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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. And so that then led to the sale of that business in the late 1990s to Credit Suisse.
KRISTEN BITTERLY MICHELL, HEAD OF NORTH AMERICAN INVESTMENTS, CITI GLOBAL WEALTH: It’s really interesting because I’m not someone that you would think would be the typical profile to end up in capital markets or — or sales and trading. Home sales are declining, although rents remain high. BITTERLY MICHELL: … was — no, no.
And it was a very sales-oriented culture. And what I realized very quickly is that I really didn’t like the sales aspect, but I was actually good at it. And if you went through the math, it gave us hundreds of hours that a typical firm would spend. I was at the top of the board. Natalie: Yeah.
So, my prior broker dealer, it was Fortune 100 company, they have tremendous obviously philosophies in place on how they get their sales force to produce amazing results. He did an immense number of sales, and had cultivated a huge number of relationships. ” What does that mean? Matthew: Yeah. The culture was very product driven.
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.
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. And then I went into really more of a sales role in the nineties. We were dealing with clients from a sales standpoint.
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? RITHOLTZ: Yeah.
.” 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. They don’t need to transact.
And I was a math nerd as a kid. Low price stock has historically had some very large concentrated positions. And those concentrated positions happen because they have high conviction that they’re in that group where it’s not stupid to think about where earnings will be 10 years out. But it’s always a compare.
Their sales pitch was very convincing. 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. In concept.
Now he’s the head of the discretion team at Loomis Sales, which manages well over $335 billion in client assets. I thought this conversation was fascinating, and I think you will also, with no further ado, Loomis sales. I started out math and, and physics, and in high school I was a rock star in math and physics.
They’re losing sales because they’re upsetting the contractors. Here are the metrics that will get you a higher stock price on Wall Street, regardless of the subsequent impact to either your sales, your profits, your other stakeholders, including employees and customers. I do the math. Which is exactly what happens.
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