2016 Math Portfolio Management 
The Big Picture
SEPTEMBER 3, 2024
They are a publicly traded investment manager, stocks symbol DHIL, that have been public since day one since 2016. 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.
Brown Advisory
JANUARY 17, 2024
Even with 75% accuracy we only move from an investable universe where 30% of constituents outperform to now selecting the portfolio from a pool with a 56% win rate. We all know that a 55% hit rate is the top decile across the industry, and the maths above demonstrates why. This is why industry hit rates are so low. Dollars.
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The Big Picture
AUGUST 20, 2024
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 I, as a discretionary portfolio manager, if you hand me cash, I can look at the market and say, you know what?
The Big Picture
MARCH 27, 2023
She was a partner and a portfolio manager at Canyon Capital, a firm that runs currently about $25 billion. Before that, 2016, the energy crisis, same. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performance fee matters less.
The Better Letter
JANUARY 11, 2024
That’s why the markets are much more of a mind game than a math game. And that’s why markets will always be exceedingly hard, even when the math seems easy or the future seems certain. Stop with the math.` Beyond the present lies imagination. And lots of surprises. that hasn’t yet arrived. The funniest.
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