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Wasn’t the Excel spreadsheet error, which changed their math. I mean the, when consumers pull back, right, because the, the government surpluses are like, they work like a Hoover, they’re just vacuuming up net financial assets. So you got the tax cuts in 2001, and then you got another one in 2003.
And before that, Morgan Stanley, doing technology and operations planning for the wealth and asset management group. What percentage of the assets are in ETFs relative to mutual funds? So fast forward to where we are today, we have over $40 billion in assets under management. BERRUGA: You know, great question. RITHOLTZ: Wow.
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. And finally, I think it was 2003 or four, I ran into Mitch on the street on, actually on 57th, just around the corner from where we are right now.
He is the Chief Investment Officer of Asset and Wealth Management at Goldman Sachs. He co-chairs a number of the asset management investment committees. trillion in assets under supervision. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, GOLDMAN SACHS: Thanks, Barry. And I think you will also.
I mean, there were some advisor pickup, but you had to be kind of on the front edge of finance, or a quant, or running your own models, which in 2003, was not that common. You can go get some turnkey asset management program. So we’ve sort of cornered the market on this dialogue between asset managers and financial advisors.
And so they stood up a firm called AltFinance, whose main purpose was to help alternative asset managers tap into that rich pool of potential hires. RITHOLTZ: So generally speaking, alternative assets, that’s a tough gig to get into regardless of where you go to school. I also saw that they had some really unique assets.
I wouldn’t say I like one better than the other, but what I would say is I do find more personal satisfaction in helping the asset owner clients who really need the help. And that should tell you whether or not an asset’s probably going to be appreciating or depreciating. So that’s the math.
And I was a math nerd as a kid. And the assets under management were smaller. And the fact that you’re trying to bundle it up into a terminal value in, unless the assets are cash or convert to cash. It was the kind who thought it’s cool that 1, 2, 3, 4, 5, 6, 7, 8, 9 times eight is roughly 9, 8, 7, 6, 5, 4, 3, 2, 1.
So that little detour was in 2003. So think about 2003 home prices had gone up a lot from 2000. So mortgage position in 2000 were way more valuable in 2003 than they were when they originated because they weigh less credit risk. No income, no job, no assets were exactly ninja, Sean Dobson : No pulse seems reasonable.
Now he’s the head of the discretion team at Loomis Sales, which manages well over $335 billion in client assets. I started out math and, and physics, and in high school I was a rock star in math and physics. The same phrase was during the financial crisis when people talked about toxic assets.
So, I did the math, 20 million times a hundred. So, let me just repeat the math. And so, again, I went through this simple math. Asset management group had made an argument and then the investment bank says, he works here, and then the emerging market people say, what about us, and it was going on and on.
That’s why the markets are much more of a mind game than a math game. And that’s why markets will always be exceedingly hard, even when the math seems easy or the future seems certain. Like it or not, the unimaginable outcomes are the ones that make the biggest spread between expected asset returns and the actual result.”
Colin Camerer : So I, some of it was when I was in college at Johns Hopkins, I, I studied physics and math. And there was people, Physics didn’t have, people, psychology didn’t have math, economics was kind of the right mix. The math doesn’t math. That was too abstract. Yeah, I’m gonna vote.
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