The Better Letter

MARCH 16, 2023

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.

Math 95

Math Numbers Medicine Marketing 95

The Big Picture

JANUARY 21, 2025

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. It was just a struggle from day one, particularly in the regulatory environment that is the securities business between lawyers and compliance people.

Investing 147

Investing Investments Management Retirement 147

The Better Letter

MARCH 18, 2025

Duke math professor Jonathan Mattingly claimed the average college basketball fan has a far better chance of achieving bracket perfection than one in 9.2 In 2009, New Jersey grandmother Patricia Demauro set a craps world record over four hours and 18 minutes by rolling a pair of dice 154 times before crapping out. quintillion.

Numbers 75

Numbers Marketing Marketing Medicine 75

The Big Picture

FEBRUARY 6, 2024

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.

Valuation 130

Valuation Investments Investing Assets 130

The Big Picture

DECEMBER 6, 2022

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. I mean, one of our first ETF was our China Consumer ETF that we launched in 2009. BERRUGA: Yeah.

Clients 162

Clients Investments Investing Management 162

The Big Picture

SEPTEMBER 10, 2024

2009, 10 in that role. So that’s the math. You have to get compliance. It’s a, it’s the marrying, quite frankly, of macro and micro. So I have a, a deep background in micro, mainly the TMT space. And then I developed this macro affinity starting in 2000, really? And so marrying the two to me is the advantage.

Valuation 162

Valuation Clients Investing Investments 162

The Big Picture

AUGUST 15, 2023

Let me say what your compliance wouldn’t allow you to say. So I think that argument is very valid in those couple of years, 2009, 2010 probably, maybe 2011, which was a tough year for hedge funds. And at the time, I was managing Protege Partners as a hedge fund of funds. We were short subprime mortgages with John Paulson.

Management 130

Management Investments Investing Government 130