Adam Parker, Corey Kluber, Gerrit Cole discussed on Masters in Business


A 135 feet yesterday Everything feels good and I haven't got too far ahead Not exactly sure what I'm supposed to touch them on but so far everything felt good And each of the distances we posted are supposed to have gotten to Elsewhere the race snapped the Yankees four game win streak by the final of three one Corey Kluber's 6 strong for Tampa Gerrit Cole led just to run over 6 with ten ks for the bombers but Lucas litke allowed the go ahead run in the 7th inning I also wear the White Sox designated veteran lefty Dallas keuchel for assignment The kaiko was pitching to an ERA approaching 8 in Chicago willing to eat the more than $14 million still owed to the former Cy Young winner for the remainder of the season Tommy Pham got a three game suspension from Major League Baseball Thanks to his slap of joc pederson the stemming from an argument over fantasy football MLS Red Bulls rep D.C. United four one gal three rounds are completed to Charles Schwab challenge It's Scottie scheffler sitting on top It's a two shot lead at 11 under And among those two advance at the French Open American Madison keys daniil Medvedev and Stefano sits And that's your Bloomberg sports update I'll Mark Bennett This is masters in business with Barry Reynolds on Bloomberg radio My special guest this week is Adam Parker He is the founder of tri variant research previously he was global director of research and U.S. equity strategist at Sanford C Bernstein He was the number one institutional investor ranked analyst in semiconductors before he became Morgan Stanley's chief U.S. equity strategist and director of global quant research Adam Parker welcome to Bloomberg Thanks Thanks for having me here I've been looking forward to having this conversation for a while and I have to start with your very interesting academic background You have 3° in stats not just undergraduate at Michigan but a PhD from Boston University and in the middle you got a master's in biostatistics at UNC Chapel Hill tell us about that Yeah well back then statistics wasn't as cool as it is now So I didn't know if 30 years ago I was going to turn into all the rage and that everyone was going to kind of want to major in data science and analytics I was always more of a math guy and I liked having problem sets and then going and playing sports and I didn't want to have to read chaucer or whatever all the other miserable people were doing So kind of motivated me to be a little bit more analytical But the question that raises biostatistics is where you always planning on a career in finance or was that you know that was more the biostatistics department was in the school of public health at UNC And applied statistics apply That age to mostly medical data But it was more about learning analytics and programming and apply it to anything So my PhD thesis was about missing data in a healthcare setting but as you know missing data exists everywhere including a finance which turned out to be pretty applicable So how frustrating is it to you to see either newspaper headlines or social media where people just lack a rudimentary understanding of basic statistics and probability You know I think the big challenge is as you know because you're good at this is taking things that are somewhat complicated and then making them sound like they're simple and explaining them to everybody I think the average intellect of people watching and reading mainstream media is still in the junior high or high school level So that's what you've got to resonate with I romanticize the investment community is slightly above that but it probably is less above that than you think Right So I will talk about tried vary it a little later I love the name I wrote a Bloomberg column years ago single variable analysis is for soccer So something like that And so I have to talk to you about his name Of course But with all that stat background how did you get to Sanford C Bernstein You know in those days I finished my PhD in the late 90s I had some buddies that seem to be getting rich on Wall Street And I didn't really know what they were doing And one of my best Friends worked at Stanford Bernstein and they were looking for somebody to write software and do analysis called quant research on equities And I interviewed there and I loved it to split a crazy wild people who were brilliant and kind of a little bit on the edge of being unhinged as human beings and it was just kind of my jam And so you're so buttons up You don't sound like a crazy but it was effort and enthusiasm Just like getting the PhD berry it's basically 99% perseverance 1% intelligence And this was like you get in there and it was just no rules Find something interesting and write about it And so for me there's this database of information on hundreds of stocks and you could go in there and analyze it and reach conclusions always along the top market kept name and short these against it or do this or just kind of empirically test everything and there was a bunch of incredibly brilliant people there So I loved it I loved the environment and I didn't even know what I was getting into to be honest with you And then from.

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