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13 Dec, 7 tweets, 3 min read
1/7 Notes from @dhmeyer episode at @InvestLikeBest

Danny Meyer is the founder and CEO of Union Square Hospitality Group as well as the founder and Chairman of $SHAK.

Here are my notes.
2/7 How do you make a restaurant a favorite one?

"We had to make you feel like we were on your side, which is hospitality, but then to take it a step further, we had to really make you feel like you belonged."
3/7 ABCD =Always Be Collecting Dots.

The desire to belong really resonates.

I found out fintwit last year. I used to lurk around here a lot, and thought this is SO cool. I wished I could be part of fintwit community. And I just started writing, and never stopped.
4/7 Interesting 80-20 rule at $SHAK

This is a great way to escape commoditization of a typical scaled restaurant chain business.
5/7 Here's how Danny thinks about recruiting: Hire people with high Hospitality Quotient.
6/7 Five A's of Mistake Making: Aware, Acknowledge, Apologize, Act, and Apply.
7/7 Episode: investorfieldguide.com/danny-meyer-th…

Transcript: investorfieldguide.com/wp-content/upl…

All my twitter threads: mbi-deepdives.com/twitter-thread…

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More from @borrowed_ideas

Mostly Borrowed Ideas Profile picture
7 Dec
1/ Notes from @danielgross episode at @InvestLikeBest

This one is packed with meaty insights. I wish it were a longer episode. At the very least, I hope @patrick_oshag invites Dan again.

Here are my notes.
2/ Asking people about their opinions on certain movies can reveal a lot about them. It's a fun, relaxing way to get to the answer you want to know, but much more difficult to ask in a direct manner.
3/ This is a simple point, but I have been surprised before how few people get it.

In creative pursuits, the delta between median and the peak is astonishingly large. It also means if you are slightly better than others in these pursuits, the convexity leads you to win big.
Read 16 tweets
Mostly Borrowed Ideas Profile picture
5 Dec
1/5 Thread: Simple but incomplete narrative

"Can you imagine a better way to destroy social mobility than by telling poor kids that the way to get rich is by exploiting people, while the rich kids know, from having watched the preceding generation do it, how it's really done?"
2/5 In PG's recent piece, that sentence made me think: paulgraham.com/ace.html

I know many people would take issue with such assertion, but it is one of those narratives that even if you think it is false, you are more likely to be benefited by believing in it than otherwise.
3/5 Having brought up in a family with all sorts of simplistic teachings e.g. "just be good in your academics, and you'll shine in life", I have come to appreciate the power of simple narratives.
Read 5 tweets
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
Mostly Borrowed Ideas Profile picture
27 Nov
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...
Read 8 tweets
Mostly Borrowed Ideas Profile picture
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

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