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Tren Griffin

@trengriffin

21 May

https://twitter.com/t1mcook/status/1395414086268198912

A friend sent me a DM and said: "This isn't a podcast. It's a conversation between two friends sharing stories as if they are in a pub." Exactly right.

This is Jim and Tren trying to make each other laugh. Not letting each other get away with anything. infiniteloops.libsyn.com/tren-griffin-f…

https://twitter.com/t1mcook/status/1395414086268198912

2/ Jim and I were influenced by our grandfathers who ran businesses.

In my case my mother would drop me off at his marina starting at age six. I would listen to the stories they told on his boat and I wanted to be in my own stories someday. The stories taught me about business.

3/ The people who told stories were planning a Seattle World's Fair and ran businesses like hotels and racetracks. Seattle was an open city then with lots of temptations. Many stories about the mistakes their friends made were told. Humans make mistakes was a lesson I learned.

Read 7 tweets

Tren Griffin

@trengriffin

20 May

https://twitter.com/jposhaughnessy/status/1395358526797750272

Recording this second follow up podcast with Jim was big fun. One theme of this conversation are the many ways we are the same and yet use different approaches to reach the same or a similar conclusion. There is no one way to successfully invest or live a full and active life.

https://twitter.com/jposhaughnessy/status/1395358526797750272

2/ To illustrate, Jim and are friends with Michael Mauboussin. In Michael's essay released yesterday He describes my natural approach to business and investing, which is bottoms up. morganstanley.com/im/publication… Jim's natural approach is to use statistical factors. Vive la différence!

3/ My first podcast with Jim is linked to below. In our second (linked above) we discuss how our investing and business styles evolved to reflect our personalities and the people who influenced us. We talk about the dotcom era and other shared experiences.infiniteloopspodcast.com/tren-griffin-e…

Read 4 tweets

Tren Griffin

@trengriffin

20 May

https://twitter.com/mjmauboussin/status/1395055291029458949

When a Michael Mauboussin essay like this drops, I sing the Hallelujah Chorus so loud my neighbors complain.

If you aren't reading this post soon what the hell will you be reading?

The value of a business is the sum of the value of existing and future customers. Bottoms up!

https://twitter.com/mjmauboussin/status/1395055291029458949

2/ "Customers, revenues, and costs are the core drivers in the CBCV model. It is essential to consider how they interact when assessing how various assumptions affect value. Specifically, there are trade-offs between the drivers."

The interaction of factors makes the game fun!

3/ "For example, a price increase grows cash flow but raises the churn rate. A price drop shrinks cash flow
but lowers the churn rate. A focus on new customer acquisition increases the number of customers but raises
acquisition costs."

Understanding the interaction is an art.

Read 7 tweets

Tren Griffin

@trengriffin

16 May

John Malone rides again. reuters.com/article/busine…

John Malone: "Recently somebody said, ‘Hey, you lost weight,’ and I said, ‘Yeah, thirty-five pounds and three and a half billion dollars’.” “I’ve done lots of bad deals. When I stick to my knitting I do okay. It’s – it’s when I listen to some pied piper.” google.com/amp/s/25iq.com…

John Malone: "A lot of mergers fail for cultural reasons. Vertical acquisitions are much tougher than horizontal ones. You are essentially buying a business you don’t know and you don’t understand."

“You’ve got to play both offense and defense.”

Read 31 tweets

Tren Griffin

@trengriffin

15 May

What business is this?

"Gross margin decreased from 42% during the year ended Dec. 31, 2019 to 41% during the year ended Dec. 31, 2020, primarily due to an increase in Revenue Share amounts paid to Customers."

sec.report/Document/00011…..

Read 4 tweets

Tren Griffin

@trengriffin

13 May

People don't talk enough about the "special purpose" part of a SPAC.

The best explanation of that is in the Steve Martin movie "The Jerk."

Navin explains that he plans to use his special purpose every time he can -- which is just like SPAC sponsors. thetimes.co.uk/article/cyber-…

A screenplay about using BBM92 protocol between two buildings, connected by a 350-m-long fiber, resulting in an average raw (secure) key rate of 135 bits/s (86 bits/s) for a pumping rate of 80 MHz, without resorting to time- or frequency-filtering techniques is a special purpose.

Quantum Key Distribution (QKD): As you know, superposition and entanglement are used in quantum communication/QKD. A generator produces two entangled photons where the quantum state of one photon is perfectly equal to another photon, even over great distances!