The Better Letter

JANUARY 16, 2025

The now-defunct Bear Stearns won a noteworthy 2002 litigation involving former Fed Governor and then-Bear Chief Economist Wayne Angell over advice he and the firm gave to a Bear Stearns client named Count Henryk de Kwiatowski (really) after the Count lost hundreds of millions of dollars (really) following that advice (back story here ).

Clients 95

Clients Investing Investments Accounting 95

The Big Picture

DECEMBER 19, 2023

I got an internship at a investment fund in Baltimore, and this was 2002 at the time. He, he had retired, retired, but he was still active. What do you do in terms of risk management? And it starts with good risk management and optimal portfolio construction. Tell us about what you did at those shops.

Healthcare 157

Healthcare Portfolio Management Investing 157

The Big Picture

APRIL 18, 2023

I think because the private equity investing model has been really good for our clients, which are state pension plans, sovereign wealth funds, you know, ensuring the retirement safety of many — tens of millions of people. And so, that didn’t happen until 2002. I mean, you know, this is probably 2002.

Assets 157

Assets Investing Investments Valuation 157

The Big Picture

AUGUST 15, 2023

To give you a fun story, we launched Protégé Partners in 2002. And in 2002, the bucket of the largest hedge funds was those north of $1 billion. SEIDES: Before 2002, there were no capacity issues with whoever you thought the best hedge funds were. If you’re there a decade before, talk about first mover. Oh my goodness.

Management 130

Management Investing Investments Government 130

The Big Picture

OCTOBER 19, 2022

He is the managing director of Vanguard’s Financial Advisor Services Division, where he began back in 2002. We partnered with a firm in this space and developed a module to help with health care costs and determining health care costs in retirement. They have a risk management technology. He retired.

Clients 280

Clients Financial Advisor Taxes Investing 280

The Big Picture

MARCH 27, 2023

So you retire in 2018. Even the guy you think of so highly, you know, after three hedge funds open and close, you got to wonder if there’s some risk management issue there. But it was not a liquidity issue. ’08 And bonds were trading at huge discounts because there were no buyers anymore. RITHOLTZ: Really interesting.

Assets 280

Assets Investing Investments Management 280