Barry Ritholtz

AUGUST 15, 2023

So you go back a couple of years and you could say, “Well, what return is available buying a treasury?” ” And it turned out, if you looked at the market at that time, it was, I’ll call it 1%, five-year treasury or 10-year treasury. So you say, “Well, we need to invest. How would you have done?

Investments 52

Investments Benchmarking Marketing Treasury 52

Barry Ritholtz

FEBRUARY 2, 2023

emphasis added) The red flags were there for anyone who could put their greed aside and simply focus on the math. In the 2010s, the true risk-free rate of returns – 10-Year Treasuries – was yielding ~2.5%, so how could anything remotely risk-free be yielding 20 times that amount? Which institutions, banks, VCs have you presented this?

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Treasury Math Investments Sales 25

Barry Ritholtz

JUNE 27, 2023

Not only did he serve on the Brady Commission looking at the ’87 crash, but his history of investing and trading and public service, both at the Fed and the Chicago Board of Trade and Treasury Department, really unparalleled, as well as just a pretty amazing track record as an investor and trader. RITHOLTZ: Doing what? RITHOLTZ: Sure.

Math 59

Math Risk Management Profit and Loss Marketing 59

Barry Ritholtz

AUGUST 29, 2023

So when you think about what people are earning in their deposit accounts at their banks, and banks have historically been very slow to raise, very slow in terms of raising deposit rates because those deposits tend to be very sticky. Tell us a little bit about what you as CIO do on the bond side. RITHOLTZ: Yes.

Investments 52

Investments Benchmarking Valuation Construction 52

Barry Ritholtz

JANUARY 24, 2023

It was between corporate law and investment banking. RITHOLTZ: So even back then, when it was the size that you could take a Christmas picture with everybody in one room at Goldman, they’re still doing investment banking. September 13, 1981, I think the 10-year Treasury was 15.84 RITHOLTZ: Oh, really? KLINSKY: Yeah.

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Mergers and Acquisitions (M&A) Investments Leverage Numbers 105

Barry Ritholtz

OCTOBER 21, 2024

I’m good at math and science and you know, I always had an idea what go into business, but I felt that electrical engineering would be a good foundation. 00:03:11 [Speaker Changed] Yeah, we started out, I started on banking, the two year banking program, which merchant banking was the group I was in.

Investments 59

Investments Numbers Marketing Leverage 59

Barry Ritholtz

OCTOBER 17, 2023

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. It’s just math stick to it over long periods of time. And the 10 year yield of A A A J G B or or a or a, a treasury or a bond.

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Investments Valuation Numbers Math 52

Barry Ritholtz

DECEMBER 12, 2023

And I was a math nerd as a kid. He developed the Ginnie Mae contract, which at one time was a big thing in treasury bond contract. And Bank of America called me and said, would you like to be director of research and strategy? And the value line has all these statistical patterns. Very inventive and creative person.

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Benchmarking Concentration Investments Profit and Loss 105

Barry Ritholtz

FEBRUARY 13, 2023

In fact, I was going to be a strategist, financial analyst to work for a bank and write research reports. And the ability to say, gosh, you know, there’s a lot of stuff in fixed income, that for a variety of reasons, central bank owns it, a pension fund owns it, insurance companies own it. RIEDER: Right. It has no value.

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Mergers and Acquisitions (M&A) Investments Marketing Education 59

Barry Ritholtz

MARCH 12, 2024

And we said, let’s just take a little detour here and make sure we understand the credit risk of these things before we sort of travel, start making markets and banking and, and, and really making these a core part of our business. We participated in that with treasury and FHFA and the regulators, the White House.

Profit and Loss 59

Profit and Loss Investments Marketing Securities 59

Barry Ritholtz

APRIL 8, 2025

Barry Ritholtz : So you leave Sanford Bernstein and then, which had really become Alliance Bernstein end up at Merrill Lynch, where eventually your same role Chief Investment Officer for Bank of America Merrill Lynch Wealth Management first, what did, was there still remnants of Mother Merrill when you joined post merger?

Mergers and Acquisitions (M&A) 59

Mergers and Acquisitions (M&A) Investments Profit and Loss Numbers 59

Barry Ritholtz

JULY 15, 2024

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.

Investments 59

Investments Marketing Banking Benchmarking 59

Barry Ritholtz

NOVEMBER 25, 2024

This was the era, 2005, 2006, all of my friends were looking to get banking roles. And I, and I really like the application of math and statistics and computer science to markets. And so we, we get this contract written and I go off to grad school assuming I would go work at a big bank doing sales and trading in some quant role.

Leverage 59

Leverage Investments Marketing Math 59

Barry Ritholtz

MARCH 17, 2025

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.

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Budgeting Economics Math Numbers 59

Barry Ritholtz

JULY 31, 2023

At that point, I’d been covering, as you mentioned, investment banking, Goldman Sachs for a couple years. And Steven Mnuchin, the Treasury Secretary, stands up and says, “You guys, you’re looking at the wrong thing. And again, I’m probably pretty lucky. So that’s the question. Who had the earliest read?

Treasury 52

Treasury Retail Economics Entertainment 52

Barry Ritholtz

APRIL 8, 2024

00:08:45 [Speaker Changed] Didn’t they end up getting purchased by, was it Deutsche Bank? Something by Deutsche Bank? Did you want to go to a big bank or is that what led to the next step in your career? I’d been ranked i i back in the seventies, if you can do the math. 00:08:49 [Speaker Changed] Right.

Economics 59

Economics Marketing Numbers Forecasting 59

Barry Ritholtz

MAY 16, 2023

I think eventually it’s Dain Rauscher, which is now Royal Bank. So this is the math that I applied. So think about this, do the math. What, what do you do when suddenly the bank calls and says, “Hey, there’s a couple extra zeros in your bank account. RITHOLTZ: Okay. So do you collar this?

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Leverage Investments Valuation Marketing 116

Barry Ritholtz

JUNE 20, 2023

In fact, I think Secretary of the Treasury at the time said the market will work out these things and they will not become a problem. MORGENSON: Could be banks, could be Wall Street, could be private debt folks, but it’s — RITHOLTZ: This is very often securitized and sold off into the market as well?

Healthcare 59

Healthcare Finance Marketing Retail 59

Barry Ritholtz

OCTOBER 3, 2023

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. Hank Paulson had left to go become treasury secretary. We did not have the strongest West Coast banking presence. We now had the securities business. They run outta liquidity.

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Marketing Banking Treasury Profit and Loss 112

Barry Ritholtz

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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Math Marketing Treasury Valuation 59