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1/ This is my third financial drawdown. I learned a lot by paying attention to what was happening then.

I don't include experiences since like 1973-74 since I wasn't in charge of a meaningful portfolio then. I had also heard stories about the Depression from my grandparents.
2/ How did I find my way to the ideas of Charlie Munger? The genesis of my book on him can be traced to the period immediately before the collapse of the Internet bubble. The wealth being created during the Internet bubble was unreal to anyone paying attention.
3/ I feel gratitude that I found Munger's ideas and feel obligated spread them. Ideas like inversion, margin of safety and metal models changed the way I think.

Mistakes happen:25iq.com/2015/09/19/a-d…

I wish he was on Twitter. That would make me happier than a pig in slop.
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Tren Griffin
@trengriffin
1/ A term used in finance you will start hearing more is a "PIPE", which is a "private investment in public equity." It involves the selling of publicly traded common shares or some form of preferred stock or convertible security to private investors. A PIPE isn't cheap funding.
2/ Use of a PIPE was particularly common during the period after the Telecom/Dotcom bubbles popped. jstor.org/stable/4350425… One type of PIPE to be avoided by any issuer is the aptly named “death-spiral” version, similar to the PIPE issued by eToys in June of 2000.
3/ PIPE investors can potentially earn a significant premium to market because of the Cash Rule (CR)*

PIPE Investors can also suffer big losses. A PIPE can fund within 7-10 days of receiving commitments. media2.mofo.com/documents/faqs…

*CR: The one who has the cash, makes the rules.
Read 3 tweets
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Tren Griffin
@trengriffin
Transfer price conversations are happening everywhere. A sales based metric may be useful in many cases. Some leases were % already.

"Restaurant Brands has temporarily converted rent to being based on sales and deferred rent payments for up to 45 days." cnbc.com/2020/03/30/bur…
"The lease is everything in our business. The golden number is rent at 8% of revenue,” but he said achieving that is usually impossible in a place like Manhattan. I know of one restaurant lease at 7% and another at 10%. It depends. 25iq.com/2017/10/07/a-d…
A former McDonald’s CFO: "We are not technically in the food business. We are in the real estate business.” 25iq.com/2017/10/28/a-d…
Read 3 tweets
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Tren Griffin
@trengriffin
"Any FDIC bank, any credit union, any fintech lender will be authorized to make these loans” to a small business subject to certain approvals, Mnuchin said." bloomberg.com/news/articles/…
"loans are potentially forgivable up to 100% of the principal amount borrowed. Unlike disaster loans, these loans there is a presumption of negative impact from COVID-19. These loans do not require collateral or guarantees." natlawreview.com/article/summar…
"The maximum value of a company's loan will be equal to the lesser of $10 million or the sum of 2.5 times the average monthly payroll cost in 2019. This includes wages for employees as well as expenses for paid sick leave, health care, and other benefits."
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Brooke Binkowski
@brooklynmarie
And Clarence Thomas's wife is leading a "Deep State" purge. nytimes.com/2020/02/25/us/…
If you've ever thought (or asked me) something along the lines of, "What's the harm in disinformation? You could just not read fake news stories, problem solved" and watched me get mad, well here's your answer. nytimes.com/2020/02/24/us/…
And this is all happening while Democrats are all bickering among themselves over who can pander to the right better so everyone better get on the fuckin horn if you want to stop this stupid nonsense
Read 6 tweets
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Seth Abramson
@SethAbramson
I raise Trump's likely refusal to concede if he loses in November—a future predicted by everyone who knows him—because every Republican, in and out of DC, must decide *now* what they'll say publicly when it happens. (It'll begin with a lawsuit, then move to challenging electors.)
PS/ It's important to understand that Trump *won't* stage a coup. He knows that won't work. He'll claim votes were fraudulent; initiate an "investigation" using GOP resources; file a lawsuit; convince GOP pols to contest one or more states' electors; then call for a new election.
PS2/ My point: don't play the game of laughing at those who think Trump won't concede in November because you've fancifully concocted a movie-like version of what you *think* they're fearing he'll do. No—our fears are quite banal, esoteric, foreseeable, and supported by evidence.
Read 30 tweets
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Jared Yates Sexton
@JYSexton
As the country braces for the impeachment of a criminal president and a pivotal election, a show of force by armored, rifle-toting militias is a signal to Americans that unless white supremacists get what they want there's a real possibility of bloodshed.

podcasts.apple.com/us/podcast/are…
We have to be honest about what yesterday's action in Virginia was: a message. That state, like the rest of the country, is changing. By marching and brandishing their weapons, militias dedicated to power through force tried to intimidate lawmakers and the American people.
Those militias are fueled by white supremacy and aren't patriotic. They're dedicated exclusively to maintaining power at any cost. That's fascism by its very definition. They either want power over everyone or they'll take literally everything down. We have to recognize that.
Read 7 tweets
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Seth Mandel
@SethAMandel
Good on NYT for publishing this and acknowledging the depth of antisemitism on college campuses with a progressive Jew’s first-person view on the erasure of Jews from progressive spaces nytimes.com/2019/11/14/opi…
Key point here how every issue can get turned into an antisemitic protest in the blink of an eye no matter where it started. These students have grown to expect any protest to morph into an antisemitic rally. Put yourself in their shoes
Custodial wages? The Jews. Police violence against African Americans? The Jews. Imagine showing up to rallies for progressive causes to offer solidarity to others only to keep seeing the finger pointed at you.

The things you can get away with doing to the Jews, and only the Jews
Read 8 tweets

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