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1/ GE's results today reflect improving *cash flow.* Not profit. Cash flow.

"Free cash flow from industrial operations was $3.9B in the fourth quarter. GE set a higher cash target for 2020 of $2B to $4B - above the $3B analysts expect on average." google.com/amp/s/mobile.r…
2/ Zero GE investors with any sense were focused on "GE's adjusted earnings totaled 21 cents a share, topping analyst estimates of 18 cents.

Cash is oxygen for a business and is a fact. You can count it and spend it. Earnings, especially adjusted earnings, are an opinion.
3/ The aviation business was crucial to sustaining an overall turnaround at GE by providing $4.4B in cash flow. GE had a “very strong close to the year on cash,” the GE CEO Culp said in an interview. google.com/amp/s/finance.…

Cash is also critical for startups. No cash? No future.
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Tren Griffin
@trengriffin
"Bike-sharing company Ofo is now a shopping app --The Alibaba-backed company is pivoting to ecommerce and offering rebates in lieu of returning deposit money." scmp.com/tech/big-tech/…
This is:
"Uber and Lyft take different roads in search of profit" reuters.com/article/us-ube…

Of these two objectives below, the more important priority for Uber and Lyft is:
When you are on a tight writing deadline and market prices are wobbling up and down reuters.com/article/us-glo… the best "go to" phrase to use is:
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Tren Griffin
@trengriffin
1/ I'd rather poke myself in the eye with a very sharp stick than spend time trying to scrape out a slight statistical edge by tweaking an index fund using a database screen based on a statistical factor like book value to price relationship. Avoiding boredom is valuable to me.
2/ A portion of my investment portfolio is composed of index funds and am pleased that I have the opportunity to outsource the unpleasant parts of that work to other people at a low cost, just as I outsource other boring or unpleasant tasks.
3/ What is endlessly interesting to me is this question: Will the characteristics of this business and nature of markets produce future cash flows the markets have not yet recognized? Answering this question is also what attracts me to being involved in an operating business.
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Tren Griffin
@trengriffin
1/ This chart of falling interest rates over time has been on Twitter recently. Do you know when and where the concept of charging an interest rate originated?
2/ One view: "Although ancient economies were predominantly agricultural, the practice of accruing interest seems to have been first invented in the commercial sphere of Bronze Age Sumer, apparently with the temples playing a catalytic role." michael-hudson.com/2000/03/how-in…
3/ "Mesopotamia’s commercial rate of 1/60th per month aimed at achieving a numerical ease of computing interest regularly at standardized rates. This basic rate found its counterpart in other regions — 1/10th in Greece, and 1/12th in Rome..."
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#b 'Teknik menjawab' is not a series of rituals that you carry out to secure an A in the exam. You don't get guaranteed an A just through superficial actions like highlighting keywords or drawing meniscus or inserting isi tersirat.
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