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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
"'If You Can' is probably the most widely distributed of my books. It is a book for Millennials, and it’s been downloaded hundreds of thousands of times because it’s free." Bill Bernstein.

Free is priced to sell. etf.com/docs/IfYouCan.…
"You can spend three or four years writing a book and it can disappear almost without a trace. And that doesn’t mean that the exercise wasn’t worthwhile, because hopefully you’re writing books for other reasons." The biggest reward of writing is it improves clarity of thought.
"My book Splendid Exchange exceeded beyond my wildest expectations in terms of reviews, sales and speaking gigs it continues to get me. The book that came after that, Masters of the Word was an absolute flop. I doubt it sold 5,000 copies. That taught me publishing is capricious."
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Tren Griffin
@trengriffin
If you are interested in Charlie Munger, years ago before there were any books on him I created a collection of his thoughts at 25iq.com/quotations/cha… Access is free which is priced to sell. It will help you understand how Berkshire actually invests among other things.
If you want sources for the quotes on my blog you will find them in the bibliography of my book on Munger. amazon.com/gp/aw/d/023117… The book sold out at the Berkshire meeting last year I am told by my publisher.
Charlie Munger on accountants is similar to what he said about another profession in the Jason Zweig interview in the WSJ today: "Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting.”
Read 3 tweets
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Tren Griffin
@trengriffin
His use of the term "adjuncting" brings to mind adjuncts who teach college classes. People who write books often also don't understand that their work product doesn't have enough scarify value to have any pricing power. That the work outputs are "public goods" is a big challenge.
"College teaching has become a pickup job, like driving for Uber, for small stipends and little or no guarantee of permanence." wsj.com/amp/articles/t…
Average per-course pay for an adjunct teaching a three-credit course was $3,984, but figures spanned a “huge range."' insidehighered.com/news/2019/04/1… A worker's scarcity-power is what drives pricing power which determines income. Supply is the enemy of value.
Read 3 tweets
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Tren Griffin
@trengriffin
Almost everyone running a business today sees this in some form:

"Meituan-Dianping and Ele are using highly subsidized meal delivery as part of their entrée into a whole host of other commerce services, including other deliveries and payments."

COGS being transformed into CAC.
Bill Gurley: "If a disruptive competitor can offer a product or service similar to yours for 'free,' and if they can make enough money to keep the lights on, then you likely have a problem.”

Often the profit/cash flow comes from a complementary service that is cross-sold.
If all business X sells is the product or service that is being used as in-kind CAC substitute, it must find something else to sell that will produce positive overall unit economics including cash flow. Beware competitors that decide to make what you sell into a loss-leader.
Read 3 tweets

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Adam Wagner
@AdamWagner1
Some thoughts on the Assange indictment dated 3.6.18 but now unsealed (justice.gov/usao-edva/pres…)

I think there are potential serious implications for free speech and freedom of the press (thread)
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Majestic Maven of Malevolence
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Hello to all my #Exvangelical fam and followers! Welcome to my new followers, I feel like I've been jumping a bit these past few weeks. I'm so genuinely delighted you're here. I mostly say a lot about evangelicalism and once a week I do a REALLY long thread about James Dobson.
It is time for that thread! In our emotional weather report, everything remains terrible, and I feel like I am actively going to die waiting for election day but there's not much we can do but press on. This thread will tie into some of those thoughts (legit by accident).
Usual warning! I go on relatively deep dives in here and it can bring up a lot of religious trauma for people. You are not required to do this, now or ever. Things are very hard right now and we need you to take care of yourself. If that means not reading this thread, that's okay
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The Trouble With Economics
@troublewithecon
1/ While the book makes a case for a correlation b/w inequality & broader lack of well-being + social breakdown, causality is tricky to establish & it might go both ways. Plus, these symptoms may derive from unevenly distributed benefits of economic growth economist.com/books-and-arts…
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3/ "And however much some maintain that disparities in pay-cheques do not correspond to differences in human worth, such well-meaning pieties feel hollow when high-rollers earn hundreds or thousands of times what ordinary folk take home." (cont'd)
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Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
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002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
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