Brown Advisory

JANUARY 17, 2024

One of our colleagues, Ken Stuzin, likens portfolio construction to Darwinian Investing – it is about survival of the fittest. In a concentrated portfolio, it is the losers that kill you. What sort of hit rate should we then expect within their portfolio? 5 As Table 2 below highlights, this team appears to be seriously good!

Investing 52

Investing Investments Portfolio Accounting 52

The Big Picture

AUGUST 15, 2023

That’s a really easy portfolio to create. It allows you to understand, generally speaking, what is a reasonable beta for that whole portfolio. By the time I got there in ’92, they had a great venture portfolio and almost nobody else even understood what venture capital was. That allows you to do two things.

Management 130

Management Investments Investing Government 130

Brown Advisory

AUGUST 1, 2018

Though insurance produced an unusual underwriting loss in 2017, it provided $114 billion in investable float, which partially funds Berkshire’s $314 billion investment portfolio. Berkshire’s investment portfolio holds about $186 billion in equities and $118 billion in cash equivalents and bonds as of March 31, 2018.

Assets 52

Assets Investing Investments Insurance 52

Brown Advisory

AUGUST 1, 2018

Though insurance produced an unusual underwriting loss in 2017, it provided $114 billion in investable float, which partially funds Berkshire’s $314 billion investment portfolio. Berkshire’s investment portfolio holds about $186 billion in equities and $118 billion in cash equivalents and bonds as of March 31, 2018.

Assets 52

Assets Investing Investments Insurance 52

The Big Picture

MAY 13, 2025

You can run a screen and screen out riskier product, riskier bonds, lower quality bonds, and that immediately accrues to outperformance for an active bond portfolio. My colleague Eric Unis wrote a column called the Vanguard Effect way back in 2016. It’s part of our whole, you know, portfolio construction methodology.

Clients 130

Clients Investing Investments Management 130

The Big Picture

AUGUST 20, 2024

00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. Initially I joined to help them manage their equity portfolio. It was the exact same trade.

Assets 173

Assets Management Portfolio Marketing 173

The Big Picture

JANUARY 21, 2025

You would offer three of their stock picks where they were probably touting stocks they wanted to unload from their portfolio. But the numbers you can’t argue with, I mean, we all know that the brutal math of investing before costs investors collectively will earn the market return after costs. That’s exactly right.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

MARCH 27, 2023

She was a partner and a portfolio manager at Canyon Capital, a firm that runs currently about $25 billion. Before that, 2016, the energy crisis, same. But it’s interesting that you really can pinpoint the difference in return because there’s this sort of impatient or overzealousness in trading your portfolio.

Assets 285

Assets Investing Investments Management 285

The Big Picture

AUGUST 8, 2022

ANAT ADMATI, PROFESSOR OF FIANCE AND ECONOMICS, STANFORD GRADUATE SCHOOL OF BUSINESS: So, my journey starts where I took a lot of math. I was good in math and I love the math. So, I was kind of, in my romantic mind when I was in my early 20s, I was going to take but not give back to math, that kind of thing. ADMATI: Yes.

Banking 204

Banking Government Insurance Taxes 204

The Big Picture

JUNE 18, 2024

And we wanted to, I really wanted them to move beyond the blog at, at, when I got to Barstool in 2016, it was, it was predominantly a blog operation. So I can remember going to, to Facebook, I write about this in the book when I was, you know, 2016, I had a meeting with Facebook that somebody gave to me as a favor.

Media 147

Media Food Advertising Investing 147

The Big Picture

MAY 30, 2023

BRYANT: So money, unlike math, money is highly emotional. I mean, there’s 50,000 kids in the Atlanta public school system, so you can do the math there. I believe I love math because it doesn’t have an opinion, that’s a Melody Hobson quote. RITHOLTZ: Right. BRYANT: Number two, money is emotional. RITHOLTZ: Yes.

Banking 147

Banking Economics Business Planning Economy 147

The Big Picture

NOVEMBER 22, 2022

I look for people that have done extracurricular work, or you know, manage their own little portfolio, or have stock ideas or businesses ideas that they want to pitch. SHAW: My wife and I decided to move to Tennessee back in 2016. RITHOLTZ: Why is it not surprising that a math nerd is also a placekicker? RITHOLTZ: Right.

Recruitment 147

Recruitment Engineering Banking Investing 147

The Big Picture

JANUARY 24, 2023

RITHOLTZ: So it’s different math then I need 100x winner versus 99? I don’t have — coming from a family business, we say we don’t have portfolio theory. We’ve never had a business — again, go out of business or not paying interest payment. And the question is, you know, how high we can build?

Investing 263

Investing Investments Numbers Banking 263

The Big Picture

AUGUST 23, 2022

So, I did the math, 20 million times a hundred. So, let me just repeat the math. And so, again, I went through this simple math. The currency devalued by 75 percent and my portfolio, which was above $1 billion, went down 90 percent. And this had an unbelievably positive affect on the value of my portfolio.

Government 321

Government Banking Numbers Investing 321

The Big Picture

OCTOBER 10, 2023

Because he was all sure he was a totally isolated math. So, so he’s brilliant at math. He goes to m i t to study, study physics and math. So brilliant enough so that sure, he goes to math camp in the summer and find, kind of finds his tribe. But in math camp, he’s not the best. And the Undoing project.

Math 162

Math Numbers Marketing Marketing 162

The Big Picture

MAY 16, 2023

So this is the math that I applied. So think about this, do the math. LINDZON: If you return your cash in 2016, we returned some cash in Robinhood in 2016, very early, but say those LPs bought Bitcoin. LINDZON: But that math, if you really put it in a calculator … RITHOLTZ: Becomes a problem. RITHOLTZ: You do it.

Media 290

Media Investing Investments Valuation 290

The Better Letter

JANUARY 11, 2024

That’s why the markets are much more of a mind game than a math game. And that’s why markets will always be exceedingly hard, even when the math seems easy or the future seems certain. Stop with the math.` Beyond the present lies imagination. And lots of surprises. that hasn’t yet arrived. Also interesting.

Economy 96

Economy Economics Math Banking 96

The Better Letter

JANUARY 2, 2025

William Priest, chairman, co-chief investment officer, and a portfolio manager at TD Epoch, picked Meta (+66 percent), which handily beat the S&P 500, but his other four picks did not. When Sam Bankman-Fried was at Jane Street Capital (before he became famous for FTX and convicted of fraud), he built a system to get the 2016 U.S.

Management 102

Management Marketing Marketing Economics 102

The Big Picture

AUGUST 22, 2023

Here’s something that pulls them apart, I’m going to give a simplified version of the best data I’m aware of on this, where people in the 2016 election who favored Trump or Clinton also had predictions about whether Trump or Clinton would win before the election. Let’s take Clinton voters. Are you aggressive?

Economics 245

Economics Media Government Numbers 245