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1/ Service via satellite to a handset originally designed for terrestrial use isn't a new idea, but it has always been held back by the cost of capabilities like creating an acceptable link budget. Mobile operators allocating spectrum to this isn't simple. spacenews.com/megaconstellat…
2/ "Link” refers to the transmission of the signal from a transmitter and its reception by a receiver. An accounting of the satellite signal strength and noise is known as a “Link Budget”.

Fun with physics! For example, ijltet.org/wp-content/upl…
3/ Even at frequencies < 1 GHz, will the link to the phone be able to:

A) operate indoors or in a car; or

B) be effective without line of sight to the satellite (do structures and trees block service?)

Asynchronous messaging is easier than synchronous voice communication.
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Tren Griffin
@trengriffin
1/ Drawdowns inevitably happen. Munger talks about the three drawdowns he has seen that were greater than 50% in his lifetime. Systems always adapt and the upward trajectory continues. That doesn't change the fact that it is painful to be in a drawdown. awealthofcommonsense.com/2018/01/180-ye…
2/ The other view of a drawdown that is much more frightening is this one. But it will get better. That better doesn't comfort someone who, for example, lost a job, is homeless or has no savings. Or someone who has received a margin call. This chart is again from Ben Carlson.
3/ @awealthofcs also wrote: "most investors can handle a 10% correction, people start freaking out a little once we hit the 20% level, the panic sets in at 30% losses and anything over 40% is ‘get me out no matter what I don’t even care anymore’ levels." awealthofcommonsense.com/2017/02/where-…
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Tren Griffin
@trengriffin
25iQuiz: How many Costo memberships were renewed or sold over the past ten days as of the close of business today?

You must show your work to receive credit since it is the process you use which will determine the "correctness*" of your answer.

*h/t Michael Mauboussin
Costco membership fees = $816M or 6.3% higher than the $768 million recorded in Q2 of last year.

Renewal rates at the end of Q2 in the US and Canada = 90.9% and the worldwide renewal rate was 88.4%.

55.3M member households.

Costco cardholders = 100.9M

google.com/amp/s/www.fool…
Last quarter Costco sold 600,000 *net* new memberships over 12 weeks. That is an average of 7,143 net new members per day (600K/84).

The answer to the quiz is *gross* membership additions, including renewals, rather than net new memberships. How many renew per day on average?
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Tren Griffin
@trengriffin
1/ Charlie Munger:

"A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc. Just avoid things like racing trains to the crossing or [permanently damaging your lungs via a COVID-19 infection] etc."

"Invert!"
2/ "Figure out what you don’t want and avoid it and you’ll get what you do want.

Let me use a little inversion now. What will really fail in life? What do you want to avoid?

Approach how to create X by turning the question backward, that is, by studying how to create non-X."
3/ Charlie Munger: "Jonny Carson said he couldn’t tell the graduating class how to be happy, but he could tell them from personal experience how to guarantee misery." jamesclear.com/great-speeches…
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Swiss Ramble
@SwissRamble
Arsenal’s 2018/19 financial results covered a season when they finished 5th in the Premier League, while reaching the Europa League final. This was first season in 22 years without manager Arsène Wenger, who was replaced by Unai Emery. Some thoughts in the following thread #AFC
#AFC swung from £70m profit before tax to £32m loss, a £102m deterioration, very largely due to profit on player sales falling by £108m from £120m to £12m, though revenue rose slightly by £7m (2%) to £395m. After tax, went from £57m profit to £27m loss (£5m tax credit).
Highest #AFC revenue growth came from commercial, up £4m (4%) to £111m, while there were also increases in broadcasting, up £3m (2%) to £183m, and player loans, which doubled to £5m. On the other hand, match day dropped £3m (3%) to £96m. Property contribution was down £5m.
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ZyroFoxtrot🇺🇸⭐️🇺🇸⭐️🇺🇸⭐️🇺🇸
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A State Of Panic Hits The Globe As Cases Of China’s New Mystery Virus Rise Exponentially

There is so much that we still don’t know about this disease, but what we do know is that there were 48 confirmed cases on January 17th and now there are 440…

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#Coronavirus
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“I do not want to spread the virus.”

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Filomena Rocha
@Filomen03258997
44. The Legacy of US, UK, France, Israel, Saudi Arabia, Turkey, Bahrain, Canada, Qatar, United Arab Emirates, Germany, Belgium, Netherlands, Australia, Jordan, Nato in Syria
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Sarah Oh
@sarahecon
Next panel! C-Band: Endgame? Blair Levin moderates this panel on satellite spectrum with speakers Claude Aiken, Ross Lieberman, Greg Rosston, Peter Pitsch! #TPIAspen
C-band! #cband #satellite #earthstations #mobile #intelsat #TPIAspen
Blair Levin: FCC will need to decide, how much spectrum needs to be reallocated, how to structure that for sale, cap if any, how should sales process should be run, how to distribute proceeds, how soon spectrum available, right interference limits, admin transition #TPIAspen
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CSM
@usacsmret
Post Office Banking Is Another Crappy Socialist Idea That Already Failed thefederalist.com/2019/05/15/pos…
Karl Marx and Vladimir Lenin wrote about doing things that had never been tried before.Unfortunately, people eventually tried them. Socialists in the 21st century have an advantage their predecessors lacked: they can learn from the past and see which of these policies failed.
Those who accuse conservatives of an unreasonable attachment to tradition and history now harken to a mythic past and blind themselves to the many holes in their socialist story. Their movement has not had a new idea in a century.
Read 16 tweets
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Scott T. Patrick
@PompeiiDog
I’m going to do a thread on dependency theory, the idea that low-income countries are held back by foreign penetration into their political economies. While not as fashionable as it once was, this view remains highly relevant. theguardian.com/global-develop…
One of the first scholars to look at dependency was Lenin, who in his work on imperialism noted some countries were formally independent but still “enmeshed in the net of financial and diplomatic dependency” of the colonial powers. marxists.org/archive/lenin/…
Later, scholars noted how the growth of a US-directed capitalist world economy intersected with processes of international development: specifically, that such processes accumulated or protected the privilege of a ruling class over a marginal class.
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