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The Big Picture
APRIL 8, 2023
A nine-time “Professor of the Year” winner at NYU, Damodaran teaches classes in corporate finance and valuation to MBA students. He has also written several books on corporate finance and equity valuation and has published widely in journals. Damdoran loves “untangling the puzzles of corporate finance and valuation.”
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The Big Picture
OCTOBER 9, 2024
ATM: Valuation is an exercise in faith with Aswath Damodaran. Full transcript below. ~~~ About this week’s guest: Professor Aswath Damodaran of NYU Stern School of Business is known as the Dean of Valuation. . ~~~ About this week’s guest: Professor Aswath Damodaran of NYU Stern School of Business is known as the Dean of Valuation.
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Book of Secrets on the Month-End Close
What Your Financial Statements Are Telling You—And How to Listen!
Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments
Data Talks, CFOs Listen: Why Analytics Is The Key To Better Spend Management
Wealth Management
OCTOBER 8, 2024
Proceeds from minority raise will fund growth for Dynasty.
288 
Wealth Management
JANUARY 29, 2024
Larry Swedroe: Falling valuations mean that future expected returns are higher.
315 
Abnormal Returns
FEBRUARY 11, 2024
wsj.com) Companies Just how important AI is for valuations today. npr.org) Using Russian sovereign assets to rebuild Ukraine would be unprecedented. (axios.com) A look at Gary Sernovitz's new novel "Counting House." msn.com) An excerpt from "Private Equity: A Memoir" by Carrie Sun. barrons.com) Boeing's ($BA) downfall is a wakeup call.
287 
Nerd's Eye View
DECEMBER 27, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that according to a recent study by DeVoe & Company, only 42% of RIAs surveyed have written succession plans and either have begun to implement them or have already done so.
Wealth Management
FEBRUARY 28, 2024
Fund managers in this red-hot asset class are often valuing their loans more generously than others do. Regulators are starting to worry.
301 
Darrow Wealth Management
JANUARY 16, 2025
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Heres how stepped up cost basis works on stock and other assets at death. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets.
98 
The Big Picture
APRIL 1, 2023
This week, we speak with Ken Kencel, who is president and chief executive officer of Churchill Asset Management, a private credit firm with $46 billion in assets under management that was the top US private equity lender in the 2022 PitchBook league tables and was named 2022 Lender Firm of the Year by The M&A Advisor.
173 
Nerd's Eye View
OCTOBER 4, 2023
The expectations for the future economic outlook also appear in the valuations of equities, which tend to reflect how markets anticipate that corporate earnings will grow in the future.
246 
Abnormal Returns
APRIL 30, 2024
rcmalternatives.com) What valuations miss. morganstanley.com) How much do valuations matter for multi-asset investing? (insights.finominal.com) Does machine learning improve on factor investing? alphaarchitect.com) Research Managed futures returns are lumpy.
262 
Abnormal Returns
AUGUST 4, 2024
awealthofcommonsense.com) A look at the valuation of the S&P 490. capitalspectator.com) How major asset classes performed in July 2024. Top clicks this week Are small caps cheap for a reason? disciplinefunds.com) Bonds are doing okay in 2024, except for long duration.
288 
A Wealth of Common Sense
AUGUST 29, 2024
A reader asks: My asset allocation has been pretty conservative since the market run-up in 2020. One thing I like about having the 60/40 split is that it gives me the option of changing to a more aggressive allocation if stock valuations fall. I have nagging doubts that my alloc.
120 
Abnormal Returns
DECEMBER 19, 2023
alphaarchitect.com) The high quality anomaly shows up across asset classes. on.ft.com) Corporate finance Stock-based compensation makes a big difference for company valuations. aqr.com) Reinsurance returns are not surprisingly uncorrelated with traditional asset classes. papers.ssrn.com) Star analysts hit the road.
289 
Validea
OCTOBER 28, 2024
We discuss: – The limitations of dividend-focused investing strategies – Asset allocation insights from the Talmud – A different perspective on the Fed’s recent performance – Meb’s view on wealth as a means to freedom – The case for significant trend following allocation in portfolios – The question Meb (..)
Abnormal Returns
JANUARY 14, 2024
downtownjoshbrown.com) Good luck trying to pick the best performing asset class on a year-by-year basis. awealthofcommonsense.com) 12 lessons the markets taught investors in 2023 including 'Valuations cannot be used to time markets.' (thefp.com) Stock markets around the world are at or near their highs.
293 
Abnormal Returns
NOVEMBER 15, 2024
(spglobal.com) Finance Elon Musk's xAI and SpaceX are getting a valuation boost. money market mutual funds now have more than $7 trillion in assets. ft.com) Is private credit in a bubble? alphaarchitect.com) How the activist short selling ecosystem works. on.ft.com) Fund management 2024 could see $1 trillion in U.S. msn.com) U.S.
The Big Picture
AUGUST 20, 2024
The transcript from this week’s, MiB: Mike Greene, Simplify Asset Management , is below. We have to pay attention to this, and we have to understand why this is potentially a risky asset. We built a company that was focused on valuation, initially, actually targeting corporate strategic planning departments.
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The Big Picture
JANUARY 12, 2024
This week, we speak with Cathy Marcus , co-chief executive officer and global chief operating officer of PGIM Real Estate , which manages over $200 billion in assets. She is also co-chair of the board of directors of RealAssetX , PGIM Real Estate’s innovation lab aimed at accelerating advancement in the real assets industry.
298 
Abnormal Returns
MARCH 13, 2024
(on.ft.com) There is still a lot of uncertainty around office building valuations. nytimes.com) Private equity shops are turning into one-stop alternative asset providers. axios.com) The long and winding road to a Reddit IPO. semafor.com) 18% of DFA's AUM is now in ETFs.
Nerd's Eye View
JANUARY 28, 2025
Kay Lynn is the President of Merit Financial Advisors, a hybrid advisory firm based in Alpharetta, Georgia, that oversees approximately $13 billion in assets under management for 26,000 client households. My guest on today's podcast is Kay Lynn Mayhue.
The Big Picture
FEBRUARY 7, 2024
To find out more, I speak with Jeremy Schwartz, Global Chief Investment Officer of WisdomTree, leading the firm’s investment strategy team in the construction of equity Indexes, quantitative active strategies and multi-asset Model Portfolios. Present value of future cash flows, any asset is present value of future cash flows.
296 
Abnormal Returns
SEPTEMBER 1, 2024
wsj.com) Good luck trying to time the stock market using valuation metrics. scheplick.com) ETFs Leveraged single-stock ETF continue to attract assets and attention. (on.spdji.com) There are too many markets at all-time highs to count. whitecoatinvestor.com) Strategy High yields come with risk. Don't let anyone tell you otherwise.
Nerd's Eye View
APRIL 3, 2024
Notably, the work-from-home movement has resulted in a dramatic drop in office valuations that could lead to a whole host of issues, including lending constraints in the banking sector, which is already sitting on a mountain of unrealized losses on Treasuries and mortgages.
244 
The Big Picture
MAY 5, 2023
Finally, it would be dangerous to extrapolate the post-1990 outperformance of US equities, as it mainly reflects rising relative valuations. He is a member of the Management Committee and Co-Chair of the Asset Management Investment Committees, (private equity, infrastructure, growth equity, credit, and real estate).
359 
The Big Picture
FEBRUARY 2, 2023
New York Times ) see also The Private Markets Valuation Debate Isn’t Settled Yet : The Miami conference circuit was abuzz with valuation chatter as investors weigh the pros and cons. Now, regular folk are outsmarting the pros. He is also a NYT bestselling author of multiple books on Goldman Sachs, Bear Stearns, and Lazard Frères.
279 
Validea
DECEMBER 27, 2024
In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing.
52 
Abnormal Returns
JULY 25, 2023
sparklinecapital.com) Why asset managers need their own AI sandboxes. papers.ssrn.com) Research It makes total sense that equity market valuations are higher today than in the past. AI How to identify those companies that will benefit from AI adoption. alphaarchitect.com) Skew There's nothing magical about positive skew.
246 
Abnormal Returns
JUNE 27, 2023
behaviouralinvestment.com) Do commodities have a role to play in a long-term, strategic asset allocation? bloomberg.com) SpaceX's valuation keeps rising, due in part to Starlink's success. morningstar.com) Stop lumping the 'big three' asset managers together in the same breath. Prices are now rising again.
243 
Abnormal Returns
JANUARY 3, 2023
Markets How major asset classes performed in December 2022. wsj.com) Startups are going to experience a "new normal" valuation-wise. avc.com) SpaceX is raising new capital at a $137 billion valuation. capitalspectator.com) 2022 was the third worst year for the 60/40 portfolio. The underlying companies are similar."
242 
Abnormal Returns
JULY 24, 2023
(podcasts.apple.com) Q&As A Q&A with Larry Swedroe about valuations and private credit. thinkadvisor.com) Charles Schwab Charles Schwab ($SCHW) and TDA continues to grow RIA assets. thinkadvisor.com) A Q&A with Rob Meyerson, founder and principal of Heirloom, about naming your firm.
243 
Discipline Funds
OCTOBER 9, 2024
On the one hand you might assume that high valuations are bad because “expensive” usually implies bad. On the other hand, you could argue that high valuations simply reflect a price premium. The way I like to think about valuations is that they’re reflective of long-term price premiums.
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The Big Picture
DECEMBER 17, 2022
A dedicated emerging markets investment manager, Gramercy Funds Management — which Koenigsberger founded in 1998 — now has more than $5 billion dollars in assets under management. This week, we speak with Robert Koenigsberger , the managing partner and chief investment officer of Gramercy Funds Management.
281 
Abnormal Returns
SEPTEMBER 20, 2023
behaviouralinvestment.com) IPOs Putting a valuation on Instacart ($CART). citywire.com) Goldman Sachs Asset Management has raised more than $14 billion to buy secondary stakes in PE funds. Strategy A wide range of outcomes is always on the table. tonyisola.com) The hardest thing about being an investor is deciding what to focus on.
Abnormal Returns
FEBRUARY 6, 2024
Markets A look at Magnificent Seven valuations. institutionalinvestor.com) Brookfield Asset Management ($BAM) keeps raising new infrastructure funds. ft.com) Nvidia ($NVDA) has added some $500 billion market cap in just six weeks or so. markets.businessinsider.com) Newsletter writers are bullish.
The Big Picture
NOVEMBER 26, 2024
Full transcript below. ~~~ About this week’s guest: Matt Hougan, Chief Investment Officer at Bitwise Asset Management discusses the best ways to responsibly manage crypto assets. His firm runs over $10 billion in client crypto assets. How can investors get exposure to the space? Matt Hougan : Yeah. All of them.
147 
The Big Picture
FEBRUARY 27, 2023
MSCI ex-USA: 8.4% ( Wealth of Common Sense ) • I’m not Sure Speculation Is Gone : Jim Chanos, president and founder of Chanos & Company, believes the level of silliness and speculation seen in 2020 and 2021 marked an important moment for valuations. These were the annual returns1 from 1970 through January 2023: S&P 500: 10.5%
290 
Nerd's Eye View
JULY 5, 2024
Also in industry news this week: A separate Supreme Court decision struck down the SEC's use of in-house judges to adjudicate cases involving civil penalties (unless both parties in the matter agree to it), likely setting up more settlement offers from the regulator to avoid a drawn-out legal process in the Federal court system At a time when it has (..)
Wealth Management
APRIL 25, 2023
banks have been preparing themselves for drops in asset valuations for office properties on their books, reported Financial Times. Multifamily owners and managers are experiencing serious staff shortages, according to Bisnow. These are among current must reads for investors in commercial real estate.
162 
Nerd's Eye View
NOVEMBER 6, 2023
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: FinanceHQ has launched as a new digital lead generation platform for financial advisors, which takes a more niche-focused approach to matching prospective clients with advisors – representing a bet that capturing prospects (..)
246 
Nerd's Eye View
JULY 9, 2024
Alex is the owner of Blackbridge Financial, a hybrid advisory firm based in Irmo, South Carolina, that oversees approximately $330 million in assets under management for 415 client households. My guest on today's podcast is Alex Lewis.
Abnormal Returns
MARCH 20, 2024
morningstar.com) Real assets can be a portfolio drag during periods of quiescent inflation. marginalrevolution.com) Finance Private equity is stuck between elevated valuations high interest rates and a moribund IPO market. Strategy Ten things to know about building a diversified portfolio.
Brown Advisory
MARCH 6, 2023
2023 Asset Allocation Perspectives and Outlook ajackson Mon, 03/06/2023 - 14:43 We are pleased to share Brown Advisory’s 2023 Outlook. Each year, the Annual Outlook report assesses the current investment landscape and discusses some of the main themes being expressed in client portfolios.
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