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You would offer three of their stock picks where they were probably touting stocks they wanted to unload from their portfolio. 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. That’s exactly right.
In 2014, one bracket was alive through 34 games. UConn won the national championship as a seven in 2014. 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 It applies to your personal portfolio, too. quintillion.
All of their portfolio managers not only are substantial investors in each of their funds, but they do a disclosure year that shows each manager by name and how much money they have invested in their own fund. So we really think that it creates alignment to have our portfolio managers meaningfully owning shares of the funds that they manage.
RITHOLTZ: So you joined Global X in 2014. 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. What led you to them from Jefferies? BERRUGA: Great question.
So I, I did a math degree at Oxford, which is more pure math. You know, pure math can be very theoretical and detached from the real world, and it’s getting worse. It’s just math stick to it over long periods of time. We do have multi-asset strategy called balanced, which we launched in 2014 15.
00:40:26 [Speaker Changed] They, they know, they know math, they know math. 00:49:16 [Speaker Changed] You know, I have a, a chapter and, and an upcoming book about, you are responsible for your portfolio. Nobody cares about your portfolio. The single biggest cost in sports betting is the acquisition of betters.
He spends way more time on how to save $1,000 than on what your investment portfolio should look like. I couldn’t make that math work at all plausibly. “And over the past 30 years, my little portfolio … has averaged 12, most years over 13 percent.” An investment portfolio is a luxurious afterthought.
And that was his boss, Jeffrey Gundlock, founder of Double Line Capital, back in July, 2014. Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not.
And then, as it turns out, a switch flipped in the market in 2014 was a record, 2015 was a record. I mean, you’re talking about, I don’t, I could do the math, it’s like a 10,000% return in like three weeks. And that’s sort of the math. None of them still stand, right? He was right on the thesis.
So you can imagine that first check multiplied a little bit from 2014 or so. And I mentioned, you said it’s 2014. So this is the math that I applied. So think about this, do the math. LINDZON: But that math, if you really put it in a calculator … RITHOLTZ: Becomes a problem. ” RITHOLTZ: Right.
By 2014, they were holding $1.2 I do the math. It’s that there’s a sort of portfolio rebalancing, and I, I, I would put it to you this way, we’ve talked a lot about Walmart. And that’s what is now changing. 00:37:09 [Speaker Changed] So there’s some really interesting tidbits in the book.
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