The Irrelevant Investor

DECEMBER 21, 2018

There wasn't a single -2% day in the S&P 500 from October 2016 through January 2018. The table below shows the numbers from the chart above. Valuations are a good example; Buyers didn't care on the way up and sellers won't care on the way down. The NASDAQ 100 just had its worst week since 2008. Twenty-one fell at least 10%.

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Valuation Numbers Marketing Marketing 52

Brown Advisory

NOVEMBER 12, 2015

In this letter, we outline a number of tax-saving and other opportunities to consider before the close of the year. As we note in some of the suggestions that follow, there are a number of ways to accelerate or delay income that may make sense for you, depending on where your income sits relative to the various thresholds listed above.

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The Irrelevant Investor

JANUARY 5, 2021

2012- Jeremy Grantham Warns 2013 Will Be A Dangerous Year For Stocks 2013- Much of everything else is once again brutally overpriced 2014- Big stock bubble will end badly in 2016 2015- GMO founder Grantham says markets ‘ripe for major decline’ in 2016 Okay, you get the point. It's been over four years since he wrote this.

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Brown Advisory

AUGUST 11, 2017

Yet total global assistance to developing nations—including private capital investment, private philanthropy and government aid, and even including remittances from migrants sending money back to their home countries—was approximately $800 billion in 2014, according to the 2016 Index of Global Philanthropy and Remittances.

Investments 52

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Brown Advisory

AUGUST 11, 2017

Yet total global assistance to developing nations—including private capital investment, private philanthropy and government aid, and even including remittances from migrants sending money back to their home countries—was approximately $800 billion in 2014, according to the 2016 Index of Global Philanthropy and Remittances.

Investments 52

Investments Investing Marketing Marketing 52

Brown Advisory

JULY 22, 2020

Number of University Degrees in Science and Engineering 2000-2015 Source: National Science Board Science and Engineering Indicators A 2016 study from the World Economic Forum showed that China now produces more STEM graduates each year than any other country—4.7 million in 2016, for example, compared to only 568,000 in the U.S.

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Brown Advisory

JULY 22, 2020

Number of University Degrees in Science and Engineering 2000-2015. A 2016 study from the World Economic Forum showed that China now produces more STEM graduates each year than any other country—4.7 million in 2016, for example, compared to only 568,000 in the U.S. and almost nine times the number of mobile payment users.

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James Hendries

JANUARY 13, 2023

When LPL Research released the Outlook 2022: Passing the Baton in December 2021, the team’s view was that the hit from inflation would be manageable and would therefore limit the number and magnitude of interest rate increases, enable the U.S. economy to avoid recession, and support above-average valuations.

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Brown Advisory

MAY 12, 2020

Further reading on this subject: Q1 2016 Investment Letter. Over time, we have extended this process to develop a number of behavioral rules, probably the best example being our loss aversion rule which aims to minimise the impact of arguably the most damaging behavioural trait in our industry. 6th Edition, 2015.

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Brown Advisory

MAY 12, 2020

S&P 500® Index, ROIC, 2003-2013 Data based on a McKinsey & Company study, “Valuation: Measuring and Managing the Value of Companies”. Chart reproduced with permission from McKinsey & Company as featured in the book, “Valuation: Measuring and Managing the Value of Companies, University Edition.” 6th Edition, 2015.

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Brown Advisory

JANUARY 4, 2016

Mon, 01/04/2016 - 13:57. In 2013, she applied it to the small number of privately held companies with a market value over $1 billion to denote their rarity. What is behind this sudden surge in the unicorn population, and are some of these valuations “spiraling” out of control? Investment Perspectives | Unicorns: Beyond the Myth.

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Investments Investing Numbers Valuation 52

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. Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities.

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Brown Advisory

JULY 1, 2016

Fri, 07/01/2016 - 06:00. A May 2016 report ominously entitled Diminishing Returns: Why Investors May Need to Lower Their Expectations , by the McKinsey Global Institute, addresses this issue. Looking back over the 30 years beginning in 1985, a number of factors contributed to the strong performance of equities.

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Brown Advisory

AUGUST 8, 2018

While we don’t believe this is a primary driver in every situation, the fact remains that we are at a favorable point in the cycle for spinoff activity—valuations are higher, and companies can monetize their assets on good terms (this is especially true for cyclical businesses). For example, Danaher spun out Fortive in 2016.

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Brown Advisory

JANUARY 1, 2023

Download it here > Dear Fellow Investors, If we had to sum up 2022 in one word it would be valuation. War, inflation, recession, deglobalisation, decoupling, strikes, crypto-crash and energy (crisis) all featured but for us the overriding focus for 2022 was valuation. which was greater than our -1.1% relative underperformance.

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Investments Investing Valuation Clients 52

Brown Advisory

JUNE 21, 2017

equity funds in 2016 alone. The term “active share” measures the degree to which a portfolio’s holdings differ from those of its benchmark, taking into account the number of stocks in the portfolio but not in the index and the difference in weightings of those stocks held in common. Reasons for this tendency are varied.

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Brown Advisory

JUNE 21, 2017

equity funds in 2016 alone. The term “active share” measures the degree to which a portfolio’s holdings differ from those of its benchmark, taking into account the number of stocks in the portfolio but not in the index and the difference in weightings of those stocks held in common. Assuring "Average".

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Brown Advisory

AUGUST 14, 2023

Download it here > The Hidden Trouble Within Dear Fellow Investors, We have fielded a number of questions over the past six months from clients and prospects about how we think about and control factor risks within the Global Leaders strategy. Numbers may not total due to rounding. Numbers may not total due to rounding.

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Cornerstone Financial Advisory

JUNE 26, 2023

the most significant percentage gain since October 2016, validated this confidence. The number of new home starts in May (1.63 Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

Marketing 59

Marketing Marketing Taxes Economics 59

Brown Advisory

NOVEMBER 1, 2019

These conditions present a variety of challenges for investors; more germane to our discussion in this letter, they also present a number of planning opportunities that may require near-term action. The December 2016 7520 rate of 1.8% Treasuries). Opportunity Zone Investments. was used for this illustration.

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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

ClearMoney

DECEMBER 14, 2021

Decades of research on stock returns has produced a vast number of published factors. Valuation theory helps us identify relevant factors by providing insights about differences in expected returns across stocks. 1 (January 2016): 69–103. 1 (January 2016): 69–103. Fama and Kenneth R.

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Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Survey period 2016. Survey period 2013 to 2021. Catherine D.

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Assets Economics Investing Investments 52

Brown Advisory

MARCH 24, 2021

Successfully verifying transactions, combined with solving for a 64-digit hexadecimal number (a "hash") in order to produce a new Bitcoin (i.e. Stocks with ultra-high valuations led that charge, as Tesla, Peloton, Pinduoduo and DocuSign all saw double-digit gains. Survey period 2016. Source: Statista, CoinMarketCap. Catherine D.

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The Big Picture

AUGUST 15, 2023

Or at least the top, pick a number, 30, 40%. I don’t remember the number. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. So you’re talking about an average of a large number. What’s the valuation? Less, 20, 30%?

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Brown Advisory

SEPTEMBER 22, 2017

Finally, a growing number of meta-analyses conclude that incorporating ESG issues into investment decision making generates better returns than comparable non-ESG strategies (Clark, et al., 2016 Report On US Sustainable, Responsible And Impact Investing Trends. Socially Responsible Indexes: Composition, Performance, and Tracking Error."

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

Finally, a growing number of meta-analyses conclude that incorporating ESG issues into investment decision making generates better returns than comparable non-ESG strategies (Clark, et al., 2016 Report On US Sustainable, Responsible And Impact Investing Trends. . Broader Application and Paths for Future Research. 32: 100-109.

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The Big Picture

FEBRUARY 28, 2023

And then in 2016, we were thinking a little bit more strategically about our business in the Americas, and I championed this project to open up a headquarters for the firm in Colorado and — RITHOLTZ: Away from Wall Street. You sit on the board of directors on a number of portfolio companies. You do see some big valuations there.

Investing 147

Investing Investments Clients Assets 147

Brown Advisory

OCTOBER 18, 2016

Investment Perspectives | Seeking Yield achen Tue, 10/18/2016 - 11:03 Late September announcements by the Federal Reserve and the Bank of Japan (BOJ) underscore that today’s extraordinarily low interest rates are likely to persist for some time to come. drift lower or become negative, investors have tended to seek better returns elsewhere.

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Brown Advisory

OCTOBER 18, 2016

Tue, 10/18/2016 - 11:03. At such a cost, they posit, large numbers of consumers would begin to treat cash as a store of value and even a primary means of processing transactions. Investment Perspectives | Seeking Yield. Asset bubbles: As returns on the safest assets (deposits, short-term government securities, etc.)

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The Big Picture

JUNE 2, 2023

Essentially, monthly Non-Farm Payrolls is the net difference between these two groups: The actual number is far smaller and less significant than gets played most publicly. The monthly number ( May 2023 = 339,000) is a tenth or so of the ~1.5% Fair Value : Valuation of equities is one of those things that seems to confuse so many.

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Numbers Valuation Retirement Economics 312

Brown Advisory

JUNE 16, 2016

Midyear Planning Tools for 2016. Thu, 06/16/2016 - 15:22. Yet despite a heavy dose of recent market volatility, the planning environment in 2016 is relatively stable. Yet despite a heavy dose of recent market volatility, the planning environment in 2016 is relatively stable. Presidential election. Planning Tool: GRAT.

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Planning Taxes Assets Clients 52

The Big Picture

AUGUST 20, 2024

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. 00:04:02 That’s what value add software was originally. That’s the opportunity set.

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The Big Picture

JANUARY 21, 2025

Barry Ritholtz : The the funny thing is, the behavioral aspect of mutual funds seems to have been when people finally learn about a manager who’s put up great numbers, by the time it makes to make makes it to Forbes, hey, most of that run is probably over and a little mean reversion is about to kick in.

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The Big Picture

NOVEMBER 8, 2022

CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. All our economic actions are taking place across time.

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Banking Valuation Economy Investing 147

The Big Picture

OCTOBER 24, 2022

So there are a number of us heading in out of college into the BLS. And how do we think about them from a valuation perspective? You said earlier, valuations were historically high both stocks and bonds late 2021, right about now, what are we? MARTA NORTON, CHIEF INVESTMENT OFFICER, MORNINGSTAR INVESTMENT MANAGEMENT: Right.

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The Irrelevant Investor

SEPTEMBER 10, 2018

In a related but tangential matter, the number of publicly traded companies in the United States has been cut in half over the last twenty years. As you can see in the chart below from the 2018 IPO Report by WilmerHale, both the number and dollar volume of IPOs have been fairly steady over the last decade. Data from Ycharts.

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