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Tren Griffin
@trengriffin
, 4 tweets, 2 min read Read on Twitter
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…
Many SaaS/business terms come from medicine. uab.edu/medicine/obgyn…
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Tren Griffin
@trengriffin
1/ "We have to have a business with some inherent characteristics that give it a durable competitive advantage." C. Munger

"The key to investing is ... determining the competitive advantage of any given company and, above all, the durability of that advantage." W. Buffett
2/ The durability of an advantage is a measure of lifespan. "Sustainable value creation has two dimensions: the magnitude of the spread between a company’s return on invested capital and the cost of capital and how long it can maintain a positive spread." research-doc.credit-suisse.com/docView?langua…
3/ The test of whether a moat exists is quantitative, although the factors that creating moats are qualitative. If a business hasn't earned returns on capital substantially exceeding the opportunity cost of capital for 3-5 years, it doesn't have a moat. google.com/amp/s/25iq.com…
Read 10 tweets
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Tren Griffin
@trengriffin
1/ "The failure of 18 airlines in 2019, including four in the past five weeks, may flood the market with as many as 135 Boeing and Airbus jets."google.com/amp/s/www.bizj…
"I really don’t know one plane from the other. To me they are just marginal costs with wings.” Alfred Kahn 1977
mobile.reuters.com/article/amp/id… "The worst sort of business is one that grows rapidly, requires significant capital to engender the growth and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive since the days of the Wright Brothers." WB
3/ news.google.com/articles/CAIiE…

"The big problem is not aggregate costs, but costs versus competitors. If your costs are out of line, you’re going to get killed eventually.” Warren Buffett
Read 3 tweets
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Tren Griffin
@trengriffin
Imagine streaming video service which allowed you to you watch Michael Mauboussin speak for an hour a day on a topic like expectations investing.

Then imagine nothing to detract from that like people blathering about market noise like they were announcers at a basketball game.
2/ What is more instructive for investment analysis – determining value or expected return?

What is the difference between “cheap” and “mis-priced”?

What is the difference between a great business, a good business and a bad business?
3/ How can we evaluate when a business and/or an industry’s mid-long term economics change?

How can we evaluate company specific structural mis-pricings that exist?

How can we categorize investment opportunities to improve how we value and define them?
Read 6 tweets

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RPBP
@rpbp
A serious note.

Over the last few months, I’ve tweeted, often with humor—because that’s the best weapon against despair—about what’s been a pretty tough year.

I’m tweeting now to do something I’m not so great at—ask for help.
2019 started off well: Trump was still in the WH,but I beat him in the courts--twice.

Come April, things got dicey: I started one Monday raising legal journalist hell and ended it in the ICU with a drain in my head. An cerebral aneurysm had ruptured, causing a stroke.
After 5 weeks of mind-blowing pain—like a sheet of metal was bisecting my head, I said—several elephant parades’ worth of ketamine, & a lot of hard work, surrounded by the best friends a human could ask for & phenomenal medical professionals (hey, @GWHospital), I got discharged.
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Danielle M Hinton, SFHEA
@hintondm
Let’s talk about #lectures in HigherEducation
.@LangOnCourse alerts us to: When should we lecture in class? Excellent examples and analysis of the (positive) role of the lecture from @dgooblar chronicle.com/article/Is-It-… #teaching #learning #lecture
.@mariosbham comments on "#Lectures: a much-maligned format which can be truly inspirational" #HigherEducation edudevelopmentbham.wordpress.com/2018/10/26/lec…
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Ketan Joshi
@KetanJ0
@Bernard_Lane Haha, okay, here we go
@Bernard_Lane 1 - What you're saying here is that the characteristic 'African appearance' is a trait from which you can assume behavioural characteristics. I'm pretty sure this breaches both the @withMEAA and the racial discrimination act; in addition to being wholly immoral and unethical.
@Bernard_Lane @withMEAA 2 - Even if a particular migrant group did have a statistically-verifiable skew in characteristics relating to crime or a set of crimes, it's still an act of raw, race-driven pseudoscience to tar every single member of that community with that probabilistic skew.
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Alexandra Glorioso
@aglorios
Moffitt is trying to cancel my MRI ahead of surgery because my insurance company won't approve it.

Breast cancer is so common and this MRI is essential to my surgeon to prepare for surgery. 1/
But my insurance company says an MRI doesn't meet the "imaging guidelines" of my clinical trial.

My surgery isn't part of my clinical trial, it is standard care.

Moffitt told me it doesn't matter and that my only option is to pay for the MRI out of pocket. 2/
Guess how much that MRI costs out of pocket?

I still don't know. I've been on hold for 15 minutes and now Moffitt is transferring me to a second business department, which will eventually give me an "estimate." 3/
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Jack Iwashyna
@iwashyna
#ICUreadings

Starting in the unit for 14 days tomorrow. The fellows + I are going to try to do 1 new paper a day to catch up, just a conversation with more senior trainees + attendings, with space for lots of assumed knowledge

Here's our prelim list if you want to read along...
#ICUreadings

Extracorporeal Membrane Oxygenation for Severe Acute Respiratory Distress Syndrome and Posterior Probability of Mortality Benefit in a Post Hoc Bayesian Analysis of a Randomized Clinical Trial
jamanetwork.com/journals/jama/…
#ICUreadings

Time for Clinicians to Embrace Their Inner Bayesian? Reanalysis of Results of a Clinical Trial of Extracorporeal Membrane Oxygenation
jamanetwork.com/journals/jama/…

Immune Checkpoint Inhibitor Toxicity in 2018
jamanetwork.com/journals/jama/…
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Imran Sheik
@imranbsheik
MAHATHIR HASN'T CHANGED, THAT'S WHAT MAKES HIM A GREAT POLITICIAN

Most Malaysians either support Mahathir because they think he has changed, or don't support him because he's still the same. I think Mahathir hasn't changed, and that's what makes him a great politician. A THREAD.
Since I was in high school, I was constantly attracted to disruptors like Steve Jobs, Sir Alex Ferguson, and Tun Mahathir. This is quite strange, considering I was raised in a family that supported PAS.
As I was studying these individuals, there's a common trait that was unheard of to me at the time -- Machiavellian. The trait describes an individual who is cunning, scheming, and unscrupulous, especially in politics or in advancing one's goal.
Read 25 tweets

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