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2018 "JOHN MALONE: Look, you’re always worth more dead than alive in the business world. Right? And on any given day you can usually sell a company for more than its market trading value." valuewalk.com/2018/11/libert…
2019: "MALONE: "How important is Nickelodeon to a distributor? You know, when I see them essentially licensing SpongeBob, their best program, to other people, I worry about, you know, the sustainability of the model." valuewalk.com/2019/11/libert…
What business is John Malone taking about?

"When they raised their prices and didn’t lose any material subscribers, I think the financial markets said 'Aha, glue,'right? So if you have glue and you have growth and pricing power, right, now the question is how to manage that."
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More from @trengriffin see all

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Tren Griffin
@trengriffin
"We’re starting to see a period where valuation is going to be the driver for future returns"

As opposed to all the other times when the tooth fairy drives future returns? reuters.com/article/us-usa…
A P/E ratio is only a shortcut for valuation.

"The forward P/E ratio for Stoxx 600 is 15.4 beow the 19.3 forward P/E of tS&P 500"

Contra: "Expected long-term cash flows, discounted by the cost of capital—not reported earnings—determine stock prices." expectationsinvesting.com/pdf/earnings.p…
"Earnings offer a shortcut, freeing investors from the subjective and time-consuming need to assess long-term cash-flow prospects."

...Earnings are useful in valuing stocks only if they help forecast a company’s future cash flows." Rappaport and Mauboussin
Read 3 tweets
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Tren Griffin
@trengriffin
1/ Andy Rachleff on "product market fit" (a term Andy invented):

"Don Valentine used to say: 'I'm looking to invest in businesses that can screw everything up and still succeed because customers will pull the product out of their hands.'" tim.blog/2019/11/25/sta…
2/ Andy Rachleff: "One of the mistakes people make is that they iterate on the "what." They shouldn't. But they should iterate on the 'who' and the 'how' (the business model).'

"One of the best things about teaching is how much you get to learn."
3/ Andy Rachleff: "Product market fit exists when you have proven a value hypothesis. A value hypothesis is the what, the who and the how- what are you going to build, who is the relevant market and the how is the business model."
Product market fit precedes growth hypothesis.
Read 7 tweets
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Tren Griffin
@trengriffin
Charlie Munger on why comedy on Financial Twitter is useful:

"To make teaching endurable, it has to have enough wiseassery in it. And we do." "We’ve done a lot of preaching to not much effect. To the extent you’re working on it, you’re on the side of angels, but lots of luck.”
Munger once asked Buffett how he wanted to be remembered and Buffett said, “As a teacher.” Munger said he'd like to remembered that way too, but more likely he'll be remembered as a "wiseass."

google.com/amp/s/www.cnbc…
"Humor must not professedly teach, and it must not professedly preach, but it must do both if it would live forever.”

Samuel Clemens (Mark Twain)
Read 3 tweets

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Friend or Foe?
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KNOCK OUT PUNCH COMING SOON!!

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T. Greg Doucette
@greg_doucette
Texas's anti-SLAPP statute requires the judge to enter an order for the loser to pay the winner's attorney fees. It's not optional.

TCPA §27.009(a)

Twitter says you've @'d me 78 times since 6/11, with 20+ of them in just the past few hours

This seems like a pot-kettle moment for you

Definitely a reasonable assumption. Given Screech's perpetual word vomit on YouTube, there are likely some things he'll authenticate that would help on the merits of the TCPA motion too

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T. Greg Doucette
@greg_doucette
Fact Check: True ✅

More or less sad AF than wearing a mask over facepaint in public?

Basically. Except using 13+ warriors at the same time to do it instead of just one 😂

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T. Greg Doucette
@greg_doucette
You're the one who @'d me Princess

dEsPeRaTe FoR aTtEnTiOn If YoU fIsHiNg FoR mY tWeEtS
They know. They just think it's a sick burn, like the "clout-chasing" line

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HMK alias MANOJ
@scorpiomanojFRM
#TRADING Intraday Trading Setup 2 : Pivot - VWAP setup
1) Time frame 5 min
2) Plot Camarilla Pivot H3 / S3 and Floor pivot range (Central pivot, upper and lower pivot).
3) Plot VWAP.
4) Plot 8/21/34 Pivot emas.
5) Long conditions - VWAP should cross both Cam H3 and Upper floor pivot.
6) Entry at a bullish candle at the point of previous candle high post first pull back in between 8 and 21 pivot ema or VWAP.
7) Stop at 34 pivot ema or VWAP. Position size varies accordingly.
Advantages of this setup :
You are in the trade after confirming the direction of the average market participants which is assessed by VWAP / Pivot combination.
This setup captures the move predominantly at the early part of the day.
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Filomena Rocha, President European Commission
@Filomen03258997
13. - Attempted coup in Venezuela with support from the US - 2019

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Venezuela has emerged from the US attacks on its electrical system.
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