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Trung Phan 🇨🇦 Profile picture
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5 Nov, 6 tweets, 3 min read
In the early 90s, Elon did an internship at Scotiabank in Canada.

Instead of offering college-aged Elon the CEO job, Scotiabank made the greatest corporate gaffe ever and let him go.

Musk ($320B) is now worth 4x Scotiabank ($80B).

LESSON: People are your most important asset. Image
More seriously, Musk pitched his Scotiabank boss a bond trade that would have crushed it and they said “no”.

The experience convinced him to take on the stodgy financial sector (aka led to X and PayPal). Image
Follow @TrungTPhan for other hard-hitting business lessons
😂😂😂
Too good (h/t @TikTokInvestors)
I also worked briefly at Scotiabank.

Letting me go was a very prudent move on their part lol Image

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More from @TrungTPhan

Trung Phan 🇨🇦 Profile picture
7 Nov
In 2021, Peloton has seen its market cap fall from $50B to $17B. The “iPad on a bike” joke is trending but it’s a bit unfair.

Peloton’s design smartly uses many psychological hacks to get people hooked on exercise (and it's worth learning from).

Here are 9 of them🧵 Image
1/ The psychological challenge with fitness is called “hyperbolic discounting”: we value immediate though smaller rewards more than long-term larger rewards.

The pain of diet or exercise NOW isn’t worth the long-term benefit of “being in shape”. Image
2/ Peloton's goal is to get you on -- and hooked by -- its bike. The key to this is "the habit loop": a neurological phenomenon that governs any habit (good or bad).

It has 3 parts:

1⃣CUE: Trigger craving
2⃣ROUTINE: Action to get reward
3⃣REWARD: Satisfaction of craving Image
Read 18 tweets
Trung Phan 🇨🇦 Profile picture
6 Nov
Janet Yellen using all her burners to vote YES on @elonmusk “should I sell 10% of Tesla to pay taxes” Twitter poll
to clarify: “unrealized capital gains tax” Twitter poll
You may also enjoy this thread
Read 4 tweets
Trung Phan 🇨🇦 Profile picture
4 Nov
this is too accurate
FYI: You should check out the Not Investment Advice (NIA) podcast for good laughs on business, tech and how to properly set up cords in your home.

🔗 podcasts.apple.com/us/podcast/not…
Speaking of hording stuff, you’ll love this thread
Read 5 tweets
Trung Phan 🇨🇦 Profile picture
4 Nov
Birkin Bags are the crown jewel in Hermès $170B+ luxury empire. One bag can cost ~$50k and the record sale is $500k.

Why so pricey? Hermès has perfected the psychology of scarcity and demand (or as its CEO Axel Dumas describes it: “creating desire”).

Here’s a breakdown🧵
1/ Hermès is the world's top ultra-premium lux brand. And it runs its own playbook with:

◻️Few ads
◻️No marketing dept
◻️Few celebrity endorsements

Rather, Hermès creates desire for its products (including Birkin Bag) in 2 powerful ways: *managed scarcity* and *managed desire*.
2/ Long heritage

A powerful source of scarcity is history. Founded in 1837 by Thierry Hermès as a leather workshop, Hermès passed through 6 family generations and is now run by the Dumas clan.

(Lux competitor LVMH knows the power of heritage:it owns 10+ brands over 100yr old)
Read 21 tweets
Trung Phan 🇨🇦 Profile picture
1 Nov
Charlie Munger is getting dragged for his proposed 4,536 room (11 story) UCSB dorm design with half the rooms lacking natural light.

Honestly, looks a lot better than the closet I lived in first year at McGill University. ImageImage
The gym and common area look frickin’ awesome

🔗 drive.google.com/file/d/1IgEAYC… ImageImageImageImage
As long as the Munger Hall has space for a beer pong tourney, I’m in (yes, that’s me rocking a Nick Van Exel purple Lakers jersey) Image
Read 4 tweets
Trung Phan 🇨🇦 Profile picture
31 Oct
Trader Joe's has a playful brand but its business is very serious (annual revenue = $14B+).

With no ad spend or online sales, the chain perfected one psychological hack in its store/product design to achieve industry-leading sales of ~$1.7k per square foot.

Here's a breakdown🧵
1/ "The Paradox of Choice" is the main psychological phenomenon that explains Trader Joe's (TJs) success.

While "choice" sounds great, too many options can lead to analysis paralysis: the inability to make a decision and/or fear of making wrong choice.
2/ In 2000, Stanford researches highlighted "The Paradox of Choice" by setting up 2 display tables in a store with:

◻️24 jam option (60% of shoppers tried, 3% bought)
◻️6 jam options (40% of shoppers tried, 30% bought)

The table with fewer jam options converted 10x better!
Read 18 tweets

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