0/ A Redditor digs into the career of AMC's CEO Adam Aron @CEOAdam, who has an impressive track record of turning companies around (it's also a hysterically-written business bio).

Here's the story 🧵
1/ Quick summary of 66-year old Aron's career:
◻️ Harvard BA / MBA
◻️ Marketing @ Hyatt and United Airlines
◻️ CEO, Norwegian Cruises
◻️ CEO, Vail Resorts
◻️ CEO and part-owner, Philadelphia 76ers
◻️ CEO, Starwood Hotels
◻️ CEO, AMC
2/ Early years as an exceptional student (many references to 'silverback apes'...funniest parts are *bolded*)
3/ The start of a career in 'fun' industries: Pan Am (1979-85), variety of marketing positions; Western Airlines (1985-87) as VP of Marketing; Hyatt Hotels & Resorts (1987-90) as SVP of Marketing; United Airlines (1990-93) as SVP of Marketing
4/ First-time CEO. First company in debt. President and CEO of Norwegian Cruise Line (1993-96):
5/ Vail Resorts as Chairman and CEO (1996-2006):
6/ Turning around 76ers attendance and striking a $12B M&A deal with Starwood Hotels (2006-2015):
7/ AMC Entertainment (2015 - present)
8/ Hilariously, the Redditor briefly changed Aron's Wikipedia profile to a more Reddit-friendly corporate profile
9/ In sum:
10/ In the recent AMC stock run, Aron has ingratiated himself with Reddit investors:
◻️ He said individual investors own 80% of AMC and he "works for them"
◻️ He donated $100k to the WSB-supported Dian Fossey Gorilla Fund
◻️ Perks program (eg. free popcorn) for investors
11/ AMC is also turning its sky-high stock into cash: In June, it issued millions of shares and raised $800m+ to:

◻️ help pay down a $5B+ debt load
◻️ acquire *more* theatre assets + refurbish existing ones

(Whether this is a prudent move is entirely another question)
12/ AMC is betting that post-COVID will be boom times for theatres.

There are serious headwinds to that thesis but @CEOAdam has a track record (Norwegian, Vail, 76ers, Starwood) of corporate miracles.

At a minimum, he's def leaning into the meme:
13/ Either way, follow @TrungTPhan for more business-related gold.

Here's OP by u/TheNovaeterrae on Aron's career
reddit.com/r/amcstock/com…

Read Margins for Aron's recent moves readmargins.com/p/ape-armies-a…

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More from @TrungTPhan

30 May
1/ Amazon's $8B+ deal for MGM strengthens Prime, its subscription bundle with 200m+ users and revenue of $20B+.

Prime is now a staple in our lives but was a total Hail Mary when it launched in Feb 2005. Incredibly, Bezos & Co. created it in a 6-week sprint.

Here's the story 🧵
2/ In the mid-2000s, Amazon was far from the behemoth we know today.

Check these market caps on September 30th, 2004:

◻️ Amazon = $17B
◻️ Best Buy = $18B
◻️ eBay = $61B
◻️Walmart = $226B
3/ The catalyst for Prime was annoyance with Amazon's existing free-shipping offer ("Super Saver Shipping").

It was too complicated:

◻️ You had to hit a min. order of $25 (which created a complicated recommendation system)
◻️ Then wait 8-10 days for the items (customers pissed)
Read 20 tweets
27 May
I interviewed trading legend Stanley Druckenmiller, who famously made $1B shorting the British pound ("trade of the century").

Today worth $5B, his track record includes a 30-year stretch returning 30%+ per year (and not a single down year).

Here are 10 investing lessons 🧵
1/ Make concentrated bets in high conviction plays Image
2/ Concentrated bets actually reduce risk Image
Read 17 tweets
25 May
One reason Vitalik created ETH: he learnt the dangers of centralization after World of Warcraft took away his wizard’s powers.

If the game maker (Blizzard) let him be, *it* could have created ETH instead.

Now, ETH ($300B) is 4x $ATVI ($75B)

Lesson: The customer is always right
Here is Vitalik's full origin story. Legendary:

cypherhunter.com/en/p/vitalik-b…
Apologies: Warlock, not Wizard (typo)
Read 5 tweets
23 May
Found a great Reddit thread: "What's a rule that was implemented somewhere that massively backfired?"

Here are the best ones 🧵

1/ Alcohol bans at college football games led to increased intoxication problems because fans were getting really drunk before entering the stadium.
2/ "English law in Wales set the death penalty for stealing a sheep. Welshmen caught stealing sheep would claim to be making love to them.

They would get a lesser penalty for beastiality. The consequence of this is Welshmen gained a reputation as 'sheep shaggers'."
3/ In Soviet Russia, steel producers were rewarded by the total weight output of the factory.

This led to production of oversized and un-usable strips of steels. End users had no choice but to take the impractical strip sizes and machine them down, thus wasting steel.
Read 16 tweets
20 May
1/ Netflix is known for its cuthroat culture and willingness to pay top dollar for superstar talent.

The approach is explained in a famous 2009 slide deck: Netflix's strategy has to do with managing "complexity" and "creativity".

These 7 slides explain it 🧵
2/ Netflix competes in media and tech (knoweldge work that require creativity). A high-performer in the field is 10x better than an average performer.

In a "procedural" field (eg manufacturing), the best is only 2x better (industries that deal with atoms are naturally capped).
3/ Most businesses get more complex as they grow.

To deal with this, companies introduce processes (and bureaucracy), which has the adverse effect of driving out creative talent.
Read 13 tweets
14 May
Read some great articles on Spotify's user-friendly interface.

Here are 8 notable UX decisions it makes🧵
1/ Dark mode (which Spotify was been using since early days)

◻️ White text on dark background is easier on the eyes
◻️ Visual comfort = more browsing
◻️ The color scheme is a major contrast to Apple Music
2/ Mobile player more spacious vs. Apple Music

◻️ Apple (L) has the volume control, which crowds the screen
◻️ Spotify (R) has *no* volume control (most people control mobile volume with side phone button)
Read 11 tweets

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