Dear Mr. Market

MARCH 11, 2023

IBM loses to QCOM based on valuation. MSFT’s search engine Bing just reached 100 million daily active users after its ChatGPT adoption. This is a very promising company and although it flies below most radars, is a bit frothy in valuation, it beats its peers in almost every other profit metric there is.

Investing 105

Investing Investments Portfolio Assets 105

The Big Picture

AUGUST 29, 2023

DAVIS: It’s a long story, but originally I went to school for engineering. Got to school, realized that I wasn’t very good at mechanical drawing, which is a big part of aerospace engineering curriculum. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: Right.

Portfolio 130

Portfolio Investing Investments Numbers 130

The Big Picture

MARCH 5, 2024

So they’d give individual asset allocation to people and they’d go invest their money. What happened over the last year and a half or so is rates went up and valuations went down. So it has a lot of parallels to the way we think about asset allocation at Magnetar. Sarah Livesey is my audio engineer.

Banking 147

Banking Portfolio Assets Investments 147

The Big Picture

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. It pushes valuations higher over time. 00:04:02 That’s what value add software was originally.

Assets 173

Assets Management Portfolio Marketing 173

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. My audio engineer is John Wasserman. I did it during the coronavirus collapse in 2020, and I did it again in 2022. I’m Barry Ritholtz.

Investing 147

Investing Investments Management Retirement 147

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

JUNE 13, 2023

And so we go back to the basics of what our job should be, risk underwriting, risk assessment, asset prices are different from asset valuation. I mean the valuation is the future cash flow discounted at a risk-free rate plus a risk premium. RITHOLTZ: (LAUGHTER) CHABRAN: And find a reason why they would allocate there.

Banking 147

Banking Assets Investments Investing 147

The Big Picture

MARCH 12, 2024

They’re asset allocation model driven folks. And we’ve automated the, the appraisal process for valuation, both intrinsic value, meaning like, where would we pay it, where would we buy it, and where is the fair market price that asset from that level, from price and from consumer behavior now. I’m Barry.

Banking 147

Banking Marketing Marketing Investments 147

The Big Picture

APRIL 8, 2025

She was CIO at Merrill Lynch Asset Management, and now CIO at both Morgan Stanley Wealth Management and runs their asset allocation models and their outsourced chief investment officer models. 00:20:56 [Speaker Changed] So, so let’s talk a little bit about what goes into managing a hundred plus billion dollars in assets.

Asset Allocation 147

Asset Allocation Wealth Management Clients Assets 147

The Big Picture

APRIL 7, 2025

CNN ) How Has Private Credit Affected Valuations Across Debt Markets? Institutional Investor ) I Quit Google Search for AIand Im Not Going Back : Ads and search-optimized junk made a mess of the go-to engine. CIO ) Who Will Be the Next Larry Fink? Now ChatGPT, Perplexity, Claudeand even Googles own AIdo it better. Every single one.

Budgeting 208

Budgeting Asset Allocation Wealth Management Engineering 208

The Big Picture

MAY 21, 2024

00:01:58 [Savita Subramanian] Well, I started out as an electrical engineering computer science major. 00:03:00 [Speaker Changed] I read a quote from you way back when you said your parents were pushing you to be either an engineer or a doctor. My dad was an engineer and my mom was a software person, so Oh, really?

Numbers 147

Numbers Management Banking Marketing 147

The Big Picture

JANUARY 27, 2025

The parent company handles all the asset liability management side of things. They give us asset allocations, we go ahead and and and and invest those dollars. 00:32:17 But it’s, it is, it creates a, an interesting opportunity in different asset classes to refine excess returns. John Wasserman is my audio engineer.

Assets 147

Assets Insurance Investments Investing 147

The Big Picture

MARCH 26, 2024

He wasn’t tactical asset allocator. It’s about long-term planning and strategic asset allocation and, and just understanding how markets work and how behavior comes into the mix. It’s money that represents the cash needs or the, the, the liquidity side of, of asset allocation.

Marketing 147

Marketing Marketing Investing Investments 147

The Big Picture

MARCH 14, 2023

He launched his own firm right into the teeth of the collapse in ’09, which turned out to be quite a fortuitous time to launch an asset management shop. Everybody wants to sell a company when they get a good valuation. Obviously, profits, very important to company valuation — BERNSTEIN: Absolutely. BERNSTEIN: Correct.

Economy 162

Economy Investing Investments Portfolio 162

The Big Picture

NOVEMBER 25, 2024

And I taught myself to program when I was 12 and all throughout late middle school and high school, I was programming games for my Game boy and developing game engines for the computer. But man, firing 80% of the engineers and leaving a a, you know, a, a smoking hulk behind. Corey Hoffstein : I did. It’s a bit of a mouthful.

Portfolio 147

Portfolio Management Marketing Marketing 147

The Big Picture

JUNE 3, 2024

Undergraduate applied mathematics, master’s degree in financial engineering, a little bit of, of teaching. So how Barry Ritholtz : Do you go from a PhD program to financial engineering masters? They ended up going back to a school in LA called Claremont, and they had a financial engineering program there.

Math 147

Math Marketing Marketing Engineering 147