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However, my commerce teacher noticed my aptitude for math and saw potential in me for a different path. My career journey began at the age of 20, working in banking shortly after finishing my studies. My interest in finance began unexpectedly in high school. Can you share some career highlights and defining moments?
Arcesati notes, “The US has historically excelled at attracting top STEM [science, technology, engineering and math] talent from abroad, while China has struggled to do so. AI’s positive impact will be concentrated, initially, “in a limited number of sectors.” Still, there are no guarantees that everything will work out equitably.
After all, in a world where prospecting was almost entirely a function of networking and establishing relationships with Centers Of Influence who could refer the advisor, almost by definition the advisor’s marketing efforts would concentrate on the local market where they could engage in such in-person relationship-building.
Or how do we work around a concentrated stock position, right? A lot of them come in with concentrated stock positions, right, of a company stock or a stock they’ve inherited or they’ve had a major liquidity event. And if they have concentrated stock positions, we’re doing covered-call strategies for them too.
It’s a town of about 4,000 people, so exposure to markets or investment banking or any of the careers in finance was not something that you really envisioned. It was at Bank One, at the time. I mean, when you look at that pre, it was, you know, the thought counterparty risk of a bank was solid, right, like that was something.
Heather Brilliant : I worked at Bank of America and, and they had a wonderful corporate finance training program. Heather Brilliant : Well, actually I had, I had pursued the CFA program first, and I learned about the CFA from a colleague at Bank of America, and I got right on it. Barry Ritholtz: Huh, really, really interesting.
He’d teach them about a variety of things going on in the world – science, math, archaeology, literature. All of a sudden I feel like a criminal with the $100 bill in my wallet that I got that last time I used a Bank of America ATM, and it’s in the genes since I know that my dad has a hoard of cash at home. Don’t have a bank account?
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. My mental image was that he worked in the bank of, back of a bank approving mortgage applications. Learn math, learn history. So I was at Harvard.
So, yeah, I had a career in investment banking with Jefferies, and it was a really good professional experience because I do have the opportunity to work in M&A, equity and debt financing. I had the chance to be part of some very interesting transactions in the banking space. billion deal. BERRUGA: Yeah, speed. RITHOLTZ: Yeah.
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. If you’re giving up that 1% big fat yield in 2019, 2021, let’s say you give up three years of 1% and get zero, how does the math work over the subsequent couple of years?
Bitcoin uses math — and math equations that anyone can solve and see — to provide this cash-like feature. Speaking of math, doing it helps explain that big billion dollar-plus number. Big banks have started to deny crypto traders access, limiting their ability to withdraw funds. Back here in the U.S. —
Their mainstay financial services practice, which was banking and equities, fell off a cliff. We typically hire people out of the banks. I can’t remember if he sat at Bear or Lehman, but it was one of the banks that no longer exist. Banking getting much better. And at the same time, the dot com bubble collapsed.
Mike Wilson has been with Morgan Stanley since 1989, rising up through the ranks of institutional sales, trading, investing, banking to eventually becoming Chief Investment Officer and Chief US Equity Strategist. So I was really investment banking. So that’s the math. What was that experience like?
And I was a math nerd as a kid. And Bank of America called me and said, would you like to be director of research and strategy? 00:24:08 [Speaker Changed] You, you want to do a preliminary sort and say, what would a good looking bank look like? Low price stock has historically had some very large concentrated positions.
The ability to use an anonymous single currency to power a decentralized, permissionless distributed ledger operating over the public internet where miners compete to solve the math problems that enable the processing of transactions is a remarkable innovation. Bitcoin’s infrastructure is highly concentrated and not all that secure.
I started out math and, and physics, and in high school I was a rock star in math and physics. So, so you, you start out credit analyst at Century back in Bank and Trust prior to getting an MBA, what was it like being a credit analyst in the 1980s? He, he was a president of a small bank enterprise bank up in Lowell.
Wasn’t the Excel spreadsheet error, which changed their math. And I go, the answer is the Japanese central bank is, has interest rates set at 0.5%. How do you look at the relationship between a country’s central bank and its ability to manage its own debt? I mean that was, that was the problem.
At that point, I’d been covering, as you mentioned, investment banking, Goldman Sachs for a couple years. You talk about hotels, Airbnb, and then the banks were having people draw down their line of credit weeks and weeks before things really got bad. And again, I’m probably pretty lucky. So that’s the question.
Barry Ritholtz : I love the expression, the expression jingle mail people used to put their keys in an envelope and send it back to the bank. Or is the bank limited to just, they get the house and I get to walk away? I do the math. It was what it was the name of the place! And that’s jingle mail. I’m done with this.
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