Brown Advisory

JANUARY 1, 2023

Download it here > Dear Fellow Investors, If we had to sum up 2022 in one word it would be valuation. War, inflation, recession, deglobalisation, decoupling, strikes, crypto-crash and energy (crisis) all featured but for us the overriding focus for 2022 was valuation. which was greater than our -1.1% relative underperformance.

Investing 52

Investing Investments Valuation Clients 52

Brown Advisory

AUGUST 14, 2023

We have twice seen British Sterling spike up as a factor risk on one-off non-repeatable issues: Brexit in 2016 and the mini-budget fiasco in 2022. To be clear, we would love to have more investments in any diversifying business or sector but every investment must first pass all our tests, particularly valuation.

Investing 52

Investing Investments Portfolio Accounting 52

Brown Advisory

JUNE 12, 2017

It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance or have budgets at the parent company, though many of the subsidiaries do. All the big brokerage firms have large compliance departments, and they should. Berkshire is unusual among public companies. Berkshire has an advantage when that happens.

Investing 52

Investing Investments Ethics Taxes 52

Brown Advisory

JUNE 12, 2017

It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance or have budgets at the parent company, though many of the subsidiaries do. All the big brokerage firms have large compliance departments, and they should. Berkshire is unusual among public companies. Berkshire has an advantage when that happens.

Investing 52

Investing Investments Ethics Taxes 52

The Big Picture

AUGUST 15, 2023

Let me say what your compliance wouldn’t allow you to say. And what’s their budget like a fraction of it, right? What’s the valuation? SEIDES: It’s mostly that and it goes to what you said, which is I love having these conversations and have never advertised on the podcast. RITHOLTZ: Right.

Management 130

Management Investing Investments Government 130

The Big Picture

MARCH 21, 2023

Everything was the same except, Chicago had in its budget to give me money for airfare to go visit. ASNESS: Well, I was striving for uncorrelated, but then the compliance officer in my head is saying sometimes it doesn’t come out to zero all the time. But plenty of valuation measures, it has no applicability for price-to-sales.

Valuation 164

Valuation Investing Investments Numbers 164