Impressive guy, didn't know he used to be in physics Phd program. Changes my perception of him a bit ... The most interesting thing to me was: he had a mathem

Impressive guy, didn't know he used to be in physics Phd program. Changes my perception of him a bit ... The most interesting thing to me was: he had a mathematical formula to keep abreast of [an internet bubble]. It involved looking at every Internet deal worth more than $100 million in a three-month period and measuring the growth of each firm’s income–if the firms in more than half the deals had a PE higher than their growth rate, it was a bubble. He has wiggle room here: ultimately the market needs to define what a bubble is, in the same way it’s defined a recession. Without commenting on the formula itself, it's extremely interesting to think about Milner's motivation for publicly sharing that tidbit. It's true meaning is drastically different based on how 'deep' his game is.