Sheel Mohnot Profile picture
Jul 2, 2020 6 tweets 2 min read Read on X
Sad day for me, an aviation geek. Boeing pulled the plug on the 747. For a plane geek, frequent traveler, son of immigrants, and someone who has been to the factory (incredible - visit the Everett Boeing facility), this is super nostalgic. 1/many bloomberg.com/news/articles/…
The "Queen of the skies" really changed air travel, and I'm a bit sad that they won't be flying much longer. The economics, size and scale of travel were drastically different before the 747. Before the 747, only the richest folks could really cross the globe at will. 2/
The 747 changed everyday notions of distance and ushered in the age of travel that we get to enjoy today (me more than most!). This plane shrank the world and allowed for the middle class to explore the world in a way that they never could before.
When my parents came to the US, they came on a 747. Before the 747 they probably would have had to make 5-6 stops, instead of the 2 that they came on. Crazy enough, the 747 was designed with obsolescence in mind because when it was developed in the 60's, we thought...
all passenger jets would be flying supersonic... so they made the 747 with this hump to easily convert them into cargo jets (cargo would continue to fly subsonic even though passengers wouldn't).
That supersonic world has continued to elude us, but the queen of the skies won't be flying with us much longer. I snagged a top floor seat on one of the last domestic 747 flights a couple of years ago and we had a 747 party SFO-LHR! Image

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More from @pitdesi

Apr 20
Extremely common crypto refrain…

But wtf is my cousin in rural India going to do with USDC? With Wise he can buy groceries a few seconds after I hit send.

Stables are ~useless without on and off-ramps, and those are the reasons this map looks like it does.
I send USDC to a self-custody wallet. He transfers to a crypto exchange and sells USDC for INR then withdraws to his bank. He gets KYC’d along the way, eat spreads and fees, and banks often flag these transactions. With Wise I send $ to his UPI account. Nothing reqd on his end.
To be fair - if I was sending to someone who understood crypto, I would do: ACH → USDC (Coinbase) → Polygon → CoinDCX → INR bank. It would cost $11.51 because the exchange auto-clips $10 from the govt, but you get the $10 back on taxes.

Wise would cost $7.33

(for $1000)
Read 4 tweets
Oct 5, 2024
Bhutan is a fascinating place that most of you have never been, so I’ll post observations here:

Flying in is wild.

Super short runway, 18k ft 🏔️ on both sides, cloud cover & no radar, so the 25 pilots that can fly here do so by 👀, only during a few hrs/day when winds allow
Pilots have to navigate a winding valley to get there with <2 miles of visibility to the landing strip, and they have to navigate electric poles and roofs as they get closer.

Evan Spiegel flew in on a G650 this week but a Bhutanese pilot was required to fly it.
Bhutan was an absolute monarchy until 2008. The current king came into power in 2006 (age 26) and oversaw the transition to a constitutional monarchy w/ an election in 2008.

I had lunch with him. He’s sharp and curious, wants an outsiders perspective on stuff. Image
Read 15 tweets
Jun 16, 2024
Wowwwww
Everyone in fintech has been saying that the Bilt credit card ($3.1B valuation) is too good to be true; How can you get cash back on rent payments?

Turns out they have an unsustainable deal with Wells that is losing the bank hundreds of $millions. Wells made a number of incorrect assumptions in their underwriting.

They assumed that it would be a top of wallet card for renters who carry balances. Instead, a lot of savvy consumers (myself included) use the bank for the minimum required to collect the rental points.

Wells assumed that 65% of card-purchase volume would be non-rent, generating interchange-fee revenue.
The reality is inverted... most of the volume is rent payments on which they don't earn much.

Wells also assumed that 50-75% of the balances would be revolving, earning them interest. The reality is they mostly have cardholders like me who don't carry a balance - only 15-25% are revolving.

Wells is paying 0.8% to Bilt on rent payments, even though the bank doesn't get interchange on them. Wells has a massive mortgage business and thought that they'd be able to cross-sell mortgages when the renters become homeowners but that hasn't panned out.

Kudos to Bilt for negotiating a killer contract that doesn't expire until 2029... but I wonder what the future looks like after that. Wells says they won't renew it as-is.

In the meantime - it's a great card... pay your rent via the card and make 5 other transactions a month to get 1% back on your rent.Image
Wild how many companies I've seen trying to be the "Bilt for X" (I've seen 4 "Bilt for mortgage" companies alone) and every time I dig in to the unit economics there is some hand-wavy answer about how Bilt made it work...

Good luck!
Read 5 tweets
Apr 6, 2023
Adyen & Stripe '22 annual reports are out.

Adyen processed $837B, +49% YoY (+70% in '21).
Stripe processed $817B, +26% YoY (+60% in '21)

Adyen market cap: ~$47B
Stripe valuation: $50B

GPV/employee
Adyen: $251M (w/ 3.3k employees)
Stripe: $116M (w/ 7k employees)
Source:
Stripe annual report: assets.ctfassets.net/fzn2n1nzq965/5…

Adyen annual report: adyen.getbynder.com/m/62ef2a84c324…
These businesses have different margin profiles:

Stripe likely has a higher gross margin than Adyen, but we don't have data to compare Stripe's net revenue with Adyen ($1.4B).

That being said - Adyen's EBITDA of ~$800M is likely way higher than Stripe.
Read 4 tweets
Apr 3, 2023
Had an epic weekend at a super fun participatory conference in Tahoe called "Learning Man"

We each made presentations to share knowledge & skills outside of work.

There were 30 presentations; people took them VERY seriously... Image
Topics included:
Breaking down the chess scandal
Anatomy of a DJ transition
How LLM's work
Keeping up with the Justices (Supreme court)
Finding the perfect partner
Knife skills
Acroyoga
Fertility 101
Practical survival skills
The Art of Negotiation
Date night planning
Beatboxing ImageImageImageImage
Principles for the weekend were spot on:
Beginners are sexy
Get uncomfortable
Hiccups are natural
So serious, it's hilarious
The world is a passion project Image
Read 7 tweets
Mar 10, 2023
SVB closed today by the California Department of Financial Protection and Innovation 😞

All insured deposits moved to the Deposit Insurance National Bank of Santa Clara

They say accounts will have access to their insured deposits Monday morning.

fdic.gov/news/press-rel… twitter.com/i/web/status/1…
I got really emotional and my heart sank reading this.
As of q4- only 2.7% of SVB’s deposits were insured. I’m sure the number is much higher now given that a lot of people pulled out everything in excess of $250k yesterday. Image
Read 5 tweets

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