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trillion, the trustee hired to find the missing loot has concluded two things: that the $500 million valuation of the missing bitcoin is accurate, and that he’s been able to find only $91 million of it. A rather implausible amount, since, at the moment, experts believe that there are only $7 billion bitcoins in circulation.
And I did a lot of options math, which I thought was interesting. That is not being reflected in valuations from a top down standpoint. One is, if you think about EM, equity valuations versus the s and p, the EM index is trading at, you know, 10 to 11 times forward pe. You can get growth at extremely compelling valuations.
Now if we only knew the denominator and could do the math to see what those numbers really look like. Zenefits’ Valuation Cut. By having a reset in valuation, it could be argued that the firm is offering payment of sorts for its own past behavior. It is also, perhaps, setting the bar lower for valuation to climb again.
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.
Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. and what cross currency basis, et cetera, takes a while to assimilate at all. The dollar is the reserve currency in the world. How are we doing in literacy versus math versus science?
I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. 00:29:32 [Speaker Changed] Certainly for commodities and for currencies. What was the career plan?
00:31:40 [Speaker Changed] So there’s the emotions and then there’s the math, right? And so when we, you know, kind of came into January of 2025, we were starting to talk to folks about, look at where the dollar is versus virtually every other currency super strong. But we think that that valuations are there.
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.
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. 01:02:36 All the math tells us we should not buy high dividend yield stocks.
SCHWARTZ: And whose currency is up on the year? Isn’t that just a currency bet? SCHWARTZ: But even broad developed markets, they’re half the valuation of the U.S. This is — RITHOLTZ: Right. SCHWARTZ: You know, it’s a very interesting dynamic. SIEGEL: Yeah, I think — what is the P/E of Brazil like?
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