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1/ "No one calls Excel a no-code tool, but it is one of the most underappreciated programming environments in the world. The number of Excel programmers versus people using what we think of as more traditional languages is really something to behold." investorfieldguide.com/collison/
2/ "Features of Excel make it a really nice programming environment and really nice to learn. That it’s continuously executed means it's unlike running code which doesn’t work and you’ve got some error that’s hard to comprehend." Collison

Do you know the # of Excel programmers?
3/ The number of Excel programmers is close to 700 million if you stretch that category beyond just macro writing and into formulas etc confirms someone who is in a position to know.
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Tren Griffin
@trengriffin
There are two regions of France that can legally call their service "value investing." The Quant region produces a service that uses statistical factors in index funds. The Berkshire region uses the term to describe a bottoms-up analytical style. The services are very different.
For example, the Berkshire region's service, which uses value as an analytical style, currently includes ~251 million Apple shares that have a total value of ~US$92 billion. cnbc.com/berkshire-hath…
The Berkshire public stock portfolio is currently valued at ~$230 billion. The 251 million Apple shares represent 40% of the value of the Berkshire portfolio.

The 5.8% interest owned by Berkshire in Apple is 21% of the BRK market cap of $440 billion. cnbc.com/berkshire-hath…
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Tren Griffin
@trengriffin
"A low payback implies profitability will come sooner rather than later (and you can sustain high growth rates)." cloudedjudgement.substack.com/p/what-it-take…
"You calculate the Rule of 40 by combining the growth rate and the operating margin (YoY growth + operating margin). Here I’m using GAAP operating margin."
"Growth comes at a cost, and by adding operating margin (which is generally negative) to the high growth rates in SaaS we get a better understanding of what that cost is and how sustainable / profitable that growth is. Usually the profitability metric used here is FCF margin..."
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Tren Griffin
@trengriffin
"Stripe made a decision very early on that we’re going to start from the ideal API and work backwards." John Collison

You've probably figured out that I like this podcast. investorfieldguide.com/collison/

It reminds me of this phrase "This service is an API. It doesn't just have API."
"We’re always shocked that the returns to writing well are really high. And it feels like the world hasn’t fully internalized that. Certainly when you have a 3000 person global company as Stripe is, you’re going to need to do lots of asynchronous communication."

John Collison
"One of our principles at Stripe is we speak up to the reader. You’re not trying to dumb things down for someone who isn’t familiar with something. You are speaking to an intelligent person who is busy, but knows what they’re talking about and what they’re doing."
John Collison
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