The Big Picture

OCTOBER 31, 2023

And so our initial thrust was what our first hedge fund called Bay Pond, which is a financial services hedge fund, started by Nick Adams back in 1994, which will, I guess be celebrating its 30th anniversary next year. Post money valuations until the market has changed dramatically. So you definitely got that right.

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Brown Advisory

JUNE 1, 2023

This is achieved by investing in a concentrated portfolio of companies that, according to our analysis, generate durable levels of free cash flow, exhibit capital discipline and have attractive valuations. The number of ESG-focused funds has mushroomed to meet investor demand. Numbers may not total due to rounding.

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Brown Advisory

OCTOBER 18, 2019

This fact is on the minds of a growing number of investors today who are concerned about the market’s direction. We know that equity valuations in the U.S. CURRENT VALUATION PREMIUMS, S&P 500 INDEX Metric Most Recent Long-Term Average Premium vs. Average Timeframe Trailing P/E 19.4 17% 3/31/1954- 9/30/2019 Price/Book Value 3.4

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Brown Advisory

OCTOBER 18, 2019

This fact is on the minds of a growing number of investors today who are concerned about the market’s direction. We know that equity valuations in the U.S. CURRENT VALUATION PREMIUMS, S&P 500 INDEX. Please see the end of the article for a complete list of terms and definitions. Most Recent. Long-Term Average. 3/31/1954-.

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Brown Advisory

APRIL 18, 2018

Balancing Act | For Good Measure: How We Value Global Leaders achen Wed, 04/18/2018 - 11:03 Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio.

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Brown Advisory

APRIL 18, 2018

Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio. This makes ratios like the P/E ratio dangerous as a valuation tool. Wed, 04/18/2018 - 11:03.

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Brown Advisory

MARCH 30, 2018

However, alongside these positive fundamental trends we also see potential causes for concern—valuation risk, to be sure, but also macroeconomic and geopolitical risks. Upside risk” that stock valuations shift even higher. BLOOMBERG, is a trademark and service mark of Bloomberg Finance L.P., China’s “credit bubble” bursts.

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Indigo Marketing Agency

OCTOBER 25, 2019

Have you seen the most recent numbers on adviser growth by asset category? CA: I don’t think I’ve seen those numbers. The numbers, the flow… As you went up in size, the 10 million and under were going backwards quickly. What kind of valuations are you seeing? Let me take a step back. CA: Right.

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Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. Source: BLOOMBERG. It is not representative of an actual portfolio.

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Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. Muted Expectations. Source: BLOOMBERG.

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Assets Portfolio Risk Tolerance Asset Allocation 52

The Big Picture

AUGUST 15, 2023

RITHOLTZ: The whole pre-financial crisis decade or two, hedge funds crushed-crushed it. Or at least the top, pick a number, 30, 40%. I don’t remember the number. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. Less, 20, 30%?

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The Big Picture

SEPTEMBER 5, 2023

And I literally put the entire Schedule A, which is the pricing square footage unit numbers in a Hewlett Packard 41B using bit mapping. And we’d sort of turn that into a valuation business. Everybody knew the number but the appraiser. What are the, you know, I’d literally have it in my handheld. Just keep it fair.

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Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Definitions of indices used are below. Catherine D.

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Assets Economics Investing Investments 52

Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Definitions of indices used are below. Catherine D.

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Assets Economics Investing Investments 52

Brown Advisory

JULY 1, 2016

Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities. One can argue that today’s low interest rates merit even higher valuations, but there’s no disputing that the increase in price/earnings ratios has been an important driver of stocks since the lows of the early 1980s.

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Brown Advisory

JULY 1, 2016

Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities. One can argue that today’s low interest rates merit even higher valuations, but there’s no disputing that the increase in price/earnings ratios has been an important driver of stocks since the lows of the early 1980s.

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Brown Advisory

MARCH 13, 2018

Investment Perspectives | Corrections jsayo Tue, 03/13/2018 - 12:38 The abrupt stock market downturn in February was “officially” a market correction, according to the conventional definition (a market decline of more than 10%). Further, the rate of increase in wages has picked up, suggesting that consumer spending will continue to grow.

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Brown Advisory

MARCH 13, 2018

The abrupt stock market downturn in February was “officially” a market correction, according to the conventional definition (a market decline of more than 10%). Our research contacts with a large number of companies in client portfolios tend to confirm that demand growth remains very much intact. Investment Perspectives | Corrections.

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The Big Picture

JUNE 13, 2023

You know, that’s one thing in Europe where London was, I actually think, still remains the one place where you want to get exposure when you join financial services. But New York is definitely its own creature. I mean the valuation is the future cash flow discounted at a risk-free rate plus a risk premium.

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The Big Picture

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. they definitely did that. Valuations go up and you saw it, of course, in the late ‘90s, in the tech sector. You saw it in the financial services sector.

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The Big Picture

FEBRUARY 28, 2023

You sit on the board of directors on a number of portfolio companies. And this isn’t dissimilar from what’s happened in prior eras within the financial services sector. And then the related question is, how dependent are private markets on public market valuations? You do see some big valuations there.

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The Big Picture

MAY 21, 2024

And meanwhile, I was doing, you know, I was working at this financial services company and I was really interested in what they were doing. It’s kind of a silly number, but people are going to think you’re smart or dumb based on that number. Rule number nine from Bob Farrell. That’s right.

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Brown Advisory

DECEMBER 13, 2023

Yet, at current valuations, one must consider whether other quality companies could offer more favorable risk-reward opportunities. Is the current level of premium valuation approaching “crazy”? All financial statistics and ratios are calculated using information from FactSet as of the report date unless otherwise noted.

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The Big Picture

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

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The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. Uh, Fred said to give me your number.” ” (LAUGHTER) And he goes, and then he goes like this and tell Fred not to give up my (EXPLETIVE) phone number anymore. LINDZON: Lesson number two. And hangs up off it.

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