The Big Picture

SEPTEMBER 10, 2024

He has a very interesting approach to thinking about market valuations and strategies and when to deploy capital, when to go with the crowd, when to lean against the crowd, and has amassed and excellent track record. 2009, 10 in that role. Second part of our framework is valuation fundamental work.

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The Big Picture

JANUARY 21, 2025

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 on top of that, of course we ran straight into the 2008, 2009 great recession. They will earn that market return less, whatever they’re paying.

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The Big Picture

OCTOBER 17, 2023

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.

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The Big Picture

OCTOBER 21, 2024

I’m good at math and science and you know, I always had an idea what go into business, but I felt that electrical engineering would be a good foundation. You know, I, it always, I I see different numbers all the time, so it’s always kinda like, who’s math if you will? 00:02:16 [Speaker Changed] Me too.

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The Big Picture

MARCH 12, 2024

And what we figured out in 2009, really when we started buying homes is that we made the bet that it, I mean, it wasn’t a very exotic bet, but we made the bet that the subprime mortgage market wasn’t coming back at all. And so, so starting in 2009, we, we, there was no flip market. So I had real support around Wall Street.

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The Big Picture

APRIL 8, 2025

00:31:40 [Speaker Changed] So there’s the emotions and then there’s the math, right? We’ve had gone through the, the Covid crisis, which stimulated unprecedented fiscal stimulus as a share of GDP and performance, what clients have actually experienced, if you go back to March of 2009, right? Remember that.

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The Big Picture

MARCH 21, 2023

But plenty of valuation measures, it has no applicability for price-to-sales. ASNESS: Well, first of all, I’m going to somewhat disappoint you saying we do not take very big bets on views like timing asset classes based on valuation. My mom was a math teacher so — RITHOLTZ: Okay. It can apply to earnings.

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The Big Picture

JANUARY 7, 2025

So moved over to London back in 2009 and the rest is history. 00:24:49 [Speaker Changed] So let’s talk a little bit about valuation in the public markets. Does that valuation difference in the public markets extend to private markets as well? Hence the valuation gap. Have been a resident of London.

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The Big Picture

NOVEMBER 25, 2024

And I, and I really like the application of math and statistics and computer science to markets. And so graduating right into 2009, right out of the financial crisis, I said, I don’t think I’m gonna get a job. You learn the math that can help you with, with market making operations. And I just caught the bug.

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The Big Picture

JUNE 3, 2024

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.

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