Profile picture
, 9 tweets, 4 min read
My Authors
Read all threads
6G will have more G.

Plus:

"...terahertz, light, molecular, 'brain cloud' and quantum computing qubit will make up the five essential enablers of 6G networks" rcrwireless.com/20200326/asia-…

My friend Craig McCaw in the 1990's suggested a spectrum allocation for direct to brain use.
2/ Craig McCaw: "We have always tried to have the discipline of being over financed so if you had a problem over a period of time you could survive it. Borrowing was a tool for us because cable, cellular telephone, and paging were very capital intensive." google.com/amp/s/25iq.com…
3/ "Craig McCaw used "other people's money to buy more properties, first cable-TV systems and later cellular licenses. The company thirsted for cash and piled up staggering debt, leveraged on promises of ever-growing cash flow."

archive.seattletimes.com/archive/?date=…
4/ McCaw now thirsted for even more cash. A license is only a piece of paper until money was spent to build the system. There were more licenses to buy.

M Milken: "How much you looking for?"

"225."

"Then we'll have to show strength. We'll go for $275." archive.seattletimes.com/archive/?date=…
5/ This report on why McCaw was sold isn't complete. It wasn't possible to partner with AT&T since it believed wireless was a way to save their long distance business. There was also massive cumulative debt to service. AT&T would later be eaten by SBC. archive.seattletimes.com/archive/?date=…
6/ Jim Barksdale: "If you can't put it on one piece of paper, you can't execute." google.com/amp/s/25iq.com…

Understanding an outcome like Craig McCaw created helps people realize how important absolute dollar free cash flow is to a business versus an accounting profit. Cash = O2.
7/ Microsoft and McCaw Cellular had HQs just a few miles apart but the financial requirements of a software and a facilities based communications business are vastly different. MSFT was financially bootstrapped and raised a small amount from a VC to get him to join its board.
8/ Charlie Munger: "There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested — there’s never any cash."

McCaw was a master of using debt. Software is a different game.
9/ Also nearby was Amazon which found the cash to grow in a different way. The story of Joy Covey teaches a lot about how to finance a growth business and manage company cash. wsj.com/articles/SB922…
Missing some Tweet in this thread? You can try to force a refresh.

Enjoying this thread?

Keep Current with Tren Griffin

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @trengriffin see all

Profile picture
Tren Griffin
@trengriffin
3/ "But I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk. And if you’re an investment banker, it’s an art form."
4/ "Once Warren and I bought a company and the seller had a big study done by an investment banker, it was about this thick. We just turned it over as if it were a diseased carcass. He said, “We paid $2 million for that.” I said, “We don’t use them. Never look at them.” C. Munger
5/ "In 1985 a major investment banking house undertook to sell Scott Fetzer, offering it widely but with no success. Upon reading of this strikeout, I wrote Scott Fetzer’s CEO, expressing an interest in buying the business. I had never met him, but within a week we had a deal."
Read 5 tweets
Profile picture
Tren Griffin
@trengriffin
1/ Not reading Howard Marks at a time like this is bonkers.

"We have to consider the outlook and the appropriateness of value, in the context of unprecedented uncertainty and the total absence of guidance from analogies to the past." oaktreecapital.com/insights/howar…
2/ "The range of negative outcomes seems much wider [than GFC]. Social isolation, disease and death, economic contraction, enormous reliance on government action, and uncertainty about the long-term effects are all with us, and the main questions surround how far they will go."
3/ "My reaction to all the above is to expect asset prices to decline. You may or may not feel there’s still time to increase defensiveness ahead of potentially negative developments. But the most important thing is to be ready to respond to and take advantage of declines."
Read 3 tweets
Profile picture
Tren Griffin
@trengriffin
"During 2020, Karoui expects the 12-month trailing default rate to increase to 13%. Over the next six months, he forecasts about $555B worth of bonds will likely be cut to high-yield from investment-grade, in addition to the $149B downgraded year-to-date." bloomberg.com/news/articles/…
2/ People love junk bonds because for some weird reason they feel [junk bonds] don’t have interest rate risk.”
“We try to be liquidity providers and get paid for that. What tends to support outperformance over time — buying when other people need to sell."25iq.com/2014/10/04/a-d…
3/ "I want fear. I want to buy things when people are afraid of it, not when they think it’s a gift being handed down to them.”
“There is one thing about being an asset manager. Timing is everything. The synonym for 'early' in the investment business is ‘wrong’.”
Jeffrey Gundlach
Read 3 tweets

Related threads

Profile picture
Daniel Sinclair
@_DanielSinclair
If containment fails, and this projection comes true, the hardships that the world would experience during the onset of the first coronavirus pandemic would be hard to comprehended through our current eyes. A first for the modern world.
That’s further out, but if COVID-19 does break through to influenza scale, the benefit would be in a substantial population of immunity & antibodies. Those prospects are now where China is focusing. Antibody donation could improve outcomes; that’s moving from secondary priority.
The best outcome of a worst case scenario would be herd immunity. But, millions would die, medical infrastructure would be overwhelmed at even a fraction of the early generational spread, & the world would be on pause. Transfusion is not the golden ticket; you need a lot of infra
Read 2852 tweets
Profile picture
Daniel Sinclair
@_DanielSinclair
Unsurprisingly, more information was withheld by the Chinese government. COVID-19 had reached Guangdong by January 4th. Wuhan's lockdown only began on the 23rd. This is a probelm far bigger than Hubei and China.
Alternate reality: Theranos Ends Pandemic
It's so sad to read these stories of China's state of unrest. Trust is degraded. This is not a society that will return to normal with a snap of fingers and bans lifted. China is damaged, could be for years, & we're not even near the end of this epidemic.
Read 2850 tweets
Profile picture
Daniel Sinclair
@_DanielSinclair
If you're looking for someone compromised on China, you have this theater and its 'unbreakable friendship.' news.yahoo.com/china-declines…
Xi's latest appearance on a call with Trump this morning is a different story, merely parroting the "People's War" language that state media has orchestrated in recent days
This question has only deepened for Chinese and the world in recent days, with the tragedy only growing day after day, and Wuhan's whistleblower now fallen: where is Xi Jinping? time.com/5778994/corona…
Read 2810 tweets
Profile picture
Daniel Sinclair
@_DanielSinclair
@CDCgov While I wait for more info to develop in the coming days, make sure to follow @JaneLytv's fantastic coverage of the misinformation that is spreading:
@CDCgov @JaneLytv This is absolutely untrue and there is no reporting to validate it. What is happening in Wuhan is not related to a biological weapon, or a human-caused accidental release, and this emergent reporting of a Chinese national being removed from a Canadian lab is in no way related. Image
@CDCgov @JaneLytv This is trash reporting that is by definition fake news. The Wuhan coronavirus was not released by a lab, and there is no evidence to in any way suggest that. washingtontimes.com/news/2020/jan/…
Read 2700 tweets
Profile picture
Daniel Sinclair
@_DanielSinclair
Now Japan too 👀 https://t.co/9yeEsUGHDx
It’s probably a good time to remember that the 2002 SARS outbreak killed 774 people across 37 countries and it had a 10% mortality rate. This one looks less deadly, but also looks ripe to — and actively is — going global. on.ft.com/2u6G7zV
Umm, any of y'all have room in your bunker? The Chinese government was withholding the severity of this outbreak & transmission capability, and the number of coronavirus cases has exploded😷
Read 2391 tweets
Profile picture
Katia Moskvitch
@SciTech_Cat
So I wrote a story for @WiredUK on #quantum computing. Amount of hype & misconceptions around it is insane!

Here's my piece: wired.co.uk/article/quantu…

(huge thnx 🙌 to all who helped: @tim_weber, @jtemperton, @where_is_chris, @MJBiercuk, @strom_m, @fcacarminati, @preskill &more)
And here is a brief summary - and some myth busting:

1. Achieving quantum supremacy *won't* magically give us super powerful supercomputers that can do everything better than standard computers;
2. Quantum supremacy simply means a quantum computer will perform *one* single task - might not be a useful task even - better than a traditional computer.

And it doesn't mean anything for any other tasks, where standard computers might & likely will be better;
Read 19 tweets

Trending hashtags

#fundflows #SmartCities #Xinjiang #CTB #Malaysia #Mercer #Paraguai #perseguição #TiritiriMatangi #males #balburdia #EUAvisei #Tweetdraw #CrechePública #Degroot #zero #Coronaviruses #jewish #ItaipuCausaNacional #TradeTalks #MICHELTEMER #conservation #AgeofConsent #Katumba #LISTEN

Embed code for your website

×
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!