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Tren Griffin
@trengriffin
, 4 tweets, 1 min read Read on Twitter
Warren Buffett: "The nice thing about the mouse is that he doesn't have an agent. You know I mean the mouse is yours and he is not in there renegotiating and you know every every week or every month. [Disney] understands all of that very well."

Wholesale transfer pricing!
Warren Buffett: "Disney's done an extraordinary job for the shareholders and they make real money out of movies. Most movie companies have made money for everybody associated with it, but not a lot for shareholders in them."

Wholesale transfer pricing again.
Can you spot the pattern in this Disney lineup? H/t @carlquintanilla
Charlie Munger describes Disney as the equivalent of “an oil company that can put the oil back in the ground after it is done drilling so it can drill it again." Re-drillable intellectual property is the new oil for a business like Disney.
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Tren Griffin
@trengriffin
"Berkshire is like a swimmer that keeps swimming with or without the tide. we dont anticipate swings in the tide."

"Our philosophy: if someone can juggle 20 milk bottles, then why would we interfere?"

"You need to be able to destroy your own idea." d0j.blogspot.com/2016/09/notes-…
"What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.”

"Take a simple idea and take it seriously."
"Underspend your income. You may not get rich but you won't do badly. Keep at it."

"Investing money is harder today."

"You must specialize to succeed."

Charlie Munger at Google
Read 3 tweets
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Tren Griffin
@trengriffin
Multiples are like a blind squirrel that sometimes finds a nut. GOLDMAN "From a valuation perspective, both S&P 500 and median stock trade at high valuations relative to history. Multiple approaches suggest stocks trade between the 80th and 98th percentile vs. the last 40 years."
Multiples are a way for people who do not want to do the work required to do a DCF on a business, to pretend that they can value the asset or time markets. The P/E ratio has been said to be high since 2011. But again it's easier to use a ratio! repository.upenn.edu/cgi/viewconten…
Michael Mauboussin: "The survey of nearly 2,000 investors found 93 percent of them use multiples, with 88 percent applying P/E and 77 percent EV/EBITDA." bluemountaincapital.com/wp-content/upl…
Read 4 tweets
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Tren Griffin
@trengriffin
I made the classic seed round investor mistake by not buying enough as an early stage investor when I didn't buy Nike collarless shirts in volume. But I can put that collarless shirt investment in the pitch deck. Being a Tiger as seed stage investor can pay off.
Another mistake I made was selling Nike shares in 2016. Even though I had owned Nike shares since the early 1990s I sold. It is unlike me to sell shares in a business that is so fundamentally sound. I like to avoid short 25 year holding periods like that on a quality business.
Shoe Dog is in my view the best story ever written about being an entrepreneur. My blog post on Nike founder Phil Knight is here: google.com/amp/s/25iq.com… "It’s alright to be Goliath but always act like David.”
Read 3 tweets

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Topless Topics
@ToplessTopics
#warren/#buttigieg 2020. Tell me why I'm wrong.
I was really hoping to elect a person of color, and I still have some interest in Harris. But she's getting too much heat for her prosecutor background. Besides Warren has the most policies that align with my view of America, AND she knows how to make those goals achievable!
And Buttigieg... I'm still learning about his ability to govern, but I'm continually impressed by how worldly and hella SMART he is. and he's obviously had some inside experience of oppression as a gay man from middle America.
Read 12 tweets
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The Charlieton
@TheCharlieton
Buffett's 2018 annual letter to Berkshire shareholders is out.

berkshirehathaway.com/letters/2018lt…

My takeaways:
WEB has always been precise when comparing book & intrinsic values, BUT for decades he's opened by reporting the % change in per share BV, calling it a flawed but useful proxy for IV.

Thats over.

WEB no longer thinks BV has enough relevance for the top spot, even w/ caveating
The BV / IV distrinction is not new (he's been talking about it for at least 50 years), & Buffett already made it clear he had rerated the usefulness of BV as a proxy for IV when he scrapped the buyback peg, but I think the stylistic deviation after so many letters is surprising
Read 9 tweets
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Aerin
@aerincreer
Y’all this nigga yesterday tried to tell me that he doesn’t use the clit during sex. He didn’t know women could orgasm with the clit alone. I asked him what he does when his partner isn’t wet enough he said “spit”. I also asked if his partners are repeat customers and he said no.
I was like “man you’ve been having bad sex your whole life”
and he was like “no, I had great sex, I’ve never heard any complaints”
and I said “so all the women you’ve had sex with come back for more?”
And he was like “...well no”

When I tell you I was dying 😂😂😂
The other niggas in the room was laughing too. We asked him why he didn’t know the clit was a thing and he said “i use It but I always end up missing and rubbing the wrong part” nigga...why don’t you move your hands? Lmfaooo
Read 21 tweets
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foone
@Foone
I should make a page called "False Things Programmers Believe About Window Placement"

Here's Avidemux-qt helpfully hardcoding a default startup position of (0,0) and just assuming that'll be fully on screen.
It's not.
This one is more subtly wrong than the Windows version.
X does say that 0,0 is going to be the leftmost,topmost coordinate of all monitors. But that doesn't have to be on screen.
Check out my layout. Guess where 0,0 is?
It's right here.
Read 13 tweets
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Elaine Ou 🐤
@eiaine
Warren Buffett gets Bitcoin just fine. He plays a lovable old man who invests in value stocks, and crapping on things with no intrinsic value is part of his act. (1/5)
In reality, Warren Buffett is a value investor the same way that payday loan sharks are value investors. He acquires assets from distressed debtors at extortionate rates. He gets away with it because he's adorable. (2/5)
I think this is true of many prominent nocoiners -- eg @paulkrugman, @Nouriel, etc. They've been consistently wrong about bitcoin for over half a decade, yet never bother to educate themselves about the technology (3/5)
Read 5 tweets
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OddStats
@OddStats
Warren Buffett is getting a lot of pub because he recently held his annual press conference that people tune in to, as if he'll magically tell them how to become an overnight billionaire.

You want the secret? Here it is...

(1/4)

$SPY $SPX $VIX
Get super lucky and start a string of businesses as a young teenager that provide you with a net worth like THIS before you reach adulthood.

Here's his net worth in today's dollars through time.

Did you have this much then? No? Then you blew it. Sorry.

(2/4)

$SPY $SPX $VIX
Even Warren will tell you, he can't see the future.

He just has *always* had a lot more money and patience than you.

Oh, and a lot of luck.

But even his stock picks were as terrible at times as the rest of us.

Here's $BRKA during the crash.

(3/4)

$SPY $SPX $VIX
Read 4 tweets

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