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I had an economics lesson, I had a life lesson, I had an epiphany, I had a race relations lesson, I had a self-esteem and confidence lesson. Being broke is economic, but being poor is a disabling frame of mind, a depressed condition of your spirit. It’s home economics class, doesn’t exist anymore. RITHOLTZ: Right.
In doing so, I thought this conversation was really quite fascinating, and I think you will also, especially if you’re not only interested in equity, but curious as to how to combine various aspects of market functions, valuation, economic cycle, fed actions into one coherent strategy. But generally starts with the economic cycle.
The Company Lab was the entrepreneurship and economic development center for Chattanooga and the surrounding areas, which include North Georgia, North Alabama, and Southeast Tennessee. RITHOLTZ: What’s some of the economic sectors within that area? Also, healthcare is really popping up. I know nothing about healthcare.
And so, coming out of school, I studied Economics and Spanish Literature, and I applied to a — a program that actually targeted Liberal Arts majors. I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. It was at Bank One, at the time.
One, one is true and I’ve always said is that I wanted people to stop, ask if I could doing math. And no one asked me if I can do math anymore with a degree from Booth, particularly in econometrics and statistics. So people really ask you, you take French and can you do math. Two reasons. What, why do we think that is?
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 big consumer and healthcare. I, I love Econ Talk, which is sort of theoretical economics debate podcast for fun. Learn math, learn history.
I was always good at math, but I really, I just didn’t relate to things that were more esoteric bonds options. I was genuinely shocked it even happened ’cause it was so obvious, the negative economic ramifications that would lead from it. And I, I think that I kind of triangulated on it. I have no family history.
SEIDES: Yeah, I wouldn’t measure it in terms of economic returns. 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. SEIDES: So it’s Hartford HealthCare. So, it cost the firm $320,000, well worth every penny? What happened there?
Healthcare, education, not hugely cyclical, not interest rate sensitive. RIEDER: And all of a sudden, you change the economic paradigm so darn fast. How are we doing in literacy versus math versus science? You know, think about the jobs market today, all the jobs are being created. RIEDER: Yeah. RITHOLTZ: Right. Where are we?
STEVEN KLINSKY, FOUNDER, CEO AND MANAGING DIRECTOR, NEW MOUNTAIN CAPITAL: I come from the Detroit area of Michigan as a public school kid, went to University of Michigan and studied both economics and philosophy. So life science supplies, healthcare, IT, managing wind and solar farms, niche software, and consumer, different things like that.
He is so knowledgeable about so many unusual areas in economics. Healthcare minimum wage. So when I was at this very fancy private school that I was at as a kid, I did math because it gave me a huge amount of free time to do the things I really cared about. And as soon as I started studying economics, I was sort of hooked.
The economic dislocation, the health risks, just the mayhem that took place, but from the perspective of a number of corporate CEOs, Bill Ackman of Pershing Square Capital, the hedge fund that had a couple of amazing trades based on this. HOFFMAN: So obviously, I’ve — you know, economically minded from the jump.
I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. And if you look at the s and p today, 50% of it is asset light, innovation oriented healthcare and tech. What was the career plan?
Now, They have seized on healthcare as a huge industry to really dive into, to invest in. And the difficulty with healthcare is that you are not supposed to put profits ahead of patients. RITHOLTZ: How did private equity healthcare, senior living, nursing homes, ERs, hospitals, do during the COVID pandemic? MORGENSON: Right.
What’s similar is what’s happened is in the last particularly decade, more attention got focused on startups and even the government leaders, mayors and governors for decades, economic development was basically getting a big company to move their headquarters, or big company to open a factory. The math never seems to work out.
But it allowed me to go into the healthcare vertical straight out of Stanford. 00:13:05 [Speaker Changed] But you are also on the advisory board for the Stanford Institute of Economic Policy and Research. Now we’re starting to come out of that now, but that math is still nowhere near where it needs to be.
in Economics from Chicago and MBA from Stanford. So, I did the math, 20 million times a hundred. So, let me just repeat the math. And so, again, I went through this simple math. Even if you read both of Browder’s books, you will find something to be amazed at. With no further ado, my conversation with Bill Browder.
The transcript from this week’s, MiB: Gary Cohn, Director of the National Economic Council, President of Goldman Sachs , is below. 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. Your chief economic advisor to the president.
Professor Stephanie Kelton teaches Public Policy and Economics at SUNY Stony Brook. You get a bachelor’s, a BA and a BS in Economics and Business at California Sacramento, then University of Cambridge, master’s in Philosophy and Economics, then a PhD in economics at the New School. I happened to pick that one.
CASS SUNSTEIN, FOUNDER, HARVARD LAW SCHOOL’S PROGRAM ON BEHAVIORAL ECONOMICS AND PUBLIC POLICY: Thank you, a great pleasure to be here. RITHOLTZ: There’s nobody in the world of economics or behavioral finance like Dick Thaler. I thought law and economics was extremely important and kind of on the right track.
Barry Ritholtz : This week on the podcast, another extra special guest, Peter Goodman, is the award-winning investigative reporter and economics correspondent for the New York Times, his latest book, how the World Ran Out Of Everything Inside The Global Supply Chain. And I was ostensibly the economic writer.
Job cuts at hospitals may seem counterintuitive given the nation’s widely known shortages of healthcare workers. As such, only continuous use of N95 respirators protects healthcare workers against respiratory infection whilst intermittent use of medical masks and respirators are equally ineffective (3).
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