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Fritz (Michael Fritzell) Profile picture
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7 Jul, 5 tweets, 2 min read
Survey: What is the best type of aggregator e-mails?

Genuinely curious what people enjoy reading the most
Platformer:

Long text with detailed descriptions that save you from clicking the link
The Diff:

Top five or so articles, plenty of text to describe why they've been chosen
The Bear Cave:

Just a few articles with key quotes for each
Asian Century Stocks (so far):

Quick bullet points, but many of them

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More from @Fritz844

Fritz (Michael Fritzell) Profile picture
7 Jul
Nintendo's approach to product development is a key reason behind the company's success.

Here's the story of the man who developed it.

👇👇
Nintendo started in Kyoto in 1889 out as a producer of "flower cards" - playing cards used for gambling.

Japan had just allowed gambling within its borders and Nintendo's flower card business was thriving.
By the 1950s, Nintendo had already 100 workers employed at the factory.

But there was new competition. After the war, the Japanese turned to Pachinko machines as a new form of gambling and recreation. Like pinball machines, these captured an element of both skill and luck.
Read 20 tweets
Fritz (Michael Fritzell) Profile picture
30 May
Key investment-related ideas from John Train's Money Masters of Our Time

(1/x)
T. Rowe Price:
• Seek "fertile fields of growth" then hold stocks forever
• Early stage of growth most profitable / least risky
• Want superior R&D, lack of competition, immunity from regulation, low labour costs, >10% ROIC
• Red flags: new weak mgmt, saturation, falling ROIC
Warren Buffett:
• Key is business franchise: whether competitors can squeeze prices and profits
• Wants high ROIC, understandable, see profits in cash, can raise prices, simple to run, not targets of regulation, owner-oriented
• Best business = royalty on growth of others
Read 19 tweets
Fritz (Michael Fritzell) Profile picture
28 May
On e-commerce:

In the Dotcom bubble, everybody went all in on telecom stocks. Few of them turned out to be particularly strong businesses.

Are we doing the same in this cycle?
The pitch for Alibaba during its IPO process was it dominating the market thanks to a 2-sided network effect.

While such network effects make it difficult to match Alibaba on SKU availability and price, other competitors have found niches in delivery speeds and quality control.
I'm convinced that these network effects play a smaller role as time goes by. It only takes a few botched up orders for you to become disillusioned with a service. I'm fed up with Alibaba's Lazada for that reason.
Read 8 tweets
Fritz (Michael Fritzell) Profile picture
23 May
Questioning popular narratives (from my old notes).

(1/x)
We think in terms of stories. Stimuli direct our attention to real-world objects, which our inner writer explains via plausible stories.
Our brains contain sets of stories that we mostly borrowed from others. If the narratives seem reasonable, fit with our own observations and we hear them over and over again, then chances are high that we will eventually buy into them.
Read 19 tweets
Fritz (Michael Fritzell) Profile picture
21 May
Total website visits to Robinhood peaked in February Image
The number of comments on subreddit r/investing also peaked in February 2021. For now... obviously Image
Same for the r/stocks subreddit: February was the peak, for now Image
Read 4 tweets
Fritz (Michael Fritzell) Profile picture
16 May
Today, much of the focus is on US compounded stocks, cryptocurrencies and COVID-19.

Let's get some perspective (1/x)
Key headlines in 1999:
• Motorola earnings
• Gateway Spanish speaking product
• Mutual funds
• Intel earnings
Key headlines in 2000:
• Compaq introduces hand-held line
• Looking forward to Home Depot earnings
• Bank CEO regulation
• Venture Capital flows still strong, despite crash
Read 25 tweets

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