Seth Liebert

"Why do we fall, sir? So that we can learn to pick ourselves up."
Strategy & Finance | @Swarthmore @DukeFuqua

[Seth Liebert @SethLiebert]

@MetacriticCap Actually it’s the rule of the Sith

[Seth Liebert @SethLiebert]

@P_Remarks @stockjock84

[Seth Liebert @SethLiebert]

@KendallGPace @AustinISD 3/ Ultimately, recapture structurally penalizes the highest-value ISDs the most.

The state extracts capital based on our inflated real estate wealth, but ignores those exact same structural costs in our retained budget. This chart maps a purchasing power deficit, not bloat.

[Seth Liebert @SethLiebert]

@KendallGPace @AustinISD 2/ ATX housing costs are ~60% higher than Dallas/Houston and have increased at a higher rate since 2019.

When local real estate dictates the labor floor, operating costs are structurally higher. ATX mathematically requires more funding just to keep the lights on.

[Seth Liebert @SethLiebert]

@KendallGPace @AustinISD The ultimate squeeze is recapture. Austin ISD sends ~$700M annually because high home values make us "wealthy." If the state extracts capital based on local housing costs, how can they justify ignoring those exact same costs when determining our operating budget?

[Seth Liebert @SethLiebert]

@KendallGPace @AustinISD Look at OpEx growth vs. Housing growth since 2019:

Houston: OpEx +31% | Housing +34%
Dallas: OpEx +30% | Housing +49%
Austin: OpEx +32% | Housing +60%

Budget growth is identical across the major metros. But Austin ISD’s purchasing power is facing a massive structural deficit.

[Seth Liebert @SethLiebert]

@akramsrazor @evrgn11112231 Could they just focus on showing more ads on instagram?

[Seth Liebert @SethLiebert]

@P_Remarks @DratchCap @PythiaR

[Seth Liebert @SethLiebert]

@matt_slotnick Remember when we thought distribution wasn't moat?

[Seth Liebert @SethLiebert]

@LeveragedFun @JaredSleeper Most capital belongs in the index; it efficiently removes human judgment.

But for the remaining active game, why are we surprised that human strategies evolved to shorter hold times?

Are we basically mimicking optimal algo strategies?

[Seth Liebert @SethLiebert]

@P_Remarks Go Spurs Go

[Seth Liebert @SethLiebert]

@matt_slotnick @preetkailon 1+1=3

[Seth Liebert @SethLiebert]

@JaredSleeper Is that central control plane a SaaS product?

[Seth Liebert @SethLiebert]

@matt_slotnick Go Spurs Go!

[Seth Liebert @SethLiebert]

@stevehou Capital light, outcome agnostic, annual recurring billing…

It’s a really interesting time.

[Seth Liebert @SethLiebert]

@dalibali2 What is a scalable allocation model?

[Seth Liebert @SethLiebert]

@akramsrazor @John_Hempton I was thinking just regulation. Who controls zoning and permitting for space?