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Librarian Capital
How you know an investment column has lost its audience
The below is the 2nd most-recommended comment on a weekly investment column published on Friday
Column was supposedly about tough markets
Comment was about ... I don't know what it's about
12 "recommends"; top one has 20 https://t.co/DGyjargFpM
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How you know an investment column has lost its audience
The below is the 2nd most-recommended comment on a weekly investment column published on Friday
Column was supposedly about tough markets
Comment was about ... I don't know what it's about
12 "recommends"; top one has 20 https://t.co/DGyjargFpM
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Stock Analysis Compilation
Orbis on Nintendo $7974 JP
Thesis: Nintendo's evolution into multimedia, alongside its core video game business, offers significant upside with minimal downside risk given its strong brand, IP, and new revenue streams.
(Extract from their Q2 letter) https://t.co/9CEGAik6dH
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Orbis on Nintendo $7974 JP
Thesis: Nintendo's evolution into multimedia, alongside its core video game business, offers significant upside with minimal downside risk given its strong brand, IP, and new revenue streams.
(Extract from their Q2 letter) https://t.co/9CEGAik6dH
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Librarian Capital
When FCF Yield is not a better metric than P/E
Novo Nordisk $NOVO & Eli Lilly $LLY
FCF = Op CF - CapEx (inc. intangibles)
NOVO 2023 FCF $44.8bn vs. Net Income $83.7bn
LLY 2023 FCF -$3.0bn
To get "real" earnings, you need to understand the business, there is no formula shortcut https://t.co/eJ6b9Fnhh2
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When FCF Yield is not a better metric than P/E
Novo Nordisk $NOVO & Eli Lilly $LLY
FCF = Op CF - CapEx (inc. intangibles)
NOVO 2023 FCF $44.8bn vs. Net Income $83.7bn
LLY 2023 FCF -$3.0bn
To get "real" earnings, you need to understand the business, there is no formula shortcut https://t.co/eJ6b9Fnhh2
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Librarian Capital
Diageo has reportedly hired bankers to explore whether to dispose of Pimms (Sky)
Also reportedly exploring potential disposals of Safari, a fruit liqueur, and Pampero, a rum brand
$DGE $DEO
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Diageo has reportedly hired bankers to explore whether to dispose of Pimms (Sky)
Also reportedly exploring potential disposals of Safari, a fruit liqueur, and Pampero, a rum brand
$DGE $DEO
Exclusive: Diageo, the FTSE-100 alcoholic drinks giant, has begun exploring a sale of Pimm’s, the English summer tipple which has held a long association with the Wimbledon tennis championships. It has owned Pimm’s, which was created in 1840, since 1997. https://t.co/TflOwGKTkD tweet
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Librarian Capital
Elon Musk, during 2022 US mid-term elections:
“I voted ... first time I ever voted Republican"
"Massive red wave in 2022"
Both of these were false: The Democrats gained 1 seat, and state records showed Elon Musk did not vote
Source: "Character Limit" (Kate Conger & Ryan Mac) https://t.co/rrMuwGu52b
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Elon Musk, during 2022 US mid-term elections:
“I voted ... first time I ever voted Republican"
"Massive red wave in 2022"
Both of these were false: The Democrats gained 1 seat, and state records showed Elon Musk did not vote
Source: "Character Limit" (Kate Conger & Ryan Mac) https://t.co/rrMuwGu52b
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Investing visuals
Show this to every investor who only talks about stock price👇 https://t.co/BRJCOA9IKk
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Show this to every investor who only talks about stock price👇 https://t.co/BRJCOA9IKk
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Startup Archive
RT @filippkowalski: “Go hard at it. [...] Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”
Yes 💯
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RT @filippkowalski: “Go hard at it. [...] Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”
Yes 💯
Brian Armstrong explains how he built Coinbase on nights and weekends while working at Airbnb
Brian first advises those who are currently employed to not build your project on company hours or on your company laptop:
“If you build it on company time or on the company hardware, the company probably owns the IP.”
Then he describes his schedule for working on Coinbase while still working full-time at Airbnb.
“I would often work [at Airbnb] until 7pm. I’d come home, eat dinner, and then I would work from 8pm to midnight. I would do that maybe 3-4 days a week on weekdays. And then on the weekend I’d work Sunday afternoon for 7-8 hours.”
Brian did this consistently for about a year and a half until Coinbase was far enough along for him to get seed funding from Y Combinator.
“It sucked. I mean I was tired after the full day of work [at Airbnb]. But this is where determination comes in… At that moment in time, I was in my late 20s, and I was like, ‘I really want to try to build something important in the world.’”
When asked how he maintained friendships during this time, Brian replies:
“I was pretty intense about it. I would say I sacrificed friendships for it. It’s not like I was just never responding to people, but I’ve seen this happen to various people. They get to a certain point in their life. Sometimes they turn a certain age where they thought they would have more done by then or maybe someone in their family passes away and they’re like, Oh my god, time is finite. It’s precious. And something happens where they’re like, ‘I’m going to get this done, no matter the cost.’”
Brian tells those out there who might be in a similar situation:
“Go hard at it. Finish your book. Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”
Video source: @StevenBartlett (2022) tweet
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Startup Archive
Patrick Collison on the importance of beauty and craftsmanship when building products
“If Stripe is a monstrously successful business, but what we make isn’t beautiful, and Stripe doesn’t embody a culture of incredibly exacting craftsmanship, I’ll be much less happy. I think the returns to both of those things in the world are really high. I think even beyond the pecuniary or financial returns, the world’s just uglier than it needs to be… One can do things well or poorly, and beauty is not a rivalrous good.”
Patrick believes a commitment to craftsmanship and beauty played an important role in Stripe’s success:
“My intuition is that more of Stripe’s success than one would think is downstream of the fact that people like beautiful things—and for kind of rational reasons because what does a beautiful thing tell you? Well it tells you the person who made it really cared… And so if you care about the infrastructure being holistically good, indexing on the superficial characteristics that you can actually observe is not an irrational thing to do.”
Video source: @MillionStories (Mar 2024)
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Patrick Collison on the importance of beauty and craftsmanship when building products
“If Stripe is a monstrously successful business, but what we make isn’t beautiful, and Stripe doesn’t embody a culture of incredibly exacting craftsmanship, I’ll be much less happy. I think the returns to both of those things in the world are really high. I think even beyond the pecuniary or financial returns, the world’s just uglier than it needs to be… One can do things well or poorly, and beauty is not a rivalrous good.”
Patrick believes a commitment to craftsmanship and beauty played an important role in Stripe’s success:
“My intuition is that more of Stripe’s success than one would think is downstream of the fact that people like beautiful things—and for kind of rational reasons because what does a beautiful thing tell you? Well it tells you the person who made it really cared… And so if you care about the infrastructure being holistically good, indexing on the superficial characteristics that you can actually observe is not an irrational thing to do.”
Video source: @MillionStories (Mar 2024)
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Startup Archive
Keith Rabois on the “one person, one problem" framework he learned from Peter Thiel
"Peter Thiel used to insist at PayPal that every single person could only do exactly one thing. And we all rebelled. You feel like it's insulting to be asked to do just one thing.
But Peter would enforce this pretty strictly. He'd basically say: 'I will not talk to you about anything else except for this one thing that I've assigned to you. I don't want to hear about how great you're doing in this other area. Just focus until you conquer this one problem.'...
The insight behind this is that most people will solve problems that they understand how to solve. Roughly speaking, they will solve B+ problems instead of A+ problems.
A+ problems are high-impact problems for your company but they're difficult--you don't wake up in the morning with a solution to them, so you tend to procrastinate...
If you have a company that's always solving B+ problems, you'll never create the breakthrough idea because no one is spending 100% of their time banging their head against the wall every day until they solve it"
Video source: @ycombinator (2014)
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Keith Rabois on the “one person, one problem" framework he learned from Peter Thiel
"Peter Thiel used to insist at PayPal that every single person could only do exactly one thing. And we all rebelled. You feel like it's insulting to be asked to do just one thing.
But Peter would enforce this pretty strictly. He'd basically say: 'I will not talk to you about anything else except for this one thing that I've assigned to you. I don't want to hear about how great you're doing in this other area. Just focus until you conquer this one problem.'...
The insight behind this is that most people will solve problems that they understand how to solve. Roughly speaking, they will solve B+ problems instead of A+ problems.
A+ problems are high-impact problems for your company but they're difficult--you don't wake up in the morning with a solution to them, so you tend to procrastinate...
If you have a company that's always solving B+ problems, you'll never create the breakthrough idea because no one is spending 100% of their time banging their head against the wall every day until they solve it"
Video source: @ycombinator (2014)
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