Brad Gerstner: preference

Transcript context

…People probably didn't recognize yet what a monster that was. $42 a share, I still owned it when it hit $2000 a share. I teach a class at Columbia Business School on it in Security Analysis class, a Graham and Dodd class on what did people miss and what did we see. But at any rate, that was the start. I will say that when we launched, I wanted to be in Silicon Valley, but I was in Boston because I had no dough. Remember, by the end of 2007, everybody was starting to put privates in their public vehicles. I remember, for example, Bill Miller of Legg Mason famously invested in Zillow in 2006 or 2007. And then in 2008, sold all those shares back to the company because everybody was unwinding their private positions. When LPs found themselves overly illiquid in 2008... That is how not to do crossover investing.…

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