This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
in 2006, and 7.8% We can divide that up into three key pieces that make overall returns: Earnings growth has contributed 57%-points Dividends contributed 14%-points Valuation multiple growth contributed 21%-points In other words, most of the returns have come from profits (and dividends). In fact, consumer credit is up only 1.6%
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. So any compliance people listening, I’m just spitballing here. That’s Barry saying it.
Explain the timing difference and cutoff on valuations. An auditor is often most concerned with point-in-time valuations and keenly focused on financial controls, especially the nuances of the accounting rules regarding liquidity (e.g. Define the type of investments involved, (e.g., bonds, stocks, mutual funds, limited partnerships).
And then in a fit of madness, I guess, at the end of 2006, the credit markets were pretty uninteresting. 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. I led the corporate research team there for a few years.
And we’d sort of turn that into a valuation business. MILLER: Well actually I thought, leading up to the great financial crisis, I thought to myself, we’re going to be out of business within a couple of years because nobody wanted an independent valuation. What are the, you know, I’d literally have it in my handheld.
RITHOLTZ: Are we going to get a red flag from a compliance, or is that an official statement we could use? And it’s really taking that same playbook of how do we transform these assets operations, in that case as well, you know, really help support a very carefully constructed compliance and legal structure around it as well.
Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. And then I didn’t do the internet again until 2006. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Well, 2006 was a miracle. If you were alive and writing checks in 2006 to 2011.
This was the era, 2005, 2006, all of my friends were looking to get banking roles. You know, you run an RIA, the SEC just comes knocking every once in a while to say, Hey, just wanna make sure the compliance program’s all set up. Barry Ritholtz : That’s hilarious. And I just sort of grew and evolved from there.
We organize all of the trending information in your field so you don't have to. Join 36,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content