The Big Picture

JUNE 16, 2025

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.

Math 130

Math Numbers Investing Investments 130

Carson Wealth

APRIL 28, 2025

Dates like the lows in 1982, 2009, and 2020 show up this time, which always catches our attention. Early 1987, March 2009, August 2011 (after the US debt downgrade), and the COVID lows in March 2020. The math is just Earnings * (Price / Earnings) = Price, since the Earnings parts cancel.

Marketing 78

Marketing Marketing Economy Manufacturing 78

Random Roger's Retirement Planning

FEBRUARY 10, 2025

Two of the three strategies have traded sideways in the 2020's. Simple math, it looks like the carry index has compounded at less than 3%. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. The red line for T-bills is price only.

Math 52

Math Management Portfolio Taxes 52

The Big Picture

MAY 9, 2024

At least one person1 has noticed the risks to young consumers of social media: Since August 2020, @TikTokInvestors has been curating the most outrageous money-losing and dangerous videos culled from the “financial experts” at TikTok. Not if you spend tax season on a boat! The advice ranges from wrong to risky to criminal: -401ks?

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Media Taxes Math Financial Advice 335

The Big Picture

AUGUST 12, 2024

Sorry, but “fake it till you make it” seems like a poor plan for thinking about the future… Previously : Time to Stop Believing Deficit B t (September 3, 2021) Stimulus, More Stimulus and Taxes (January 25, 2021) Cost of Financing US Deficits Falls (December 18, 2020) Can We Please Have an Honest Debate About Tax Policy?

Economy 347

Economy Taxes Investing Investments 347

The Big Picture

NOVEMBER 27, 2023

This is before we get to the issue of capital gains taxes, which create a hurdle of (minimum) 20% on those pesky profits just to get to breakeven. Staying long through the 60-day 34% drop during the 2020 pandemic; getting out of the market ahead of the 2022 rate hiking cycle; and getting back in October 2022 for the next bull leg.

Marketing 300

Marketing Marketing Math Retirement Planning 300

The Big Picture

OCTOBER 23, 2023

Your grandchildren will blame the toxic combination of incompetency and ideology for the massively increased carrying costs of unfunded spending and tax cuts. Note that we undertook much of the work anyway (airports, electrical grid, roads, etc.), just decades later at a much greater cost. All simply unnecessary.

Government 332

Government Economics Budgeting Taxes 332

Random Roger's Retirement Planning

OCTOBER 26, 2024

First, is the math right based on my numbers? I didn't want to backtest too far back because Bitcoin had massive gains in 2017 and 2020 that might not be repeatable. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Math 52

Math Portfolio Numbers Taxes 52

Random Roger's Retirement Planning

APRIL 22, 2024

The article devoted a good amount of space to bond market math, focusing on the pain of owning the iShares 20+ Year Treasury ETF (TLT) and bond funds in general. There is nothing that says TLT must get back to the $171 dollars it traded at in 2020.

Marketing 98

Marketing Marketing Financial Advising Math 98

Random Roger's Retirement Planning

FEBRUARY 24, 2024

In the case of real estate a 2.29% weighting and for "private equity" companies it's about 17 basis points (looked at XLF holdings and then did a little math), that's just not going to move the needle. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Math 75

Math Portfolio Marketing Marketing 75

Good Financial Cents

SEPTEMBER 29, 2022

However, by doing a little math, you can easily determine your hourly wage from your annual salary. represents your gross hourly rate before taxes or other deductions. For 2020, the federal poverty level for a single person without dependents is $12,760. For example, for a family of four in 2020, the poverty level is $26,200.

Budgeting 64

Budgeting Taxes Transportation Insurance 64

Investing Caffeine

FEBRUARY 1, 2022

T he stock market has been like a rocket ship over the last three years 2019/2020/2021, advancing +90% as measured by the S&P 500 index, and +136% for the NASDAQ. Math Matters. I did okay in school and was educated on many different topics, including the basic principle that math matters. Source: Calafia Beach Pundit.

Math 52

Math Assets Education Investing 52

Zajac Group

FEBRUARY 10, 2025

If you dig even deeper, you may also think about tax implications, including the alternative minimum tax and qualified holding periods. But the basics of equity compensation and tax aside, theres something else you might want to be mindful of something that is a bit more difficult to define or quantify.

Taxes 52

Taxes Risk Tolerance Portfolio Investing 52

Random Roger's Retirement Planning

DECEMBER 1, 2023

Part of the math that determines options premiums is the risk free rate of return from T-bills. The CAGR with dividends reinvested is 5.50%, 1.97% without and although its standard deviation is quite a bit lower that the S&P 500, during the Pandemic Crash of 2020 it pretty much dropped the same as the S&P 500.

Math 74

Math Retirement Numbers Portfolio 74

The Big Picture

SEPTEMBER 12, 2022

I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. there’s a big focus on how do we optimize for tax efficiency, too. It’s different wealth regimes, it’s different tax regimes. RITHOLTZ: Applied Mathematics, Quants, those guys, yeah.

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Clients Wealth Management Banking Investing 293

Random Roger's Retirement Planning

SEPTEMBER 29, 2024

The math is only off by a shade using leverage via UST and a little bit of SSO, remember RPAR is leveraged. In 2020, RPAR did much better than the replication, did a little worse in 2021, 2023 and 2024 YTD and in 2022 RPAR lagged the replication by 11%. The Replication is based on this from RPAR.

Portfolio 52

Portfolio Assets Management Math 52

The Big Picture

SEPTEMBER 19, 2023

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. There was a good equity rebound.

Assets 144

Assets Management Portfolio Investing 144

The Big Picture

NOVEMBER 21, 2023

So here’s the math, Barry. If you start with a thousand and you only have an addition of $750 a year, okay, families can contribute to that, your 00:44:48 [Speaker Changed] Corporate tax free. You take it out tax free as well. You cannot anchor yourself to some delusional price you got in 2020 or 2021. Completely.

Investing 246

Investing Investments Startup Accounting 246

The Big Picture

DECEMBER 6, 2022

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. BERRUGA: Yeah.

Clients 157

Clients Investing Investments Management 157

Brown Advisory

JUNE 16, 2022

We discount each year at our 10% minimum weighted average cost of capital (WACC) and some infinite series maths gives us the basis for some rough approximations 2. How different to when we wrote the 2Q 2020 letter (link) and we were being asked about taking our WACC down! That assumes I pay no taxes which is very hard.

Investing 52

Investing Investments Accounting Valuation 52

Brown Advisory

JANUARY 17, 2024

We all know that a 55% hit rate is the top decile across the industry, and the maths above demonstrates why. We have both of these potential investments on our Ready-to-Buy list, and both had gotten to within 10% of prices where we thought they represented very good value in the past few years (Nvidia in Oct 2022, Novo Nordisk in Dec 2020).

Investing 52

Investing Investments Portfolio Accounting 52

The Big Picture

AUGUST 15, 2023

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?

Management 130

Management Investing Investments Government 130

The Big Picture

AUGUST 20, 2024

00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. People earn wages, whether it’s a retirement account or a tax deferred account or just an investment account.

Assets 167

Assets Management Portfolio Taxes 167

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 201

Banking Government Insurance Taxes 201

The Big Picture

NOVEMBER 15, 2022

Hey, show me companies where the board has at least two women on it, or you could tilt towards value, or you could tilt towards small cap, or you can use it for tax loss harvesting or philanthropy. Since 2020, their performance has been awful. RITHOLTZ: In 2020, no one even came in second. It’s how math works.

Management 273

Management Assets Portfolio Marketing 273

The Big Picture

MARCH 27, 2023

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

Assets Investing Investments Management 280

The Big Picture

MAY 9, 2023

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

Assets Clients Investing Investments 293

Walkner Condon Financial Advisors

JUNE 2, 2023

Alicia’s Experience One of my earliest experiences when I first decided to get into financial planning was participating in the Financial Planning Association’s Externship Program in the summer of 2020. Hannah put together a varied and diverse group of speakers that both inspired and directed my future path in financial planning.

Financial Planning 98

Financial Planning Planning CFP Certified Financial Planner 98

The Big Picture

AUGUST 29, 2023

Also being cognizant of the tax implications of trading activity. They like tax-free income, but they also don’t like principal losses. I’m curious if that’s kind of repeating now and the 2020 pandemic fiscal stimulus, which was massive under two presidents. It kind of made me think of a question.

Portfolio 130

Portfolio Investing Investments Numbers 130

Random Roger's Retirement Planning

FEBRUARY 1, 2024

The 75/50 captures 75% of the upside with only 50% of the downside, the math on that works out favorably over the long term. 2020 was a terrible year for XYLD. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Portfolio 40

Portfolio Math Assets Taxes 40

The Irrelevant Investor

JANUARY 31, 2021

People are debating ideas surrounding payment for order flow, different tax rates for different holding periods, carried interest, and disclosures, to name a few. billion in revenue in 2020, thanks to the explosion in retail trading accounts. I love what started as David versus Goliath, but I'm starting to get worried. How do I mean?

Retail 52

Retail Math Investing Investments 52

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. You know, I, it always, I I see different numbers all the time, so it’s always kinda like, who’s math if you will? 00:02:16 [Speaker Changed] Me too.

Numbers 144

Numbers Banking Investing Investments 144

The Big Picture

MAY 21, 2024

I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. What, what was your experience during the first quarter of 2020 during the pandemic s and p down 34%. It’s all tax free.

Numbers 144

Numbers Banking Management Marketing 144

The Big Picture

MARCH 21, 2023

And caring about price versus anything, even if it were immune to intangibles, was not a very good thing until late 2020, since the GFC, so about 11 years. I think, you know, kind of near the end of 2020, maybe people were being quiet about that affiliation for a while. My mom was a math teacher so — RITHOLTZ: Okay.

Valuation 167

Valuation Investing Investments Numbers 167

The Big Picture

JULY 15, 2024

I started out math and, and physics, and in high school I was a rock star in math and physics. ’cause if I wait too long, especially with long duration rising, rising rates in long duration, fixed income leads to capital loss 00:25:35 [Speaker Changed] In 2020. And so I transferred to the business school after that.

Portfolio 144

Portfolio Banking Management Portfolio Management 144

The Big Picture

AUGUST 23, 2022

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. And they said as a result of them earning zero, the $230 million of taxes that was paid in the previous year is paid in error and we’d like that money back. It is $2 billion on the ship.

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Government Banking Numbers Investing 318

The Big Picture

JULY 31, 2023

Burger King Tim Hortons, I remember very clearly because it was in the middle of those waves of kind of tax dodgy, those inversion deals. HOFFMAN: You know, go back to early 2020, I mean, every beat was a COVID beat pretty quickly too, right? ” This is the end of January of 2020. But yeah, some of those were fun.

Retail 130

Retail Government Economy Economics 130