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I can vividly remember my first high school economics class, that was when I first realized that math wasn’t only theoretical. This role broadened my understanding of the intricacies of financial oversight and enterprise riskmanagement. Kris Giswold (KG): My journey in finance began with my love of puzzles and numbers.
So I took it upon myself to go off and took a course in bond math, took another course in derivatives and realized the underlying fundamental concepts were barely, I mean, it wasn’t even high school math in most cases. We just get to focus on assets and asset riskmanagement. RITHOLTZ: And if only you could do that.
Walmart Pay comes to market with a few built-in advantages: it leverages the Walmart.com app, which is used by 20M+ people roaming around their stores each month, it works on every sort of smartphone out there, and they control the POS in all of their stores, just like Starbucks does. Next time, guys? SMB Working Capital.
” Matthew: It’s very riskmanagement based. And most people have very underserved in a riskmanagement perspective, so you can place the right insurance products along with investments and get a whole financial plan going. You’re obtaining clients. Do we have their income and tax information?
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. Absolutely.
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.” That’s basically what it is.
It’s why we tend to also do investment management, or also do something to implement. And not because it’s not necessarily profitable to give advice for clients at those price points, but that in order to do it and make the math work, you need a lot of clients. What does that look like? Mindy: Yeah.
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 mean, I do think there is a market for leverage and inverse ETFs out there. Why covered calls?
.” 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. You mean multi manager.
I — I loved math, but really, I was going to go down that literature route more than anything else and — and study Spanish literature. BITTERLY MICHELL: Not in leveraged, no, not at all, give more …. BITTERLY MICHELL: … riskmanagement. RITHOLTZ: Applied Mathematics, Quants, those guys, yeah. RITHOLTZ: Right.
And these were real bankruptcies, led by a supply-demand imbalance, too much leverage and not enough demand for the products. Even the guy you think of so highly, you know, after three hedge funds open and close, you got to wonder if there’s some riskmanagement issue there. RITHOLTZ: It was really fascinating.
It’s that the, so that’s the core competency and it’s just leveraged into, if it’s a loan, if it’s a security backed by a loan, if it’s the actual estate itself. And I was always good at math and, and I had been writing code since I was in the sixth grade. So I had real support around Wall Street.
It’s, it’s no different But, but inherently in futures, a whole lot more leverage, a whole lot more risk. How fundamental was that to your learning about investing, trading riskmanagement, starting with futures? You’re doing a lot of math in your head on the Fly.
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