The Big Picture

SEPTEMBER 10, 2024

He has a very interesting approach to thinking about market valuations and strategies and when to deploy capital, when to go with the crowd, when to lean against the crowd, and has amassed and excellent track record. And then I developed this macro affinity starting in 2000, really? Well, that means valuations are probably too high.

Valuation 157

Valuation Clients Investing Investments 157

Brown Advisory

JUNE 24, 2019

How Has Credit Held Up Through Default Cycles Over the past several decades we have seen three major periods marked by market downturns and default cycles—1989-90, 2000-02, and 2007-08. Test enterprise valuation. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

Investing 52

Investing Investments Valuation Portfolio 52

Brown Advisory

JUNE 24, 2019

Over the past several decades we have seen three major periods marked by market downturns and default cycles—1989-90, 2000-02, and 2007-08. Test enterprise valuation. The goal here is to find the spot in the capital structure that offers the most compelling valuation relative to embedded risk. Test the worst-case scenario.

Investing 52

Investing Investments Valuation Portfolio 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S.

Management 52

Management Investing Investments Valuation 52

Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S.

Management 52

Management Investing Investments Valuation 52

Brown Advisory

JUNE 21, 2017

On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations. equity universe. The MSCI ACWI Ex U.S.

Investing 52

Investing Investments Portfolio Management 52

Brown Advisory

JUNE 21, 2017

On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations. equity universe. The MSCI ACWI Ex U.S.

Investing 52

Investing Investments Portfolio Management 52

Brown Advisory

JUNE 19, 2018

While valuations are rising in the space, earnings growth has also been notable this year in the technology sector, with earnings up 8.1% stock market benchmarks include the Dow Jones Industrial Average (DJIA) or Dow 30 and the Russell 2000 Index, which represents the small-cap index. so far in 2018 vs. 4.3% for the Index overall.

Management 52

Management Clients Retail Investing 52

Brown Advisory

JUNE 19, 2018

While valuations are rising in the space, earnings growth has also been notable this year in the technology sector, with earnings up 8.1% stock market benchmarks include the Dow Jones Industrial Average (DJIA) or Dow 30 and the Russell 2000 Index, which represents the small-cap index. so far in 2018 vs. 4.3% for the Index overall.

Management 52

Management Clients Retail Investing 52

Brown Advisory

JUNE 19, 2019

To prepare for a potential equity market dislocation, investors generally seek assets with low or negative correlation with equities—this partly insulates them during a drop in the stock market, and afterward can give them a logical source of capital to take advantage of depressed equity valuations. 12/31/2000-12/31/2018).

Investing 52

Investing Investments Clients Government 52

The Big Picture

OCTOBER 31, 2023

I had an amazing 99 in early 2000, and I had left a hedge fund, so I was probably one of the few people to leave a hedge fund and go to a larger institution in the middle of the tech bubble. The best example I always love to give is that Amazon’s last private round was at a $60 million post money valuation. It was April of 99.

Management 157

Management Investing Investments Portfolio 157

The Irrelevant Investor

NOVEMBER 11, 2015

When the current bull market inevitably turns, passive managers could be left holding stocks and sectors with poor fundamentals and inflated valuations. From 2000 to 2009, active outperformed passive nine out of 10 times." The vast majority of people in the financial services industry are not trying to deceive their audience.

Management 52

Management Financial Services Assets Valuation 52

Brown Advisory

JULY 19, 2017

Valuations of the U.S. Today, we hear the word “unprecedented” far too often, referencing everything from stock valuations, to the U.S. The notable exception is the period between 2000 and 2009, a decade that contained not just one, but two of the biggest market crashes since the Great Depression.) equity universe.

Investing 52

Investing Investments Portfolio Clients 52

Brown Advisory

JULY 19, 2017

Valuations of the U.S. Today, we hear the word “unprecedented” far too often, referencing everything from stock valuations, to the U.S. The notable exception is the period between 2000 and 2009, a decade that contained not just one, but two of the biggest market crashes since the Great Depression.) equity universe.

Investing 52

Investing Investments Portfolio Clients 52

The Big Picture

OCTOBER 24, 2022

And how do we think about them from a valuation perspective? And actually, that sweet, that collection of strategies, which is in the Morningstar alternatives fund is where a lot of our portfolio managers were turning to at the end of last year when, you know, fixed income is so poor on a prospective basis, equity, valuations are really high.

Portfolio 130

Portfolio Management Assets Investing 130

Brown Advisory

MARCH 30, 2020

Prior to this downturn, we have experienced “bumps in the road” since the financial crisis that provided hints that the market had become less resilient to system shocks. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

Management 52

Management Marketing Marketing Clients 52

Brown Advisory

MARCH 30, 2020

Prior to this downturn, we have experienced “bumps in the road” since the financial crisis that provided hints that the market had become less resilient to system shocks. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

Management 52

Management Marketing Marketing Clients 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. Private Equity and Venture Capital benchmark from December 31, 2000 through December 31, 2017, which represents the most relevant recent data available. Source: BLOOMBERG. © 2021 HFR, Inc. -

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. Private Equity and Venture Capital benchmark from December 31, 2000 through December 31, 2017, which represents the most relevant recent data available. Muted Expectations. Source: BLOOMBERG.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

MARCH 13, 2018

This projection, however, assumes that participation, currently 63.0%, will continue its decline from its peak of 67.3%, reached in early 2000—a view that strikes many economists as overly conservative. Given the growth of the U.S. population and its age distribution, the labor force is estimated to grow at an annual rate of just 0.6%

Investing 52

Investing Investments Economy Assets 52

Brown Advisory

MARCH 13, 2018

This projection, however, assumes that participation, currently 63.0%, will continue its decline from its peak of 67.3%, reached in early 2000—a view that strikes many economists as overly conservative. Given the growth of the U.S. population and its age distribution, the labor force is estimated to grow at an annual rate of just 0.6%

Investing 52

Investing Investments Economy Assets 52

The Better Letter

JANUARY 26, 2024

” Dent called for “ the collapse of our lifetime ” – an 86 percent loss for the S&P 500; 86 percent on the Russell 2000; 92 percent on the Nasdaq – by June 2023. 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.”

Assets 103

Assets Valuation Management Marketing 103

Brown Advisory

SEPTEMBER 11, 2016

High-yield bonds are especially attractive compared with developed-market stocks, which currently sell at valuations above the historical average and face headwinds to profitability from slowing global growth and rising labor costs. Patent and Trademark Office nearly doubled from 2000 until 2015 to 630,000. Applications to the U.S.

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

SEPTEMBER 11, 2016

High-yield bonds are especially attractive compared with developed-market stocks, which currently sell at valuations above the historical average and face headwinds to profitability from slowing global growth and rising labor costs. Patent and Trademark Office nearly doubled from 2000 until 2015 to 630,000. Applications to the U.S.

Economics 52

Economics Economy Communication Banking 52

The Big Picture

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. So before we get to the pandemic, which obviously had an enormous outsized effect on real estate, let’s talk a little bit about the financial crisis in the mid-2000s, a lot of real estate companies crashed and burned then. RITHOLTZ: Wow, that’s amazing.

Sales 130

Sales Numbers Taxes Marketing 130

The Big Picture

AUGUST 15, 2023

You had the run up in the dot coms to 2000. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. What’s the valuation? And what was his response? SEIDES: Yeah. Well, and you have to go back. This is the summer of 2007. RITHOLTZ: 2007.

Management 130

Management Investing Investments Government 130

The Big Picture

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. Valuations go up and you saw it, of course, in the late ‘90s, in the tech sector. You saw it in the financial services sector. BARATTA: Yeah. In the long run.

Assets 157

Assets Investing Investments Valuation 157

Brown Advisory

FEBRUARY 3, 2017

We hope to reinforce through this discussion our belief that a balanced and cautious approach is warranted in an environment characterized by low growth, low interest rates and above-average valuations. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. equity universe.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52

Brown Advisory

FEBRUARY 3, 2017

We hope to reinforce through this discussion our belief that a balanced and cautious approach is warranted in an environment characterized by low growth, low interest rates and above-average valuations. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. equity universe.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52

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 292

Valuation Education Government Numbers 292

The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. In 2000, I mean, sorry, in 1980, I was 15 years old, I’m sneaking into comedy clubs watching, you know, Jim Carrey and Dave Thomas and, you know, like everybody could show up on a night. Is it about the valuation?

Media 284

Media Investing Investments Valuation 284

Carson Wealth

NOVEMBER 11, 2024

Small caps were the big winner on the day, though, as the Russell 2000 gained nearly 6% for its best day since November 2022. How the economy is doing, Fed policy, inflation, valuations and overall market trends potentially matter much more. Data Source: Carson Investment Research, FactSet 11/01/24 So What Really Matters?

Marketing 90

Marketing Marketing Economy Numbers 90