Remove 2020 Remove Math Remove Risk Management Remove Taxes
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Transcript: Elizabeth Burton, Goldman Sachs Asset Management

The Big Picture

One, one is true and I’ve always said is that I wanted people to stop, ask if I could doing math. And no one asked me if I can do math anymore with a degree from Booth, particularly in econometrics and statistics. So people really ask you, you take French and can you do math. Two reasons. Absolutely.

Assets 144
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Transcript: Julian Salisbury, GS

The Big Picture

So how do you then go from tax and audit practice to finance and investing? So I took it upon myself to go off and took a course in bond math, took another course in derivatives and realized the underlying fundamental concepts were barely, I mean, it wasn’t even high school math in most cases. Very different fields.

Assets 293
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Transcript: Greg Davis, CIO Vanguard

The Big Picture

Also being cognizant of the tax implications of trading activity. DAVIS: A big part of it is really around when there’s more complicated corporate actions that are happening that entail a level of risk. They like tax-free income, but they also don’t like principal losses. It kind of made me think of a question.

Portfolio 130
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Transcript: Luis Berruga, Global X ETFs

The Big Picture

You have the liquidity, the tax efficiency, the transparency. And I did the math, and I think at that point in time, roughly speaking, assets in ETS were roughly just 10 percent, 12 percent of assets in mutual funds and I was pretty convinced that that number was to increase significantly. 2020 was a huge year.

Clients 157
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Transcript: Ted Seides

The Big Picture

SEIDES: But market returns across — RITHOLTZ: The past decade, 2010 to 2020, we were what? So for a taxable investor, hedge funds generally aren’t tax efficient. It’s part of their own tax planning. RITHOLTZ: Oh no, it’s much worse. SEIDES: It’s lower. It’s lower. 14, 15% a year?

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Transcript: Kristen Bitterly Michell

The Big Picture

I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. BITTERLY MICHELL: … risk management. there’s a big focus on how do we optimize for tax efficiency, too. It’s different wealth regimes, it’s different tax regimes.

Clients 293
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Transcript: Dominique Mielle

The Big Picture

And so if you compare that to today, if you remember Oaktree raised $15 billion fund in 2020, on its own. For example, you talk about the 2020 distressed cycle, and it’s interesting to me that it was so short, so shallow. If you think of the biggest bankruptcy in 2020 was Hertz. So the magnitude is not even comparable.

Assets 280