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New Data: What COVID-19 Is Doing To Main Street SMBs

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The construction and manufacturing sectors were the most bullish, as consumers bought new houses and invested in improving the ones in which they were living. Doing The Math. For most SMBs , 2019 was a banner year, and 2020 was expected to be nothing less than spectacular. In just 21 days. . It may not be so clear-cut.

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Transcript: Brian Higgins, King Street

Barry Ritholtz

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. You know, I, it always, I I see different numbers all the time, so it’s always kinda like, who’s math if you will? 00:02:16 [Speaker Changed] Me too.

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Transcript: Greg Davis, CIO Vanguard

Barry Ritholtz

So I was a mile deep on a subject matter of bond indexing, but now I had the opportunity to lead an equity indexing group, the entire fixed income team, our investment strategy team that does research for our clients around portfolio construction, those types of things. They create the benchmark. DAVIS: So on the bond side, we have both.

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Transcript: Cathy Marcus, PGIM Real Estate

Barry Ritholtz

I was always good at math, but I really, I just didn’t relate to things that were more esoteric bonds options. And, and that is, you know, the treasuries were so low that you could be, have a 4%, 5% yield, even 3% on a real estate investment and still have a nice cushion over treasuries. I have no family history.

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Transcript: Graeme Forster, Orbis Investments

Barry Ritholtz

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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Transcript: Rick Rieder

Barry Ritholtz

But since you mentioned getting return on the risk you take, how do you think about duration when the three-month Treasury is more or less the same or better than the 10-year? RIEDER: Why do you need the price of the Treasury market to the two-year forward or the three-year forward? And I think people underestimate U.S. RIEDER: Yeah.

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Transcript: Ted Seides

Barry Ritholtz

It’s much more about security selection and a relatively static portfolio construction. So you go back a couple of years and you could say, “Well, what return is available buying a treasury?” SEIDES: I would say that’s not really part of my belief system of what a hedge fund is trying to deliver.