The Big Picture

DECEMBER 6, 2022

BERRUGA: So many of our clients were struggling to find alternative sources of income for their portfolios. And this product, paying over a 12 percent dividend yield and monthly distributions was very, very attractive for many of our clients. BERRUGA: Yeah. RITHOLTZ: So let’s talk about some more of these ETFs.

Clients 162

Clients Investing Investments Management 162

Brown Advisory

JANUARY 17, 2024

Only if the universe is split 50:50 between winning and losing investments does the 75% hit rate for the portfolio hold. However, the universe typically does not follow a normal distribution, not even on a one-year basis. nor on valuation and IRR in order to avoid type 1 errors of inclusion.

Investing 52

Investing Investments Portfolio Compliance 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. It is an illuminating case study.

Investing 52

Investing Investments Portfolio Accounting 52

Brown Advisory

MARCH 28, 2019

The “5% rule” was instituted in 1981 by the IRS; this rule requires private foundations to distribute at least 5% of portfolio assets each year, and over time this rule has been voluntarily adopted by nonprofits of all types. In the past, spend-rate planning was a fairly straightforward task for investment committees.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Brown Advisory

MARCH 28, 2019

The “5% rule” was instituted in 1981 by the IRS; this rule requires private foundations to distribute at least 5% of portfolio assets each year, and over time this rule has been voluntarily adopted by nonprofits of all types. In the past, spend-rate planning was a fairly straightforward task for investment committees.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Brown Advisory

FEBRUARY 14, 2023

Note: The boxplot shows the distribution of the countries’ sustainability scores through displaying the data quartiles (or percentiles) and averages. Note: The boxplot shows the distribution of the countries’ scores through displaying the data quartiles (or percentiles) and averages. Department of Agriculture).

Government 52

Government Investing Investments Economics 52

Brown Advisory

FEBRUARY 14, 2023

Note: The boxplot shows the distribution of the countries’ ESG scores through displaying the data quartiles (or percentiles) and averages. Note: The boxplot shows the distribution of the countries’ ESG scores through displaying the data quartiles (or percentiles) and averages. Department of Agriculture).

Government 52

Government Investing Investments Economics 52

Brown Advisory

FEBRUARY 14, 2023

Note: The boxplot shows the distribution of the countries’ ESG scores through displaying the data quartiles (or percentiles) and averages. Note: The boxplot shows the distribution of the countries’ ESG scores through displaying the data quartiles (or percentiles) and averages. Department of Agriculture).

Government 52

Government Investing Investments Economics 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

SEPTEMBER 22, 2017

Second, they lower their own costs materially, thereby improving margins, by becoming productivity leaders through innovative manufacturing, distribution, or other strategies. The Journal of Portfolio Management 40(2): 18-29. Journal of Portfolio Management. Journal of Portfolio Management.

Portfolio 52

Portfolio Investing Investments Management 52

Brown Advisory

SEPTEMBER 22, 2017

Second, they lower their own costs materially, thereby improving margins, by becoming productivity leaders through innovative manufacturing, distribution, or other strategies. We have not identified ESG attributes among our portfolio companies that consistently help us pre-select portfolio candidates for strong future performance.

Portfolio 52

Portfolio Investing Investments Management 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. I’m gonna hold it in my portfolio. It’s the exact opposite. Thank you for the cash.

Assets 173

Assets Management Portfolio Marketing 173

The Big Picture

MARCH 25, 2025

Valuations tended to crash and burn very, very cheap valuations tended to do well. How to clone your favorite money managers. By looking at the biggest difference between their portfolio factor distribution and then using those as screens to get a portfolio, much like your manager. Right, right.

Management 147

Management Numbers Investing Investments 147

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

MAY 9, 2023

Institutional clients, our own private wealth clients, and then third-party wealth clients where we manage money on behalf of other wealth managers distribution partners. We manage money on behalf of pensions, endowments, insurance companies, sovereign wealth funds. Three main client segments.

Assets 299

Assets Clients Investing Investments 299

The Big Picture

JANUARY 21, 2025

I think it’s very hard to say stocks are objectively cheap because all of these valuation metrics have, have become unreliable over the decades as the nature of the stock market has changed. And so, you know, that’s why I’ve started to distribute money to them. 01:04:41 [Speaker Changed] I think you’re you.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

OCTOBER 17, 2023

And what you get at the end is a very, very uneven distribution of wealth. Graham Foster] : 00:11:54 You see the, exactly the same non-linear wealth distribution in real life. And I see the opposite fathead long tail distribution in capitalism. Then the volatility and, and the valuation makes an enormous difference.

Investing 130

Investing Investments Clients Management 130

Sara Grillo

NOVEMBER 14, 2022

Macchia mentions that there are firms that have sprung up offering no load products, products that report into your portfolio management system, wrap-able products, etc. the leading provider of retirement income distribution solutions. He is Founder & CEO of Wealth2k, Inc., He is an experienced trial expert witness.

Insurance 59

Insurance Retirement Financial Advisor License 59

The Big Picture

SEPTEMBER 26, 2023

And if they don’t, we’re happy to own them at the valuation that we are creating that company act. And I think my employers appreciated it because I wasn’t trying to, you know, be a portfolio manager before my time. Tell us about what’s going on today that makes it so interesting.

Banking 130

Banking Investing Investments Clients 130

The Big Picture

MAY 21, 2024

And one of the worst performing factors has been valuation. So we’re now in an environment where all the 45-year-old portfolio managers out there have been, have worked their entire careers in these momentum fueled markets, and they’ve been trained to believe that valuation doesn’t matter.

Numbers 147

Numbers Management Banking Marketing 147

The Big Picture

MARCH 21, 2023

I was a fixed income portfolio manager and trader, which is a ton of fun. PIMCO out on the West Coast, read the first thing I wrote in the Journal of Portfolio Management. But plenty of valuation measures, it has no applicability for price-to-sales. Program didn’t feel right. I then got just very lucky.

Valuation 173

Valuation Investing Investments Numbers 173

The Big Picture

DECEMBER 17, 2024

Barry Ritholtz : This week on the podcast, another extra special guest, Tony Kim, is managing director at BlackRock, where he heads the fundamental equity technology group helping to oversee all of the active technology investments BlackRock makes. I must have worked for 30, 40 portfolio managers across four, four or five investment firms.

Engineering 130

Engineering Numbers Investing Investments 130

The Big Picture

NOVEMBER 25, 2024

00:19:11 [Speaker Changed] The, the challenge is always the transition from the uptrend to the downtrend, which is why you have portfolio managers and allocators arguing who’s responsible. 00:58:11 [Speaker Changed] The shift from pure research to managing assets, I think is one that a lot of people ultimately make.

Portfolio 147

Portfolio Management Marketing Marketing 147