The Big Picture

MARCH 7, 2023

She worked with George Soros, she worked with Steve Cohen at SAC Capital, and ultimately ends up joining Goldman Sachs Asset Management Group, as co-CIO, a fascinating approach to macro, very quantitatively driven and very academic research-oriented. When do you own equity? When do you own growth? When do you own growth?

Assets 164

Assets Management Portfolio Marketing 164

The Big Picture

FEBRUARY 7, 2023

It’s deeply researched, deeply reported, and really a very enjoyable read. So, I graduated from business school in 1987 and went to GE Capital for two years, financing leveraged buyouts. And I also spent a year there, working for the chief credit officer at GE Capital, learning all the different business lines at GE Capital.

Engineering 254

Engineering Banking Management Numbers 254

Harness Wealth

MAY 18, 2023

Accounting has always been a key enabler of capital markets, though rarely has it been front and center like it has in recent years, with Big 4 firms exploring IPOs and the acquisitions of top accounting firms by private equity. The large capital investments will also likely drive some investments in marketing and technology.

Taxes 52

Taxes Wealth Advisor Marketing Marketing 52

The Big Picture

DECEMBER 28, 2022

His career spans the entire modern era dating back to, you know, the Paul Volcker era, and what took place during the boom periods of the ‘80s and ‘90s, and how technology has changed the world of investing. I’m going to beat the market. This is a very unlikely proposition. ELLIS: Very close run.

Management 180

Management Investing Investments Clients 180

The Big Picture

JULY 18, 2023

 The transcript from this week’s, MiB: Tom Wagner, Knighthead Capital Management , is below. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest, Tom Wagner, co-founder and portfolio manager at Knighthead Capital. I thought this was a fascinating conversation and I think you will also.

Investing 130

Investing Investments Assets Insurance 130

The Big Picture

OCTOBER 19, 2022

RITHOLTZ: So going back to Philadelphia is not a big change to you. But at that time, it was a long time ago, I think I graduated ’93, it was more convenient to drive. RITHOLTZ: Tell us a little bit about what it was like working there, you know, pretty much before Vanguard became the behemoth we know it as today.

Financial Advisor 277

Financial Advisor Clients Taxes Investing 277

The Big Picture

NOVEMBER 22, 2022

It’s Howard Marks of Oaktree Capital. These three gentlemen said we’re lacking the ability to tap into a very rich, diverse talent pool, including historically black colleges and universities. Venture capital, private equity, just were not recruiting for those spaces. You may go to school with somebody.

Recruitment 143

Recruitment Engineering Investing Investments 143

The Big Picture

NOVEMBER 15, 2022

And if this sounds like two old friends just yammering about all sorts of market esoterica, well, that’s because it is. But he also has an incredible depth of knowledge about market structures, about what people get wrong about thinking about systems, about what we get wrong about humans, and capitalism and finance.

Management 270

Management Assets Portfolio Investing 270

The Big Picture

NOVEMBER 8, 2022

Our job was basically to give sort of strategic advice to Lazard clients, which would generate capital-raising mergers and debt financing. But I didn’t last very long there because I thought I didn’t like corporate finance. And the French partner said, “The price is right which hurts our client.” CHANCELLOR: Yes.

Banking 143

Banking Valuation Economy Investing 143

Walkner Condon Financial Advisors

MARCH 15, 2023

With the advent of fractional shares available at some custodians , improved software for tax efficient implementation, and competition driving prices lower, the perfect storm for direct indexing appears to be now. More difficult would be to replicate the S&P 500 itself, as it is market capitalization weighted.

Taxes 52

Taxes Financial Advisor Asset Allocation Portfolio 52

The Big Picture

MAY 30, 2023

And so my friend, my best friend who was very, very smart did not have good parents like I had who told me I could do anything I wanted to do and who loved me and told me, my mother, she told me she loved me every day of my life. Nobody had legit wealth. And my whole life changed and I left there. BRYANT: A tough guy.

Banking 143

Banking Economics Economy Business Planning 143

Trade Brains

MARCH 11, 2024

Apart from being an automotive dealer in brand new cars, popular vehicles also run their pre-owned car business, operate driving schools, and sell third-party financial products like Insurance. India is one of the largest auto markets in the world, with annual domestic sales of over 2 Cr. The industry employs over 1.9 3465 Cr in FY22.

Sales 59

Sales License Wealth Management Economy 59

The Big Picture

MARCH 21, 2023

Tell us a little bit about that. CLIFFORD ASNESS, CO-FOUNDER, AQR CAPITAL MANAGEMENT: Yeah, I basically discovered him. RITHOLTZ: To say the very least. So your doctoral thesis asserted that consistently beating market averages was attainable by exploiting both value and momentum. And by the way, it works very well.

Valuation 164

Valuation Investing Investments Numbers 164

The Big Picture

AUGUST 8, 2022

It turns out their business model is a little similar to the way the banking industry has managed to capture a lot of regulators and continue to operate fairly freely without this sort of regulation and capital requirements and equity requirements that would make banking safer. It was very pretty. RITHOLTZ: OK. RITHOLTZ: But?

Banking 198

Banking Government Insurance Taxes 198

The Big Picture

JANUARY 31, 2023

Neil Dutta has been doing economic analysis and research from a market-based perspective for over 20 years. I found this to be just an absolutely fascinating discussion about how to best contextualize the world of economic data around you, in a way that’s useful for you as an investor. With no further ado, RenMac’s Neil Dutta.

Economics 143

Economics Economy Marketing Marketing 143

The Big Picture

APRIL 25, 2023

Now, full disclosure, Ritholtz Wealth Management has been around a decade. HAMBURGER: — used to come out all the time? RITHOLTZ: What did grandma do that she had such market savvy back in the 90s? RITHOLTZ: The Bureau of Business Prevention is how the retail brokers used to describe compliance. She loved stocks.

Compliance 154

Compliance Clients Wealth Management Management 154

The Big Picture

JULY 4, 2023

And I just thought that was like, that was a very cool, unique set of skills that she embodied and was able to capitalize upon. So I was very conscious of not coming with a lot of experience. And Goldman, very transaction driven in helping people to get from one side to the next, not just giving them advice.

Management 143

Management Recruitment Numbers Banking 143

The Big Picture

SEPTEMBER 26, 2022

He basically set up a foundation, joined The Giving Pledge, and became very active in both policy and entrepreneurship. He was instrumental in getting a number of very positive policy actions passed over the past decade. There was no venture capital, you know, there. We had to raise money from other places. They joined in 1983.

Startup 164

Startup Investing Investments Numbers 164

Brown Advisory

JULY 31, 2018

Toll Collection ajackson Tue, 07/31/2018 - 08:00 The Flexible Equity Strategy’s Maneesh Bajaj discusses the power of “tollbooth” business models and how they fit into the strategy’s overall philosophy of seeking out durable companies with attractive economics. Source: FactSet. Returns greater than one year are annualized.

Insurance 52

Insurance Electronics Medical Financial Services 52

Brown Advisory

JULY 31, 2018

The Flexible Equity Strategy’s Maneesh Bajaj discusses the power of “tollbooth” business models and how they fit into the strategy’s overall philosophy of seeking out durable companies with attractive economics. Most of us experience tollbooths (or the modern automated equivalents) as a simple, unavoidable fact of life.

Insurance 52

Insurance Electronics Medical Financial Services 52

The Big Picture

MAY 2, 2023

I was working at UBS in wealth management. CLYMER: So actually, when I used to visit here, your systems used to pull up the original photograph ever taken of me as a guest, and it was me at 24 years old. I literally wrote down “What was the inspiration for using the Czech word for watch.” RITHOLTZ: Oh, really?

Retail 164

Retail Insurance Advertising Numbers 164

The Big Picture

AUGUST 29, 2022

But I find those to be some of the best conversations because there’s no pretense, there’s no marketing, it’s just people talking about things that genuinely interest them. What — what led to an interest in money and markets? It was a really — I mean, honestly, very unglamorous manual labor-type job. BALCHUNAS: Yes.

Assets 164

Assets Management Marketing Marketing 164

SEI

SEPTEMBER 17, 2022

Rajiv Bhatia: Historically, margin expansion has proved kind of elusive in this segment since your investment in the SEI wealth platform. So when you look at the company as a whole, a substantial portion of our revenue is related to wealth management processing or occurring on SWP. So we've been looking at the total addressable market.

Clients 49

Clients Assets Banking Planning 49

Brown Advisory

NOVEMBER 20, 2018

Investment Perspectives | Diversification ajackson Tue, 11/20/2018 - 08:45 Last month’s sudden stock market “correction” serves as a vivid reminder that prices can move down at least as easily as they move up. The market’s recent action has heightened these and other concerns.

Investing 52

Investing Investments Assets Portfolio 52

Brown Advisory

NOVEMBER 20, 2018

Last month’s sudden stock market “correction” serves as a vivid reminder that prices can move down at least as easily as they move up. Along with achieving strong long-term returns, protecting our clients’ capital is a critically important part of our challenge as investment advisors. Investment Perspectives | Diversification.

Investing 52

Investing Investments Assets Portfolio 52

Brown Advisory

JANUARY 1, 2023

War, inflation, recession, deglobalisation, decoupling, strikes, crypto-crash and energy (crisis) all featured but for us the overriding focus for 2022 was valuation. All these companies have market shares placing them in the top three in their field globally and fundamentally help their customers to achieve their goals.

Investing 52

Investing Investments Valuation Clients 52

Brown Advisory

OCTOBER 16, 2017

Concentration—A Double-Edged Sword Our firm has always believed in the value of concentrated investment—in other words, in the merits of putting our clients’ capital behind a select set of high-conviction ideas. This is a central question driving this publication and a critical factor for many of our clients who hold concentrated positions.

Investment Planning 52

Investment Planning Planning Investing Investments 52

Brown Advisory

OCTOBER 16, 2017

Our firm has always believed in the value of concentrated investment—in other words, in the merits of putting our clients’ capital behind a select set of high-conviction ideas. This is a central question driving this publication and a critical factor for many of our clients who hold concentrated positions.

Investment Planning 52

Investment Planning Planning Investing Investments 52

Brown Advisory

SEPTEMBER 22, 2017

ESG and the Stock-­Picker’s Dilemma achen Fri, 09/22/2017 - 12:58 One of the greatest challenges that public equities investors face to integrating environmental, social, and governance (ESG) data into their decision making is the lack of proof that real – not hypothetical – investment strategies can use ESG factors to enhance performance.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

One of the greatest challenges that public equities investors face to integrating environmental, social, and governance (ESG) data into their decision making is the lack of proof that real – not hypothetical – investment strategies can use ESG factors to enhance performance. ESG and the Stock-­Picker’s Dilemma. Fri, 09/22/2017 - 12:58.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

JUNE 14, 2018

On the Social and Environmental Factors That Are Driving Business and Investing Race, gender, political and identity schisms are roiling our society to an extent not seen since the civil rights era. In many cases, mission drives passion, and this passion can be a powerful force for startups in their initial push to get off the ground.

Investing 52

Investing Investments Clients Numbers 52

Brown Advisory

JUNE 14, 2018

On the Social and Environmental Factors That Are Driving Business and Investing. In many cases, mission drives passion, and this passion can be a powerful force for startups in their initial push to get off the ground. This drives their people, the information they offer, the community they’ve built.

Investing 52

Investing Investments Clients Numbers 52

Brown Advisory

MAY 16, 2016

Shareholders and investment analysts pose questions to Warren Buffett and his longtime business partner, Charlie Munger, in two 2 1/2-hour sessions covering about 60 questions. Berkshire Hathaway is one of the larger holdings in the Brown Advisory Flexible Equity Fund. The format of the meeting is question and answer. for the S&P® 500.

Insurance 52

Insurance Investing Investments Banking 52