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25iQ Terms of the Day: "Profit pool: the distribution of an industry’s value creation at a point in time. The horizontal axis measures size, typically invested capital or sales as a percentage of the industry, and the vertical axis measures profitability."research-doc.credit-suisse.com/docView?langua…
25iQ Terms of the Day:

"Competitive advantage period (CAP): the time during which a company is expected to generate returns on incremental investment that exceed its cost of capital." people.stern.nyu.edu/adamodar/pdfil…
25iQ Terms of the Day:

Operating leverage: "change in operating profit as a function of the change in sales. Operating profit is earnings before interest and taxes (EBIT) and is the same as operating income." research-doc.credit-suisse.com/docView?langua…
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More from @trengriffin see all

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Tren Griffin
@trengriffin
An operator that stops reselling content is free from the "wholesale transfer pricing power" (see my previous tweetstorm) of content owners and can instead focus on service differentiation at the network function level (encryption, security, network acceleration and other CNFs).
25iQuiz: Why would the significant size of cable operators referred to by John Malone years ago no longer be enough to offset wholesale transfer pricing power of content owners? What changed? google.com/amp/s/25iq.com… Being an OTT provider requires direct customer relationships.
25iQuiz Extra Credit Question:

Is investing in network services within your circle of competence if you don't know what these terms mean? How technical must you be to be in your circle of competence in this case?

Bare metal?
K8s?
VRAN?
SDN?
gNB?
MIMO?
Fronthaul?
Top of Rack?
Read 3 tweets
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Tren Griffin
@trengriffin
"Recent research suggests that current official statistics may understate productivity growth by missing a significant part of the growing value we derive from fast internet connections and smartphones." Jerome Powell October 08, 2019 federalreserve.gov/newsevents/spe…
I agree. And what about open source and imbedded software and non final goods? And exports? If they aren't part of "productivity," then what exactly are they? brookings.edu/wp-content/upl…
GPS handsets were once expensive (e.g., $1,000 plus). GPS is now in virtually all if not all smartphones. GPS in smartphones isn't part of GDP now because the price is zero. If GPS capability in a smartphone isn't part of productivity, then what is it?
Read 3 tweets
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Tren Griffin
@trengriffin
1/ This tweetstorm is about “wholesale transfer pricing power,” a term I learned from John Malone in the 1990s. WTPP determines who in a value chain gets the biggest share of the profit pool (e.g., do content owners, cable owners or vendors to cable firms have the best WTPP?).
2/ Wholesale transfer pricing = the bargaining power of A that supplies a unique product X to B which may enable A to take the profits of B by increasing the wholesale price of X.

A buyer can also have wholesale transfer pricing owner over vendors depending on relative BATNA.
3/ BATNA = acronym for Best Alternative to a Negotiated Agreement. What it measures is what we’ll do if the negotiator can do if don’t reach an agreement. It measures opportunity cost. The better the BATNA, the greater the power of the negotiator. My book 25iq.files.wordpress.com/2016/05/the_gl…
Read 18 tweets

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Safi Bahcall
@SafiBahcall
What?!
1- @Theteamatx has midwifed Waymo, Verily, Wing, Chronicle, Smart Glasses (early flop as consumer; used widely in other apps) and many v promising projects now in development (e.g. robotics, energy, food) /1
2- Timeline to measure success for many of these projects is years out, so how would one judge failure now?? (3 years after invention of the transistor there were no applications and no revenue - so was the transistor a "failure" at that point?) /2
3- It's returned many times its invested capital and had many terrific indirect spillover benefits for the mother ship (separate but v important story) /3
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Abhishek Murarka 🐂💹
@abhymurarka
#Thread
Been reading a bunch of Annual Reports last few days. Creating this thread to capture and share interesting tidbits from the ones I am reading this season. Will be updated on an ongoing basis next few weeks.

1/n
2. Few bluechips have reported their #EconomicValueAdded (EVA), a good measure of shareholder value creation. HUL AR does a great job of explaining details. EVA as % avg capital employed over a period of time can be a good leading indicator. Pidilite also shares EVA details
3. Chairman's letter+MD&A section of top 2/3 key players provide great overview of economy and sector dynamics.
Few suggested section reads are HUL, Kotak, PEL, Sterlite Tech, Everest Ind+Visaka, Godrej Prop, OCCL, Hikal, Aavas, RBL, L&T Infotech, Zydus Wellness.

Suggest more!
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John Heinz
@John57Heinz
1/ Lynne and Marc Benioff are the angel investors behind a $30 million gift to fund research to help find sustainable solutions to ending homelessness. Their gift to the University of California in San Francisco will be used to create the UCSF Benioff Homelessness and Housing I
2/ nitiative. Marc Benioff is the Chief Executive Officer for the San Francisco based customer relationship management company Salesforce. A longtime ally and advocate of policies to address homelessness, Benioff last year helped spearhead the movement to pass Proposition C.
3/ Despite receiving criticism from competitors in the tech industry such as Twitter’s Jack Dorsey, Proposition C is an approved ballet initiative. The law, still in the process of receiving approval from California courts, is designed to tax large companies based in San
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The Scribe of Waiyaki Way
@TheSoWW
Online Forex Trading
*Thread*
I get friends asking for my advice on if they should trade forex.
My hunch is,most just wanna hear my opinion and wouldn’t care less for the advice.
By the time someone asks you if they should do it, their mind is made up already.
My instinctive answer to their question is almost always, DON’T!

They go ahead trading anyway, judging by the faces I see next time I meet them and raise the topic with them, even when they don’t wanna admit it.
Online forex Trading (and trading in general) is one of the most talked about yet least understood topics by the general investing public.
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Sibel Edmonds
@sibeledmonds
#Khashoggi Case Thread: I am going to ‘pin’ this post to use it as an ‘Info Thread’ on the #Khashoggi Case. I am in #Turkey. I’ve been following the case closely and with access to sources & experts here. This is a very ‘sensitive’ criminal case due to ‘Diplomatic Booby Traps’!!!
The Evidence Obtained Outside Cameras will not show any evidence of ‘tempering’ but other than license plates of dozens of diplomatic cars (Many with tinted windows-large trunks) with related time stamp, drivers Info, model/year: Nothing.
#Turkish Intel-Investigative Bodies also have the list of all Diplomatic & Private Saudi & “other significant’ Planes in #Turkey for the period of ‘interest.’ Many of the Target airports have their own security cameras & related evidence.
Read 335 tweets
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Eketi Edima Ette
@eketiette
Are you one of those people who's looked back on 2017 and convinced yourself that you haven't achieved anything? Worried about catching up with your mates who seem to have done much better?

Let me tell you a story about #time.

A thread 👇
A long #time ago, back when I was about twelve or thirteen years old, my parents travelled to Uyo.

Before leaving, my mother asked me to prepare Edikang ikong soup so she and my father would eat when they returned.
When I was finished with the soup, it was supposed to look something like this:

*photo credit: waiter foodies.
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