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Tren Griffin
@trengriffin
, 3 tweets, 3 min read Read on Twitter
Every year as summer vacation season starts I get asked what books I recommend. Some of the best books require a small effort to assemble. Not everyone is willing to do this work. Example: start with the first @bgurley post from 1996 and read them all: abovethecrowd.com/archives/
What are other examples of a book that requires some assembly?

LETTERS TO SHAREHOLDERS of WESCO FINANCIAL FROM CHARLES T. MUNGER, CHAIRMAN berkshirehathaway.com/wesco/WescoHom…

MEMOS FROM HOWARD MARKS: oaktreecapital.com/insights/howar…

These books that require self assembly are "priced to sell."
What other "assemble yourself" books are there?

Fred Wilson MBA Monday's: avc.com/archive/#mba_m…

Mark Suster bothsidesofthetable.com/tagged/entrepr…

Mauboussin: google.com/amp/s/hurrican…

Constellation: csisoftware.com/category/pres-…

Negotiation book also free 25iq.files.wordpress.com/2016/05/the_gl… (No assembly!)
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Tren Griffin
@trengriffin
Customer Acquisition cost (CAC) in financial services:

"Citi offered cardholders 30,000 airline points to sign up for an online checking account. This quarter, it plans to enhance its Thank You and Double Cash reward programs for select cardholders." google.com/amp/s/www.bloo…
The "game on the field" in consumer banking is upsell and cross sell based on telemetry about customers from a loss leader:

"Citi added $3B in deposits... cardholder spending jumped 6%. Altogether revenue from consumer banking climbed 3% to $8.51B."

bloomberg.com/news/articles/…
A financial services firm that doesn't have the ability to run growth experiments to improve unit economics using modern data science is toast. Every lifetime value factor is constantly being tested, revised and retested. The data science never sleeps.
Read 3 tweets
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Tren Griffin
@trengriffin
US private equity firm Vista Equity Partners has raised $850M for a second fund dedicated to investing in early-stage enterprise software businesses with $10 to $30M in annual recurring revenue, typically investing in series B or C rounds. reuters.com/article/us-vis…
"No one was doing buyouts in tech startups.” “These software companies were truly value plays, from my perspective.” Robert Smith on "value as an analytical style." Not even close to the same style as "value as a statistical factor in an index fund." 25iq.com/2018/03/23/bus…
"Software contracts are better than first-lien debt. A company will not pay the interest payment on their first lien until after they pay their software maintenance or subscription. We get paid first. Who has the better credit? You can’t run a business without our software.” RS
Read 3 tweets
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Tren Griffin
@trengriffin
"Most people aren’t actually paying $11 to fly — they may pay for seat assignments, bags, beer, lottery cards, etc."

onemileatatime.com/lufthansa-ceo-…

"An airplane is marginal cost with wings." Alfred Kahn, 1977.
An airline or other business can run growth experiments to discover the optimal mix of loss leader combined with cross selling and upselling. This will attract competitors willing to take a lesser return, which can make industry returns = opportunity cost of capital. Got a moat?
Airlines selling things like credit cards is a cross sell. I've yet to see lottery cards sold, but that too. More leg room is upsell. Every variation in the ordering process can be tested and retested in growth experiments. If a business today can't do this testing, it is toast.
Read 4 tweets

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Liberty Loving American
@lighthall_larry
Summer vacation series:

I normally wouldn’t consider doing a series on my summer vacation, but it is going to be filled with history, both past and present.
First stop is a layover in NYC on our way to London. You would think a 9 hour layover would give you a ton of time to do something. But traffic to downtown Manhattan from JFK is some of the worst so all we did was hit the 9/11 Museum and Memorial.
If you’ve never been there I would highly recommend it. Plan for at least 3-4 hours. There is a lot to see and read.
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Piyush Katariya
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#Effort & #Understanding

There is no meaningful effort without an understanding
There is no understanding without a #meaningful effort
We #achieve meaningful effort only by #failing and #trying again
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Yemi Johnson
@yemi_uc
Everyone wants to enjoy outlier success in everything they do, and I think @samaltman wrote a good post about it here.
blog.samaltman.com/how-to-be-succ…

But I want to share an idea that @markessien told me.

To be successful, you need to have a technique many people cannot replicate.
To create a technique, you need to go in very deep on a knowledge niche that many people find very hard and become an expert at it. E.g: There are a few people in the world (<10M) who are very good at mathematics or using Excel because many people find it hard to do.
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