The Big Picture

SEPTEMBER 19, 2022

You graduate Harvard in 1990, with an Economics and Computer Science degree, perfect for the explosion of the Internet; a PhD from MIT and Information Technology in ‘96. And you know, the only thing math works on recognition by peers, and there’s some prizes. So it’s been a central to what I do and who I am. There you go.

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The Big Picture

MAY 30, 2023

I had an economics lesson, I had a life lesson, I had an epiphany, I had a race relations lesson, I had a self-esteem and confidence lesson. Being broke is economic, but being poor is a disabling frame of mind, a depressed condition of your spirit. It’s home economics class, doesn’t exist anymore. RITHOLTZ: Right.

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Nationwide Financial

SEPTEMBER 12, 2022

The curve, however, continues to project cuts to the rate beginning next May, which seems optimistic given the tone of Fed officials and the math around getting inflation back close to their 2% target. Inflation data will be in focus this week, with consumer price inflation on Tuesday and producer price inflation on Wednesday.

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Investing Caffeine

FEBRUARY 1, 2022

T he stock market has been like a rocket ship over the last three years 2019/2020/2021, advancing +90% as measured by the S&P 500 index, and +136% for the NASDAQ. Math Matters. I did okay in school and was educated on many different topics, including the basic principle that math matters. Source: Calafia Beach Pundit.

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The Big Picture

SEPTEMBER 12, 2022

And so, coming out of school, I studied Economics and Spanish Literature, and I applied to a — a program that actually targeted Liberal Arts majors. I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. It was at Bank One, at the time.

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The Big Picture

SEPTEMBER 19, 2023

One, one is true and I’ve always said is that I wanted people to stop, ask if I could doing math. And no one asked me if I can do math anymore with a degree from Booth, particularly in econometrics and statistics. So people really ask you, you take French and can you do math. Two reasons. What, why do we think that is?

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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. I did it during the coronavirus collapse in 2020, and I did it again in 2022. And I think it partly depends on the economic comfort in which you grew up.

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Mr. Money Mustache

MAY 20, 2022

Which has in turn triggered the more skittish stock investors to run for the exits and completely change their view of our economic future, flooding the financial news with red ink and scary headlines. Now that we’ve covered the background, we can get into some better news: This is all a normal, healthy part of the economic cycle.

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The Big Picture

NOVEMBER 22, 2022

I think what’s important, though, and what’s key is that we found ourselves at a very interesting point in time, in 2020, in the wake of George Floyd, in the middle of COVID. RITHOLTZ: What’s some of the economic sectors within that area? RITHOLTZ: Why is it not surprising that a math nerd is also a placekicker?

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Brown Advisory

NOVEMBER 13, 2023

The New Normal It is difficult for investors and individuals alike not to have been directly impacted by the rapid rise in inflation in 2021 and 2022, the succeeding interest rate hikes by global central banks and the ensuing effects these economic events have had on financial markets, including the mortgage market.

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Brown Advisory

JUNE 16, 2022

We discount each year at our 10% minimum weighted average cost of capital (WACC) and some infinite series maths gives us the basis for some rough approximations 2. Specifically, economics has a half-life of 9.4 How different to when we wrote the 2Q 2020 letter (link) and we were being asked about taking our WACC down!

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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. Things like leading economic indicators, et cetera, are all consistent with historical recessions.

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The Big Picture

AUGUST 29, 2023

So a variety of risk meetings, a variety of economic meetings. I’m curious if that’s kind of repeating now and the 2020 pandemic fiscal stimulus, which was massive under two presidents. It’s also being part of the senior team that runs Vanguard, the business of Vanguard, right? Just buy stocks that are going up.

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The Big Picture

AUGUST 15, 2023

SEIDES: But market returns across — RITHOLTZ: The past decade, 2010 to 2020, we were what? SEIDES: Yeah, I wouldn’t measure it in terms of economic returns. RITHOLTZ: So hold the duration risk aside with those two, but just for an investor in treasuries, I know you’ve done the math before. It’s lower.

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The Big Picture

JULY 4, 2023

.” It’s really helpful to have had five other meetings with people who sit at analogous funds that had losses that were just as big, and in fact, they may have contributed to those losses more and be able to tell him, first off, your fund, just by my math, has a $250 million management fee. LMR in 2020 was 4.6

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The Big Picture

FEBRUARY 13, 2023

RIEDER: And all of a sudden, you change the economic paradigm so darn fast. My favorite stat from 2020, from the lows in March till the end of the year, the equity markets gained 68 percent. How are we doing in literacy versus math versus science? RIEDER: Yeah. RITHOLTZ: Right. RITHOLTZ: The Fed has lost the art of surprise.

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The Big Picture

MARCH 27, 2023

And so if you compare that to today, if you remember Oaktree raised $15 billion fund in 2020, on its own. For example, you talk about the 2020 distressed cycle, and it’s interesting to me that it was so short, so shallow. If you think of the biggest bankruptcy in 2020 was Hertz. So the magnitude is not even comparable.

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The Big Picture

DECEMBER 12, 2023

And I was a math nerd as a kid. ’cause and, and this isn’t a, a beat obsession on arc, but since in inception she’s underperformed the s and p 500, including one year, I think it was 2020 where she was up something like 168%. And the value line has all these statistical patterns.

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The Big Picture

JUNE 27, 2023

We’re going to wait, we’re going to see, and we want to be supportive of the markets and the economic system. I mean, obviously, 2020 and 2021 and 2022, we’re still in the midst of, but is there still an echo of ’08-’09 today? And so it’s one of these things that math works. RITHOLTZ: Right.

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The Big Picture

MARCH 21, 2023

And caring about price versus anything, even if it were immune to intangibles, was not a very good thing until late 2020, since the GFC, so about 11 years. I think, you know, kind of near the end of 2020, maybe people were being quiet about that affiliation for a while. My mom was a math teacher so — RITHOLTZ: Okay.

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The Big Picture

JULY 31, 2023

The economic dislocation, the health risks, just the mayhem that took place, but from the perspective of a number of corporate CEOs, Bill Ackman of Pershing Square Capital, the hedge fund that had a couple of amazing trades based on this. HOFFMAN: So obviously, I’ve — you know, economically minded from the jump.

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Mish Talk

NOVEMBER 27, 2022

Spotlight 2020 and 2021 For 2020, the reported deficit was $3.132 trillion but debt rose by $4.546 trillion. 2022 Math The 2021 year end debt was $29.621 trillion. Nearly 50,000 economic illiterates like that Tweet. 2001 had a reported surplus of $128,236 billion. Yet ,debt rose by $281,223 billion. That was in 2000.

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The Big Picture

NOVEMBER 15, 2022

Since 2020, their performance has been awful. RITHOLTZ: In 2020, no one even came in second. RITHOLTZ: I think she was plus 160% in 2020, when the market from the lows, the market was up 68%. I read all those academic papers, I understand where the math comes from. It’s how math works. NADIG: Yeah.

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The Big Picture

FEBRUARY 17, 2025

We’ll get to where you work at JP Morgan, but economics bachelor’s from Columbia MBA from Harvard. So I decided to become an economics major and a psychology minor. So the intersection of psychology and economics became really interesting. And I did a lot of options math, which I thought was interesting.

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The Big Picture

NOVEMBER 25, 2024

And I, and I really like the application of math and statistics and computer science to markets. You learn the math that can help you with, with market making operations. There’s very few, I would argue probably no consistent predictors of, of any sort of economic or market cyclicality. And I just caught the bug.

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The Big Picture

APRIL 8, 2024

The transcript from this week’s, MiB: Ed Hyman on Using Economic Data Opportunistically , is below. So you have all of this very pragmatic experience as opposed to getting a PhD in economics, which tends to be a little more abstract and academic. I’d been ranked i i back in the seventies, if you can do the math.

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The Big Picture

MAY 21, 2024

I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. What, what was your experience during the first quarter of 2020 during the pandemic s and p down 34%. What was the career plan?

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The Big Picture

JUNE 3, 2024

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. The, the math came easier. And I really hated physics, really. It’s so true.

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The Big Picture

NOVEMBER 21, 2023

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. 00:44:49 [Speaker Changed] Correct?

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The Big Picture

JULY 15, 2024

I started out math and, and physics, and in high school I was a rock star in math and physics. ’cause if I wait too long, especially with long duration rising, rising rates in long duration, fixed income leads to capital loss 00:25:35 [Speaker Changed] In 2020. And so I transferred to the business school after that.

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The Big Picture

JUNE 20, 2023

But all those years leading up to 2020, when the whole world collapsed in March, all those years leading up to it, we had kind of a draining of healthcare, a bleeding of healthcare companies because of getting the fat out, cutting the costs down. MORGENSON: And it was, so Steve was a candidate that had economic ideas, okay?

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The Big Picture

MAY 2, 2023

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? And so when we closed our series B in 2020, which, as you mentioned, include LVMH in a minority share. ANNOUNCER: Geopolitical risk, changing regulation, economic uncertainty. RITHOLTZ: Execution is tough.

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The Big Picture

OCTOBER 31, 2022

Then we have, you know, 2020, 2021, another — oh, not quite 25 years, but 22 years. SCHWARTZ: May of 2020. You were saying this in early 2020. And as you know, I said the increase of the money supply in 2020 was the greatest in history. Now, they grew at 25% in 2020 and about 18% in 2021. Some did better.

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The Better Letter

JANUARY 2, 2025

Morgan Stanley’s Chief Economic Strategist blew her call , too. He was elected to the Institutional Investor Hall of Fame in 2020. The most bullish call in Sam Ro’s compilation was 5,500, up nearly 20 percent, by Capital Economics. Morgan Stanley’s Chief Strategist, Mike Wilson, finally capitulated in May.

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The Big Picture

AUGUST 23, 2022

in Economics from Chicago and MBA from Stanford. So, I did the math, 20 million times a hundred. So, let me just repeat the math. And so, again, I went through this simple math. Even if you read both of Browder’s books, you will find something to be amazed at. With no further ado, my conversation with Bill Browder.

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The Big Picture

OCTOBER 3, 2023

 The transcript from this week’s, MiB: Gary Cohn, Director of the National Economic Council, President of Goldman Sachs , is below. You’re doing a lot of math in your head on the Fly. I’m doing, I’m doing an awful lot of math in my head on the fly. Your chief economic advisor to the president.

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The Big Picture

MARCH 17, 2025

Professor Stephanie Kelton teaches Public Policy and Economics at SUNY Stony Brook. You get a bachelor’s, a BA and a BS in Economics and Business at California Sacramento, then University of Cambridge, master’s in Philosophy and Economics, then a PhD in economics at the New School. I happened to pick that one.

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