Great interview with tech startup CEO (and Miami Mayor) @FrancisSuarez 🧵:
nytimes.com/2021/04/29/opi…
I've never heard a politician who had me smiling and nodding the whole time. Some reasons why:

Suarez says he's talking to local universities as well as courting engineering schools (including Stanford) to open campuses in the state and increase STEM graduates🏆
He understands that taxes don't create wealth. Rather, it's free enterprise and human ingenuity that do. In short, technological progress. It was the industrial revolution--many waves of it--that painted this picture of exponential wealth: Image
He's spot-on in understanding major issues like immigration (we need many more people to be successful), job creation, climate change and that more housing supply = lower prices.

What a breath of fresh air. Mayor @FrancisSuarez, don't change.
I wrote a bit about what's happening:
hellerhs.com/post/could-mia…
And about progress (including another topic Suarez touched on: New York's insanely expensive subway-mile):
hellerhs.com/post/how-shoul…
One last thing: crypto. Suarez smartly seized the moment, put the Bitcoin whitepaper on the city’s website, and is focused on this future industry as a huge job creator—which it will be. Massive opportunity to turn Miami into a crypto economy powerhouse.

miamigov.com/Government/Cit…
Bitcoin 2021 conference will be in Miami, next month. 👀

b.tc/conference
"The prestige growth he's catalyzed may not show up in Miami's GDP or population numbers for a while, but it's the kind of energy you see in an early Clubhouse or Ethereum — and the kind you always bet on."

Great piece by @balajis:
1729.com/miami/
"He's the first American politician that's using social media not to dunk on half his constituents, but to grow the pie for all of them."

🔥🔥🔥

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More from @MarceloPLima

18 Mar
So interesting to have Mark Zuckerberg, Daniel Ek and Tobi Lutke on Clubhouse at the same time.

Would've been hard--impossible?--to do in a regular panel.
Zuck on FB:
- 1m active shops
- more than 250m people interacting with them per month
- Next few years will be explosive
Daniel Ek:

Not only does Apple get 30%, which is more than Spotify gets, but they also control our communication with our users even outside the app
Read 15 tweets
3 Mar
Lemonade $LMND LTV/CAC calculation. First, let's look at TTM LTV and gross profit per customer. Gross profit margin is running ~18-20%. I'm assuming ~70% of S&M spend for advertising:
Also interesting to look at in-force premium growth on a TTM basis, and how many dollars of IFP growth the company got out of every dollar of ad spend ($1.76 in latest quarter):
LTV/CAC calc: assume 20% gross profit margin (IPO video says eventually 35%!), $213 of premium per year, 7.7 year lifetime = $327 of lifetime GP which / $150 of CAC = 2.2x

Company says 2-3x so in the ballpark.
Read 5 tweets
6 Oct 20
I haven’t yet read the 449-page report yet, but this is why Zuck said a republican government might be better for Facebook. The conclusion that we must break up our crown jewels, which are consumer staples of the 21st century and create vast consumer surplus, is asinine. Image
I know a half dozen wrong-headed academics who make their living as moral panic entrepreneurs will be happy about this report.

Nobody else will. Certainly not their customers—the vast majority of us.
Nobody tell the FTC about click-and-collect, delivery...🤦🏻‍♂️ Image
Read 6 tweets
21 May 20
Zuck:

- I expect 50% of our workforce will be remote over next 5-10 years

- COVID will be with us for a while

- Goal is to do our work better, not just maximize flexibility

- Gives us access to NEW POOLS OF TALENT and recruit more broadly (this is huge) that previously...
...wouldn't have considered moving to a big city

- One of the top reasons people leave us is they're moving to a city where we don't have an office

- Improved retention is very important

- I want us to live in a country where people have opportunity no matter where they live
- Positive environmental impact: less commute and less travel

- Easier to move bits around than atoms (VR/AR/video chat rather than sitting in traffic)

- Helps us eat our own dogfood in Portal, Workplace, Messenger Rooms, and over time AR & VR

- Workplace is now at 5m paid...
Read 17 tweets
7 Mar 20
I'm fascinated by huge market drawdowns and how the bottom is never obvious.

As they say, "Nobody rings a bell at the bottom."

In the Great Recession, the market bottomed on March 9th, 2009; it never looked back, and it was the start of one of the best bull markets ever.
Here are some choice quotes from the NYT, TWO DAYS before the bottom:

Byron Wien: he advises small investors to buy gold and corporate bonds, not equities, which, he said, may be too risky right now.
Barton Biggs: advises well-to-do investors to arm themselves with shotguns if need be against the possibility of a deepening downturn and accompanying “social unrest.”
Read 17 tweets
6 Mar 20
Pandemics seem to come in waves that reach a peak then die. This is the 1918 influenza pandemic. First wave was over in 6 months: Image
This is coronavirus in China, 2019-2020. That purple line is the equivalent wave (although these are cases, not mortality as above): Image
This is rest of the world. Still on the upswing. How long until it reaches the peak and subsides? Image
Read 19 tweets

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