The Irrelevant Investor

JULY 23, 2018

Michael is the portfolio manager of Broome Street Capital, a fund that specializes in m&a and event-driven trading. You could make a case that banks best days are behind us. But if they weren't, I certainly wouldn't know whether to choose Bank of America or Wells or, or go with a company like Visa or Mastercard.

Portfolio Management 52

Portfolio Management Banking Financial Services Valuation 52

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.

Investments 52

Investments Investing Valuation Assets 52

Brown Advisory

MAY 12, 2020

Mick Dillon and Bertie Thomson, portfolio managers of the strategy, are keenly aware of the events that have disrupted markets over the last five years, yet equally aware of the risk to the portfolio if they let those events distract them from their research and investment decisions. 6th Edition, 2015. We call this the win-win.”

Investing 52

Investing Investments Clients Portfolio 52

Brown Advisory

MAY 12, 2020

Mick Dillon and Bertie Thomson, portfolio managers of the strategy, are keenly aware of the events that have disrupted markets over the last five years, yet equally aware of the risk to the portfolio if they let those events distract them from their research and investment decisions. 6th Edition, 2015.

Investing 52

Investing Investments Clients Portfolio 52

The Big Picture

DECEMBER 6, 2022

So, yeah, I had a career in investment banking with Jefferies, and it was a really good professional experience because I do have the opportunity to work in M&A, equity and debt financing. I had the chance to be part of some very interesting transactions in the banking space. billion deal. BERRUGA: Yeah.

Clients 162

Clients Investing Investments Management 162

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. large-cap managers have been able to beat the market consistently. Further, we see room for the European economy to grow.

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. large-cap managers have been able to beat the market consistently. Further, we see room for the European economy to grow.

Portfolio 52

Portfolio Asset Allocation Valuation Economics 52

Brown Advisory

SEPTEMBER 3, 2015

Then, in mid-August, the People’s Bank of China relaxed controls on the yuan—which has been pegged to the dollar—and allowed a 3% decline in a matter of days. By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy; Priyanka Agnihotri, Equity Research Analyst. By Stephen Shutz, CFA, Tax-Exempt Portfolio Manager.

Insurance 52

Insurance Portfolio Management Clients Government 52

The Big Picture

OCTOBER 31, 2023

And so to your point, I was a public portfolio manager, started as a tech analyst and made my way to associate portfolio manager and then began managing public portfolios in 1996. Where, 00:06:25 [Speaker Changed] Where were you managing those for in 96? The more private side of the street?

Management 162

Management Investing Investments Portfolio 162

The Big Picture

FEBRUARY 12, 2024

They could put me running a grain elevator, gosh knows where I interviewed with consulting companies and banking companies. And eventually I got a job offer at Donaldson Lefkin Jenette, which is no longer here, but it was an investment bank of, of some note at the time. I interviewed with some airlines. Why aren’t you?

Management 294

Management Investing Investments Economy 294

International College of Financial Planning

NOVEMBER 10, 2021

It wasn’t too long ago when investments would mean going to the bank and following the advice of the bankers or calling in neighborhood uncle to buy term-deposit certificates or insurance. You can also undertake the globally recognized course in risk management from GARP (Global Association of Risk Professionals).

Investment Advisor 52

Investment Advisor Investments Investing Certified Financial Planner 52

Brown Advisory

DECEMBER 2, 2015

In 2015, though, three trends began to weigh on stock prices: equity valuations rose above their historical average, record central-bank stimulus failed to fuel faster growth, and corporations, having already wrung out significant inefficiencies, made fewer gains in streamlining and improving profit margins, especially in the U.S.

Economy 52

Economy Taxes Clients Assets 52

ClearMoney

NOVEMBER 4, 2021

As with many things in life, the truth is somewhere between the extremes: While both simulated and real-world data suggest momentum may not be suitable as a driver of long-term asset allocations, we believe momentum considerations can be integrated in a cost-effective way to help inform daily portfolio management decisions.

Asset Allocation 52

Asset Allocation Commission Portfolio Assets 52

Bell Investment Advisors

JUNE 29, 2023

I’m joined here today by Ryan Kelley, Lead Portfolio Manager and Research Analyst for Bell. But before we go there, maybe a couple of comments about the banking crisis that occurred earlier this year in March. Banking Crisis – Key Points 05:25 Ryan Kelley: Sure. And this was actually true of a number of banks.

Marketing 52

Marketing Marketing Banking Numbers 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. Barclays Indices are trademarks of Barclays Bank PLC. small-cap stocks. Compared with large caps, small-cap companies generally sell at a lower price-to-sales ratio (1.1

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

SEPTEMBER 11, 2016

Maintaining liquidity allows a portfolio manager to snap up new opportunities such as General Dynamics, whose shares have risen 14% this year as of September 6. Barclays Indices are trademarks of Barclays Bank PLC. small-cap stocks. Compared with large caps, small-cap companies generally sell at a lower price-to-sales ratio (1.1

Economics 52

Economics Economy Communication Banking 52

Brown Advisory

SEPTEMBER 3, 2015

Fed Vice Chairman Stanley Fischer said in June that the central bank is carefully monitoring whether investors “take on risks they cannot measure or manage.”. By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy; Priyanka Agnihotri, Equity Research Analyst. Europe's Slow Climb.

Transportation 52

Transportation Government Economy Asset Allocation 52

The Big Picture

FEBRUARY 28, 2023

I was actually running the Investment Banking Club at BYU, and you know, thought I was interested in that, interested in going to Wall Street. Tell us a little bit about the corporate culture which is decidedly different than the typical Wall Street bank. I just signed a whole bunch of bank docs through DocuSign on my laptop.

Investing 147

Investing Investments Clients Assets 147

International College of Financial Planning

APRIL 16, 2021

Corporate Investment Management. Hedge fund management. Portfolio Management. Understand concepts of valuation, fixed income securities, valuation, macroeconomics, and volatility of international markets. Asset Management. Corporate Banking. Credit Risk Management. Securities analysis.

Management 52

Management Valuation Certification Financial Market 52

WiserAdvisor

AUGUST 18, 2022

This entire process is known as investment analysis where you use multiple valuations to understand and analyze the market along with those of different firms, industries, and sectors. All of the aforesaid factors need to be considered to find the investment instrument for your needs.

Investments 52

Investments Investing Financial Advisor Portfolio 52

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investments 52

Investments Investing Portfolio Management 52

Brown Advisory

JUNE 21, 2017

The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.

Investments 52

Investments Investing Portfolio Management 52

Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. It is not representative of an actual portfolio. When investing in alternatives, we seek long-term partnerships with portfolio managers and teams that possess specific talent and skill.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. It is not representative of an actual portfolio. When investing in alternatives, we seek long-term partnerships with portfolio managers and teams that possess specific talent and skill.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

FEBRUARY 14, 2023

For instance, while non-financial indicators in fundamental corporate debt analysis assess management teams, in the case of sovereigns, the analysis involves evaluating central bank independence, quality of institutions, and the domestic and international political landscape. nd.edu/our-work/coun-try-index/) and Brown Advisory.

Government 52

Government Investments Investing Economics 52

Brown Advisory

FEBRUARY 14, 2023

For instance, while non-financial indicators in fundamental corporate debt analysis assess management teams, in the case of sovereigns, the analysis involves evaluating central bank independence, quality of institutions, and the domestic and international political landscape. nd.edu/our-work/coun-try-index/) and Brown Advisory.

Government 52

Government Investing Investments Economics 52

Brown Advisory

FEBRUARY 14, 2023

For instance, while non-financial indicators in fundamental corporate debt analysis assess management teams, in the case of sovereigns, the analysis involves evaluating central bank independence, quality of institutions, and the domestic and international political landscape. nd.edu/our-work/coun-try-index/) and Brown Advisory.

Government 52

Government Investing Investments Economics 52

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. 13 It’s a win-win.

Investments 52

Investments Investing Portfolio Compliance 52

Brown Advisory

AUGUST 14, 2023

banking crisis in 1Q23 and this is undoubtedly not an exhaustive list. Sometimes factors are short and sharp as seen with the US banking crisis earlier this year. 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.

Investments 52

Investments Investing Portfolio Accounting 52

The Big Picture

MAY 9, 2023

Investment banks were not really a known concept in the area where I grew up. I lined up a bunch of job interviews with a variety of banks. So I got to know banks a little bit. So I interviewed with a bunch of banks, got a number of job offers by the end of the week, and joined Goldman Sachs in October 1998.

Assets 299

Assets Clients Investing Investments 299

The Big Picture

AUGUST 29, 2023

But it was a tremendous experience because I had started off in bond trading, worked my way into portfolio management and running the bond indexing team for a number of years, and then I got asked to take this responsibility, which was much broader. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%.

Portfolio 130

Portfolio Investing Investments Numbers 130

The Big Picture

MARCH 25, 2025

And the, you know, obviously just my personal opinion, but I think at that particular point in time, all of the investment banks were bankrupt or insolvent. Valuations tended to crash and burn very, very cheap valuations tended to do well. It was, we wanted to have the absolute best software for the way we managed money.

Management 147

Management Numbers Investing Investments 147

The Big Picture

JULY 24, 2023

I started my career as a bank teller, but fell in love with markets. MIAN: So Stray Reflections is a macro advisory and community that works with portfolio managers, CIOs around the world. The fact that you’ve got declining risk appetite, declines are prolonged, deep and valuations mean revert.

Marketing 130

Marketing Marketing Economy Valuation 130

The Big Picture

JANUARY 21, 2025

I was born in London and when I was three and a half, my father got a job for the World Bank in Washington DC So we all moved to Washington DC Then just before my 10th birthday, my father was posted to Bangladesh for four years. 01:04:39 [Speaker Changed] I think it was the Journal of Portfolio Management.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

SEPTEMBER 26, 2023

And then very soon after, you know, bear Stearns fails, Lehman Brothers fails, the cracks were massive and there were so much for selling from the trading desks at the banks. And we, we feel that a lot of phone calls, I think the most nervous we became was when the banks started failing. That had mismatched assets.

Banking 130

Banking Investing Investments Clients 130

The Big Picture

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. Every bank had balance sheet.

Banking 162

Banking Assets Government Marketing 162

Brown Advisory

NOVEMBER 14, 2017

Interestingly, for many years prior to the crisis, the portfolio changed very little in value or in the composition of its holdings, which include Treasury securities, mortgage backed securities and other types of loans. A number of thoughts are swirling in the wake of these policy and leadership shifts.

Investments 52

Investments Investing Assets Numbers 52