Brown Advisory

JUNE 12, 2017

It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance or have budgets at the parent company, though many of the subsidiaries do. Asked about using valuation tools, like aggregate market cap to GDP or cyclically adjusted P/E ratios to gauge markets, Buffett explained that neither of these is paramount.

Investing 52

Investing Investments Ethics Taxes 52

Brown Advisory

JUNE 12, 2017

It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance or have budgets at the parent company, though many of the subsidiaries do. Asked about using valuation tools, like aggregate market cap to GDP or cyclically adjusted P/E ratios to gauge markets, Buffett explained that neither of these is paramount.

Investing 52

Investing Investments Ethics Taxes 52

The Big Picture

AUGUST 15, 2023

So I think that argument is very valid in those couple of years, 2009, 2010 probably, maybe 2011, which was a tough year for hedge funds. And what’s their budget like a fraction of it, right? What’s the valuation? It’s much more about security selection and a relatively static portfolio construction.

Management 130

Management Investing Investments Government 130

The Better Letter

JANUARY 26, 2024

2011 : “[T]he expected return/risk profile of the stock market has shifted to hard-negative.” 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.” 2020 : “[E]xtreme valuations. Not surprisingly, outflows began in earnest in 2011.

Assets 105

Assets Valuation Management Marketing 105

Truemind Capital

OCTOBER 17, 2023

debt from AAA to AA+ on August 1, citing rising deficits, a broken budgeting process, and political brinksmanship—echoing S&P’s downgrade after the 2011 debt limit episode. The positive global perception and growing domestic inflows ensure that the premium valuations of the Indian market are maintained.

Financial Market 52

Financial Market Marketing Marketing Asset Allocation 52

The Better Letter

JANUARY 10, 2025

IBM’s return was fueled by growing earnings, growing dividends, and buying back stock at cheap valuations. Even Buffett, whose BKB made the list, was about to buy (he bought into IBM in 2011, although the trade didn’t turn out well; he was out in 2017, having earned about 5 percent per year, including dividends).

Retail 97

Retail Numbers Pharmaceutical Government 97

The Big Picture

FEBRUARY 20, 2024

The 2010s fed rates were essentially zero the whole time, and yet we couldn’t get CPI to budget above 2% the whole decade following the financial crisis. That got clawed back very, very quickly in 2011 and 12. 01:03:31 [Speaker Changed] It’s already in your budget. And I thought, oh boy, we’re in big trouble.

Banking 147

Banking Economy Marketing Marketing 147