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Went through nearly all of @bgurley's blog posts and picked out the best sections.

Will be adding to this throughout the day.

Enjoy!

[THREAD]
1/ Backhoes Don't Obey Moore's Law

Lesson: Look for the roots of an issue.

abovethecrowd.com/1996/10/21/bac…
2/ How To Succeed In Advertising Pt. 1

Lesson: Incentives always win out.

abovethecrowd.com/1998/04/20/how…
3/ How To Succeed In Advertising Pt. 2

Lesson: The customer is always right.

abovethecrowd.com/1998/10/16/the…
4/ Open Standards

Lesson: The best tech doesn't always win. Strategy must be involved.

abovethecrowd.com/1998/05/25/sta…
5/ Proxy Valuations

Lesson: Never underestimate free cash flow.

abovethecrowd.com/1998/08/17/int…
6/ The Rising Importance of the Great Art of Storytelling

Lesson: Don't fall for stories over real-world results.

abovethecrowd.com/1999/10/18/the…
7/ Open Source

Lesson: Community builds strength.

abovethecrowd.com/1999/07/12/the…
8/ Most Powerful Internet Metric Of All

Lesson: Conversion is leverage.

abovethecrowd.com/2000/03/06/the…
9/ Napster

Lesson: The future is unknowable. The RIAA stopped Napster shortly after this.

abovethecrowd.com/2000/04/17/can…
10/ Demand Driven Capital

Lesson: Start-ups driven by a problem rather than an idea are less risky.

abovethecrowd.com/2000/05/15/a-r…
11/ Every Start-Up is Global

Lesson: Three routes for global expansion - joint venture, acquisition, or make the market.

abovethecrowd.com/2000/06/12/lik…
12/ Death of CPM

Lesson: Fragmented demand leads to slow change.

abovethecrowd.com/2000/07/10/the…
13/ Next Big Thing

Lesson: The next big thing usually isn't hidden.

abovethecrowd.com/2001/02/19/the…
14/ Smartest Price War

Lesson: Leverage your advantages

abovethecrowd.com/2001/06/25/the…
15/ Death of Bluetooth

Lesson: The rise of the music industry and wearables kept bluetooth alive.

abovethecrowd.com/2001/08/13/bye…
16/ Software Pricing

Lesson: SaaS is vendor financing.

abovethecrowd.com/2001/10/29/whe…
17/ Increasing Marginal Utility

Lesson: The perfect business increases marginal utility with each new customer (why Benchmark has been successful with UGC)

abovethecrowd.com/2003/06/10/in-…
18/ Comeback of Mobile

Lesson: China skipped straight to mobile

abovethecrowd.com/2003/07/16/the…
19/ Stock Options

Lesson: Grants lead to conservatism.

abovethecrowd.com/2003/08/21/muc…
20/ Digital Hand

Lesson: In an internet world, companies can't hide.

abovethecrowd.com/2003/10/07/bew…
21/ Wi-Fi is Under-hyped

Lesson: Two ways new standards thrive - collective R&D and therefore, low prices.

abovethecrowd.com/2004/02/02/the…
22/ All Things IP

Lesson: Disney took Gurley's advice 15 years too late.

abovethecrowd.com/2004/03/24/all…
23/ Massively Multiplayer Online Games (MMOG)

Lesson: Games should be taken seriously.

abovethecrowd.com/2004/10/19/the…
24/ Bailout What?

Lesson: Companies need to be held accountable.

abovethecrowd.com/2008/07/22/bai…
25/ Open For Business

Lesson: Crises drives resilience.

abovethecrowd.com/2008/12/01/ben…
26/ The Free Business Model

Lesson: Free is a better defense than an offense.

abovethecrowd.com/2009/07/15/bil…
27/ Google Maps

Lesson: Google Maps created a geo-based network as well as creating a maps API.

abovethecrowd.com/2009/10/29/goo…
28/ Virtual Goods Accounting

Lesson: Creating the illusion of finiteness is important.

abovethecrowd.com/2010/02/08/vir…
29/ Affiliate Fees in Cable

Lesson: Companies that don’t disrupt themselves are bound to slow down.

abovethecrowd.com/2010/04/28/aff…
30/ Google Acquires ITA

Lesson: Lifetime value can be seductive but incomplete.

abovethecrowd.com/2010/07/08/goo…
31/ Google’s Pricing Power and Valuation Multiples

Lesson: Pricing power creates growth for a long, long time.

abovethecrowd.com/2010/07/15/on-…
32/ IPO Anxiety

Lesson: Long term thinking can be done in the public markets. It just takes clarity.

abovethecrowd.com/2010/11/15/sil…
33/ All Revenue is Not Created Equal (*highly recommend reading in full)

Lesson: Moats = higher multiples

abovethecrowd.com/2011/05/24/all…
34/ Understanding Why Netflix Changed Pricing

Lesson: Netflix’s hand was probably forced into breaking out DVD and streaming.

abovethecrowd.com/2011/09/18/und…
35/ You Don’t Have To Tweet To Twitter (written in 2011)

Lesson: Being good at Twitter involves listening as well.

abovethecrowd.com/2011/11/15/you…
36/ Social-Mobile-Local

Lesson: Invest in small market penetration.

abovethecrowd.com/2012/06/25/soc…
37/ Seduction of LTV

Lesson: LTV is an imprecise measure.

abovethecrowd.com/2012/09/04/the…
38/ 10 Marketplace Factors (recommend reading)

Lesson: Fragmented suppliers and high frequency activities are good for marketplaces.

abovethecrowd.com/2012/11/13/all…
39/ A Rake Too Far: Optimal Platform Pricing Strategy

Lesson: The take rate must require a delicate balance.

abovethecrowd.com/2013/04/18/a-r…
40/ Transitioning to a Mobile-Centric World

Lesson: Mobile apps are completely different structures than in-browser apps.

abovethecrowd.com/2013/07/17/tra…
41/ Disrupting Finance

Lesson: Regulation favors incumbents.

abovethecrowd.com/2014/06/18/dis…
42/ How To Miss By a Mile

Lesson: Technology can rapidly expand markets.

abovethecrowd.com/2014/07/11/how…
43/ Investor’s Beware: Late Stage Differs From IPOs

Lesson: IPOs clear out the cap table from different rounds offering preferred stock.

abovethecrowd.com/2015/02/25/inv…
44/ In Defense of the Deck

Lesson: Being good at storytelling is a moat.

abovethecrowd.com/2015/07/07/in-…
45/ On the Road To Recap

Lesson: Never take a dirty deal!

abovethecrowd.com/2016/04/21/on-…
46/ Customer-First Healthcare

Lesson: The employer-healthcare relationship creates inefficiency.

abovethecrowd.com/2017/12/18/cus…
47/ The Thing I Love Most About Uber

Lesson: Utilizing under-used assets with allowing people more control over their time is a perfect recipe for marketplaces.

abovethecrowd.com/2018/04/19/the…
48/ Unlocking Wealth

Lesson: AirBnb and Uber alone have unlocked well over $100 billion in wealth in the past year.

abovethecrowd.com/2019/02/27/mon…
Fin/

Thanks to @bgurley for passing along all the wisdom!
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Ryan Reeves
@investing_city
McDonald's doesn't sell burgers, it sells franchises.

It's a real estate company, not a fast-food restaurant.

[THREAD]
1/ The company's goal is to have 95% of its restaurants franchised.

It's at 93% now.
2/ There are four ways McDonald's does business.

1) Company-owned and operated (7% of restaurants)
2) Conventional Franchise
3) Developmental License
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Ryan Reeves
@investing_city
Since 2006, Disney has made 44 films.

Guess how much, on average, each film made at the box office?

$850 MILLION!
Here is how it breaks down between studios.

Disney + Pixar
22 films @ $700 million avg.

Marvel
18 films @ $1 billion avg.

Star Wars
4 films @ $1.2 billion avg.
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You can click into each of the 5 "brand" tiles or just scroll.
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Ryan Reeves
@investing_city
Annualized returns of some of the all-time great performing stocks.

3 companies with 30%+ CAGR's:

Amazon
Netflix
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Here's a graph with:

size of the bubble = total % return
y-axis = annualized return
x-axis = years since IPO
And here's just the companies in order of annualized returns.
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You this is politics but man must always have honor & respect for himself as a professional!
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Have it & enjoy it! Watch closely.
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