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How bad at math do you need to be to think that it’s only 5 stocks driving this market? American household debt may be at record highs, but so too are Assets and Incomes + the ratio between debt + income is near record lows. Only 5 stocks driving markets?! Then why are Equal-weighted indices doing so well? Recession is inevitable?
Low Stakes : The most successful market timers are often those people who do not have actual assets at risk. 24, 2023 _ 1: In particular, why average outperforms over the long run; Sommers credits not making errors (via Charlie Ellis’ “Winning the Loser’s Game”) but the nuance and math are fascinating. It’s utterly laughable.
He is the Chief Investment Officer of Asset and Wealth Management at Goldman Sachs. He co-chairs a number of the asset management investment committees. trillion in assets under supervision. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, GOLDMAN SACHS: Thanks, Barry. And I think you will also.
They run over $800 billion in client assets, and Kristen’s group, the North American Group, is responsible for about half of the revenue that that massive organization generates. I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature.
For the last ten years it's down about 13% but adding even just 6% per year back in for dividends, 60% total using simple math is a total return of 47% or 4.7% Given that MCN went up during the Taper Tantrum of 2013, I lean toward thinking it was equity beta. They are the asset class that goes up the most, most of the time.
And before that, Morgan Stanley, doing technology and operations planning for the wealth and asset management group. I did in 2013 the largest banking transaction that the market had seen since the financial crisis, it was a $2.4 What percentage of the assets are in ETFs relative to mutual funds? billion deal. RITHOLTZ: Wow.
The stock market is a lot more established with hundreds of years of history and clearer methods of deciding the value of an asset. If all of that sounds overwhelming, there’s no harm in skipping this particular asset class. However, if you have a little investing experience, you can absolutely invest in Bitcoin.
If you see the IUL grifters on TikTok claiming an IUL policy is better than a 401k, or that is has upside potential with downside protection, a “can’t lost money asset”, or “privatized banking” you’ll know why the outrage is well deserved. Then how come it’s sold as “can’t lose money asset” and other BS claims?
For people may who may not know the acronym, tell us about the portal that is the client’s interface with their own assets and portfolios, regardless of what platform they’re on. trillion in assets that we service. And so if you look at the assets controlled by those 106,000 or so advisors, there’s about 11.9
And I, and I really like the application of math and statistics and computer science to markets. We were talking about luck earlier, got introduced to a local asset manager outside of Boston who saw what I was working on and said, this is really interesting. Corey Hoffstein : So throughout 2013, I was doing a lot of this research.
You can go get some turnkey asset management program. We’re in the business of sitting in between asset owners, financial advisors, institutions, retail and asset managers, right, the BlackRock, State Street, PIMCO’s of the world, and helping them understand each other. That is a mug’s game, right?
He said, I overpaid for the asset. So here’s the math, Barry. If you have seven $50 incremental year, then every 10 year old in America, when they enter into the fifth or sixth grade and the teacher says, Hey, today we’re gonna talk about math or compounding or stocks or capitalism, they’ll say, open up.
And to round out your background, you spend time at Alliance Bernstein, JP Morgan Asset Management and Morgan Stanley. Which was interesting because I actually started my career at JP Morgan Asset Management in the high yield and investment grade credit research team. And I did a lot of options math, which I thought was interesting.
Why wouldn’t you, you can buy a fintech assets for 90, 90 cents off the dollar. So in 2013, just like you said, VCs are not perfect. So the VCs were like, we got to go after the assets under management. So this is the math that I applied. So think about this, do the math. No, there’ll be a roll up.
RITHOLTZ: So wait, you’re, I’m trying to do the math, if you were 24 in ‘08, so you got this watch in 2000, 99? This is 2012, 2013, was enormous in the industry. And then in 2013, ‘14, an agency that actually Jeff knows about called Wondersauce –- RITHOLTZ: That’s a great name. CLYMER: Yes, around there, I would say.
trillion in total assets and advises on a whole lot more. I was working directly with the CEO and president of both companies, but I realized that the biotech vertical was not my playing field for the long term, hence the NBA at Harvard to find another career path and, and that led me into asset management. of NAV of net asset value.
There’s a lot of people writing about that back in 2012, 2013, that they started selling at a premium multiple to the market, which is very obviously not the case today. And I’m like, “Well, if Bob Shiller is putting on the seatbelts, maybe he’s done the math, maybe I should be wearing a seatbelt in the back of the car.”
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