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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.
So I, I did a math degree at Oxford, which is more pure math. You know, pure math can be very theoretical and detached from the real world, and it’s getting worse. It’s just math stick to it over long periods of time. Then the volatility and, and the valuation makes an enormous difference.
I got the sense that, so Churnin takes 51% for a fairly modest valuation, 10 or $15 million. You know, they used to put we no brown m and ms in the rider because they wanna know someone has read to page 10 of a 15 page rider with all the complicated electronics and set up, if you’re texting somebody on Thanksgiving Day, right.
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. We’ve gathered up all the information you would need to do an appraisal.
Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not. The, the math came easier. And I really hated physics, really. It’s so true.
And I read a book by Alvin Toffler, the futurist, called The Third Wave, and he basically was talking about this coming kind of electronic frontier or electronic cottage. But thankfully, the next decade, things really accelerated in terms of the growth of the company and growth in the valuation, things like that. I was smitten.
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