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Tren Griffin
@trengriffin
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1/ This is your periodic reminder that if you have not read these Charlie Munger speeches, you are a damn fool.

I have read these speech transcripts many times, both as a reminder of what I already should know and because I discover new ideas as I experience more of life.
2/ A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business, USC 1994 fs.blog/2015/09/munger…

The Psychology of Human Misjudgement, Harvard 1995 fs.blog/2013/02/the-ps…
3/ Investment Practices of Leading Charitable Foundations. 1998 valuewalk.com/wp-content/upl…

Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs (UCSB) 2003 csinvesting.org/wp-content/upl…

USC Law School Commencement Speech 2007 genius.com/Charlie-munger…
4/ Please don't tell anyone, but there is also this speech by Charlie Munger at Harvard Westlake School csinvesting.org/wp-content/upl…

The bibliography in my book on Charlie Munger has all public resources that existed as of the publication date. It's complete. amazon.com/Charlie-Munger…
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Tren Griffin
@trengriffin
25iQ acronym of the day: ANMCFC

Do you know what it means?

Clue:
"Average Net Monthly Connected Fitness Churn."

"Connected Fitness Subscriber cancellations, net of reactivations, in the quarter, divided by the average number of beginning Connected Fitness Subscribers in each month, divided by three months." sec.gov/Archives/edgar…
As everyone knows:

Subscription Contribution = "subscription revenue less cost of subscription revenue, adjusted to exclude depreciation and amortization expense, and stock-based compensation expense."
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Tren Griffin
@trengriffin
Every business is a digital business. Software eats world.

SasS in a shoe.

"The digital capabilities that [Nike is] creating and investing in are really going to make us a better innovation company — understanding the consumer, serving the consumer."

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Tren Griffin
@trengriffin
25iQ Term of the Day: "cohort."

"A group of individuals who share a common trait, such as birth year. In medicine, a cohort is a group that is part of a clinical trial or study and is observed over a period of time."

"A cohort is simply a fancy name for a group.” David Skok
In a customer lifetime value (CLV) analysis my friend @d_mccar says a cohort: "would be a group of customers who first adopted within the same window of time. Typically adoption should be when a customer places his/her first order."
"If you look at this curve, ‘percent monthly active’ versus ‘number of days from acquisition’, if you end up with a retention curve that is asymptotic to a line parallel to the X-axis, you have a viable business...." Alex Schultz google.com/amp/s/25iq.com…
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1/ A great HACK to learn how TO do something––

––is to study how NOT TO do it.

1/x or -x
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