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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
Interview with Swensen: yalealumnimagazine.com/articles/2398-…

"Asset allocation is the tool that you use to determine the risk and return characteristics of your portfolio... studies show that asset allocation is responsible for > 100% of the positive returns generated by investors."
"The most sensible approach is to come up with specific asset allocation targets that you can implement with low-cost, passively managed index funds and rebalance regularly. You'll end up beating the overwhelming majority of participants in the financial markets." David Swensen
"The investor is bombarded with staggering amounts of information, staggering amounts of stimuli that are designed to get the investor to buy, sell and trade - to do exactly the wrong thing, to create profits for intermediaries that aren't acting in the investor's best interest."
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More from @trengriffin see all

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Tren Griffin
@trengriffin
The future of any business (including Peloton) depends upon expected long-term cash flows discounted by the cost of capital. Software and SaaS tend to have higher margins but hardware can create effective distribution. Or not. This depends on many factors.cnbc.com/2019/09/26/pel…
Apple proves that hardware can be an excellent means of distributing software and SaaS and that the size of TAM really matters.

There are plenty of hardware businesses that haven't created any software or SaaS advantages that create a barrier to entry. You know who they are.
Some businesses can spend a lot on sales and marketing and yet show no earnings because they are creating annuity value. That annuity value depends on the churn assumption and a few others. Get the churn assumption wrong and you either:

1. Overpay; or

2. Miss an opportunity.
Read 6 tweets
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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."
Read 4 tweets
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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."

google.com/amp/s/www.cnbc…
With Peloton on deck to price shares tomorrow, who wrote the "SaaS plus a box" post for you to read? Post is free without any advertising. 25iq.com/2018/03/10/pel…
Have you done your "SaaS plus a box" unit economics math today? How robust are your assumptions? techcrunch.com/2019/09/25/pel…
Read 4 tweets

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Dr. Tayo Oyedeji
@tayooye
THREAD: How to invest.
I get hundreds of emails daily asking me how to invest XYZ amount of money to "maximize returns while minimizing risk".

I will try to provide a 5-step framework that should help most people evaluate their investment models/strategies.
Step 1: Balance risk and returns.

You can't "maximize returns while minimizing risk". Life doesn't work that way.

It's "high risk, high returns" - stock, seed stage inv, crypto, day trading etc

or

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Alex Berenson
@AlexBerenson
1/ Tweetstorm coming on to the severe ethical problems of the @momsmarijuana study, because they are both emblematic of and driven by the original lie of cannabis legalization – the pretense that marijuana is medicine and safe for vulnerable populations.
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ncbi.nlm.nih.gov/pubmed/30266574
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Trust Your Body Project
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Can we stop pretending like diets in 2019 are any different than old diets just because they have been repackaged for health?

Keto is Atkins
WW Freestyle is still Weight Watchers
Intermittent Fasting is just skipping meals
Low carb is the new low fat

& they all still don’t work
Quick note: I’m going to do a thread later on the evidence to support what I’m saying

Also: I have a podcast called Trust Your Body Project if ya wanna check it out. It’s about intuitive eating, body image, and mental health

WhitneyCatalano.com/podcast
OKAY RESEARCH TIME! Let's do this, people. I guarantee I'll miss things and this won't be comprehensive, but I'm gonna try my damn best to lay this out. Are you ready?!
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Kevin Bass, MS
@kevinnbass
Much of the low-carbohydrate diet movement is fraud. A thread. 1/n
The purpose of this thread is not to show that low-carbohydrate diets do not work. Low-carbohydrate diets do work for many people. 2/n
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Dr Henry
@HenryJOncology
I will now proceed to go on a #tweetrant / #tweetorial with regards to #Pharmaceutical #biotech pricing (focus on #cancer).

Very timely, also see @WSJ wsj.com/articles/big-p… on price hikes.

For the record, no #COI / #FCOI. Feel free to contribute to this discussion.
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You start with a great idea / or pipeline platform and start selling this concept to #VC #VentureCapital, and lets assume that this is actually a really good idea. What is the needed return on investment to make this worth while. A: further R&D must exceed the cost of capital.
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SJW-English Dictionary
@Zemoeki1
Having trouble understanding what SJWs say?

1. You're not alone.
2. It may be simply a case of misunderstanding. They speak their own language, the beauty of which lies in its simplicity.

This dictionary helps you translate SJW talk into English and achieve word peace.
SJW-English Dictionary 01

socialism

A wonderful, equal, just and fair political system. Every good person wants to live in it. (The only exception are the people who actually live under socialism. They usually try to escape from it, the ungrateful bastards!)
SJW-English Dictionary 02

equality

1. preferential treatment
2. quotas to ensure preferential treatment
3. suppressing others to ensure preferential treatment
4. I don't care why I'm behind. I shouldn't be.
5. equality

See also: socialism, communism, feminism.
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