The Big Picture

OCTOBER 31, 2023

We entered the liquid alts market with hedge funds back in 1994, and we entered the private market in 2014 with my product in late stage growth. The best example I always love to give is that Amazon’s last private round was at a $60 million post money valuation. Post money valuations until the market has changed dramatically.

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The Big Picture

OCTOBER 17, 2023

Then the volatility and, and the valuation makes an enormous difference. And if you’re in a quant fund and your clients say, you know, you’ve underperformed for the last three quarters and I don’t quite understand the black box, how do you retain, how you drive that alignment between the client and the business?

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Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. Currencies: Our analysis shows that between 1978 and 2014, currency movement explained 50% of the U.S. is much clearer.

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Brown Advisory

MAY 31, 2017

Throughout this period, we often saw windows in which we believed that European valuations were more attractive, but we were cautious due to Europe’s high debt levels and struggles to generate economic growth. Currencies: Our analysis shows that between 1978 and 2014, currency movement explained 50% of the U.S. is much clearer.

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Brown Advisory

APRIL 1, 2015

In Engines That Move Markets, a 2002 book about the cycles of technology investing, Alasdair Nairn defines “bubbles” as periods when investors appear to suspend rational valuation, much as they had during the dotcom craze shortly before the book was published. Unsurprisingly, as volume has increased, so have valuations. Possible Signs.

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Brown Advisory

JUNE 2, 2016

The ECB’s introduction of a negative rate in June 2014 has had no obvious impact on banks’ excess reserve accumulation. They should exercise caution when reaching for yield—valuations of some high-dividend, low-growth stocks already look excessive in our view. and 0.5%, respectively, or 0.2 percentage points and 0.5

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Random Roger's Retirement Planning

SEPTEMBER 28, 2024

The partial year of 2014, only quality, the green bar, was close to market cap weighted. Please leave a comment if you have a different theory. While the there is differentiation in performance, less so with quality, there doesn't appear to be reliable crisis alpha with these. That is important for setting expectations.

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Brown Advisory

AUGUST 11, 2017

There are various estimates of how much incremental investment is needed to achieve the UN Sustainable Development Goals; one comes from the UN Conference on Trade and Development (UNCTAD), which in 2014 cited the need for between $2 trillion and $3 trillion in incremental investment per year. Ecolab is another example.

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Brown Advisory

AUGUST 11, 2017

There are various estimates of how much incremental investment is needed to achieve the UN Sustainable Development Goals; one comes from the UN Conference on Trade and Development (UNCTAD), which in 2014 cited the need for between $2 trillion and $3 trillion in incremental investment per year. Ecolab is another example.

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The Big Picture

JANUARY 21, 2025

But today, you know, a lot of brokers, you know, whether they’re with the big full service brokerage firms now have advisory accounts that they flog to clients where they can buy ETFs. And after I got my last urine bonus in early 2014, I walked in and handed, handed my notice. We can’t get him to spend money.

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Truemind Capital

MARCH 20, 2020

In my multiple conversations with investors during the bull-run since 2014, there was no one who said that I will not take advantage of investing in equity when the market will crash. In good times i.e. when the market valuations are usually very high, everyone agrees to the logic of buying low and selling high. 🔊 Play Audio.

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Brown Advisory

JULY 1, 2016

Investment Perspectives | Real Returns achen Fri, 07/01/2016 - 06:00 One of the most penetrating and recurring questions we receive from clients is, “what is a reasonable long-term expectation for U.S. Private clients typically find themselves in a similar position, although they may not describe it in the same terms.

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Brown Advisory

JULY 1, 2016

One of the most penetrating and recurring questions we receive from clients is, “what is a reasonable long-term expectation for U.S. Since equities typically comprise the largest single component of a balanced portfolio, they are the greatest single determinant of overall returns for institutional and private clients alike.

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Brown Advisory

SEPTEMBER 3, 2015

Public-sector debt has expanded every year since 2000, hitting 100% of gross national product at the end of fiscal year 2014. Among our holdings in sectors backed by clear flows of revenues, we maintain an overweight in health care and transportation and remain focused on credit stability, valuations and opportunities for price gains.

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Brown Advisory

JUNE 21, 2017

As professional investors have found it increasingly challenging to meet or exceed market benchmarks, many of their clients have grown disillusioned with active management. 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.

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Brown Advisory

JUNE 21, 2017

As professional investors have found it increasingly challenging to meet or exceed market benchmarks, many of their clients have grown disillusioned with active management. 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.

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Brown Advisory

SEPTEMBER 20, 2017

After joining the investment industry in 2001, he served as director of research at two firms, creating a small-cap growth strategy at one of them before joining Brown Advisory in 2014. While valuation is critical to our approach, it occurs near the end of our process. Second, we keep a keen eye on valuation.

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Brown Advisory

SEPTEMBER 20, 2017

After joining the investment industry in 2001, he served as director of research at two firms, creating a small-cap growth strategy at one of them before joining Brown Advisory in 2014. While valuation is critical to our approach, it occurs near the end of our process. Second, we keep a keen eye on valuation.

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ClearMoney

DECEMBER 5, 2021

It suspended trading and filed for bankruptcy in February 2014, announcing that hundreds of thousands of bitcoins had been lost and likely stolen.2. Prohibiting the sale to retail clients of investment products that reference cryptoassets,” Financial Conduct Authority, June 10, 2020.

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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. From June 2014 until February 2016, the oil price plunged 75%.) economy alone creating 14 million jobs.

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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. From June 2014 until February 2016, the oil price plunged 75%.). economy alone creating 14 million jobs.

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Brown Advisory

SEPTEMBER 22, 2015

From telecommunications companies in 2000, to homebuilders in 2007, to coal mining companies in 2014, recent history offers plenty of cautionary tales for high-yield investors. Here are two essential elements of the approach that we pursue for our clients. filed for bankruptcy protection in April 2014. Determine Free Cash Flow.

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Brown Advisory

MARCH 30, 2020

For the past year, we have been preparing client portfolios for the end of the extended bull market run that began in 2009—building cash and liquidity reserves, and also exploring opportunities in private and alternative asset classes that historically have offered lower correlation with public markets. 10/15/2014 10-Yr U.S.

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Brown Advisory

MARCH 30, 2020

For the past year, we have been preparing client portfolios for the end of the extended bull market run that began in 2009—building cash and liquidity reserves, and also exploring opportunities in private and alternative asset classes that historically have offered lower correlation with public markets. 10/15/2014. S&P 500 Index.

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Brown Advisory

NOVEMBER 12, 2015

As 2015 comes to a close, we remind our clients and friends of how important it is take time to review new tax rules, consider tax-saving opportunities and review investment and asset-protection plans before year’s end. The highest federal marginal tax bracket in 2015 is 39.6% (as it was in 2014). Thu, 11/12/2015 - 11:10.

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Brown Advisory

SEPTEMBER 22, 2017

It is up to investment managers and, ultimately, their clients whether they seek investment exposures that are systematic (beta exposure) or idiosyncratic (alpha exposure). We simply want to highlight an approach that does not use quantitative rules or lend itself to consistent statistical evaluation. Hammond, and W. Springsteel.

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Brown Advisory

SEPTEMBER 22, 2017

It is up to investment managers and, ultimately, their clients whether they seek investment exposures that are systematic (beta exposure) or idiosyncratic (alpha exposure). We simply want to highlight an approach that does not use quantitative rules or lend itself to consistent statistical evaluation. References. Hammond, and W. Springsteel.

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The Big Picture

JUNE 18, 2024

I, I somehow found myself invited to a MSN client retreat that Joanne was running. I got the sense that, so Churnin takes 51% for a fairly modest valuation, 10 or $15 million. That, that gives Barstool a half a billion dollar valuation. Did they capture enough clients and or revenue to make this worthwhile?

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The Big Picture

SEPTEMBER 5, 2023

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.

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The Better Letter

JANUARY 26, 2024

2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.” percent in 2014; HSGFX declined 8.50 2020 : “[E]xtreme valuations. .” HSGFX’s returns were very low that year (-6.62 percent); the S&P’s were very high (32.15

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Brown Advisory

NOVEMBER 14, 2017

By 2014, when QE officially ended, assets on the Fed’s balance sheet totaled $4.3 One could argue, as Warren Buffett recently did, that a percentage point increase in rates would not exert a significant effect on stock valuations because even at 3–3.5%, the 10-year rate would still be low by historical standards.

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Brown Advisory

NOVEMBER 14, 2017

By 2014, when QE officially ended, assets on the Fed’s balance sheet totaled $4.3 One could argue, as Warren Buffett recently did, that a percentage point increase in rates would not exert a significant effect on stock valuations because even at 3–3.5%, the 10-year rate would still be low by historical standards.

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The Big Picture

DECEMBER 17, 2024

But you’re always at working at the behest of a client, right? The second is that you’re no longer working for a client. You’re not just servicing a client here. Doesn’t it deserve a, a richer valuation? You, you’re working on it, it was transactional related. I 100% agree.

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The Big Picture

JUNE 3, 2024

And that was his boss, Jeffrey Gundlock, founder of Double Line Capital, back in July, 2014. He really is one of the most knowledgeable people in this space, and not just knowledgeable in the abstract, but helping to oversee just about a hundred billion dollars in client assets. Valuations are tight, they’re tight for a reason.

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The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. So you can imagine that first check multiplied a little bit from 2014 or so. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Is it about the valuation? LINDZON: Who is this guy?

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The Big Picture

FEBRUARY 20, 2024

Next day I had to go to Boston for a client meeting. You had a speech around 2014 where you said the Fed was late in recognizing how long they kept rates low for, and that the liftoff from oh four to oh six should have happened faster and sooner. 00:07:41 [Speaker Changed] Yeah, yeah. And I thought, oh boy, we’re in big trouble.

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The Big Picture

FEBRUARY 7, 2023

RITHOLTZ: In the ‘80s, they were really a financial arm of GE and a way to facilitate its client base. And so Goldman’s valuation is around, you know, 110, $120 billion; and Morgan Stanley’s is around 170. COHAN: Plenty of relevance. It seems like in the ‘90s, it evolved into something else. times book. COHAN: Right.

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