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27 Nov, 8 tweets, 2 min read
1/8 Just finished listening to @SuperMugatu episode at @BillBrewsterSCG's new pod.

Given the number of investing pods out there, it takes a counterintuitive format to start one right now, and I think Bill got it right. It was 137 mins, but I didn't mind at all.
2/8 Lots of interesting tidbits. Dan was very reflective, and while we probably have important differences in our approach to investing, I enjoyed some of his thought process.

One particular thought stood out to me, and I want to highlight that in this thread.
3/8 Let me quote Dan on that bit.

"your conception of who you are as an investor will probably change as you have more market experience. The question is can you actually adapt to be the kind of investor you actually are...
4/8 "...You also need to have some level of self-knowledge/self-awareness to know who you are. Often times the things you want to be good at might not be things you actually r good at. The other thing that can happen is you might be good at something you might find distasteful..
5/8 "...I know some guys who started as Ben Graham style value investors who turn out to be, for whatever reason, freakishly good commodity traders. Yet, they are mostly using technicals and charts that they themselves consider voodoo...
6/8 "...I know one guy who was internally struggling because he makes so much more money by trading commodity based on what he thinks is just punting/gambling compared to what he considers is intellectually valid way of investing. "
7/8 Dan's friend isn't the only one who is "internally struggling".

I too know some people who absolutely crushed 2020 by following incredibly simple things. Yet when they were asked "how" or "why" in podcast/public, they invent answers to appear more legitimate/sophisticated.
8/8 Too many interesting bits to list them all out here, listen to the pod to find out.

Spotify: open.spotify.com/episode/71JQw3…

Apple: podcasts.apple.com/us/podcast/the…

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More from @borrowed_ideas

Mostly Borrowed Ideas Profile picture
28 Nov
1/ Thread: Investing vs Political Truths

I vividly remember on my 20th birthday I promised myself by the time I am 30, I will have a very clear view on my political philosophy.

In two months, I will be 30.
2/ Not only am I infinitely less certain, I have given up on my hope altogether that I will have any definite and static view ever.

Last year, I came up with a project for myself. I would pick a deeply divisive political topic and approach the topic like I approach a stock.
3/ I would study the topic from both parties' perspective, read widely and deeply (when necessary), and then write an essay on my pov.

I even let some friends and acquaintances know about this project. Some of them seemed really curious, and told me they would love to read it.
Read 11 tweets
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23 Nov
1/ Thread: Big Tech Criticism

In his newsletter, @LibertyRPF lamented today about the current state of big tech.

Not that his criticisms are not valid, I wanted to share how I think about big tech’s foibles. Image
2/ When I think about big tech, I primarily imagine them as these large, powerful countries.

What are some of the powerful countries today? USA, China, India etc. come first in mind.
3/ These countries are extremely powerful not only because they have WMD, but also the weight of history and demography play strong roles.

All these powerful countries have perhaps one thing in common. They are riddled with all sorts of failures.
Read 11 tweets
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."
Read 13 tweets
Mostly Borrowed Ideas Profile picture
20 Nov
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.
Read 5 tweets
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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
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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

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