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What was the original career plan? SALISBURY: Honestly, I didn’t really have a long-term plan. SALISBURY: Yes, I’d love to tell you there was some great master plan. And then in a fit of madness, I guess, at the end of 2006, the credit markets were pretty uninteresting. You begin in audit practice at KPMG.
In my opinion the diversification benefit hits diminishing returns pretty close to 40 individual holdings based on math if nothing else. I've got quite a few names that have been in the portfolio since 2004-2006 when I first started this phase of my career. If a portfolio starts with 40 holdings each with an equal 2.5%
What was the initial career plan? Mike Green : Well, the, the initial career plan, actually, so I grew up on a farm in Northern California. My initial career plan was that I was gonna go into science. We built a company that was focused on valuation, initially, actually targeting corporate strategic planning departments.
It sounds like the career plan was always finance. Was that the plan? Heather Brilliant : It was not the plan. So it generally is something that we plan as we see it coming and really try to collaborate with our clients so that we can appreciate where it may create a challenge for no reason. How far out do you plan it?
3 Another study , covering the period 1983-2006 utilizing the Russell 3000 Index, achieved similar and consistent results. This is the best thing I read this week (it combines magic, music, mystery, and math); this is the best thing I saw. That means the remaining 96 percent of stocks merely matched the return of one-month U.S.
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. Maths has a long half-life and a DCF correctly done accounts for inflation. There are many moving parts, not the least is expected vs unexpected inflation.
So I decided to take some action, by doing the math for myself using a spreadsheet. For situations where a health share membership falls short, the subsidized and regulated insurance available through employer-based plans or the state exchanges via the Affordable Care Act, are probably a better bet.
And I would say that Washington was pretty interesting because we had gone and, and spoken to people in 2005, 2006, and to kind of let people know that there was something, these are, this is a trillion dollars worth of misprice risk. We participated in that with treasury and FHFA and the regulators, the White House.
Quantitative investing was, was that the plan from the beginning? 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.
And he had this game plan. How did that affect your plans going forward? Tell us a little bit about the plan for launching an independent economics research 00:09:15 [Speaker Changed] Shop. I’d been ranked i i back in the seventies, if you can do the math. But if you go back to 2006 point half percent sounds high.
And I’m like, dad, I found I need 25 grand to get going and my dad said send me a business plan. LINDZON: And … RITHOLTZ: I like your dad’s idea You should have created a business plan, just so you have it under your belt So now, I can’t imagine. LINDZON: No, so obviously, I did the business plan, I’m kidding.
You’re doing a lot of math in your head on the Fly. I’m doing, I’m doing an awful lot of math in my head on the fly. 00:29:06 [Speaker Changed] So that was 2006. We started on that plan in December of 16. 01:19:23 [Speaker Changed] I i I think that we’ll say, Hey, this tax plan worked pretty well.
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