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And so I think, you know, not to say you couldn’t do it when there’s zero, but I just think it’s a lot harder to make the math work. And that does encapsulate Morningstar’s investment philosophy and certainly they commissioned the book or, or funded it, I would say.
ANAT ADMATI, PROFESSOR OF FIANCE AND ECONOMICS, STANFORD GRADUATE SCHOOL OF BUSINESS: So, my journey starts where I took a lot of math. I was good in math and I love the math. So, I was kind of, in my romantic mind when I was in my early 20s, I was going to take but not give back to math, that kind of thing.
And so I would see how the over-the-counter desk, over-the-counter stock desk would push stocks and encourage brokers to sell them, put a lot of commission in them, to move them because some big seller was coming into the market. I think in 2007, we had 24 square feet per capita versus Europe, which was like 14, and Japan, which was like 9.
It’s the fall of 2007. His commissions were drying up. I do the math. I’m working in the New York Bureau of the Washington Post. Wasn’t all that keen to leave. I love the Washington Post, but I thought, well, I better do this sleepy story, the national economy.
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