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It has to be such a different set, the retirement planning is different, the safety net is different. People in Spain when I was growing up in the ‘80s and ‘90s, they expect to just retire and have the government give them like a paycheck every month. So a phenomenal learning experience with both Jefferies and Morgan Stanley.
The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.
The academic thesis that equity managers as a whole will approximately equal overall market returns is followed by a corollary: Some managers will outperform for periods of time, but it is impossible to predict which manager will deliver favorable results, or when they will do so—in other words, outperformance (alpha) is random.
And finally, I think it was 2003 or four, I ran into Mitch on the street on, actually on 57th, just around the corner from where we are right now. People earn wages, whether it’s a retirement account or a tax deferred account or just an investment account. I’m gonna hold it in my portfolio. It goes so far.
And then in about 2003, we set up a group called the European Special Situations Group, which was a multi-asset class proprietary investing business. RITHOLTZ: what we’re really talking about is, hey, we have a bunch of people retiring in 10 years and we expect to have to pay out X dollars. RITHOLTZ: They just became distressed.
MIAN: So Stray Reflections is a macro advisory and community that works with portfoliomanagers, CIOs around the world. Legal immigration has been trending lower since the Gulf War in 2003. We’re suddenly realizing that early retirements wasn’t a thing and you know, people are coming back to the labor force.
You’re 34th, you’re retiring after 34 years and you trounce what’s really the more appropriate benchmark, I would assume the Russell 2000. So, so you set to retire as portfoliomanager this year, you mentioned your two successors. Let’s just talk a little bit about the performance. So what is this?
Matt Eagan has spent his entire career in fixed income from credit analyst to portfoliomanager. Now he’s the head of the discretion team at Loomis Sales, which manages well over $335 billion in client assets. And when we’re done, we would go back to our research and also dabbled in a little portfoliomanagement.
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