The Big Picture

SEPTEMBER 19, 2023

Elizabeth Burton is Goldman Sachs asset management’s client investment strategist. 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. Two reasons.

Assets 147

Assets Management Portfolio Investing 147

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 Investing Investments 52

The Better Letter

MAY 13, 2022

“Bottom line: Behavioral finance generates fascinating insights but hasn’t had much practical impact on financial advisors and their clients seeking to make better financial decisions, let alone achieve financial wellbeing.” For math, she teaches the advanced class — the top students in the school.

Math 52

Math Economics Marketing Marketing 52

Random Roger's Retirement Planning

JULY 15, 2022

BTAL is of course a client and personal holding, it goes long low volatility stocks and short high volatility stocks. The math shows the NTSX/ARBIX/BTAL combo would be down 14.7% There's a little more work related to the convertibility price in running that strategy. If NTSX was up 32%, VBAIX would have been up 21.8%

Portfolio 66

Portfolio Math Numbers Marketing 66

FMG

DECEMBER 22, 2022

When LPL bought Waddell & Reed in 2021, it opened some doors as the pay structure was more conducive for small practices and they offer a lot of optional add-on services, like virtual assistants. As you’re based in Washington, how has the pandemic affected your business plan and the way you communicate with clients?

Financial Advisor 52

Financial Advisor Compliance Clients Communication 52

Random Roger's Retirement Planning

JULY 1, 2022

I held Plum Creek for clients for a time but as a stock, versus a direct investment, it only partially captured the effect. Over the last five years, it missed out on the stock market rally until late 2020 when it went parabolic, then drifted lower for much 2021. Sometimes it correlates to the S&P 500 and sometimes it doesn't.

Portfolio 40

Portfolio Math Management Clients 40

Random Roger's Retirement Planning

FEBRUARY 8, 2023

In 2021 it was up roughly the same 27% as the S&P 500. The way the math works, a 67% allocation to NTSX replicates 100% into a 60/40 portfolio which leaves 33% left over to do something. I have no interest or intention of using any of the funds mentioned personally for for clients. So, how'd it do? Not exactly.

Portfolio 40

Portfolio Math Management Investing 40

Brown Advisory

NOVEMBER 13, 2023

The New Normal It is difficult for investors and individuals alike not to have been directly impacted by the rapid rise in inflation in 2021 and 2022, the succeeding interest rate hikes by global central banks and the ensuing effects these economic events have had on financial markets, including the mortgage market.

Investing 52

Investing Investments Portfolio Clients 52

The Big Picture

JULY 19, 2022

So, the Portfolio Solutions Group advises mainly institutional clients on all kinds of challenges that they have and thinking about the expected returns, portfolio construction, risk management, et cetera. How far do you think the Fed’s going to go in tightening and do we run the risk that we’re behind the curve in 2021?

Investing 130

Investing Investments Valuation Portfolio 130

Zajac Group

FEBRUARY 10, 2025

While the data isnt as black and white as other aspects of finance, the impact of behavioral finance is clearjust consider the Covid-induced crash in February 2020 or the meme stock phenomenon of 2021 (to name a few more recent events). Behavior Finance and Your Portfolio So much of the concept of investing is about logic, math, and numbers.

Taxes 52

Taxes Risk Tolerance Portfolio Investing 52

The Big Picture

MAY 9, 2023

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. SALISBURY: At the simplest level we manage money for our clients. Three main client segments.

Assets 299

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The Big Picture

SEPTEMBER 10, 2024

So I would say the challenge of having those roles is that our institutional clients are much shorter term. And, you know, Morgan Stanley has all types of different clients. We have institutional clients, we have retail clients, we have, you know, pension funds, we have endowments. You know, they value our research.

Valuation 162

Valuation Clients Investing Investments 162

The Big Picture

SEPTEMBER 19, 2022

And you know, the only thing math works on recognition by peers, and there’s some prizes. And yet, the amount of math that’s been produced over the last, you know, few decades is just mind-blowing extraordinary. RITHOLTZ: So to put that into a little context, 2020, 2021, very founder-friendly deals. RITHOLTZ: Right.

Valuation 305

Valuation Investing Investments Food 305

Random Roger's Retirement Planning

OCTOBER 29, 2023

In looking at it every so often to see how it has done (I’ve never owned it for clients) it seems like it’s done well, price-wise about 1/3 of the time and gotten pasted the other 2/3 as a very casual observation. This year, its performance has it the top 1% of mutual funds but in “2021 and 2022 it was ranked in the bottom 100th percentile.”

Insurance 96

Insurance Clients Portfolio Math 96

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. RITHOLTZ: Really?

Management 147

Management Recruitment Numbers Banking 147

The Big Picture

AUGUST 29, 2023

So I was a mile deep on a subject matter of bond indexing, but now I had the opportunity to lead an equity indexing group, the entire fixed income team, our investment strategy team that does research for our clients around portfolio construction, those types of things. It’s client related, it’s media like we’re doing today.

Portfolio 130

Portfolio Investing Investments Numbers 130

Random Roger's Retirement Planning

NOVEMBER 19, 2023

What I took from it was that the safe withdrawal rate in 2021 was 3.3%, last year it was 3.8% I used the example of a tree falling onto one client's house earlier this year. Part of the math that determines options premiums is the risk free rate of return from T-bills. and now it is back to 4%.

Retirement 75

Retirement Accounting Math Healthcare 75

Random Roger's Retirement Planning

DECEMBER 10, 2023

As a matter of math, it cannot repeat the run from 8.5% Joe Quinlan from Merrill Lynch believes the "stability" that bonds offer "allow clients to sleep at night." I added 5% in BTAL (client and personal holding) to Portfolio's 1 and 2, taking from the stability sleeve. Barron's also noted that 60/40 was up 9.6% in November.

Portfolio 74

Portfolio Math Assets Clients 74

Sara Grillo

JUNE 12, 2023

Quick math: If you have $1.828 million in the bank. It’s impossible to figure out from the illustration – it can only be determined based upon this supplemental report that is usually not asked for by the fiduciary financial advisor or the client. And , you have to do the math by hand. 2021, February). 2023, May 1).

Insurance 59

Insurance Clients Financial Advisor Math 59

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. And those folks are very often my clients. And then in 2021, we actually substantively changed the rules.

Assets 173

Assets Management Portfolio Marketing 173

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. It’s just math stick to it over long periods of time. It goes back to the client. It also aligns clients and improves client behavior.

Investing 130

Investing Investments Clients Numbers 130

The Big Picture

MARCH 12, 2024

So let’s talk a little bit about who the clients are for Amherst. Te tell us who your clients are and, and what, what they wanna invest in. Well, I think that same thing’s been happening in commercial now for the last, you know, since 2021 is that physical occupancy is the leading indicator to economic occupancy.

Banking 147

Banking Marketing Marketing Investing 147

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. And then, you know, from talking to clients, we get ideas around should you have a regime indicator? What was the career plan?

Numbers 147

Numbers Banking Management Marketing 147

The Big Picture

MARCH 21, 2023

But when you’ve gone through two-year periods like the tech bubble, and three-year periods like ‘18 through ‘20, I think myself, my family and some of my clients might take issue with the word consistently. And you get to go to your client after 10 years, well, I lost your money for a decade. RITHOLTZ: Right. RITHOLTZ: Right.

Valuation 173

Valuation Investing Investments Numbers 173

The Big Picture

JANUARY 7, 2025

When I speak to my private equity clients today, I use it all the time when it comes to understanding how markets are gonna affect different types of investors. I knew I could do that effectively and I could do that for a handful of clients. So number of the clients we have are pure play regional focused. I use that day to day.

Valuation 130

Valuation Engineering Numbers Marketing 130

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. I lost $900 million with my client’s money and these are the people that I got around and tried to convince to invest in Russia. How many do you have in your fleet? They said, seven years.

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Government Banking Numbers Investing 321

The Big Picture

OCTOBER 10, 2023

Michael Lewis ] 00:01:42 So this friend reaches out in September of 2021, and I’d never heard of Sam Bankman Fried or F T X , I hadn’t been paying much attention to crypto. Because he was all sure he was a totally isolated math. So, so he’s brilliant at math. He goes to m i t to study, study physics and math.

Math 162

Math Numbers Marketing Marketing 162

The Big Picture

APRIL 8, 2024

His clients adore him. You know, if you’re hardworking and you’re trying to do things that people value and my client base, if you will, or institutional investors, I went all the time. And they would work for data resources and take care of clients and then a client would hire them. What was that work like?

Economy 147

Economy Clients Banking Economics 147

The Big Picture

MARCH 17, 2025

Wasn’t the Excel spreadsheet error, which changed their math. And then it was Biden three months later in March of 2021, who came in with the 1400, which when you add it to the 600 gets you, it’s 2000 to 2000, which is what Trump wanted all along. I mean that was, that was the problem. But he couldn’t get it.

Economy 147

Economy Taxes Budgeting Government 147

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? A little secret, we don’t always say this, but something that we love to brag about is, it wasn’t until 2021 that Hodinkee spent its first dollar on marketing. That was in February 2021.

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Retail Insurance Numbers Advertising 173

The Big Picture

JULY 31, 2023

I mean, you’re talking about, I don’t, I could do the math, it’s like a 10,000% return in like three weeks. Like you hear, I would hear senior reporters on the phone, like learning how to talk to a source, you follow someone to a meeting, you learn how to deal with a client. And that’s sort of the math.

Retail 130

Retail Government Economy Economics 130

The Big Picture

MAY 16, 2023

Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. I wrote a, a column in 2021 for Bloomberg, “What My Worst Trades Taught Me About Investing.: So this is the math that I applied. So think about this, do the math. And I mentioned, you said it’s 2014.

Media 290

Media Investing Investments Valuation 290

The Big Picture

JUNE 20, 2023

MORGENSON: And by 2021, they were extracting 70 billion in dividend recapitalizations. And it really became very evident in a 2021 study by academics, I think University of Chicago, UPenn, NYU, that studied long-term mortality at nursing homes that were owned by private equity and compared that with nursing homes. RITHOLTZ: Wow.

Insurance 147

Insurance Retail Healthcare Medicine 147

The Big Picture

APRIL 29, 2024

Putting the final touches on my quarterly RWM client call, I wanted to share a chart that is surprising to many people. These dumped a ton of cash into the economy all at once in 2020 and 2021. The basic maths is a shortage of qualified workers (or even bodies to put to work) equals rising wages. What are the key drivers here?

Math 362

Math Economy Clients 362

The Better Letter

JANUARY 11, 2024

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. 2 At Bank of America, rate strategist Meghan Swiber was telling clients to prepare for a plunge in U.S. Stop with the math.`

Economy 97

Economy Economics Math Banking 97

The Big Picture

NOVEMBER 12, 2024

Once the world shuts down by the middle of 2021, 13% of the world’s container shipping fleet, they’re just stuck in traffic jams at ports. I do the math. Pay your clients a little. 00:40:11 [Speaker Changed] So let, let’s talk a little bit about what this looked like. They can’t get in or out.

Manufacturing 261

Manufacturing Consulting Economics Engineering 261