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13 Oct, 4 tweets, 1 min read
Get your 5G mmWave groove on in the US theverge.com/circuitbreaker…
A cutout does not "work as an antenna." And this:

"5G works based on low range frequencies, the antenna structure was redesigned to work as expected, and this resulted in a new cutout on the side edge of the iPhone 12."

Isn't even wrong. 9to5mac.com/2020/10/13/iph…
Millimeter wave radio frequencies are in the high band. signal strength at these frequencies (e.g., 28 or 39 GHz) is likely made better by this modification for US iPhone 12. High band frequency means more hertz, but worse propagation. There are lots of tradeoffs in wireless.
4/ Why would iPhone 12 support high band/mmWave frequencies only in the US? Because the US has done a lousy job allocating mid-band spectrum relative to the rest of the world. And because US is a huge market within which some mobile operators don't have enough mid-band spectrum.

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More from @trengriffin

Tren Griffin Profile picture
15 Oct
"We still believe there is a future for [statistical factor] value investing; sadly, the future is unlikely to arrive fast enough - for us."

"Russell 1000 Value index is down 8% year-to-date, while Russell 1000 Growth index has gained 30%." reuters.com/article/us-fun…
As for "value as an analytical style" instead of as "a statistical factor" Charlie Munger says: "There are various ways to look for value investments just as there are various places to fish and the first rule of fishing is to fish where the fish are."
Charlie Munger: "It's harder to find easy value investments because the world is so competitive. That accounts for a lot of what you see in Berkshire where we buy securities like Apple we wouldn't have bought in the old days when we purchased more mundane things."
Read 4 tweets
Tren Griffin Profile picture
15 Oct
1/ "*A company’s value equals the present value of future cash flows.
*While convenient, earnings provide limited information about future cash flows.
*The ongoing shift to an intangible-based economy renders earnings even less useful." Michael Mauboussin Image
2/ "Earnings do not consider future capital needs. Many firms require higher levels of inventory and accounts receivable as they grow. These working capital investments are true cash outlays not reflected in earnings, leading to a potential gap between earnings and cash flow." MM
3/ "When a growing company operates with a negative cash conversion cycle, where for every incremental dollar of sales, current liability growth exceeds current asset growth, leading to a positive cash flow contribution." Cash flows can vary depending on a firm's business model.
Read 4 tweets
Tren Griffin Profile picture
8 Oct
1/ 'You simply want to acquire, at a sensible price, a business with excellent economics..." What Buffett is referring to is unit economics (which are part of microeconomics). berkshirehathaway.com/letters/1996.h…

Munger: "Microeconomics is what we do. Macro is what we put up with."
2/ If an investor can (1) determine the value of the individual customers of a business; and (2) estimate how many customers they will acquire and how long they’re going to stay, the investor can create a sold DCF prediction about the value of that business on a bottoms-up basis.
3/ "An investor’s time is better spent trying to gain a knowledge advantage regarding ‘the knowable’: industries, companies and securities. The more micro your focus, the great the likelihood you can learn things others don’t.” Howard Marks.
Read 6 tweets
Tren Griffin Profile picture
5 Oct
Churn is a stone cold killer.

"Netflix, often estimated to be less than 10% annually, the company will face much less fundraising pressure. If it tracks closer to last year’s industry average of 35%, Quibi’s problems would grow significantly."
msn.com/en-us/money/ne…
Churn is a stone cold killer. news.google.com/articles/CAIiE…
The higher the cost of acquiring a customer is, the deadlier customer churn can be. CAC and churn are reflexive. They are interdependent parts of a complex adaptive system. google.com/amp/s/25iq.com…
Read 5 tweets
Tren Griffin Profile picture
4 Oct
Once a mobile operator has built out to serve high value mobile customers, there is often unused capacity. Regardless of the "G" it can sell the unused capacity for fixed home use. "All capacity you do not use at this current time is lost forever." fiercewireless.com/operators/veri…
The unit economics of fixed wireless to homes are better if there's: 1) no equipment subsidy; and, 2) no truck roll for an installation.

"Telecom in wireless is a high fixed-cost, low variable-cost business. Once the equipment [built], it’s pretty cheap to offer services.”
The US Rural Digital Opportunity Fund (RDOF) auction, which may provide up to $16 billion in funding for rural broadband, is scheduled for late October. A FCC ruling may be issued next week clarifying which communications operators can participate in the auction and how.
Read 4 tweets
Tren Griffin Profile picture
1 Oct
"Over all, the researchers found, 71 percent of the people in the study did not seem to have transmitted the virus to anyone else; instead, just 5 percent of people accounted for 80 percent of the infections detected by contact tracing." nytimes.com/2020/09/30/hea…
"The most prevalent comorbid conditions were diabetes (45.0%), sustained hypertension (36.2%), coronary artery disease (12.3%), and renal disease (8.2%)." science.sciencemag.org/content/early/…
"R0 breaks down completely in the presence of phenomena not captured in the random graph model, such as the effect of super-spreaders" guava.physics.uiuc.edu/~nigel/courses…
Read 4 tweets

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