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. Where, 00:06:25 [Speaker Changed] Where were you managing those for in 96? The more private side of the street?

Management 154

Management Investing Investments Portfolio 154

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investing 52

Investing Investments Portfolio Management 52

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investing 52

Investing Investments Portfolio Management 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. The number of ESG-focused funds has mushroomed to meet investor demand. Numbers may not total due to rounding.

Portfolio 52

Portfolio Valuation Investing Investments 52

The Big Picture

MAY 9, 2023

He is the Chief Investment Officer of Asset and Wealth Management at Goldman Sachs. He’s a member of the management committee. He co-chairs a number of the asset management investment committees. And again, I ended up in the financial services audit practice at KPMG. Could we do these businesses?

Assets 290

Assets Clients Investing Investments 290

Brown Advisory

MARCH 30, 2022

We believe that a long-term investing approach focused on businesses with strong competitive advantages, with business models that generate high return on incremental invested capital, capable and rightly incentivized management teams and attractive valuations, from a long-term investment horizon, may help investors navigate this volatility.

Investing 52

Investing Investments Marketing Marketing 52

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 Investing Investments 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 Investing Investments 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. Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. Source: BLOOMBERG.

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. Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. Muted Expectations.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

The Big Picture

FEBRUARY 28, 2023

You sit on the board of directors on a number of portfolio companies. You own them, but yet they manage themselves and you guys are involved in that. And this isn’t dissimilar from what’s happened in prior eras within the financial services sector. You do see some big valuations there.

Clients 143

Clients Investing Investments Assets 143

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 289

Valuation Education Government Numbers 289