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Despite what some academic types may claim , the idea that math is subjective is more than a little bit nuts. Truth about what matters most – love, morality, ethics – seems either elusive or nonexistent. The number of American “nones” seems to have hit a ceiling. Our understanding is full of gaps.
That led to the next three or four years of learning how to sell, how to create value, and not worry about selling out, but do it in a very ethical way. And they do that for 35 years tweaking numbers I go you won, you won the game. In fact, here’s the phone number you call, and you will get your $37 fee waived.
Quick math: If you have $1.828 million in the bank. And , you have to do the math by hand. Now, quick math, if you have 128 million in the bank in your Christmas or Hannukah Club, and the bank is going to credit you 5% on your money 0:18:18.4 There is an admin charge of about $49k. There is an insurance charge of about $246k.
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. I was employee number 10. RITHOLTZ: Which is really a pretty big number.
So like a component of it was like the standard derivatives math, right? And so like, you know, I got there and I learned derivatives math, right? It was derivatives math, it was like working with the traders on like risk management. You were saying that you had a code of ethics, but then your CEO was sexually harassing people.
.” 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. These are big numbers.
We remain highly dubious of price-to-earnings ratios as a proxy for value given earnings can be distorted by “creative” accounting and the measure embeds a range of factors into a single number. Maths has a long half-life and a DCF correctly done accounts for inflation. We inherently prefer actual cash flow.
And so, I write about it both — I do know, the simple maths about it how you can double shop ratios for uncorrelated strategies and then remind that it’s really difficult to find for uncorrelated strategies in long-only world. Don’t sacrifice your ethics, that integrity matters. RITHOLTZ: Right. That makes a lot of sense.
The term “turnkey” means the numbers have been crunched, the home may have been rehabbed, and may already include tenants! The math when paying down debt is simple – if your loan is currently at 7% and you refinance at 3%, that’s equivalent to a 4% return on your money! All you, as the investor, have to do is put up the cash.
. ~~~ This is Masters in business with Barry Ritholtz on Bloomberg Radio Barry Ritholtz : This weekend on the podcast, ed Hyman returns to talk about all things economic analysis, what’s going on in the world, how he’s built an incredible career, oh my God, 43 times number one ranked in the Institutional investor survey in economics.
I have lots of different ways I can get that number to go up. It’s still a fairly small number. So as much as I’m personally still a pretty strong skeptic of active management, I mean, I understand the math, and the odds are not in your favor. I read all those academic papers, I understand where the math comes from.
Behavioral finance has a number of fathers, including Dick Thor and, and Danny Kahneman. Colin Camerer : So I, some of it was when I was in college at Johns Hopkins, I, I studied physics and math. And number theory was just too mind blowing, you know, for me. The math doesn’t math. That was too abstract.
Buffett and Munger celebrate good business and investment practices, the potential for human achievement, high ethics and decency to one’s fellow man. That can work for a while and sometimes climbs to extraordinary numbers, but it comes to a bad ending. It was tried before with tulip bulbs.
Buffett and Munger celebrate good business and investment practices, the potential for human achievement, high ethics and decency to one’s fellow man. That can work for a while and sometimes climbs to extraordinary numbers, but it comes to a bad ending. It was tried before with tulip bulbs. 2019 Annual Shareholder Meeting.
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? But there were a lot of other purveyors of watches that really were not super, super ethical folks. FOWLER: Yes, I was at LVMH for a number of years, mostly with Louis Vuitton for the first few years.
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