The Big Picture

JULY 19, 2022

So, first, I found the book to be quite fascinating, very in depth and you managed to take some of the more technical arcana and make it very understandable. You began as a central bank portfolio manager in Finland. So, that relationship actually already started when I was a portfolio manager, right? ILMANEN: Yes.

Investments 130

Investments Investing Valuation Portfolio 130

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.

Valuation 52

Valuation Portfolio Investments Investing 52

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.

Valuation 52

Valuation Portfolio Investments Investing 52

The Big Picture

OCTOBER 31, 2023

And, and definitely more emphasis on the, the types of investments the fund is, is making. , Barry Ritholtz: Michael Carmen: 00:05:59 [Speaker Changed] So you started out investing directly in the public markets, small cap, mid cap, various styles. Where, 00:06:25 [Speaker Changed] Where were you managing those for in 96?

Management 162

Management Investments Investing Portfolio 162

Brown Advisory

JUNE 3, 2015

equity market: A comparatively quick interest rate increase counteracts the benefit from stronger economic growth, impairing profitability and valuations. Concern about future economic growth undermines valuations. equities in many client portfolios for the past four years. Impact on U.S. Impact on U.S. Impact on U.S.

Valuation 52

Valuation Economy Banking Economics 52

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. They have been chosen for their capital discipline and durable fundamental cash flow, together with an attractive valuation.

Portfolio 52

Portfolio Valuation Investing Investments 52

Brown Advisory

SEPTEMBER 3, 2015

Still, we believe that attractive opportunities for fundamental, bottom-up investing endure in China S and Asia’s other emerging markets, where valuations are more attractive than for equities in the developed world like the U.S. By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy; Priyanka Agnihotri, Equity Research Analyst.

Insurance 52

Insurance Portfolio Management Clients Government 52

The Big Picture

FEBRUARY 12, 2024

And then in, in an investment, what can you infer, you know, how did management’s tone sound when they were on the conference call? Or if you’re doing research in the field, like what can you find in the field that’s not definitive, but what can you induce from individual facts that lead you to a conclusion?

Management 294

Management Investments Investing Economy 294

Brown Advisory

SEPTEMBER 22, 2017

Many studies have asked whether ESG metrics are statistically significant as a factor in market or portfolio returns. Defining the question in this way is appealing: it demands a definitive yes-or-no answer. There are many challenges to finding definitive causality between ESG data and financial performance. Hammond, and W.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

Many studies have asked whether ESG metrics are statistically significant as a factor in market or portfolio returns. Defining the question in this way is appealing: it demands a definitive yes-or-no answer. There are many challenges to finding definitive causality between ESG data and financial performance. References.

Portfolio 52

Portfolio Investing Investments Management 52

Bell Investment Advisors

MAY 24, 2024

On Friday, May 24 th at 12pm Pacific time, Investment Advisor & Financial Planner Laurent Harrison, CFP® joined Bell Portfolio Manager Ryan Kelley, CFA® for an engaging discussion of the following topics: Stock & Bond Market Commentary Global Economic Update Inflation Concerns & the Federal Reserve Are Stocks Expensive?

Marketing 52

Marketing Marketing Economy Financial Planner 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. Terms and definitions: Price-to-Sales Ratio is the ratio of the price per share of a company’s stock compared to its past 12 months sales. small-cap stocks. versus 1.9

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. Terms and definitions: Price-to-Sales Ratio is the ratio of the price per share of a company’s stock compared to its past 12 months sales. small-cap stocks. versus 1.9

Economics 52

Economics Economy Communication Banking 52

The Big Picture

FEBRUARY 28, 2023

And then the related question is, how dependent are private markets on public market valuations? LAYTON: — some of the differences in valuation that have been out there. You do see some big valuations there. And I know there may not be any definitive answer. There are some differences. What’s your theory here?

Investments 147

Investments Investing Clients Assets 147

Brown Advisory

AUGUST 14, 2023

Performance figures may vary from actual portfolio performance, as calculations are based on end-of-day security prices and do not incorporate the actual cost basis or sale price of individual securities. Please see the end of this letter for a GIPS Report, important disclosures and a complete list of terms and definitions.

Investing 52

Investing Investments Portfolio Accounting 52

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. It is not representative of an actual portfolio. When investing in alternatives, we seek long-term partnerships with portfolio managers and teams that possess specific talent and skill.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

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. It is not representative of an actual portfolio. When investing in alternatives, we seek long-term partnerships with portfolio managers and teams that possess specific talent and skill.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Bell Investment Advisors

JUNE 29, 2023

I’m joined here today by Ryan Kelley, Lead Portfolio Manager and Research Analyst for Bell. They managed to put out the fire. I’m not the one who ever will say that the fires have been put out and the problem is definitely behind us. 0:17 Ryan Kelley: Thanks. Happy to be here. 0:20 Laurent Harrison: Great.

Marketing 52

Marketing Marketing Banking Numbers 52

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. Definitely 00:07:32 [Speaker Changed] True. 00:07:28 [Speaker Changed] Hey, listen, smart is good.

Assets 173

Assets Management Portfolio Marketing 173

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. DAVIS: We definitely saw a number of clients who started embracing money markets.

Portfolio 130

Portfolio Investments Investing Numbers 130

The Big Picture

OCTOBER 24, 2022

She has a fascinating career, starting a PLS working away up as an analyst and eventually, head of outcome-based strategies for Morningstar, eventually rising from that position and portfolio manager to Chief Investment Officer. And how do we think about them from a valuation perspective? NORTON: Yeah. NORTON: Yeah.

Portfolio 130

Portfolio Management Assets Investments 130

The Big Picture

MARCH 25, 2025

Valuations tended to crash and burn very, very cheap valuations tended to do well. It was, we wanted to have the absolute best software for the way we managed money. And so we put on a pretty significant developer team that had background in portfolio management. Right, right. Very, very high. This is key.

Management 147

Management Numbers Investments Investing 147

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. People definitely seem to be happier to give away money now. 01:04:39 [Speaker Changed] I think it was the Journal of Portfolio Management.

Investments 147

Investments Investing Management Retirement 147

The Big Picture

OCTOBER 8, 2024

And I think what I’m trying to imply is there’s a lot of informational value that’s already held within the valuations where these equities are trading that you can calculate, you know, a sense of the implied market probability of success for an opportunity for a company. There, 00:10:35 [Speaker Changed] There is.

Healthcare 147

Healthcare Medicine Portfolio Investing 147

The Big Picture

DECEMBER 12, 2023

I, I can say that definitely works, but it doesn’t work for me. 00:44:11 [Speaker Changed] Kathy would may have her own valuation, so, but I can’t replicate it myself. So you could definitely bury that. So, so you set to retire as portfolio manager this year, you mentioned your two successors.

Management 264

Management Investments Investing Retail 264

The Big Picture

SEPTEMBER 26, 2023

So, you know, we are macro aware that definitely I think tips the scale in some ways in terms of, you know, is there a bigger investment opportunity coming or a smaller investment opportunity coming. And if they don’t, we’re happy to own them at the valuation that we are creating that company act.

Banking 130

Banking Investments Investing Clients 130

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?

Valuation 298

Valuation Education Numbers Government 298

The Big Picture

JANUARY 27, 2025

He worked as a, essentially a high yield portfolio manager before going to the president and then CEO of the company. So he has seen the world of private investing from both sides, both as, as an investor and as part of the management team. I think that’s, that’s definitely gonna continue to be the trend.

Assets 147

Assets Insurance Investments Investing 147

The Big Picture

MAY 21, 2024

So, so you’re, you’re definitely channeling a little Farrell. And one of the worst performing factors has been valuation. And I think that’s wrong because valuation does matter. You know, it matters over a longer time period than maybe just the next day or two 00:30:10 [Speaker Changed] Valuation matters.

Numbers 147

Numbers Management Banking Marketing 147

The Big Picture

MARCH 26, 2024

00:09:37 [Speaker Changed] So again, I was on the avatar side of this y avatar broader organization, which was institutional money management, managing money for a lot of large corporate plans and foundations and endowments. And I was a portfolio manager, so I was doing bottom up research and picking stocks.

Marketing 147

Marketing Marketing Investments Investing 147

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. It definitely does. Of course, almost by definition, people want the darlings. Program didn’t feel right. ASNESS: Yeah.

Valuation 173

Valuation Investments Investing Numbers 173

The Big Picture

MARCH 14, 2023

Everybody wants to sell a company when they get a good valuation. If you worked hard and you did well, you were definitely rewarded at a place like Merrill. RITHOLTZ: There was some definite expectations — BERNSTEIN: Yeah. Obviously, profits, very important to company valuation — BERNSTEIN: Absolutely.

Economy 162

Economy Investments Investing Portfolio 162

The Big Picture

APRIL 8, 2025

So, yeah, so fantastic memory, Barry, because that has been transformational as you know, indexing tax management, direct indexing, or the ability to customize our, you know, all demands and, and it’s a tech, it’s a very tech heavy business. It is, you know, definitely diamonds in the rough that we got.

Asset Allocation 147

Asset Allocation Wealth Management Clients Assets 147

The Big Picture

FEBRUARY 17, 2025

So to me that was the definition of uncorrelated asset. So we use the MSCI benchmark definition. So South Korea for the MSCI definition is emerging. That is not being reflected in valuations from a top down standpoint. But key valuations are necessary but not sufficient condition for an opportunity to be attractive.

Investments 147

Investments Investing Economics Management 147

The Big Picture

DECEMBER 17, 2024

Barry Ritholtz : This week on the podcast, another extra special guest, Tony Kim, is managing director at BlackRock, where he heads the fundamental equity technology group helping to oversee all of the active technology investments BlackRock makes. I must have worked for 30, 40 portfolio managers across four, four or five investment firms.

Engineering 130

Engineering Numbers Investments Investing 130

The Big Picture

NOVEMBER 25, 2024

Yeah, 00:10:11 [Speaker Changed] That’ll, that’ll definitely wake, 00:10:12 [Speaker Changed] Wake you the ice you up coffee. 00:13:10 [Speaker Changed] Well, now, now definitely not keen on it. First, give us a quick definition of isolating beta and alpha. That’ll wake you up. Go right to the subpoena.

Portfolio 147

Portfolio Management Marketing Marketing 147

The Big Picture

JUNE 3, 2024

I don’t have to read, you know, hundreds of pages of a novel, but very quickly I learned that you, you definitely have to read day in, day out. So, so definitely, you know, again, that’s just being young and naive as well. He was not a kid at the time too, but he definitely had gravitas around the firm. Yeah, yeah.

Math 147

Math Marketing Marketing Engineering 147