Brown Advisory

JANUARY 17, 2024

We all know that a 55% hit rate is the top decile across the industry, and the maths above demonstrates why. Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). nor on valuation and IRR in order to avoid type 1 errors of inclusion. Good process, bad outcome.

Investing 52

Investing Investments Portfolio Accounting 52

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. 2020 was a huge year. You know, we had a really good 2020. RITHOLTZ: That makes a lot of sense.

Clients 162

Clients Investing Investments Management 162

The Big Picture

AUGUST 15, 2023

SEIDES: But market returns across — RITHOLTZ: The past decade, 2010 to 2020, we were what? RITHOLTZ: So hold the duration risk aside with those two, but just for an investor in treasuries, I know you’ve done the math before. What’s the valuation? RITHOLTZ: Oh no, it’s much worse. SEIDES: It’s lower.

Management 130

Management Investing Investments Government 130

The Big Picture

SEPTEMBER 19, 2022

So along those lines, there are some venture firms that don’t really seem to care a lot about valuations and others seem to focus on a little bit. Is valuation significant, or is it, hey, we’re going to make 100 investments and if two or three workout, the valuations are irrelevant? How do you fall in that spectrum?

Valuation 305

Valuation Investing Investments Food 305

The Big Picture

SEPTEMBER 10, 2024

He has a very interesting approach to thinking about market valuations and strategies and when to deploy capital, when to go with the crowd, when to lean against the crowd, and has amassed and excellent track record. Second part of our framework is valuation fundamental work. Well, that means valuations are probably too high.

Valuation 162

Valuation Clients Investing Investments 162

The Big Picture

FEBRUARY 17, 2025

And I did a lot of options math, which I thought was interesting. 00:15:06 [Speaker Changed] But hindsight’s 2020. That is not being reflected in valuations from a top down standpoint. One is, if you think about EM, equity valuations versus the s and p, the EM index is trading at, you know, 10 to 11 times forward pe.

Investments 147

Investments Investing Economics Marketing 147

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. We built a company that was focused on valuation, initially, actually targeting corporate strategic planning departments.

Assets 173

Assets Management Portfolio Marketing 173

The Big Picture

AUGUST 29, 2023

DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: So let’s talk about that, because that gap in valuation has persisted for a long time. How durable is that shift, given how large that gap has gotten in valuation between US stocks and the rest of the developed world?

Portfolio 130

Portfolio Investing Investments Numbers 130

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.

Assets 299

Assets Clients Investing Investments 299

The Big Picture

JANUARY 21, 2025

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. I did it during the coronavirus collapse in 2020, and I did it again in 2022. They will earn that market return less, whatever they’re paying.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

JUNE 18, 2024

I got the sense that, so Churnin takes 51% for a fairly modest valuation, 10 or $15 million. Three subsequent sales in 2020. That, that gives Barstool a half a billion dollar valuation. 00:40:26 [Speaker Changed] They, they know, they know math, they know math. And that was really the end of that.

Media 147

Media Food Advertising Investing 147

The Big Picture

OCTOBER 21, 2024

I’m good at math and science and you know, I always had an idea what go into business, but I felt that electrical engineering would be a good foundation. You know, I, it always, I I see different numbers all the time, so it’s always kinda like, who’s math if you will? 00:02:16 [Speaker Changed] Me too.

Numbers 147

Numbers Banking Investing Investments 147

The Big Picture

DECEMBER 12, 2023

And I was a math nerd as a kid. 00:44:11 [Speaker Changed] Kathy would may have her own valuation, so, but I can’t replicate it myself. Why is there such a spread between US domestic and overseas companies in terms of you’re a value investor in terms of straight up valuation?

Management 264

Management Investing Investments Retail 264

The Big Picture

MAY 6, 2025

Sander Gerber : Well, actually I was good at math. You thrived in oh 7, 0 8 and nine, you were notably up in years where most people were down again, in Q1 of 2020, you guys did really well. Because if you don’t include every single data point, then in the matrix math you have a divide by zero issue.

Risk Management 147

Risk Management Banking Portfolio Distribution 147

The Big Picture

FEBRUARY 13, 2023

Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. My favorite stat from 2020, from the lows in March till the end of the year, the equity markets gained 68 percent. How are we doing in literacy versus math versus science? Where are we?

Economy 147

Economy Numbers Marketing Marketing 147

The Big Picture

MAY 21, 2024

I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. What, what was your experience during the first quarter of 2020 during the pandemic s and p down 34%. What was the career plan?

Numbers 147

Numbers Banking Management Marketing 147

The Big Picture

MARCH 21, 2023

But plenty of valuation measures, it has no applicability for price-to-sales. And caring about price versus anything, even if it were immune to intangibles, was not a very good thing until late 2020, since the GFC, so about 11 years. My mom was a math teacher so — RITHOLTZ: Okay. It can apply to earnings. ASNESS: Yeah.

Valuation 173

Valuation Investing Investments Numbers 173

The Big Picture

NOVEMBER 25, 2024

And I, and I really like the application of math and statistics and computer science to markets. You learn the math that can help you with, with market making operations. It’s just not smart on a math basis to do that. And are you saying the recession in 2020 is similar to recession in the 1950s?

Portfolio 147

Portfolio Management Marketing Marketing 147

The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Is it about the valuation? Back then I was Wallstrip was like a 400K valuation. RITHOLTZ: Valuation didn’t make much of a difference.

Media 290

Media Investing Investments Valuation 290

The Big Picture

OCTOBER 31, 2022

Then we have, you know, 2020, 2021, another — oh, not quite 25 years, but 22 years. SCHWARTZ: May of 2020. You were saying this in early 2020. And as you know, I said the increase of the money supply in 2020 was the greatest in history. Now, they grew at 25% in 2020 and about 18% in 2021. Some did better.

Numbers 147

Numbers Investing Investments Marketing 147

The Big Picture

JUNE 3, 2024

Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not. The, the math came easier. And I really hated physics, really. It’s so true.

Math 147

Math Marketing Marketing Engineering 147