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"You'll hear some subscriber numbers but you can just bundle things so that's not going to be that relevant. So the real measurement will be time -- how do consumers vote with their evenings? What mix of all the services do they end up watching?" Hastings cnbc.com/amp/2019/11/06…
"Disney’s on the board of Hulu. Disney then bought [control of] Hulu. And yet when they go to launch with Disney+, no ads. When you’ve got a lot of insight into the model, you make certain choices. We feel very comfortable doing no ads, like Disney+.” deadline.com/2019/11/netfli…
Netflix "isn't doing the very biggest movies. We're not in the business of theaters. We're in the business of pleasing our members." engadget.com/2019/11/07/net…
4/ "Iger acknowledges that production costs are rising but argues that Disney’s in a better position than its competitors, because its existing properties are strong and it doesn’t have to bid wildly for new ones." bloomberg.com/news/features/…
5/ Iger: "We have the benefit of being able to say there’s nothing we absolutely have to have. That doesn’t mean we’re not going to reach for quality and things we get really excited about.”

Wholesale transfer pricing!

25iq.com/2018/02/03/bus…

25iq.com/2018/02/10/bus…
6/ Warren Buffett: "The nice thing about the mouse is that he doesn't have an agent. You know I mean the mouse is yours and he is not in there renegotiating and you know every every week or every month. [Disney] understands all of that very well."

Wholesale transfer pricing!
7/ Tren's "Wholesale Transfer Pricing" explainer tweetstorm threadreaderapp.com/thread/1183035…
8/ 25iQuiz: Are the "costs" being referred to in this headline COGS or CAC? Or both? If both, how much cost is for each category?

"Disney’s direct-to-consumer and international unit reported an operating loss of $740M from July through September"

reuters.com/article/us-wal…
9/ Bonus 25iQuiz questions:

Are short term GAAP earnings the best way to determine if shareholder value is being created by the addition of a Disney+ customer?

What are the unit economics of a Disney+ streaming customer?

Are "earnings" an opinion?

google.com/amp/s/www.holl…
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Tren Griffin
@trengriffin
"The Pot Stock Bubble Has Burst. Here’s Why" bloomberg.com/news/articles/…

Answer: entrants and illegal incumbents have increased supply to a point where prices don't support return on capital even close to cost of capital for listed firms. Heavily taxed and regulated product.
"Canopy paid more in share-based compensation in its fiscal second quarter than it generated in revenue. General & Administrative costs (C$87.9mn) were also greater than period revenue,” said Kirk" news.google.com/articles/CAIiE…
In his classic “Five Minute University” routine on Saturday Night Live the comedian “Father Guido Sarducci” pointed out: “Economics? Supply and Demand. That’s it.' google.com/amp/s/25iq.com…

Weed grows like a weed. The idea that only demand matters is insanity. Is there a moat?
Read 3 tweets
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Tren Griffin
@trengriffin
"India's telecom giants post $10bn loss amid fight against upstart Jio" asia.nikkei.com/Business/Telec…
When a mobile operator must pay a fee based on revenue (whether or not revenue is adjusted), it is potentially put in a situation where COGS can kill unit economics/create existential risk. ndtv.com/india-news/nir…
Do you understand what happens to mobile operators when networks run CNFs on K8s/bare metal or enable network slicing, a single OSS layer and a core separating control and user planes? Is investing in this sector within your circle of competence? Do you have an analytical edge?
Read 3 tweets
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Tren Griffin
@trengriffin
Earnings are a clue about long term future cash flows. They are a too irresistible short cut for a writer who wants to avoid doing a valuation of a business:

"Investors would now have to fork out about 41 times estimated earnings to buy Ferrari stock."

washingtonpost.com/business/ferra…
"Industrial free cash flow now projected to exceed EUR0.6 billion, supported by the strong collection of the advances of the Ferrari Monza SP1 and SP2, lower tax payment and the phasing on some investment programs between 2019 and 2020." google.com/amp/s/www.fool…
The number of times I have bought a partial interest in a business based on something like:

"Ferrari N.V. (RACE) Formed Double Top Chart Pattern"

is never.
Read 5 tweets

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Santa Fe Institute
@sfiscience
SFI President David Krakauer introduces our annual board of trustees symposium on New #Complexity #Economics - follow this thread for live coverage of talks by @EricBeinhocker @AKStanger @ole_b_peters @JacksonmMatt @cmoncap & W. Brian Arthur today...
"I think we have to be aware that we're not just discussing financial systems. We are discussing the future of the stability of the planet."

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CtrlSec
@CtrlSec
📊#Time for monthly #stats

Good news! #ISIS activity on @Twitter decreased again in June: 7 195 new 🎯That's 12% less compared to May.
Again, 88% of these accounts were hacked: old, inactive, weakly protected.
They could easily be frozen in bulk. 😐

Thanks everyone!
#opiceisis
📊Time for monthly #stats

In average, we found 240 new #ISIS accounts per day in #June2019 (May: 263). Always the same guys, coming back again and again, spreading mostly the same propaganda month after month.
A bunch of losers...

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Michael Green
@andmichaelgreen
#VOTE like you remember family separation.

#Vote like you remember Kavanaugh.

#Vote like you remember “Fine people on both sides.”
#Vote like you remember Helsinki.

#Vote like you remember Khizr and Ghazala Khan.

#Vote like you remember the fake Blind Trust.

#Vote like you remember their vow to take away your health care.
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#Vote like you remember his tax returns.

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#Vote LIKE YOU REMEMBER EVERY MEMBER OF THE GOP CONGRESS WHO ALLOWED ALL OF THIS TO HAPPEN.
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Mona
@Monaheart1229
Many of the #youthvote kids that I've talked to are primarily concerned with 3 things, Trump, Climate Change & Gun Control. Don't tell me they aren't voting this year. My impression is that they sure are! #ElectionDay #Vote #TuesdayThoughts
nyti.ms/2D9SEFc
2/"Young people historically vote at lower rates, typically, than other age groups, and that has been especially true of the midterms. But this year, registration for younger voters is up substantially, with some studies anticipating the highest youth turnout in decades.
3/"We wanted to know what issues are motivating young people at such impressive rates this year, so we asked. In just a few days we had more than 800 passionate, sharp and often surprising responses. The respondents frequently mentioned climate change, no matter their party
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Joel Strickland
@joelstrickland
#vote

theguardian.com/us-news/2018/o…
theoutline.com/post/6388/the-…
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Mona
@Monaheart1229
This is a good article, talking about problems that we have to, that the GOP won't and that we CAN fix! But first, just #Vote damnit!
#SundayMotivation
The Myth of the Lazy Nonvoter
nyti.ms/2CvoRaT
2/"If history is any indicator, only around 40 percent of eligible voters will vote in the midterm elections. Most people assume that voter turnout remains this low because Americans are apathetic and simply don’t want to vote. But it’s more likely that most Americans do want to
3/"vote, and one of the root causes of low turnout is this country’s framework of restrictive voting laws. The United States is unique in allowing state laws to largely govern voting in federal elections. Ever since key federal protections were dismantled by the Supreme Court in
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