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Outside of work, he serves as a volunteer financial planner and class instructor for non-profits in the Northern Virginia area. The key point is that firm owners can use benchmarking data to better understand how they can improve their business. He has an MA from Johns Hopkins University and a BA from the University of Virginia.
New York Times ) see also Retailers Lobby: “We Lied About Organized Theft” The claim that organized retail crime accounted for “nearly half” of inventory losses was false, but it’s also an indictment of modern media. Wired ) • Greedflation: corporate profiteering ‘significantly’ boosted global prices, study shows.
Outside of work, he serves as a volunteer financial planner and class instructor for non-profits in the Northern Virginia area. Another area where advisor expertise can add value for clients is in the decision-making process surrounding employee stock options or an otherwise concentrated stock position.
Not to be like the Grim Reaper, but the reality is, if you’re not a multi manager and you’re not aggressively managing market risk, then you fall into the category of a long, short single manager that probably takes concentrated, more concentrated directional risk. Maverick 14 billion. 130 billion. Perceptive 10 billion.
And the advice that he gave to David Einhorn about it that helped lead Einhorn to start really kicking the benchmark’s butt again for the past couple of years. So the actual source of profitability in that trade is not the level of the vix, but the shape of the vol surface. It’s, it’s double concentrated risk.
And so, while you can see that concentration in markets, and sales, and trading, once I started really working with our private bank in a meaningful way, I was then able to lead teams of investment counselors and investors. It’s late in the summer in 2022, markets sold off 22, 24 percent, recovered about half of those losses ….
He has absolutely crushed his benchmark over that period. He’s crushed the Russell 2000, whatever benchmark you want to talk about. They announced a $640 million loss and ouch. So it leads to the question, what’s the secret to this longstanding outperformance against all benchmarks and, and all passive measures?
Arbitrage pricing : Arbitrage refers to the possibility that you can create risk-free positions by combining holdings in different securities, and the benchmark used to judge whether these positions are value-creating becomes the risk-free rate. But what if government securities are viewed as risky?
And so, you know, it was relatively, I wouldn’t say straightforward because I don’t think generating consistent profits has ever been something that’s so straightforward or so easy. And it’s always going to expect to lose some of those profits when the trend reverses, but still end up capturing the meat of the trend.
And, and since then, you, you’ve gone on to do some work reforming L-I-B-O-R as the benchmark for rates. And so you had a situation where you could take big positions in the euro dollar market, affect the price and the cash market and actually make a profit. 00:15:34 [Speaker Changed] Huh. Ma makes a lot of sense.
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