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20 Nov, 5 tweets, 1 min read
1/5 Some of you know I'm trying to move to Canada. Today I received my passport with Permanent Residency approval.

But it also mentions, "you won't be allowed to board your flight to Canada at this time" due to travel restriction.

Who knows it could be another 3-6 months wait
2/5 Just when I thought I am close to the finish line, life throws another curveball.

There is no one to blame. Canada is absolutely right to tighten its border given the Covid-19 situation.
3/5 I am, of course, not entitled to anything. I am just a pale blue dot in the planet of pale blue dot.
4/5 If you remain healthy, haven't lost any loved one, and haven't lost your job, this coming thanksgiving is perhaps a bonanza of gratitude for you.
5/5 It's been a challenging year for most of us, but we all have much to be grateful about, and much to look forward to.

Have a great weekend, everyone!

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More from @borrowed_ideas

Mostly Borrowed Ideas Profile picture
23 Nov
1/ Notes from @nickkokonas episode at @InvestLikeBest

Nick Kokonas: A Philosophy major -> derivatives trader -> owner of some of the best restaurants in the world such as Alinea, Next, The Aviary, and co-founder and CEO of Tock, a comprehensive booking system for restaurants.
2/ "Own something, make lots of decisions that have outcomes, try to be right 51% of the time, do that often and repeat."

This is essentially the casino model. Nick delves into each part of that quote to explain what he means by it.
3/ Why are restaurants perceived as bad businesses?

"...there are a lot of people in the restaurant business that are not in business so to speak."

So Nick made sure that's NOT the case with him, "this will be run as business first. It's not an art project, it's a business." ImageImage
Read 13 tweets
Mostly Borrowed Ideas Profile picture
17 Nov
1/6 Thread: $ETSY Conference call with RBC (17 Nov, 2020)

Before I share my notes from the call, here's my deep dive on Etsy if you haven't read it already.

mbi-deepdives.com/etsy-a-handmad…
2/6 Image I: Search result on Etsy today is "dramatically better" than it was 2 years ago.

Image II: How communication between buyers and sellers continues to differentiate the Etsy experience from Amazon, Walmart etc. ImageImage
3/6 "...we don't give the teams a specific dollar budget. We give them an ROI threshold to hit, and we want them to keep spending until they meet-until they no longer meet that threshold."

Paid GMS now 20-21% of all GMS, up from 15-16% last year. ImageImage
Read 6 tweets
Mostly Borrowed Ideas Profile picture
16 Nov
1/ Notes from @humankarp and @RohanAOza episode at @InvestLikeBest

This one was primarily focused on brands. And the word "Apple" was mentioned 14 times.

Here are my notes.
2/ "...a brand really means to me that if you turn off your marketing engine and you're not splattering the consumer with reminders of buy my product, buy my product, buy my product. Do they remember you? Does it last, Does it last in different cycles?"
3/ Two major weaknesses among brands:

1. Weak-ish teams
2. Underwhelming gross margins.

Your gross margins need to be north of 50%.
Read 9 tweets
Mostly Borrowed Ideas Profile picture
14 Nov
1/7 Thread: Why this isn't dot-com bubble

I had this Polen Capital think piece open in a tab for months. I finally read it tonight.

Polen shares some interesting data points to argue how much the current cycle differs from the tech bubble.
2/7 From 2008-2019, Russell 1000 Growth Index (R1G) beat Russell 1000 Value Index (R1V) by >300%.

There was another era when such wide margin between them existed. It was 1988-1999.

We all know how that ended. So our pattern matching brain is tempted to infer the parallel.
3/7 Unlike the tech bubble which was propped by multiple expansion, Polen argues much of the outperformance in the current cycle is driven by fundamentals.

These two images comparing the two cycles make that case.
Read 8 tweets
Mostly Borrowed Ideas Profile picture
13 Nov
1/7 h/t @AlbertBridgeCap

I do not come from money. The only reason I could even dream of coming from Bangladesh to the US for my MBA was I could get 100% of my tuition financed by student loan without any co-signor (I don't have any relative in the US).
2/7 Wholesale cancel of student loans creates the same kind of unintended consequence as canceling standardized tests does.

Most kids from my background go to schools that people in the US have never heard about even though acceptance rate in some of the schools back home is <5%
3/7 When standardized tests are canceled, it's hard to stand out with our no-name schools and lack of well curated extra-curricular filled resume.

I know they aren't talking about canceling student loans of international students, and they shouldn't.
Read 7 tweets
Mostly Borrowed Ideas Profile picture
12 Nov
1/ Thread: Is the market too short-term or too long-term oriented?

The question probably sounds a bit rhetorical since the overwhelming consensus seems to be that Mr. Market is too short-term oriented. I'm not so sure.

Let me explain.
2/ BVP Emerging Cloud Index today closed at 17.9x EV/Revenue multiple.

High multiples fundamentally imply long growth runway and extended period of competitive moat for a long time.
3/ Doesn't market's willingness to ignore profitability in the short-term to give companies the time to ultimately dominate the industry in the long run indicate investors are playing the long game?
Read 10 tweets

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