The Better Letter

DECEMBER 15, 2022

As I write this TBL, the S&P 500 is getting crushed and (using very rough numbers) is down 18 percent year-to-date. percent (2009). Based upon last week’s TBL , those hedge fund numbers sound high. Using very rough long-term return numbers (9.5% The Dow is down 8.5 The Nasdaq is down a dreadful 31 percent.

Investing 80

Investing Investments Portfolio Numbers 80

The Big Picture

JANUARY 9, 2024

So like a component of it was like the standard derivatives math, right? And so like, you know, I got there and I learned derivatives math, right? And it restarted in, I wanna say March of 2009, but like onlya little bit. It was derivatives math, it was like working with the traders on like risk management.

Banking 130

Banking Retail Math Management 130

Mr. Money Mustache

MAY 20, 2022

It’s fun math – a 20% drop in prices means you get 25% more shares for your dollar, and a 50% drop means twice as many , or 100% more shares per dollar invested.). It’d be like retiring at the bottom of 2009 with still-decent numbers. the current blowup) -20% so far What’s your guess?

Marketing 53

Marketing Marketing Retirement Investing 53

The Big Picture

JULY 19, 2022

Following the financial crisis and the Fed cutting rates, economy and the market starts recovering in late 2009 and then 2010 and we kept hearing from a lot of different value corners, hey, everything is richly priced. And when we look back to the early days of that outperformance, there were a tiny fraction of the number of funds then.

Investing 130

Investing Investments Valuation Portfolio 130

Zajac Group

FEBRUARY 10, 2025

Behavior Finance and Your Portfolio So much of the concept of investing is about logic, math, and numbers. For example: Prior to Covid-19, investors enjoyed the longest bull market in stock market history which lasted from March 2009 until February 2020 (almost 11 years ). points to 3,386.15a 400%+ in gains.

Taxes 52

Taxes Risk Tolerance Portfolio Investing 52

The Big Picture

AUGUST 15, 2023

Or at least the top, pick a number, 30, 40%. I don’t remember the number. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. So you’re talking about an average of a large number. Less, 20, 30%? And — RITHOLTZ: What?

Management 130

Management Investing Investments Government 130

The Better Letter

MARCH 16, 2023

The maths are exactly the same. These sorts of math problems are the focus of this week’s TBL. Math Problems As this TBL goes live, just 16 games and one day of the NCAA Tournament are in the books, yet my bracket is a mess. We notice the unlikelihood of 100 in a row because of the pattern. Thanks for reading.

Math 95

Math Numbers Medicine Marketing 95

Good Financial Cents

APRIL 19, 2023

The term “turnkey” means the numbers have been crunched, the home may have been rehabbed, and may already include tenants! Since Kickstarter’s launch in 2009, 18 million people have backed projects. Roofstock is a marketplace of turnkey single-family homes for sale. All you, as the investor, have to do is put up the cash.

Accounting 105

Accounting Investing Investments Media 105

The Big Picture

JANUARY 21, 2025

Barry Ritholtz : The the funny thing is, the behavioral aspect of mutual funds seems to have been when people finally learn about a manager who’s put up great numbers, by the time it makes to make makes it to Forbes, hey, most of that run is probably over and a little mean reversion is about to kick in.

Investing 147

Investing Investments Management Retirement 147

The Big Picture

FEBRUARY 17, 2025

And I did a lot of options math, which I thought was interesting. 00:10:08 [Speaker Changed] Yeah, so I graduated from HBS in summer of 2009 and I was fortunate enough to join the Grassroots Business Fund, which had been a division of the International Finance Corporation and literally spun out first half of 2008.

Investments 147

Investments Investing Economics Marketing 147

The Big Picture

JULY 4, 2023

.” It’s really helpful to have had five other meetings with people who sit at analogous funds that had losses that were just as big, and in fact, they may have contributed to those losses more and be able to tell him, first off, your fund, just by my math, has a $250 million management fee. These are big numbers.

Management 147

Management Recruitment Numbers Banking 147

The Big Picture

AUGUST 8, 2022

ANAT ADMATI, PROFESSOR OF FIANCE AND ECONOMICS, STANFORD GRADUATE SCHOOL OF BUSINESS: So, my journey starts where I took a lot of math. I was good in math and I love the math. So, I was kind of, in my romantic mind when I was in my early 20s, I was going to take but not give back to math, that kind of thing.

Banking 204

Banking Government Insurance Taxes 204

The Big Picture

MAY 30, 2023

Number one, a school district is a business. And number two, and I think that they were like, I’m sure there’s a note coming after this with a congressional allocation, and it never came. BRYANT: Number two, money is emotional. BRYANT: So money, unlike math, money is highly emotional. RITHOLTZ: Right.

Banking 147

Banking Economics Economy Business Planning 147

The Big Picture

SEPTEMBER 10, 2024

2009, 10 in that role. So that’s, that’s number one. Because the claims numbers were better. So that’s the math. I mean, 19 times, you know, next year’s numbers is, you know, which would be the end of the year is lower than what we’re trading today. Is low, right?

Valuation 162

Valuation Clients Investing Investments 162

Mr. Money Mustache

NOVEMBER 10, 2020

So I decided to take some action, by doing the math for myself using a spreadsheet. All covered, with no co-pay and in an environment that feels to me like Presidential-level health care, in striking contrast to some of my past experiences where I felt like an anonymous numbered ticket in a sloshing sea of bureaucratic institutional medicine.

Insurance 58

Insurance Medical Medicine Healthcare 58

Aleph

NOVEMBER 1, 2022

Well, the last installment in this series was 2009. There are a number of insurance companies running their stable value plans at durations higher than 5, and their ratio of market value to book value is near 85%. Photo Credit: Ruin Raider || It is important to recognize the limitations of any system. Let’s define terms first.

Insurance 45

Insurance Assets Management Math 45

The Big Picture

OCTOBER 17, 2023

So I, I did a math degree at Oxford, which is more pure math. You know, pure math can be very theoretical and detached from the real world, and it’s getting worse. Graham Foster] : 00:02:54 That was a number, that was number theory, pure number theory. It gets further and further away the D P U go.

Investing 130

Investing Investments Clients Numbers 130

The Big Picture

OCTOBER 21, 2024

I’m good at math and science and you know, I always had an idea what go into business, but I felt that electrical engineering would be a good foundation. And so there was a number of less liquid markets that made for quite wide spreads. And you know, I think ultimately there was a number of opportunities that came out.

Numbers 147

Numbers Banking Investing Investments 147

The Big Picture

MARCH 12, 2024

So a lot of the headline names, you see a lot of the stories you see about, about the financial crisis, a significant number of, of those investors we were helping in security selection, modeling, and analytics. And so, so starting in 2009, we, we, there was no flip market. You’re actually crunching a lot of numbers.

Banking 147

Banking Marketing Marketing Investing 147

The Big Picture

APRIL 8, 2025

Lisa Shallet, chief Investment Officer at Morgan Stanley has had a number of fascinating roles in Wall Street, which is kind of amusing considering she had no interest in working on Wall Street, and yet she was CEO and chairman at Sanford Bernstein. I was traveling and on an airplane all the time. So I took the plunge, I quit.

Asset Allocation 147

Asset Allocation Wealth Management Clients Assets 147

The Irrelevant Investor

AUGUST 9, 2018

These numbers are so incomprehensibly large that they lack any meaning. In a recent Axios article, Being 30 then and now , the author wrote "In 1975, only a quarter of 25 to 34-year-old men made less than $30K per year, but that number rose to 41% in 2016." It's like saying that Pluto is 4.67 billion miles away from the earth.

Economics 52

Economics Investing Investments Distribution 52

The Big Picture

MARCH 21, 2023

You can use this in a number of ways. And that’s a pretty good number. RITHOLTZ: So like the 40 percent number, what are the odds of this happening? Stocks usually make 10 percent a year, and don’t hold me to any of these numbers. What you’re going to earn on that money is an important number.

Valuation 173

Valuation Investing Investments Numbers 173

Carson Wealth

APRIL 28, 2025

Dates like the lows in 1982, 2009, and 2020 show up this time, which always catches our attention. Those numbers could have bulls smiling later in 2025. Early 1987, March 2009, August 2011 (after the US debt downgrade), and the COVID lows in March 2020. Two Huge Days The S&P 500 soared 9.5%

Marketing 78

Marketing Marketing Economy Manufacturing 78

The Big Picture

AUGUST 23, 2022

And I was kind of intrigued and so I said, can we discuss it, and he laid it out on a conference table and I said, what’s this number? And then I said, what’s this number down here, and he said, this is last year’s earnings. And that number was $160 million. So, I did the math, 20 million times a hundred.

Government 321

Government Banking Numbers Investing 321

The Big Picture

JANUARY 7, 2025

She works as an advisor for a number of LPs and gps and pretty much everybody in between. I flew back again to do interviews and I was blessed enough to get into a number of, of great US Ivy Leagues, but ended up choosing Stanford because even then Barry, I knew I was an entrepreneur at heart. Have been a resident of London.

Valuation 130

Valuation Engineering Numbers Marketing 130

The Big Picture

MAY 2, 2023

RITHOLTZ: So wait, you’re, I’m trying to do the math, if you were 24 in ‘08, so you got this watch in 2000, 99? FOWLER: Yes, I was at LVMH for a number of years, mostly with Louis Vuitton for the first few years. The number one response every single time to this day is for Hodinkee to sell things because they trust us.

Retail 173

Retail Insurance Numbers Advertising 173

The Big Picture

NOVEMBER 25, 2024

And I, and I really like the application of math and statistics and computer science to markets. And so graduating right into 2009, right out of the financial crisis, I said, I don’t think I’m gonna get a job. You learn the math that can help you with, with market making operations. And I just caught the bug.

Portfolio 147

Portfolio Management Marketing Marketing 147

The Big Picture

JULY 31, 2023

The economic dislocation, the health risks, just the mayhem that took place, but from the perspective of a number of corporate CEOs, Bill Ackman of Pershing Square Capital, the hedge fund that had a couple of amazing trades based on this. So, so you choose a number of specific industries or did you choose them? RITHOLTZ: Wild number.

Retail 130

Retail Government Economy Economics 130

The Big Picture

NOVEMBER 19, 2024

Behavioral finance has a number of fathers, including Dick Thor and, and Danny Kahneman. Colin Camerer : So I, some of it was when I was in college at Johns Hopkins, I, I studied physics and math. And number theory was just too mind blowing, you know, for me. The math doesn’t math. That was too abstract.

Economics 162

Economics Math Numbers Marketing 162

The Big Picture

JUNE 3, 2024

Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not. The, the math came easier. And I really hated physics, really. It’s so true.

Math 147

Math Marketing Marketing Engineering 147