Trung Phan Profile picture
Dec 28, 2022 15 tweets 7 min read Read on X
Up to the 1990s, raw salmon sushi was not eaten in Japan.

What changed? Norway went on a 10-year marketing campaign to sell Atlantic salmon in the East Asian country. And the plan worked.

Here’s a story 🧵 Image
Traditionally, Japan didn’t eat raw Pacific salmon b/c the fish had parasites.

Meanwhile, in the 1970s, Norway got really good at farming parasite-free Atlantic salmon

However, government subsidies led to over-farming and Norway needed to find a way to get rid of excess salmon. Image
Japan was a natural market for raw fish but Norway had to overcome a few obstacles:

▫️The stigma of raw salmon
▫️Atlantic salmon has a different color
▫️Atlantic salmon is fattier (which ended up being a good thing) Image
At the time, the average Japanese person ate 60kg of fish a year (vs. 15kg globally).

Historically, Japan was able to meet its fish demands. But in the 80s, supplies dwindled due to overfishing and Japan was banned from the fishing zones of other countries. It needed imports. Image
To access the Asian market, the Norwegian government launched a plan called Project Japan in the mid-1980s.

Since advertising Atlantic salmon as “parasite free” wasn’t very inviting, Norway focused its messaging on the country’s “fresh waters”. Image
Project Japan also included

▫️Serving raw Atlantic salmon at the embassies in Norway
▫️Getting celebrity chefs in Japan to use Atlantic salmon
▫️Partnering with Japanese suppliers

Even with all of Project Japan’s efforts, it took a decade break in.
One deal changed everything.

Norway offered Nichirei — a Japanese frozen food firm — 5000 tons of Atlantic salmon at a big discount.

The deal: Nichirei had to market it as raw sushi (raw commanded premium over fish to be cooked). And that’s when raw salmon sushi became a thing. Image
Raw salmon consumption first took off in the conveyor belt restaurants. But eventually, salmon sushi went mainstream.

Project Japan costed ~$30m.

The return: Norway went from selling 2 metric tons of salmon to Japan in 1980 to 28,000 metric tons by 1995. Image
If you enjoyed that, check out my Saturday newsletter on business and tech deep dives. Like salmon, it’s best consumed raw with a dab of wasabi.

getrevue.co/profile/trungt…
Sources

Torodex: medium.com/torodex/salmon…

Norway Exports: norwayexports.no/news/norways-i…

Classic Planet Money episode by @jacobgoldstein: npr.org/2019/06/03/729…
This is how I ate sushi in university Image
FYI: To prep my writing, I use an AI-powered research app I made called Bearly AI.

After reading an article or watching a YouTube video, I get an instant summary in one click (which I later review).

Try it for free: Bearly.Ai
To be clear, this thread is about the popularizing of raw Salmon sushi *in Japan*.

While we’re here, shout out to the legend Hidekazu Tojo: he runs a famous Vancouver sushi restaurant of his name and created the California Roll (rice on outside was more appealing for customers). ImageImage
Tojo also invented the BC roll, Rainbow Roll, Golden roll and Spider Roll.

He’s happy the California Roll became popular but is pretty choked when it’s cheapened with imitation crab instead of real crab.

Here’s the story behind the name: insider.com/how-the-califo… Image
The Guinness World Record for most expensive sushi was created by Filipino chef Angelito Araneta Jr.

For $1,978, you get 5-piece sushi roll with Norwegian salmon, foie gras, edible 24-karat gold leaf.

And a bunch of things you can’t eat: Palawan pears and 20-karats of diamonds. Image

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More from @TrungTPhan

Feb 4
Norway discovered off-shore oil in 1969. It launched its sovereign wealth fund with $300m in 1996.

It’s since grown 6,000x to $1.8T or $327,000 per Norwegian (5.5m people).

The fund owns 1.5% of all global equities but, most impressively, had a UX designer put a real-time fund value tracker on its website landing page.
Norway’s SWF roughly is 65% equity, 25% bond, 10% real estate/infra (all global).

Unsurprisingly, its largest holding is Apple ($47B, or 1.4% of the entire company).

On a related note, here is my deep dive podcast on Steve Jobs and making of the iPhone: podcasts.apple.com/us/podcast/caf…
Norway spared no expense on its SWF website. Look at that carousel!
Read 4 tweets
Feb 4
never forget that episode of “Nathan For You” when he launched a fire detector product and tried to avoid import tariffs by turning it into a music device
One company that has been very good at navigating international food tariffs/regulations is Trader Joe’s. Built its dairy and wine businesses by finding workarounds.

I explain in this deep dive podcast on Trader Joe’s business history and strategy: podcasts.apple.com/us/podcast/caf…
Nathan’s “Blues” Smoke Detector Instrument lololol:

— “concert quality”
— “pre-tuned to F-sharp”
— “9 battery lets you jam for hours” Image
Read 4 tweets
Jan 29
wow, found a rare interview of a DeepSeek co-founder talking about his first AI startup exit a few years ago
Jian Yang is my 2nd fave Asian founder who created a food-related product.

The 1st is David Tran, who built Sriracha (great on hot dogs) into a $1B brand using $20k of gold bars he snuck out of Vietnam in milk cans.

I tell the full story in this podcast: podcasts.apple.com/us/podcast/caf…
sold for $15m, what’s your excuse anon? Image
Read 4 tweets
Jan 17
Bookmarked a bunch of great David Lynch posts in past 24 hours (RIP to a legend):

1/ Martin Scorsese Tribute Image
Read 23 tweets
Sep 19, 2024
PayPal’s bland logo redesign was inevitable
Image
If you are the person that did the un-aligned letters for the previous eBay logo, please contact the research app team. We are huge fans of how un-aligned the “e” is with the “y”.Bearly.AI
This article offers up reasons for popularity of simple font logos (mostly Sans Serif):

— Easier to standardize ads across mediums
— Improves readability (especially on mobile)
— The “brand” matters more than the logo velvetshark.com/why-do-brands-…
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Sep 1, 2024
Berkshire Hathaway board member Chris Davis once asked Charlie Munger why Costco didn’t drop the membership card.

Let anyone shop and raise prices by 2% (still great value), thus making up for lost membership fees (and more).

Munger said the card is important filter:

▫️“Think about who you’re keeping out [with a membership card]. Think about the cohort that won’t give you their license and their ID and get their picture taken.

Or they aren’t organized enough to do it, or they can’t do the math to realize [the value]…that cohort will have a 100% of your shoplifters and a 100% of your thieves. Now, it’ll also have most of your small tickets.

And that cohort relative to the US population will probably be shrinking as a % of GDP relative to the people that can do the math [on Costco’s value].”▫️

I have a membership but have been guffing on the math for a few years tbh. They keep telling me to upgrade from Gold to Business but I’m too lazy (even if the 2-3% Cash Back on Business pays back after a few trips).

This is a long way of saying Costco’s membership price hike effective today — its first in 7 years — is annoying but when I decide to do the math in a few months, it’ll be worth it.

***

Chris Davis’ remarks from this episode of The Knowledge Project: open.spotify.com/episode/6fJYHF…Image
Anyway, here is something I wrote about Costco’s $9B+ clothing business my affinity for Kirkland-branded socks and Puma gym shirts. readtrung.com/p/costcos-9b-c…
Two notes:

▫️Meant “Executive” (not “Business”) membership
▫️Chris Davis was doing a pure thought experiment. Costco membership obvi high margin (on~$5B a year) and accounts for majority of Costco profits. Retail margin is tiny on ~$230B of annual sales (Costco would need like another $150B+ from letting anyone shop to make up membership profits)Image
Image
Read 5 tweets

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