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During the 2000 crash, I had no 401k, and my wifes 403B was tiny. The strangest thing I came to realize was that the market crashes and bear markets that should have mattered the least to me were most terrifying. The ones that should have mattered the most I was blas about. Artificial wealth is the pursuit of wealth as an end unto itself.
He has been quoted multiple times stating how his grandmother helped him develop a strong set of values and ethics system which have guided him ever since he was a boy. In 2000 the group acquired London-based Tetley Tea, in 2004 it purchased the truck-manufacturing operations of South Korea’s Daewoo Motors, and Indian Hotels Co.
Yeah, ’99-ish, early 2000, I got headhunted. RITHOLTZ: So you were covering derivatives in the 90’s, but not the 2000’s leading up to the ’08-’09 crisis. And so, I was doing that in 2000, 2002, 2003, 2004. But as you mentioned, in the 2000’s, it was just starting to ramp up. RITHOLTZ: Yeah, yeah. RITHOLTZ: Right.
The omission of Berkshire Hathaway was a bit of a shocker, as it is run with solid ethical principles by Warren Buffett, one of the worlds most generous philanthropists. And to make up the difference, the stake in the companies on the right have been boosted up to take their place in your portfolio.
Thus far the Russell 2000 Index has been pulling away a bit and outperforming the S&P 500 for not only 2023 but the better part of the last 12 months. Put another way, they don’t abide by the same ethics, standards, or even GAAP (Generally Accepted Accounting Principles) that we do.
We covered a lot of ground in a freewheeling conversation, but one question he asked me really got my attention: “What are the most important lessons you learned from managing through the technology bubble in 2000-01 and the financial crisis of 2008-09?”
We covered a lot of ground in a freewheeling conversation, but one question he asked me really got my attention: “What are the most important lessons you learned from managing through the technology bubble in 2000-01 and the financial crisis of 2008-09?”.
And I also think that there is something to be said for, and I think it sounds cliche, but it is not just Thiswe Midwest ethics, Midwest work ethic and, and kind of the attitude, this bias towards integrity. So I need to visit an office, see, see a team, or, or give a, a presentation or see a client. I, you know, I can do it.
SETHI: Well, everybody thought they were a genius including me in 1999, 2000. That led to the next three or four years of learning how to sell, how to create value, and not worry about selling out, but do it in a very ethical way. You get a scholarship in high school, you put it in the stock market, and immediately lose half.
Buffett praised Abel and Jain for their accomplishments and their knowledge of the businesses and work ethic, and invited questions for them as well. Russell®, Russell 2000®, Russell 1000® Growth, Russell 1000® Value when related to the Russell indexes are trademarks of the London Stock Exchange Group of companies. equity universe.
Buffett praised Abel and Jain for their accomplishments and their knowledge of the businesses and work ethic, and invited questions for them as well. Russell®, Russell 2000®, Russell 1000® Growth, Russell 1000® Value when related to the Russell indexes are trademarks of the London Stock Exchange Group of companies. equity universe.
00:17:16 [Speaker Changed] Starting back, this is around 2000 let’s say. What were the drivers of the shift from a single manager to multiple managers to multi-strategy, to multi-manager, multi-strategy? What was the key driver of that? Most of his mentorship was through his actions.
And like you mentioned, the smooth sailing in the 2000 tens 00:15:07 [Speaker Changed] Didn’t feel that way at the time. Prince of a person, a great intellect, a very serious investor, a good macro guy, but a real stock person and, and he was very helpful to me in culture ethics. So it’s all the same.
NADIG: And trying to help people understand what that means for next week, and the next year, and the next decade, to position products underneath it, like ETFs in 1992, or model portfolios in 2000, or direct indexing in 2010. Really trying to focus on that. Now, it would be tokenized asset management.
Until the March, 2000 top. 01:00:49 And, you know, ethically, it’s hard for us to generate that dramatic right. There are people with, as the, you know, in the latter stages of a bull market, they think it’s just gonna keep going forever and they pile in. You still had a ton of of gains Yeah. Of an event in the lab.
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? But there were a lot of other purveyors of watches that really were not super, super ethical folks. He gave me his Omega Speedmaster, which is a really nice watch. CLYMER: Yes, around there, I would say.
80 million people in the year 2000, only 539 votes made a difference about who was elected president of the United States. Don’t get, make ethical mistakes because in the end, you could ruin your entire life. Learn your presidential candidates and vote in this country about two thirds of the people vote for president.
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