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Since 2008, the Census Bureau has included government transfers in its Supplemental Poverty Measure. Call it ” ‘ America’s Enormous Math Mistake’s Mistake. ” In 2008. For the record, Census published its first study on the valuation of so-called “in-kind transfer benefits” in 1982.
I led the Union Square Ventures investment in Etsy, I became a venture partner for that, and then became a GP in the 2008 fund. So along those lines, there are some venture firms that don’t really seem to care a lot about valuations and others seem to focus on a little bit. A year ago, late stage valuations had gone just bonkers.
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. And then I moved back to London at the end of 2008, which was a really interesting pivot.
But the numbers you can’t argue with, I mean, we all know that the brutal math of investing before costs investors collectively will earn the market return after costs. And then when I left the journal for the first time in 2008, they said, well, who should we hire to replace you? I did it in 2008 in oh nine.
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. I could maybe flip that around a little bit since I think particularly post 2008, 2009, the quality style of investing has become a lot more popular.
00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. We built a company that was focused on valuation, initially, actually targeting corporate strategic planning departments.
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. Think about the two founders of Global X, Bruno and Jose, they set up Global X in 2008. BERRUGA: Exactly.
It started on January 1 of 2008. SEIDES: In Warren’s 2008 annual letter, I think it was 2008, he made a statement. 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. What’s the valuation? SEIDES: That’s right.
It’s fun math – a 20% drop in prices means you get 25% more shares for your dollar, and a 50% drop means twice as many , or 100% more shares per dollar invested.). the current blowup) -20% so far What’s your guess? In today’s market, you are getting about 25% more shares for each dollar that you invest.
RIEDER: — there was — and then, you know, punctuating with obviously 2008. Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. How are we doing in literacy versus math versus science? Think about the incredible growth of U.S.
But it was — on the other hand, it was just a great place, well, first to try it but the second thing is when 2008 came along, it was one of the few places that we’re making money. ILMANEN: It’s always good to think of starting yields and valuation sort of two sides of the same coin. RITHOLTZ: Just not a great fit.
My family and I moved to McLean, Virginia in, in 2008. And we’ve automated the, the appraisal process for valuation, both intrinsic value, meaning like, where would we pay it, where would we buy it, and where is the fair market price that asset from that level, from price and from consumer behavior now.
I had my first child in June of 2008. Now, the first half of 2008, I was doing pretty well in the fund. But of course, I didn’t know the world was gonna meltdown in 2008. I bought Priceline on November 1st, 2008. And we would go on to sell that business to Microsoft in 2008. So here’s the math, Barry.
And I, and I really like the application of math and statistics and computer science to markets. You learn the math that can help you with, with market making operations. It’s just not smart on a math basis to do that. And then what happened in, in 2008? And I just caught the bug. Become options market makers.
And I did a lot of options math, which I thought was interesting. But it, it, summer of 2008, as you can imagine, was a really interesting time, particularly for the convertible bond desk because we were the busiest desk. That is not being reflected in valuations from a top down standpoint. The s and p is above 20 times.
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