Brown Advisory

MAY 3, 2018

Simple math dictates that when yields rise, fixed-rate bond prices fall. The tax-exempt status of municipal bond income has helped to mitigate price erosion when rates rise, as each dollar of interest earned from a municipal bond is worth more to many buyers than a dollar of taxable income. investment-grade tax-exempt bond market.

Taxes 52

Taxes Portfolio Valuation Clients 52

Investing Caffeine

FEBRUARY 1, 2022

Math Matters. I did okay in school and was educated on many different topics, including the basic principle that math matters. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision.

Math 52

Math Assets Education Investing 52

Brown Advisory

JUNE 16, 2022

We discount each year at our 10% minimum weighted average cost of capital (WACC) and some infinite series maths gives us the basis for some rough approximations 2. By this valuation method, the portfolio cashflow duration is in the 16 to 17-years range. Maths has a long half-life and a DCF correctly done accounts for inflation.

Investing 52

Investing Investments Accounting Valuation 52

The Big Picture

NOVEMBER 21, 2023

It was about $170 million valuation. So here’s the math, Barry. If you start with a thousand and you only have an addition of $750 a year, okay, families can contribute to that, your 00:44:48 [Speaker Changed] Corporate tax free. You take it out tax free as well. They had about 10 beta customers of the product.

Investments 246

Investments Investing Startup Accounting 246

Brown Advisory

JANUARY 17, 2024

We all know that a 55% hit rate is the top decile across the industry, and the maths above demonstrates why. Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). nor on valuation and IRR in order to avoid type 1 errors of inclusion.

Investing 52

Investing Investments Portfolio Accounting 52

The Big Picture

AUGUST 15, 2023

So for a taxable investor, hedge funds generally aren’t tax efficient. And when you look at the assets that are invested, the three trillion in hedge funds, I would guess that north of 90% of that are in institutions that don’t pay taxes. It’s part of their own tax planning. What’s the valuation?

Management 130

Management Investing Investments Government 130

The Big Picture

DECEMBER 6, 2022

You have the liquidity, the tax efficiency, the transparency. And I did the math, and I think at that point in time, roughly speaking, assets in ETS were roughly just 10 percent, 12 percent of assets in mutual funds and I was pretty convinced that that number was to increase significantly.

Clients 162

Clients Investments Investing Management 162

The Big Picture

JULY 1, 2025

I took a lot of math classes. I couldn’t give up math in computer science. So of course, what the Fed will do impacts markets, impacts valuations, impacts interest rates. 00:46:16 [Speaker Changed] I mean, if you look at the, the valuations, if you look at the fundamentals, it is, it’s surprising, right?

Investments 147

Investments Investing Consulting Insurance 147

The Big Picture

AUGUST 20, 2024

00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. We built a company that was focused on valuation, initially, actually targeting corporate strategic planning departments.

Assets 173

Assets Management Portfolio Taxes 173

The Big Picture

JANUARY 21, 2025

But the numbers you can’t argue with, I mean, we all know that the brutal math of investing before costs investors collectively will earn the market return after costs. So we are talking about things in what I consider personal finance, home ownership, social security, tax management, estate planning and so on. Right, right.

Investments 147

Investments Investing Retirement Management 147

The Big Picture

AUGUST 29, 2023

Also being cognizant of the tax implications of trading activity. They like tax-free income, but they also don’t like principal losses. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: So let’s talk about that, because that gap in valuation has persisted for a long time.

Portfolio 130

Portfolio Investments Investing Numbers 130

The Big Picture

MAY 9, 2023

So how do you then go from tax and audit practice to finance and investing? So I took it upon myself to go off and took a course in bond math, took another course in derivatives and realized the underlying fundamental concepts were barely, I mean, it wasn’t even high school math in most cases. Very different fields.

Assets 299

Assets Clients Investing Investments 299

Brown Advisory

AUGUST 1, 2019

Indeed, a Roth conversion has the potential to generate greater wealth than a traditional IRA during an individual’s or couple’s lifetime, and it can play a meaningful role in providing tax advantages to heirs throughout their lifetime as well. RMDs from a traditional IRA are taxed as ordinary income.

Planning 52

Planning Distribution Taxes Accounting 52

Brown Advisory

AUGUST 1, 2019

Indeed, a Roth conversion has the potential to generate greater wealth than a traditional IRA during an individual’s or couple’s lifetime, and it can play a meaningful role in providing tax advantages to heirs throughout their lifetime as well. RMDs from a traditional IRA are taxed as ordinary income.

Planning 52

Planning Distribution Taxes Accounting 52

The Big Picture

OCTOBER 17, 2023

So I, I did a math degree at Oxford, which is more pure math. You know, pure math can be very theoretical and detached from the real world, and it’s getting worse. You don’t have to pay any tax and just let the rest ride. It’s just math stick to it over long periods of time. You give out 5%.

Investments 130

Investments Investing Clients Numbers 130

The Big Picture

OCTOBER 21, 2024

I’m good at math and science and you know, I always had an idea what go into business, but I felt that electrical engineering would be a good foundation. You know, I, it always, I I see different numbers all the time, so it’s always kinda like, who’s math if you will? He had been a tax lawyer.

Numbers 147

Numbers Banking Investments Investing 147

The Big Picture

SEPTEMBER 26, 2022

But thankfully, the next decade, things really accelerated in terms of the growth of the company and growth in the valuation, things like that. Whenever I see, you know, a groundbreaking where some giant company comes in with all these tax abatements, we start with Foxconn in Wisconsin, turned out to be a bust.

Startup 173

Startup Investments Investing Numbers 173

The Big Picture

MARCH 12, 2024

And we’ve automated the, the appraisal process for valuation, both intrinsic value, meaning like, where would we pay it, where would we buy it, and where is the fair market price that asset from that level, from price and from consumer behavior now. We’ve gathered up all the information you would need to do an appraisal.

Banking 147

Banking Marketing Marketing Investments 147

The Big Picture

MAY 21, 2024

I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. And one of the worst performing factors has been valuation. And I think that’s wrong because valuation does matter.

Numbers 147

Numbers Banking Management Marketing 147

The Big Picture

APRIL 8, 2025

And then the next step up seems to be full on wealth management, where you’re dealing with philanthropy, generational wealth transfer, a lot of bells and whistles including estate planning tax. 00:31:40 [Speaker Changed] So there’s the emotions and then there’s the math, right? 00:26:17 [Speaker Changed] Absolutely.

Asset Allocation 147

Asset Allocation Wealth Management Clients Assets 147

The Big Picture

MARCH 21, 2023

But plenty of valuation measures, it has no applicability for price-to-sales. ASNESS: Well, first of all, I’m going to somewhat disappoint you saying we do not take very big bets on views like timing asset classes based on valuation. My mom was a math teacher so — RITHOLTZ: Okay. It can apply to earnings.

Valuation 173

Valuation Investments Investing Numbers 173

The Big Picture

NOVEMBER 25, 2024

And I, and I really like the application of math and statistics and computer science to markets. You learn the math that can help you with, with market making operations. It’s just not smart on a math basis to do that. Alternatives and alternative strategies tend to be less tax efficient, more opaque.

Portfolio 147

Portfolio Management Assets Marketing 147

The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Is it about the valuation? Back then I was Wallstrip was like a 400K valuation. RITHOLTZ: Valuation didn’t make much of a difference.

Media 290

Media Investments Investing Valuation 290

The Big Picture

JUNE 3, 2024

Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not. The, the math came easier. And I really hated physics, really. It’s so true.

Math 147

Math Marketing Marketing Engineering 147