1. Brain Teasers
You’ve got a 10 x 10 x 10 cube made up of 1 x 1 x 1 smaller cubes. The outside of the larger cube is completely painted red. On how many of the smaller cubes is there any red paint?

2. Answer
Larger cube is made up of 1000 smaller cubes. The easiest way to think about this is how many cubes are NOT painted? 8 x 8 x 8 inner cubes are not painted which equals 512 cubes. Therefore, 1000 – 512 = 488 cubes that have some paint.

3. Quantitative Finance Society
Asset Classes

4. Announcements Upcoming Presentations: Portfolio Invites
Anatomy of a Trade
Derivatives
Portfolio Invites
Successful candidates will be receiving an today about our portfolio meeting tomorrow

5. Market Update: The Macro View

6. Equities Fixed Income Currencies Commodities Alternatives
Asset Classes
Equities
Fixed Income
Currencies
Commodities
Alternatives

7. What determines the price of a security?
Supply & Demand

8. Equities What determines the price of a stock?
Everyday movements, news
Volume
Market Psychology
Multiples (Comparables)
Earnings, P/E
EV/EBITDA
ETFs

9. Equities Different sectors, different way to value Healthcare Tech
Telecom
Financials
Consumer Discretionary
Consumer Staples
Utilities
Industrials
Energy
Materials

10. Fixed Income Governments Corporates Mortgages Ratings
Rates – GDP, unemployment, inflation
Corporates
Credit + Rates
Mortgages
Ratings
Investment Grade, High Yield, Crossovers

11. Currencies Directly related to rates Purchasing Power Parity (PPP)
Balance of Payments
Carry Trade, Interest rate differentials
Country-specific trade characteristics
USD, EUR, JPY, GBP, CHF
CAD, AUD, NZD, SEK, NOK

12. Commodities Gold & Precious Metals Oil, Natural Gas, other Energy
Agricultural

13. Alternatives Private Equity Venture Capital Hedge Funds Real Estate
Collectibles

14. Questions?