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1/ Elon Musk: "Tesla is like a laptop on wheels" today at Satellite 2020 responding to a question about the growing importance of software.

He said Starlink's broadband will have an order of magnitude larger total addressable market per year than a $3B market for launch.
2/ Musk said "zero" focused on a spinoff of Starlink since he had to make it work first since all previous LEO systems went bankrupt. He mentioned bankruptcy of Iridium and Globalstar. He's wrong about Teledesic, which didn't file bankruptcy (cash was sent back to shareholders).
3/ I didn't hear that Elon Musk said there was "zero chance" of a Starlink spin-off from SpaceX as some people have said. What I heard was that he was giving a spin-off "zero thought" right now since focus on making the system technically and financially successful was essential.
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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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Martin Kaul
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Dies ist ein Thread über Autos und Medien, über Freienbrink in Brandenburg und über die Zukunft. #Tesla
#Tesla-Chef Elon Musk hat gestern überraschend angekündigt, in Kürze eine neue Tesla-Fabrik „bei Berlin“ errichten zu wollen. Der Ort, den er für seine Ankündigung ausgewählt hat, ist ein hochsymbolischer Ort. Die Verleihung des „Goldenen Lenkrads“ aus dem Hause Axel #Springer.
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