2014 Math Valuation 
The Big Picture
APRIL 17, 2025
Since its 2014 inception, the fund has returned 9.7% My advice was not based on fear of a bubble or the (over)valuation of Yahoo; rather, I suggested employing a regret minimization framework.2 These two possibilities a 10-fold increase versus a 90% drop are roughly symmetrical in terms of math (but probably not probabilities).
The Big Picture
SEPTEMBER 3, 2024
But there’s always gotta be some element of the valuation really being compelling. But even in the book I wrote in 2014, you could see that the focus on competitive advantage can never be absolute, you always have to take valuation into consideration. But maybe second to valuation as a primary consideration.
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The Big Picture
DECEMBER 6, 2022
RITHOLTZ: So you joined Global X in 2014. 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. What led you to them from Jefferies? BERRUGA: Great question.
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 after I got my last urine bonus in early 2014, I walked in and handed, handed my notice. You don’t know what the bottom of the market looks like.
The Big Picture
JUNE 18, 2024
I got the sense that, so Churnin takes 51% for a fairly modest valuation, 10 or $15 million. That, that gives Barstool a half a billion dollar valuation. 00:40:26 [Speaker Changed] They, they know, they know math, they know math. And that was really the end of that. Three subsequent sales in 2020. That’s real money.
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.
The Big Picture
MAY 16, 2023
Literally the first check-in to Robinhood, which went public in 2021 at about a $34 billion valuation. So you can imagine that first check multiplied a little bit from 2014 or so. RITHOLTZ: He was the first (inaudible) in round B at the higher valuation. Is it about the valuation? LINDZON: Who is this guy?
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