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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
"The report Friday outlined findings drawn from 4,000 earnings and conference call transcripts"

It sounds like Goldman Sachs interns are having a fun summer reading transcripts or more likely with data science! I would take this into account never tho. bloomberg.com/news/articles/…
"Long ago, kings would hire people to read sheep guts. There’s always been a market for people who pretend to know the future. Listening to today’s forecasters is just as crazy as when the king hired the guy to look at the sheep guts." Charlie Munger.
Using data science to conduct a growth experiment to discover a new way to reduce customer churn isn't remotely like using data science to make predictions about interconnected nests of complex systems, which are by their very nature nonlinear.
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More from @trengriffin see all

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Tren Griffin
@trengriffin
1/ "Apple may have the intention to launch the 5G iPhone, which only supports Sub-6GHz, to gain market share by lowering the cost/price for markets which only support Sub-6GHz (e.g., Chinese market)." macrumors.com/2019/07/28/all…
"However, 5G iPhone, which only supports Sub-6GHz and the version which supports mmWave & Sub-6GHz are regarded as different projects even though they share the same form factor design." Could be true.

"...there are actually two different kinds of 5G." Not true. True: 5G = NR
NR allows for almost any bandwidth (100MHz channels, anyone) in almost any frequency. It also enables channel bonding across different bands. Above 6GHz spectrum is a radio frequency with different propagation and therefore unit economics than below 6GHz, not a technology.
Read 3 tweets
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Tren Griffin
@trengriffin
Given these numbers in the tweet below, what do you think USAA pays to acquire a similar customer in insurance? What was their cost to get a cross sell wealth management?

Did USAA exit WM because they didn't have either (1) scale or (2) whales with very high AUM in the millions?
What payment do you think USAA will get for referring a wealth management customer to Schwab? How high could it be and still make sense for Schwab? Why does Tren think about answers to questions like these? Does knowing the answers in many businesses help you make predictions?
When you see an airplane pulling a GEICO banner like this, do you ask:

What is the gross margin needed to support this sales and marketing cost generating the desired revenue growth and still leave an attractive operating margin? GEICO spends a LOT of money on advertising.
Read 3 tweets
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Tren Griffin
@trengriffin
25iQuiz: Schwab paid $1.8 billion for 1 million accounts containing $90 billion in client assets ($90,000 per account on average). Schwab paid 1,800 per account. How many months to payback?
barrons.com/amp/articles/w…
~75% of clients are self-directed with the rest in advisory relationships.

Why sell? "fierce competition and consumer expectations to have low or no fees on a wide range of products."

Why buy? "captive source of customers to potentially cross-sell into." google.com/amp/s/www.expr…
"The brokerage assets throw off 30 basis points annually. The managed accounts are exceptionally lucrative with average fees of 100 basis points -- substantially higher than what Schwab itself charges." riabiz.com/a/2019/7/25/af… USAA also gets additional fees for each referral.
Read 4 tweets

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Inner City Press
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Money talks: for big bond hearing before #SDNY Judge Rakoff, there are lawyers in the jury box and in 2 press rows.
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themuellerreport
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Polixenes
@Polixenes13
1/ @alexandriasage of @Reuters is up with a $TSLA story and, wow, is it good. And by no means the first time she's done original, powerful reporting on Tesla. Link at the end of this short thread, but first let's take a look at what makes her reporting so superb.
2/ Everyone knows $TSLA laid off a big chunk of its workforce a few weeks ago. So, for the intrepid reporter, the magic is to go find these employees and talk to them. Not as easy as it sounds, given Tesla's threat in severance agreements that if you talk, we'll punish you.
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Andrew Seeder
@oyveyistmir_
Here's a thread about the books I read this year!

#reading #books #libraries #readingrainbow
1. "Fire and Fury: Inside the Trump White House" by Michael Wolff. Yes, I hate-read this book in a matter of days. Problematically, Bannon comes across as an articulate, insightful source and not an arch nationalist parasite. Will Wolff's depiction be hagiography in the future?
2. "The Invention of the White Race, Volume 1: Racial Oppression and Social Control" and "The Invention of the White Race, Volume 2: The Origin of Racial Oppression in Anglo-America" by Theodore Allen. Who knew how important Bacon's Rebellion (1676) was to the history of racism?
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Milo M.
@Ex67T20
bloomberg.com/news/articles/…
On October 17, 2017, Bloomberg reported that Kushner Cos. was at risk of “losing control of” 666 5th Avenue.

Eight days later, Jared Kushner, Dina Powell and Jason Greenblatt boarded a commercial flight to Riyadh, Saudi Arabia.
No official record of the Riyadh visit was released by the White House, although it was reported that Greenblatt continued on to Amman, Jordan, while Kushner and Powell remained in Riyadh. Kushner returned to the U.S. on October 28.
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Joe Truzman
@Jtruzmah
#Report #Thread
1/5
 This young man is Muhammad Sharif Badwan. He was killed East of #Gaza City at the Karni crossing after being shot in the chest by #IDF gunfire on Friday afternoon. #Israel
2/5
 Many news sites refer to Badwan as either a protestor or a demonstrator who was shot and killed by the #IDF. The photo on the left, from the DailyMail, states Badwan is a protestor. The photo on the right from CGTN states Badwan is a protestor as well.
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 The problem is Badwan wasn’t there to protest in the way most people think. This video was taken Friday afternoon at the Karni crossing where Palestinians were clashing w/ #IDF soldiers. At the end, you can see Badwan being evacuated after getting shot by the #IDF.
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