Great interview with Daniel Ek

Some quotes I found interesting⬇️
Meetings as a competitive advantage Image
Insatiable curiosity. One of the most important qualities IMO Image
When you can understand the counter arguments, you are starting to understand the topic.

Very Munger-esque Image
Interesting on Beyoncé. She uses 4-5 studios at a time to make sure she doesn’t get stuck. Image

He singles out Evan Spiegel right after Elon Musk. Thought that was interesting. Image

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More from @investing_city

5 Oct
Do you know how the Federal Reserve was founded?

What if I told you the story involves heavy doses of JP Morgan, an exclusive island, and a secret club?

Check out the whole story 👇🏽

[THREAD] Image

Let's go all the way back to the infancy of America.

After the Revolution, Alexander Hamilton wanted to create a strong central bank but Jefferson and Madison thought it was unconstitutional.

Against the opposition, Hamilton established the First Bank of the US in 1791.

The First Bank's charter was only 20 years, after which it could be renewed.

Who was in office in 1811?

James Madison, who, of course, decided not to renew.

Until it affected him.

Madison realized how difficult it was to fight the War of 1812 without a central bank.
Read 21 tweets
1 Oct
Guess how much Amazon, Alphabet, Apple, and Microsoft have spent on CapEx and R&D over the past decade?

💰 $818 billion 💰

Add Facebook in there and it's $915 billion

Some clarifications:

1. All numbers are in billions
2. Source = annual reports
3. Years are 2010-2019

Let's dive right in...

CapEx (inc. capitalized lease payments): $89.8
R&D (tech+content): $141.1

Total: $230.9 Image
Read 15 tweets
30 Sep
First edition of "CEO Storms" (like tweetstorms)

Let's talk about John Foley, from Peloton.


(h/t @HarleyMCarroll)
1/ Son of a Delta airline pilot, Foley grew up in Key Largo, FL.

In high school, Foley scored 220 points higher on the math section of the SAT so he decided to go into engineering.

He enrolled in a co-op program at Georgia Tech, working 6 months of the year while in school.
2/ Where did he work?

Mars, the candy company. He oversaw the production of Skittles, Starburst, Snickers and Twix in Waco, Texas.

After graduating, he requested a move to LA, where he oversaw a few dog food brands for Mars.
Read 20 tweets
15 Sep
Check out what some of the best VC's were saying about...

- Wix
- Shopify
- Twitch
- Twilio
- PagerDuty
- Fiverr
- Pinterest
- LinkedIn

...when they were still small companies.


Thanks for sharing @BessemerVP
1/ Wix pt. 1

Wix was a customizable MySpace. Funny to think how things change so quickly.
2/ Wix pt. 2

Look at this user interface! Wix has come so far.

Goes to show you that pace of innovation matters more than where a company is in the present.
Read 22 tweets
2 Sep
Late with sharing my notes but really enjoyed this interview with Dennis Hong

Short [THREAD]


"Growth in revenues, earnings and free cash flow are the sign posts for growth in intrinsic value. Everything else is an abstraction."

This is really 1st-principles thinking. Of course, w/o abstractions like moats, positioning, etc., sustaining earnings growth is tough.

Ecosystem control

Does every constituent love the business?

- Employees
- Customers
- Shareholders
- Suppliers
- Community

Love the idea of ecosystem control. It comes down to how much is the business loved by each of the 5 stakeholders.
Read 9 tweets
24 Aug

Some notes on Unity's S-1

• 142% expansion rate last quarter
• 53% of top 1,000 mobile games were built on Unity
• 1.5 million monthly active creators

Two main revenue segments:
1. Create: engine for making & deploying content
2. Operate: content monetization


Last 5 quarters of YoY revenue growth:

Last 5 quarters of EBIT margins:

Last 5 quarters of gross margins:

Last 5 quarters of customers who spent > $100k:

Added 48 new enterprise customers last quarter (Q2). The year before that, it only added 9. Customer growth has been accelerating.

YoY customer additions:
Read 10 tweets

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