Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. large-cap managers have been able to beat the market consistently. is not particularly notable. is much clearer.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. large-cap managers have been able to beat the market consistently. is not particularly notable. is much clearer.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

SEPTEMBER 12, 2016

We look for fundamental strengths, attractive valuations and what we call Sustainable Business Advantage (SBA). Companies with SBA pursue sustainable strategies that have the potential to strengthen financial performance and increase shareholder value. “The The limited diversification from such an approach may pose risks.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

Brown Advisory

SEPTEMBER 12, 2016

We look for fundamental strengths, attractive valuations and what we call Sustainable Business Advantage (SBA). Companies with SBA pursue sustainable strategies that have the potential to strengthen financial performance and increase shareholder value. “The The limited diversification from such an approach may pose risks.

Food 52

Food Executive Compensation Portfolio Management Valuation 52

Brown Advisory

JANUARY 17, 2024

Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). Our 10/10/3 valuation framework using a 10% weighted average cost of capital is undoubtedly conservative and ends up with us missing some big opportunities as type 2 errors of omission.

Investing 52

Investing Investments Portfolio Compliance 52

Brown Advisory

NOVEMBER 28, 2017

Even if investors discard the notion of broadly timing the market, they still may have questions about staying invested in actively managed strategies during what they perceive as a risky market. Well, we believe that broader economic fundamentals are important for long-term stock valuations.

Economy 52

Economy Economics Clients Management 52

Brown Advisory

NOVEMBER 28, 2017

Even if investors discard the notion of broadly timing the market, they still may have questions about staying invested in actively managed strategies during what they perceive as a risky market. Well, we believe that broader economic fundamentals are important for long-term stock valuations.

Economy 52

Economy Economics Clients Management 52

Brown Advisory

AUGUST 14, 2023

To be clear, we would love to have more investments in any diversifying business or sector but every investment must first pass all our tests, particularly valuation. More recently, our view on valuations in health care has become more constructive as share prices have come down. It is an illuminating case study.

Investing 52

Investing Investments Portfolio Accounting 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 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. 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

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 152

Management Investing Investments Portfolio 152

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. 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

The Big Picture

MAY 9, 2023

And again, I ended up in the financial services audit practice at KPMG. One, when people have asked me to compare and contrast today versus 2007, 2008, what you hear from a lot of people is, yes, there’s some fairly heady valuations. You have to finish the three years. I finished the three years.

Assets 286

Assets Clients Investing Investments 286

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. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. small-cap stocks.

Economics 52

Economics Economy Communication Clients 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. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. small-cap stocks.

Economics 52

Economics Economy Communication Clients 52

The Big Picture

FEBRUARY 28, 2023

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? LAYTON: — some of the differences in valuation that have been out there. There are some differences.

Clients 141

Clients Investing Investments Assets 141

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 286

Valuation Education Government Numbers 286