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@TBPInvictus here Our story so far : California has been raising its minimum wage for the past decade, starting at $8/hour through 2013. ” A bit of quick math: 726,600/0.987 = 736,170 (starting point). from last September [2023], when the state backed a deal for the increased wages.” 726,600 – 736,170 = -9,570.
But before we get to that, let’s start with Bachelor’s in economics from Hamilton, MBA from NYU. And a friend of mine who had gotten fired from this economic consulting firm, got a job at Chase Econometrics, IDC, and said, you have to come over here. Barry Ritholtz : I’m, I’m thrilled to have you. Absolutely.
Yeah, you have to, you know, the conceit of finance is that basically the math is all there is to it. So you mentioned half math, half Shakespeare. Let’s talk about the math side. Ivanka said, oh no, you don’t have to be able to do math to do real estate 00:20:13 [Speaker Changed] Or investing for that math.
He’s a super intelligent, thoughtful guy, very well versed in business economics and monetary policy. And when I went there I was gonna be a lawyer and I was gonna major in mathematics and I took my freshman year math and that all went great. I found this conversation absolutely fascinating. And so I made that transition.
We’ll get to where you work at JP Morgan, but economics bachelor’s from Columbia MBA from Harvard. So I decided to become an economics major and a psychology minor. So the intersection of psychology and economics became really interesting. And I did a lot of options math, which I thought was interesting.
And so, coming out of school, I studied Economics and Spanish Literature, and I applied to a — a program that actually targeted Liberal Arts majors. I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. It was at Bank One, at the time.
So here’s the math, Barry. If you have seven $50 incremental year, then every 10 year old in America, when they enter into the fifth or sixth grade and the teacher says, Hey, today we’re gonna talk about math or compounding or stocks or capitalism, they’ll say, open up. 00:44:49 [Speaker Changed] Correct?
So as much as I’m personally still a pretty strong skeptic of active management, I mean, I understand the math, and the odds are not in your favor. I read all those academic papers, I understand where the math comes from. It’s how math works. There’s no economic incentive for anybody to change any of that.
Also the, the underlying philosophy of that just seems fundamentally wrong from an an economic standpoint. We were fortunate enough to launch in 2013, which was a great, you know, start of a new bull market and a great decade ahead of it. If you don’t reduce demand, you could do whatever you want with, you know, supplies.
There are a lot of economic problems that we'll face in the coming years. From February 2013 to November 2016, there were 3.6 The erosion of that bargaining power is one of the biggest economic stories of the past four decades, yet it’s less about supply and demand than about institutions and politics." They are not.If
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? This is 2012, 2013, was enormous in the industry. And then in 2013, ‘14, an agency that actually Jeff knows about called Wondersauce –- RITHOLTZ: That’s a great name. CLYMER: Yes, around there, I would say.
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. HOFFMAN: So obviously, I’ve — you know, economically minded from the jump.
David Russell’s 2013 film, American Hustle , began as a script by writer and producer Eric Singer entitled, “American Bulls–t.” The interplay between math and team personnel is part of what makes basketball interesting. It is also well represented within popular culture. ” Who is conning whom?
There’s a lot of people writing about that back in 2012, 2013, that they started selling at a premium multiple to the market, which is very obviously not the case today. RITHOLTZ: Did you see the Liberty Street Economics research paper? That’s — SIEGEL: Yeah. They were working longer hours. RITHOLTZ: Sure. RITHOLTZ: No.
00:13:05 [Speaker Changed] But you are also on the advisory board for the Stanford Institute of Economic Policy and Research. So that’s why I think doing it as an individual always gave me much more reward and also, quite frankly, economic success than doing it as a, as a fund investor. off, 91 point a half percent off.
And I, and I really like the application of math and statistics and computer science to markets. Corey Hoffstein : So throughout 2013, I was doing a lot of this research. And so in 2013, I’m staring down my largest client, all of a sudden it becomes obvious. It’s just not smart on a math basis to do that.
New York Times ) • How Big Toilet Paper dupes us all : The wild, nonsensical world of toilet paper math, explained. ( His field of study looks at the interface between cognitive psychology and economics. Professor Camerer was became a MacArthur Fellow (Genius grant) in 2013 for his work on risk, self-control, and strategic choice.
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