I heard this classic riddle a long long time ago and really liked it, but I'm afraid it was way too simple for you all in the format that I originally heard it, so I have tweaked it just a little:
101 / 50 + 0 = 1/9
The answer is the name of a person. Who is it, and why?
The equation is actually of the form "name = description" (or who = why, if you prefer).
Now that a correct answer has been given, here is the riddle as I originally heard it, suitable for any well-educated person:
A hundred and one, divided by fifty, followed by nothing: one of nine.