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(awealthofcommonsense.com) Corey Hoffstein talks with Farouk Jivraj, PortfolioManager and Head of Alternative Risk Premia at Fidelity Investments’ AssetManagement Solutions division. podcasts.apple.com) Barry Ritholtz talks with Vincent Aita, Founder and CIO of Cutter Capital Management.
Sherman oversees and administers DoubleLine’s investment management subcommittee; serves as lead portfoliomanager for multisector and derivative-based strategies; and is a member of the firm’s executive management and fixed-income asset allocation committees.
The transcript from this week’s, MiB: Mike Greene, Simplify AssetManagement , is below. We have to pay attention to this, and we have to understand why this is potentially a risky asset. Initially I joined to help them manage their equity portfolio. With no further ado, my discussion with simplifies Mike Green.
He is the Chief Investment Officer of Asset and Wealth Management at Goldman Sachs. He’s a member of the management committee. He co-chairs a number of the assetmanagement investment committees. trillion in assets under supervision. At the end of 2008, we owned a lot of illiquid assets.
I was always good at math, but I really, I just didn’t relate to things that were more esoteric bonds options. I like as a real estate person, you walk through your assets, you can touch and feel things. Essentially you buy assets. It could be all kinds of assets. I knew I wanted to do something in business.
She has a really fascinating background, very eclectic, a combination of math and law. Eventually leading her to a point where she’s managing quants, running about a hundred billion dollars in assets. You, you get a, a BS in Mathematics and a JD from Boston University Math and Law. Not the usual combination.
But today, data is widely available and it’s a key tool you can use to enhance your portfolio returns. Portfoliomanagement was a lot less evidence-based than it is today. As it turns out, there are ways you can use data to your advantage, even if you’re not a math wizard. Tell us about that.
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. Now I do fundamental side research portfoliomanagement, which I just, 00:08:20 [Speaker Changed] So, so you joined GMO, there’s 60 people, 30 years.
All of their portfoliomanagers 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, so you’ve held analyst roles and a number of assetmanagers.
And before that, Morgan Stanley, doing technology and operations planning for the wealth and assetmanagement group. What percentage of the assets are in ETFs relative to mutual funds? So fast forward to where we are today, we have over $40 billion in assets under management. BERRUGA: You know, great question.
The topics covered are personal finance math, retirement problems, introduction to mutual funds, the concept of fund & NAV, equity schemes, debt funds, investing in bonds, index funds, rolling returns, Exchange-traded funds(ETF) and basics of macroeconomics. You can enroll in the course here.
But it was a tremendous experience because I had started off in bond trading, worked my way into portfoliomanagement and running the bond indexing team for a number of years, and then I got asked to take this responsibility, which was much broader. Where, you know, what’s the upside when you invest in a bond?
I want to get into that before we start talking about assetmanagement. So I, I did a math degree at Oxford, which is more pure math. 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.
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.
But yes, I was given my own column and by that point, having seen all these star managers come and go, you know, I had become an index fund devotee, and in column after column I banged the drum for index funds to the point where my editors were asking me, Hey, could you write about something else? That’s exactly right.
She is an author and former hedge fund trader, specializing in distressed assets. She was a partner and a portfoliomanager at Canyon Capital, a firm that runs currently about $25 billion. MIELLE: Well, I mean, it was a fairly new asset class. New asset class for this type of investing as well. RITHOLTZ: Right.
And I was a math nerd as a kid. And the assets under management were smaller. And the fact that you’re trying to bundle it up into a terminal value in, unless the assets are cash or convert to cash. And the value line has all these statistical patterns. Magellan had more than that. 00:44:50 [Speaker Changed] Yeah.
So, first, I found the book to be quite fascinating, very in depth and you managed to take some of the more technical arcana and make it very understandable. You began as a central bank portfoliomanager in Finland. So, that relationship actually already started when I was a portfoliomanager, right? ILMANEN: Yes.
Picture Credit: David Merkel, with an assist from the YouImagine AI image generator || Boldly flying in front of a stained glass window PortfolioManagement Sick of the ups and downs of the markets? Jan 08, 2023 Also, the article is wrong when it states that current math pedagogy favors boys over girls.
But if you buy low multiples and sell high multiples, either in a long-only beat the benchmark sense, whether over and underweight, and you did the same thing everyone does and call me a hedge fund manager. It’s about half our assets. I was a fixed income portfoliomanager and trader, which is a ton of fun.
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. And if you look at the s and p today, 50% of it is asset light, innovation oriented healthcare and tech. What was the career plan?
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 assetmanager outside of Boston who saw what I was working on and said, this is really interesting. I mean, that’s why it gathered so many assets.
He really is one of the most knowledgeable people in this space, and not just knowledgeable in the abstract, but helping to oversee just about a hundred billion dollars in client assets. 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.
I’d been ranked i i back in the seventies, if you can do the math. It’s not as, as strong as your business in the assetmanagement business. Hustle was managing institutional right assets. He helps portfoliomanagers make sense of the world. So at that point, I had a pretty big career.
And to round out your background, you spend time at Alliance Bernstein, JP Morgan AssetManagement and Morgan Stanley. Which was interesting because I actually started my career at JP Morgan AssetManagement in the high yield and investment grade credit research team. 00:06:18 [Speaker Changed] Hmm. Is that right?
Matt Eagan has spent his entire career in fixed income from credit analyst to portfoliomanager. Now he’s the head of the discretion team at Loomis Sales, which manages well over $335 billion in client assets. I started out math and, and physics, and in high school I was a rock star in math and physics.
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. Like it or not, the unimaginable outcomes are the ones that make the biggest spread between expected asset returns and the actual result.”
New York Times Magazine ) • Wall Street Math Wizards Are Decoding Private-Market Returns : A small band of quants is shining a light into the shadowy world of unlisted assets. He is the portfoliomanager of the Return Stacked ETF Suite, manging 800 million in ETF assets. Try these 15 factors instead. (
UBS AssetManagement said if its base case soft landing was achieved, “global equities will comfortably ascend to new all-time highs in 2024.” .” Stifel called for a range-bound S&P and growth underperformance. “Tilt to fixed income,” insisted Franklin Templeton. There were a few bulls.
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