Brown Advisory
JANUARY 17, 2024
Even with 75% accuracy we only move from an investable universe where 30% of constituents outperform to now selecting the portfolio from a pool with a 56% win rate. We all know that a 55% hit rate is the top decile across the industry, and the maths above demonstrates why. This is why industry hit rates are so low.
The Big Picture
DECEMBER 6, 2022
And I did the math, and I think at that point in time, roughly speaking, assets in ETS were roughly just 10 percent, 12 percent of assets in mutual funds and I was pretty convinced that that number was to increase significantly. So let’s talk about managing through volatility. 2020 was a huge year. BERRUGA: Yeah.
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The Big Picture
MAY 9, 2023
So I took it upon myself to go off and took a course in bond math, took another course in derivatives and realized the underlying fundamental concepts were barely, I mean, it wasn’t even high school math in most cases. I didn’t know what any of these terms meant. And I thought, great, I just made partner.
The Big Picture
AUGUST 29, 2023
But it was a tremendous experience because I had started off in bond trading, worked my way into portfolio management and running the bond indexing team for a number of years, and then I got asked to take this responsibility, which was much broader. What does that do in terms of resetting the cycle? Just buy stocks that are going up.
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. And so if you compare that to today, if you remember Oaktree raised $15 billion fund in 2020, on its own. If you think of the biggest bankruptcy in 2020 was Hertz. So the magnitude is not even comparable.
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. I think, you know, kind of near the end of 2020, maybe people were being quiet about that affiliation for a while. I then got just very lucky.
The Big Picture
JULY 31, 2023
HOFFMAN: You know, go back to early 2020, I mean, every beat was a COVID beat pretty quickly too, right? HOFFMAN: You know, I start the book kind of in earnest at Davos 2020, which will to me just go down as like the most absurd gathering of human beings in history. ” This is the end of January of 2020. RITHOLTZ: Right.
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