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Brian Feroldi Profile picture
@BrianFeroldi
Sep 27, 2020 • 8 tweets • 2 min read • Read on X
A brief history of $GOOG

1995: Larry Page & Sergey Brin meet at Stanford
1996: Build search engine called 'Backrub' in dorm room
1997: Change name to Google, misspelling "googol"
1998: Move into Susan Wojcicki's garage
1998: Sun co-founder Andy Bechtolsheim invests $100k
1999: Raise $25 MM from Kleiner Perkins / Sequoia
2000: Launch AdWords
2000: Default search engine for Yahoo!
2001: Hire Eric Schmidt as CEO
2002: Launch Google News
2004: IPO at $85, raise $1.67 BB
2004: $25 billion market cap
2004: Move into Googleplex
2004: Launch Gmail
2005: Launch Google Earth
2005: $100 BB market cap
2005: Launch Google Maps
2006: Acquire YouTube for $1.65 BB
2006: Launch Google Docs
2007: Acquire DoubleClick for $3.1 BB
2007: Launch AdSense for Mobile
2008: Launch Chrome
2009: Launch Waymo
2010: Launch first Android phone
2010: Launch Google Fiber
2010: Launch think tank Jigsaw
2010: Launch R&D subsidiary Google X
2011: Launch Chromebook
2011: Launch Google+
2011: Launch Google Wallet
2011: 1 billion monthly users
2011: Acquire Motorola Mobility for $12.5 BB
2011: Launch Project Loon
2012: Launch drone subsidiary Wing
2013: Acquire Waze for $966 MM
2013: Launch healthcare company Calico
2013: Launch private equity subsidiary CapitalG
2014: Acquire DeepMind for $400 MM
2015: Launch life sciences subsidiary Verily
2015: Launch subsidiary Sidewalk Labs
2015: Change name to Alphabet
2015: Split shares into $GOOG and $GOOGL
2015: Name Sundar Pichai CEO
2016: $500 billion market cap
2017: 100% renewable energy
2019: Launch Stadia
2020: $1 trillion market cap

Currenly have 9 (!!!) products with 1 billion+ users:

Android
Chrome
Drive
Gmail
Maps
Photos
Play
Search
YouTube
TTM Revenue: $166 billion
TTM Profits: $31.6 billion
Return since IPO: 2,770%

Larry Page: $62 billion net worth (#9 in world)
Sergey Brin: $60 billion net worth (#11 in world)
Eric Schmidt: $17 billion net worth

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More from @BrianFeroldi

Brian Feroldi Profile picture
Apr 18
Revenue and income are NOT the same things

Costs and expenses are NOT the same things

Net income and free cash flow are NOT the same things

Confused? Let me break it down for you: Costs vs expenses
Sales and revenue mean the same things.

Both are the money that comes in from customer payments.

They both refer to the “top line” of the income statement. Image
Orders and sales are NOT the same things.

Orders are when a customer places a request for the future delivery of a product or service.

Orders become sales when the product is actually shipped, or the service is performed. Image
Read 10 tweets
Brian Feroldi Profile picture
Apr 17
The P/E ratio SUCKS.

It’s a flawed metric that deceives investors.

Here's exactly why the P/E ratio can be INCREDIBLY misleading (and what to use instead): Image
The P/E ratio's flaw is that the "earnings” can be misleading.

If “earnings” aren’t sustainable, or are artificially inflated/depressed, the P/E ratio will be wrong.

Here's all the reasons why that can happen...
1: Accrual Accounting

The GAAP income statement uses accrual accounting.

Accrual accounting is useful, but it’s basically an accountant’s opinion.

Here are some of the expenses that can cause “earnings” to be higher or lower than the actual cash flow of a business Image
Read 20 tweets
Brian Feroldi Profile picture
Apr 14
"Margin of Safety" by Seth Klarman is an incredible investing book.

But a used copy costs $1,200!

Here are 26 short investing lessons from this classic book (for free): Margin of Safety
1: Markets are volatile. Never invest unless you are sure a "margin of safety" exists.

2: Focus on the intrinsic value of an investment. Only act when there's a meaningful difference between value and price. Image
3: Focus on the downside first. Avoid taking big losses.

4: Disciplined analysis, thorough research, and a patient, long-term perspective lead to superior returns.

5: Value investing isn't easy. Expect long periods of underperformance.
Read 12 tweets
Brian Feroldi Profile picture
Apr 13
The Rule of 72 is the MOST IMPORTANT "mental math trick" for investors to know.

Here's how it works:
Humans tend to think *linearly*.

When we see a curve, we mentally approximate it by a straight line.

This helps us cope with changes in the world around us. Image
But in finance/investing, we need to think *exponentially*.

Money compounds.

Growth doesn't happen at a constant pace; it *accelerates* over time.
Read 16 tweets
Brian Feroldi Profile picture
Aug 16, 2024
WACC Cheat Sheet

What is the Weighted Average Cost of Capital?

Here's a quick primer: Image
WACC is the average after-tax expense of capital for a company from all of its sources.

This includes common stock, preferred stock, bonds, and other hybrid debt & equity instruments.

WACC is the mean rate a company pays to fund its operations. Image
WACC = [(E/V) x Re] + [(D/V) x Rd x (1 - Tc)]

E = Market value of the firm’s equity
D = Market value of the firm’s debt
V = E + D
Re = Cost of equity
Rd = Cost of debt
Tc = Corporate tax rate

WACC is a sum of the weighting of each capital source Image
Read 6 tweets
Brian Feroldi Profile picture
Jul 3, 2024
If you pick stocks, you MUST learn how to analyze a cash flow statement.

Here's how to do it in less than 2 minutes: Image
The Cash Flow Statement shows how cash moves in and out of a company over a period of time.

Its purpose is to track cash movement through a business. Image
The Cash Flow Statement uses CASH accounting.

This method only records transactions when money goes in or out of an account.

This differs from ACCRUAL accounting, the accounting method used on the Income Statement and Balance Sheet. Image
Read 10 tweets

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