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. stocks as of the end of 2015 on an EV/EBITDA basis; that gap widened to 20% by the end of April 2017. is much clearer.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

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. stocks as of the end of 2015 on an EV/EBITDA basis; that gap widened to 20% by the end of April 2017. is much clearer.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 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% Even cash (using one-to-three month T-bills for a proxy) is yielding near 2% today vs. a near-zero yield as recently as 2015. so far in 2018 vs. 4.3% for the Index overall. Other common U.S.

Management 52

Management Retail Clients Investments 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% Even cash (using one-to-three month T-bills for a proxy) is yielding near 2% today vs. a near-zero yield as recently as 2015. so far in 2018 vs. 4.3% for the Index overall. Other common U.S.

Management 52

Management Retail Clients Investments 52

The Big Picture

OCTOBER 24, 2022

And I would say that there was a stretch from 2008 to call it 2015, where I was managing a ton of different types of mandates. I was on the road with clients and financial advisors, sometimes once a week, understanding who they were, what they were looking for from us. And how do we think about them from a valuation perspective?

Portfolio 130

Portfolio Management Assets Investments 130

The Big Picture

MAY 7, 2024

I went in there and the valuation was below a billion dollars. And at two years the valuation was $13 billion. And then what eventually was the bridge between Pinterest and SoFi in 2015? I was there 2015. Like everybody will eventually be a financial services company or an advertising company.

Startup 147

Startup Advertising Engineering Numbers 147

Brown Advisory

JANUARY 17, 2024

Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). Our 10/10/3 valuation framework using a 10% weighted average cost of capital is undoubtedly conservative and ends up with us missing some big opportunities as type 2 errors of omission.

Investments 52

Investments Investing Portfolio Compliance 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

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

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 Investments Investing 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 Investments Investing Valuation 52

Trade Brains

JULY 7, 2024

In June 2024, the NIFTY 50 allocated 34.11% of its weight to financial services, which includes banking, 12.06% to information technology, 12.52% to oil and gas, 8.03% to consumer goods, and 8.06% to the automotive sector. It is the world’s most actively traded contract. The Nifty50 was launched on April 22, 1996. as of July 3, 2024.

Marketing 52

Marketing Marketing Electronics Economy 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. 3/18/2015 U.S. 8/24/2015 S&P 500 Index -5.0 Reference Market/Index % Change No. of Standard Deviations 5/6/2010 S&P 500 Index -6.9 10/15/2014 10-Yr U.S.

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. 8/24/2015. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure.

Management 52

Management Marketing Marketing Clients 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. The Composite creation date is August 26, 2015.

Investments 52

Investments Investing Portfolio Accounting 52

The Big Picture

OCTOBER 31, 2023

And so our initial thrust was what our first hedge fund called Bay Pond, which is a financial services hedge fund, started by Nick Adams back in 1994, which will, I guess be celebrating its 30th anniversary next year. Post money valuations until the market has changed dramatically. 00:09:40 [Speaker Changed] Correct.

Management 162

Management Investments Investing Portfolio 162

The Big Picture

AUGUST 15, 2023

I think it was 2015. What’s the valuation? Certainly in financial services, we recognize now that there are all these microaggressions that have been in place for decades. It was a year or two before he passed away. And so you brought him there all came from having dinner with Warren that, that one night.

Management 130

Management Investments Investing Government 130

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 Marketing Marketing 130

The Better Letter

JANUARY 26, 2024

As Morgan Housel has cautioned : “The business model of the majority of financial services companies relies on exploiting the fears, emotions, and lack of intelligence of customers. 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.”

Assets 105

Assets Valuation Management Marketing 105

The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Is it about the valuation? Back then I was Wallstrip was like a 400K valuation. RITHOLTZ: Valuation didn’t make much of a difference.

Media 290

Media Investing Investments Valuation 290