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"marijuana taxes approaching 50% in some communities have been blamed for pushing shoppers into California’s tax-free illegal market, which is thriving. Industry analysts estimate that $3 are spent in the illegal market for every $1 in the legal one." news.google.com/articles/CAIiE…
Meanwhile in Canada: "Cannabis gross revenues for Q2 2020, excluding the portfolio restructuring costs, was $94.7M." "Our reported gross margin before fair value impacts in cost of sales was negative 13% of net revenue in Q2 2020." prnewswire.com/news-releases/…
"Canopy Growth only sold 10,913 kg while harvesting 40,570 kg in the quarter. This was the second straight quarter the cannabis company only sold about 25% of production." seekingalpha.com/article/430729…
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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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SeaRanch-AbaloneBay
@AbaloneBayVR
#California's disappearing sea snails carry a grim climate warning: The red #Abalone abalone die-off may be a sign of what’s to come.
Kudos to @RichieHertzberg
#RedAbalone #PurpleUrchin
@michaelesgro @OPC_California- time for a partnership @NatGeo?
nationalgeographic.com/environment/20…
@RichieHertzberg @michaelesgro @OPC_California @NatGeo @ilike_mike Time for a partnership to save the #RedAbalone
@RichieHertzberg @michaelesgro @OPC_California @NatGeo @ilike_mike Kelp restoration has the potential to play a valuable role as one of many integrated tools in an ecosystem-based management approach, especially for #RedAbalone @HealTheBay @SMBRF @nbcbayarea @CBSNews @abc7newsbayarea @ReefCheck
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Steve Herman
@W7VOA
#California #quake
No immediate reports of damage according to @KNX1070 announcers. #California #quake
Epicenter is in the Mojave desert in San Bernardino County. #Quake #California
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Taiwo Oyedele
@taiwoyedele
About 73% of Nigerian adults and nearly 70% of businesses believe that it is not wrong or understandable to evade tax. Watch my @channelsTv interview on #BetterTax advocacy & findings of @officialNESG study on why many Nigerians don't want to pay #tax pwc.smh.re/05lW
Despite the ‘record’ tax collections by FIRS, States IRS, and the Nigeria Customs Service, Nigeria’s Tax to GDP ratio was 6.1% at the end of 2018 - one of the lowest in the world - but that doesn’t tell the full story.
Major reason for low tax compliance is citizens tax morale. A recent ‘Tax Perception Survey’ by NESG shows that tax morale (the willingness to pay tax and the belief that tax evasion is wrong) is very low among Nigerians.
Read 13 tweets
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Sam Prescott
@SamuelQPrescott
1. This thread will examine how the U.S. Federal Reserve (FED) came to be.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” - Henry Ford
2. The enormity of this topic, especially re the legal right to create money, requires 100s of pgs to cover properly. This thread will provide only a short intro. To fully understand the power derived from creating money, I highly recommend further research into the FED.
3. For a good beginner’s guide (under 200 pages) read Dishonest Money: Financing the Road to Ruin, by Joseph Plummer. For a much more thorough account (six hundred pages), I highly recommend The Creature from Jekyll Island.
Read 83 tweets
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Rosie Memos
@almostjingo
🆘 #CALIFORNIA has a problem. First of all we’re allegedly waiting on 4.6 million more votes? 81k of them might need to be re-done because they’re damaged and almost 1.1 million are “provisional” or “conditional” @AlexPadilla4CA @DHSgov @ODNIgov @realDonaldTrump @CAGOP
Let’s talk about provisional ballots. NOWHERE on the page does it mention AGE or LEGAL STATUS?
WHY? In a #SanctuaryState where it’s illegal to ask citizenship status why wouldn’t they vote? This has been going on since 1984, when CA started turning blue!
sos.ca.gov/elections/voti…
THIS IS A JOKE!! WE NEED FEDERAL OVERSIGHT @FBI @JusticeOIG @SecNielsen @VP @DHSgov our State is vanishing before our eyes and there is zero government leadership we can turn to. The Governor @GavinNewsom is obsessed with illegal aliens HELP🆘
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