Instead of posting a picture of a head of lettuce, I'll offer a view on the likelihood of a Twitter bankruptcy (zero)

Musk has a valuable asset, only it's not worth the $44 billion he paid for it

His bonds total $13 billion and are trading at 60% of face /1 If he's smart (he is, in spite of some erratic behavior), he buys the bonds back at face and his purchase price drops to around $39 billion

He can then do one of three things: (1) Stay on the current course and watch advertisers abandon the platform . . . /2

Monetization for a “free” service is hard. I am a stock market analyst for a bunch of free and paid services

The “norm” for free-to-play games is around $1 per monthly active user (MAU) per month

That rule applies to other services as well /1 Games that monetize through ads also generate $1/mo/MAU (Words with Friends an excellent example)

Facebook generates around $120 billion annually from around 3 billion MAUs. That’s $10 billion a month, or around $3/mo/MAU /2

I use the OJ Simpson murder case as an analogy to the impeachment trial, since OJ was acquitted for lack of proof beyond a reasonable doubt, even though we all knew he did it.

The Trump-Raffensberger call should be analogized to the OJ robbery case /1 OJ broke into a hotel room and stole sports memorabilia at gunpoint. He was arrested and charged. His defense? That the items were "stolen from him" and that he was merely "taking back what was his in the first place" /2

This Apple-Epic battle is interesting.

Apple charges 30% of in-game purchases for games played on its phones, and charges 15% for subscriptions (think newspapers or Spotify). /1 The "30%" came from the fees charged by cable companies for pay-per-view movies in the 90s. Apple worked with record labels to take 30% for song sales, pointing to the cable example, and the record labels (under pressure of piracy) went along /2

Civics lesson:

In an impeachment inquiry, the house conducts an investigation, just like the police do in a criminal investigation. Based on the evidence collected, they act as Grand Jury and decide whether to indict. There is no right of the accused to confront witnesses /1 If the house concludes that bribery, treason or other high crimes and misdemeanors have been committed, they vote on articles of impeachment. To do so requires a simple majority (218) of members. /2

Spoke to a reporter about why my $NFLX target is "so low" at $165. Explained that sum-of-the-parts (SOTP) is shorthand for a guess on future positive free cash flow, and noted that the company has burned MORE cash each year for 5 consecutive years /1 So I explained that the current guide for cash burn "similar to" last year's $(3) billion suggested little or no improvement. At $500 million per year improvement in perpetuity, $NFLX would reach breakeven in 2024, would be debt free by 2032 /2