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The maths are exactly the same. These sorts of math problems are the focus of this week’s TBL. Math Problems As this TBL goes live, just 16 games and one day of the NCAA Tournament are in the books, yet my bracket is a mess. We notice the unlikelihood of 100 in a row because of the pattern. Thanks for reading. quintillion.
So I took it upon myself to go off and took a course in bond math, took another course in derivatives and realized the underlying fundamental concepts were barely, I mean, it wasn’t even high school math in most cases. And then I moved back to London at the end of 2008, which was a really interesting pivot.
But the numbers you can’t argue with, I mean, we all know that the brutal math of investing before costs investors collectively will earn the market return after costs. And then when I left the journal for the first time in 2008, they said, well, who should we hire to replace you? I did it in 2008 in oh nine.
Top seeds have only lost to 16 seeds twice in the seeded era – since 1979 – and both occurrences are recent (that said, 2008 was the only year all four top seeds made the Final Four). Motoyuki Mabuchi went all-in with four aces in the main event hand of the 2008 World Series of Poker but lost to Justin Phillips’ royal flush.
I led the Union Square Ventures investment in Etsy, I became a venture partner for that, and then became a GP in the 2008 fund. And from a public market, that sounds like it’s a compliance and conflict nightmare. And you know, the only thing math works on recognition by peers, and there’s some prizes. RITHOLTZ: Okay.
I’d say management consulting is any of the other thing that least at that time was the other career trajectory, just my personality, more of a math oriented introvert. And ev all the sort of compliance, client service, legal, kind of, everything was done sort of on the side by investment people. Learn math, learn history.
And I did the math, and I think at that point in time, roughly speaking, assets in ETS were roughly just 10 percent, 12 percent of assets in mutual funds and I was pretty convinced that that number was to increase significantly. Think about the two founders of Global X, Bruno and Jose, they set up Global X in 2008. BERRUGA: Exactly.
00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. So any compliance people listening, I’m just spitballing here. In 2008, we didn’t have Uber, right?
Let me say what your compliance wouldn’t allow you to say. It started on January 1 of 2008. SEIDES: In Warren’s 2008 annual letter, I think it was 2008, he made a statement. And at the time, I was managing Protege Partners as a hedge fund of funds. We were short subprime mortgages with John Paulson.
RIEDER: — there was — and then, you know, punctuating with obviously 2008. Tell us a little bit about what you do on Twitter and how was it getting that through legal and compliance? RIEDER: Well, first of all, anything I tweet goes through legal and compliance before it gets out there, first part. RIEDER: Thanks.
MIELLE: After 2008? RITHOLTZ: 2008, ’09. There are a ton of expenses, and they’re getting higher with compliance and marketing and reporting and investor relationship, et cetera. I guess other than Lehman Brothers, most of them were either rescued or absorbed into another entity. Tell us about that period. MIELLE: Exactly.
And I, and I really like the application of math and statistics and computer science to markets. You know, you run an RIA, the SEC just comes knocking every once in a while to say, Hey, just wanna make sure the compliance program’s all set up. You learn the math that can help you with, with market making operations.
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