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However, my commerce teacher noticed my aptitude for math and saw potential in me for a different path. When you’re young, focus on deeply understanding the core accounting principles, financial reporting, and regulatory compliance. My interest in finance began unexpectedly in high school.
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. In May of 2016, the FBI reported that ransomware would top $1 billion that year — they estimated $1.6 Back here in the U.S. —
Or how do we work around a concentrated stock position, right? So, compliance requires us to keep our financial-planning practice and our estate-planning practice separate. So, it’s still separate and compliance does not allow us to cover estate-planning fees. This is part of the advisory firm? Anh: Right.
00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. It’s, it’s double concentrated risk. So any compliance people listening, I’m just spitballing here.
You do the math and you’re like, “Okay, well, an advisor can handle about 100 clients, an associate advisor can help with some of those clients, you can leverage maybe an associate advisor with a couple of advisors, but there’s a capacity limit for each of the roles.” And so, we pivoted to more of a service team.
And that was very hard to do because when you’re running a Fortune 100 company, the compliance is to the lowest common denominator. And you start doing the math of the staff, and you’re like, “I can hire people for less than this.” Matthew: Exactly.
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. And ev all the sort of compliance, client service, legal, kind of, everything was done sort of on the side by investment people. So I was at Harvard.
He’d teach them about a variety of things going on in the world – science, math, archaeology, literature. Its infrastructure is highly concentrated in China – 70 percent of all mining capacity is located there and controlled by four mining companies in China. Samantha and Nick would boot up “Jack” every couple of days.
And if you went through the math, it gave us hundreds of hours that a typical firm would spend. I’m going to launch an RIA just so that I cannot be worried compliance-wise that I’m giving advice that I shouldn’t be.” And we can run all the math about how to do that.” ” Natalie: Totally.
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 remember telling myself, why would anyone invest in mutual funds when you can buy an ETF instead? BERRUGA: Yeah.
So it’s, it’s just kind of ironic, and I’ll just throw this out as a bit of an advertisement, but like, we run a portfolio of 10 stocks, a concentrated portfolio, 00:27:41 [Speaker Changed] 10 stocks, 10 00:27:42 [Speaker Changed] Stocks, that’s it. So that’s the math. You have to get compliance.
Let me say what your compliance wouldn’t allow you to say. 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. And at the time, I was managing Protege Partners as a hedge fund of funds. We were short subprime mortgages with John Paulson.
00:10:47 [Speaker Changed] So in the additive services that Orion offers now are financial planning, compliance, CRM services, risk and analysis portfolio construction and advisor portal and investor portal. You know, don’t be overwhelmed by the, the vocabulary or the math or things that frighten people away from the industry.
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