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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. Graham Foster] : 00:02:54 That was a number, that was number theory, pure number theory. It gets further and further away the D P U go.
In the big picture, this usually leads to having a “successful” life, because of this basic math: Traditional Success. =. The number of friends with whom you can have a meaningful relationship. Since 2005 I made “being a Dad” my primary goal in life, quitting my career to do so. How much work you do.
But there’s also a lot of, like at Wittel, you know, I was at Wachtel in 2005 to 2007, so really near the peak of a big merger’s boom. So like a component of it was like the standard derivatives math, right? And so like, you know, I got there and I learned derivatives math, right? And I love that.
Of course, it’s one thing to get strong numbers, but it’s even better when the data are strong for the right reasons. It measures the number of people aged 25-54 who are employed, as a percent of the total number within this cohort that could potentially be employed. in inflation-adjusted terms in 2023.
Those types of excess savings were sort of the culprit for the conundrum in 2005 or whatever it was. And so, I write about it both — I do know, the simple maths about it how you can double shop ratios for uncorrelated strategies and then remind that it’s really difficult to find for uncorrelated strategies in long-only world.
So a lot of the headline names, you see a lot of the stories you see about, about the financial crisis, a significant number of, of those investors we were helping in security selection, modeling, and analytics. And in the 2000 at the 2005 conference, it’s kind of wild. You’re actually crunching a lot of numbers.
We, we made in 2005, I believe. That 00:15:42 [Speaker Changed] Was first AI investment, 2005. 00:17:50 You wanna know why Dara reported for Uber that again, their number of employees was down quarter of over quarter. It’s 10 blue links, but it’s an infinite number of blue links. Listen to this, Barry.
I have lots of different ways I can get that number to go up. It’s still a fairly small number. So as much as I’m personally still a pretty strong skeptic of active management, I mean, I understand the math, and the odds are not in your favor. I read all those academic papers, I understand where the math comes from.
This was the era, 2005, 2006, all of my friends were looking to get banking roles. And I, and I really like the application of math and statistics and computer science to markets. You learn the math that can help you with, with market making operations. It’s just not smart on a math basis to do that.
RITHOLTZ: 2004, 2005. RITHOLTZ: 2005. Uh, Fred said to give me your number.” ” (LAUGHTER) And he goes, and then he goes like this and tell Fred not to give up my (EXPLETIVE) phone number anymore. LINDZON: Lesson number two. LINDZON: Yes. And So now flash forward to, you know, I’m a hedge fund guy.
That’s a shocking number. I think there’s a number we have in the book, maybe $70 million or something in fees to take care of. RITHOLTZ: Really, that’s a big number. And this was back in 2005 or 2006. It’s very hard to, you know, getting numbers on this stuff, they really don’t want to help.
He was instrumental in getting a number of very positive policy actions passed over the past decade. I’ve interviewed a number of people from Revolution. Initially, it was started in 2005 and it was called Revolution, but it was just my capital. The math never seems to work out.
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. To find the answer, CXO collected and investigated 6,584 forecasts from 2005-2012 for the U.S. Stop with the math.`
It’s sold ungodly numbers of copies, and is on everybody’s best finance books of all-time list. When a professor says, “Come in, we’ll talk about the assignment,” and you come in and say, “I’ve already crunched the number. There’s a number of them in our earnings index that are being overweighted.
And I was kind of intrigued and so I said, can we discuss it, and he laid it out on a conference table and I said, what’s this number? And then I said, what’s this number down here, and he said, this is last year’s earnings. And that number was $160 million. So, I did the math, 20 million times a hundred.
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