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, 5 tweets, 3 min read
Podcasters who want to replace Blue Apron sponsorships rejoice!

“Wendy's will spend an additional $250M to promote its breakfast in ads over the next two years.”

"Must capture at least $1B in breakfast sales from fast-food competitors to break even.” businessinsider.com/wendys-vs-mcdo…
"A Detailed Look at Blue Apron’s Challenging Unit Economics" linkedin.com/pulse/detailed… "Good companies can acquire many customers cheaply, retain existing customers for extended periods of time, and generate a lot of revenue while those customers are alive."
“Certainly, a lot of companies will talk about their retention rates. We would prefer to talk about the whole retention curve.” knowledge.wharton.upenn.edu/article/findin…
Someone is tracking your 2AM visits to Wendy's though and charting it.

As you predicted, "Spicy chicken nuggets are performing well after launching on Aug. 12 and could have contributed a 100 to 150 basis point lift!" Channel checks! finance.yahoo.com/news/heres-wen…
25iQuiz:

Do you agree with this statement about Wendy's? "They have brand equity in bacon." bizjournals.com/columbus/news/…

"Brands do not confer competitive advantage in and of themselves." Michael Mauboussin research-doc.credit-suisse.com/docView?langua…
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More from @trengriffin see all

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Tren Griffin
@trengriffin
Whenever you read or hear the phrase "losing money" you should ask yourself: what does this person mean?

1. GAAP earnings?
2. Cash flow?
3. Unit economics?

The phrase is so unspecific that it should not be used unless money in physical form is lost.

cnbc.com/2019/10/17/air…
"investors have grown wary of cash-burning companies"

Is Airbnb really "burning cash" given:

"Airbnb has over $3B in cash on its balance sheet as of Thursday [and] also has a $1B line of credit that it hasn’t used."

Revenue isn't profit, isn't cash flow, isn't GAAP earnings!
Airbnb could be cash flow positive and yet have a GAAP loss. Or not.

Airbnb could have positive unit economics and yet have a GAAP loss. Or not.

It depends. The only thing known for sure is that the phrase "losing money" has negative value. Avoid and be wary when it is used.
Read 13 tweets
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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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Fidato
@tequieremos
"Major Military Operations Undertaken by Pakistan Army against AL Qaeda and it's affiliates after 9/11"

1. Operation Al Mizan (Justice/Balance)

It is a blanket reference to all military actions, deployments and operations undertaken between 2002 and 2006 in which...

(contd)
approximately 70,000-80,000 troops participated. Al Mizan was conducted in the tribal areas (mostly SWA) to flush out the foreign fighters of Al Qaeda who has escaped to the tribal areas after US invasion.

(contd)
During this time, a number of dialogues were held, and peace deals were cut with the militants with a view to stabilize the situation, minimize civilian casualties and salvage those fighters who would still listen to reach.

(contd)
Read 43 tweets
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Stephen Miles
@SPMiles42
Wanna know how broken and captured Washington is by the Pentagon and the corruption of our nation's "defense" budget? Well, look no further than the soon to be enacted budget "deal." Let me explain. <long thread>
You're no doubt hearing a lot of crowing from Democrats about how the deal they struck with Trump gives more money to "non-defense" spending than to "defense." Let's be clear that by every measure, save the one they're using, that's simply not true. 2/
This is gonna get a little wonky but stick with me. In 2011, Congress passed the Budget Control Act, the BCA, as part of a deal with @BarackObama. The BCA capped federal spending for a decade. When the "supercommittee" the BCA created failed, those caps went even lower. 3/
Read 29 tweets
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Erik Loomis
@ErikLoomis
This Day in Labor History: April 19, 1911. Furniture workers in Grand Rapids go on strike in the city's first major challenge to employers. Let's talk about the intersection of ethnicity, religion, and organized labor in this interesting case.
By the late 19th century, Grand Rapids had become the center of the American furniture industry. With the region’s vast hardwood forests in close proximity, it’s hardly surprising that some upper Midwest town would center the furniture industry.
It started to take off in the aftermath of the Great Chicago Fire in 1871 and grew rapidly from there. In 1890, the city had about 90,000 residents, of which about 1/3 were foreign born.
Read 30 tweets
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The Core
@SocialM85897394
Thread. John Redwood. Withdrawal Treaty.

1. If we sign this Treaty we will be locked into the EU and have to obey all its rules and pay all the bills it sends us for a period of at least 21 months, and probably for 45 months.
This would mean remaining in the EU for at least 5 years from the decision to leave and probably for 7 years. The EU would be able to legislate and spend against UK interests during this period, whilst we would have no vote or voice in the matter.
2. In order to “leave” in your terms at the 5 to 7 year stage the UK will need to stay in the customs union and accept all single market rules and laws, unless the EU relented over the alleged Irish border issue. 3 years on and the EU has given no ground on the made up border
Read 21 tweets
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Andrew Erickson 艾立信
@AndrewSErickson
hearing—"#China's Worldwide #Military Expansion" is a dramatic bellwether of growing concerns in Washington & beyond.

Now online—hard-hitting arguments + many data points, some deeply-analyzed yet hard to find elsewhere in public domain:
bit.ly/HouseIC
CAPT Jim Fanell, USN Ret, former @USPacificFleet N2:

"today, the PLA Navy consists of over 330 surface ships & 66 submarines, nearly 400 combatants. As of 4 May 2018, the @USNavy consists of 283 battle force ships: 211 surface ships and 72 submarines."
bit.ly/HouseIC
"By 2030, it is estimated [by Fanell & @SCheneyPeters in their chapter in @NavalWarCollege @ChinaMaritime Studies Institute's Chinese Naval Shipbuilding volume amazon.com/Chinese-Naval-… @USNIBooks that] the PLANavy will consist of some 550 ships: 450 surface ships & 99 submarines."
Read 71 tweets

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