Brown Advisory

DECEMBER 18, 2017

These efforts to achieve informational advantage are broadly referred to as “bottom-up investing” due to their focus on primary information gathering and ground-level analysis. Investigative Research Process: Receive assignment from a portfolio manager or sector analyst. Emily Dwyer.

Portfolio Management 52

Portfolio Management Portfolio Management Clients 52

ClearMoney

NOVEMBER 4, 2021

As with many things in life, the truth is somewhere between the extremes: While both simulated and real-world data suggest momentum may not be suitable as a driver of long-term asset allocations, we believe momentum considerations can be integrated in a cost-effective way to help inform daily portfolio management decisions.

Asset Allocation 52

Asset Allocation Commission Portfolio Assets 52

The Big Picture

OCTOBER 31, 2023

And so to your point, I was a public portfolio manager, started as a tech analyst and made my way to associate portfolio manager and then began managing public portfolios in 1996. 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 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 Clients Investing 52

Brown Advisory

OCTOBER 16, 2017

Working in close collaboration, our equity research team and private client portfolio managers have opened a new frontier in portfolio building, enabling us to offer truly customized portfolios that fit our clients’ specific circumstances. Has the stock tended to move up or down in tandem with the financial sector?

Portfolio 52

Portfolio Clients Risk Tolerance Taxes 52

Brown Advisory

OCTOBER 16, 2017

Working in close collaboration, our equity research team and private client portfolio managers have opened a new frontier in portfolio building, enabling us to offer truly customized portfolios that fit our clients’ specific circumstances. Has the stock tended to move up or down in tandem with the financial sector?

Portfolio 52

Portfolio Clients Risk Tolerance Taxes 52

The Big Picture

DECEMBER 6, 2022

But when you factor in, you know, legal costs, compliance, portfolio management, trading, there is a lot that goes into launching an ETF. So when market participants or investors don’t know exactly how to categorize an ETF, they automatically refer to ETF as a thematic ETF. BERRUGA: Yeah.

Clients 154

Clients Investing Investments Management 154

Brown Advisory

MAY 25, 2017

Probability of default (“PD”) refers to the likelihood that an issuer under stress would fail to meet its debt obligations or breach its covenants, prompting a bankruptcy filing. Loss given default (“LGD”) refers to the likely percentage of principal at risk in a default scenario.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

SEPTEMBER 22, 2017

ESG information helps with broader due diligence, providing insight into a company’s sustainability strategies alongside their fundamental strengths, the competitive environment, and, of course, stock valuation at the time of buy or sell decisions. The Journal of Portfolio Management 40(2): 18-29. Hammond, and W. Springsteel.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

ESG information helps with broader due diligence, providing insight into a company’s sustainability strategies alongside their fundamental strengths, the competitive environment, and, of course, stock valuation at the time of buy or sell decisions. References. The Journal of Portfolio Management 40(2): 18-29. Springsteel.

Portfolio 52

Portfolio Investing Investments Management 52

The Big Picture

FEBRUARY 28, 2023

That’s, again, a reference to kind of Wall Street culture. 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. RITHOLTZ: Right. There are some differences.

Clients 143

Clients Assets Investing Investments 143

Brown Advisory

MARCH 28, 2019

Investment committees for endowments and foundations have a wide range of responsibilities, but ultimately their job boils down to a single task: Ensure that the portfolio can deliver funds to the organization in the short term, without unintentionally spending down principal over the long term.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Brown Advisory

MARCH 28, 2019

Investment committees for endowments and foundations have a wide range of responsibilities, but ultimately their job boils down to a single task: Ensure that the portfolio can deliver funds to the organization in the short term, without unintentionally spending down principal over the long term. FROM THEORY TO PRACTICE.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Bell Investment Advisors

MARCH 15, 2023

Original air date: Monday, March 13th, 2023 at 12pm PDT Presenter: Portfolio Manager Ryan Kelley, CFA® Slide 1: Annual Review and Outlook 0:00 Good afternoon. I’m a portfolio manager here at Bell Investment Advisors. There’s maybe a similar valuation to what you might have seen in 2017, 2018, or 2019.

Marketing 52

Marketing Marketing 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. It can also refer to direct investments in privately held companies. Source: BLOOMBERG.

Assets 52

Assets Portfolio Asset Allocation Risk Tolerance 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. It can also refer to direct investments in privately held companies. Muted Expectations. Source: BLOOMBERG.

Assets 52

Assets Portfolio Asset Allocation Risk Tolerance 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

Bell Investment Advisors

JUNE 29, 2023

I’m joined here today by Ryan Kelley, Lead Portfolio Manager and Research Analyst for Bell. The term CPI refers to a consumer price index, which is really a measure of inflation. 02:08 Several indices to stocks. And then the third index we may refer to is actually a bond index called the U.S.

Marketing 52

Marketing Marketing Banking Numbers 52

The Big Picture

FEBRUARY 17, 2025

That is not being reflected in valuations from a top down standpoint. One is, if you think about EM, equity valuations versus the s and p, the EM index is trading at, you know, 10 to 11 times forward pe. But key valuations are necessary but not sufficient condition for an opportunity to be attractive. 00:35:18 Right.

Investing 143

Investing Investments Economics Marketing 143

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. That paper refers back to the foundational literature of Bill Sharp, who wrote the famous paper in 1991.

Assets 164

Assets Management Portfolio Taxes 164

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. Let me reference our infinite books.

Management 143

Management Numbers Investing Investments 143

Brown Advisory

NOVEMBER 14, 2017

The minutes of its meeting in May reference a debate over the timing of a balance sheet reduction, and in June, it announced its plan. We also believe that it’s important to stay within the discipline of a particular portfolio strategy, such as intermediate duration, “core,” certain quality standards and so forth.

Investing 52

Investing Investments Assets Numbers 52

Brown Advisory

NOVEMBER 14, 2017

The minutes of its meeting in May reference a debate over the timing of a balance sheet reduction, and in June, it announced its plan. We also believe that it’s important to stay within the discipline of a particular portfolio strategy, such as intermediate duration, “core,” certain quality standards and so forth.

Investing 52

Investing Investments Assets Numbers 52

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. Cutter capital itself is a baseball reference.

Healthcare 143

Healthcare Medicine Portfolio Investing 143

Sara Grillo

NOVEMBER 14, 2022

Macchia mentions that there are firms that have sprung up offering no load products, products that report into your portfolio management system, wrap-able products, etc. Salaske said there is a lot of deficiencies in getting to know the client and understand their needs, both on the part of advisors and also insurance professionals.

Insurance 59

Insurance Retirement License Financial Advisor 59

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 Numbers Government 289

The Big Picture

MAY 6, 2025

But risk management is always about understanding what could go wrong and quantifying what could go wrong. First you’re referring to your approach is, hey, we’re really more process focused than outcome focused. And it gives us a batting average so we can understand is a portfolio manager winning more ideas than they lose.

Risk Management 143

Risk Management Banking Portfolio Distribution 143

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. I think they are far more rare than the way a lot of Wall Street refers to him. Program didn’t feel right. I then got just very lucky.

Valuation 164

Valuation Investing Investments Numbers 164

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 143

Marketing Marketing Investing Investments 143

The Big Picture

MARCH 14, 2023

Everybody wants to sell a company when they get a good valuation. Obviously, profits, very important to company valuation — BERNSTEIN: Absolutely. The other thing we do, Barry, is we group valuation as a sentiment indicator. So we do a lot of valuation work. BERNSTEIN: Correct. RITHOLTZ: Right. BERNSTEIN: Yes.

Economy 154

Economy Investing Investments Portfolio 154

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 Investing Investments 130

The Big Picture

JUNE 3, 2024

At TCW Barry Ritholtz : You were at the Trust company of the West, you’re a senior vice president, you’re a portfolio manager, you’re a quantitative analyst. And you know, it’s the same thing when valuation gets outta control too. Valuations are tight, they’re tight for a reason. Yeah, yeah.

Math 143

Math Marketing Marketing Engineering 143