feel right. I then got just very lucky.

Valuation 173

Valuation Investing Investments Numbers 173

The Big Picture

DECEMBER 17, 2024

Barry Ritholtz : This week on the podcast, another extra special guest, Tony Kim, is managing director at BlackRock, where he heads the fundamental equity technology group helping to oversee all of the active technology investments BlackRock makes. I must have worked for 30, 40 portfolio managers across four, four or five investment firms.

Engineering 130

Engineering Numbers Investing Investments 130

The Big Picture

NOVEMBER 25, 2024

And so graduating right into 2009, right out of the financial crisis, I said, I don’t think I’m gonna get a job. 00:19:11 [Speaker Changed] The, the challenge is always the transition from the uptrend to the downtrend, which is why you have portfolio managers and allocators arguing who’s responsible.

Portfolio 147

Portfolio Management Marketing Marketing 147

The Big Picture

JUNE 3, 2024

At TCW Barry Ritholtz : You were at the Trust company of the West, you’re a senior vice president, you’re a portfolio manager, you’re a quantitative analyst. So you mentioned financial repression, you and the rest of the quants in your core group, including gun lock, decide to stand up your own firm in 2009.

Math 147

Math Marketing Marketing Engineering 147