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InsideArbitrage
🚛 $FDX FedEx shares surged ~8% after hours as the logistics operator 👇👇
📦Unveils plans to ✂️ spin off FedEx Freight in a tax-free separation, forming 2 independent public companies; Expected to be executed within the next 18 months
📦CEO: “This is the right time to pursue a separation as we respond to the unique dynamics of the LTL market. Through this process, we will unlock value for our Freight business and position FedEx to create even greater value for stockholders.”
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🚛 $FDX FedEx shares surged ~8% after hours as the logistics operator 👇👇
📦Unveils plans to ✂️ spin off FedEx Freight in a tax-free separation, forming 2 independent public companies; Expected to be executed within the next 18 months
📦CEO: “This is the right time to pursue a separation as we respond to the unique dynamics of the LTL market. Through this process, we will unlock value for our Freight business and position FedEx to create even greater value for stockholders.”
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Startup Archive
Patrick Collison on what most startups get wrong pre-product/market fit
“The main thing that I think companies screw up at the pre-product/market fit stage is speed of iteration. If you have some kind of meaningful—albeit perhaps small—initial set of users and you’re rapidly iterating in response to their feedback and observed behavior, I think that’s a really good spot to be in… You should be doing everything you can to tighten that feedback cycle.”
Patrick believes most startups get this wrong when it comes to hiring — either they hire the wrong people or they hire too many people. Hiring isn’t just expensive financially, but it often makes you move slower. You have to onboard them, get them up to speed, and then there’s a persistent communication and alignment tax that scales quadratically with more team members.
Patrick believes the ultimate arbiter for a new hire should be, “Will we be more responsive to what we’re learning about our users given the presence of this additional person?”
Empirically the “optimally responsive” team for a pre-product/market fit startup seems to be 2-10 people who are all either building the product or talking to users.
Video source: @ycombinator (2018)
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Patrick Collison on what most startups get wrong pre-product/market fit
“The main thing that I think companies screw up at the pre-product/market fit stage is speed of iteration. If you have some kind of meaningful—albeit perhaps small—initial set of users and you’re rapidly iterating in response to their feedback and observed behavior, I think that’s a really good spot to be in… You should be doing everything you can to tighten that feedback cycle.”
Patrick believes most startups get this wrong when it comes to hiring — either they hire the wrong people or they hire too many people. Hiring isn’t just expensive financially, but it often makes you move slower. You have to onboard them, get them up to speed, and then there’s a persistent communication and alignment tax that scales quadratically with more team members.
Patrick believes the ultimate arbiter for a new hire should be, “Will we be more responsive to what we’re learning about our users given the presence of this additional person?”
Empirically the “optimally responsive” team for a pre-product/market fit startup seems to be 2-10 people who are all either building the product or talking to users.
Video source: @ycombinator (2018)
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Quiver Quantitative
JUST IN: Senator Markwayne Mullin has bought up to $250,000 of the iShares Eurozone ETF, $EZU.
It is comprised of equities from countries that use the Euro.
This is the first time we have seen a member of Congress buy it.
Mullin sits on the Senate Armed Services Committee. https://t.co/89L77ufXrr
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JUST IN: Senator Markwayne Mullin has bought up to $250,000 of the iShares Eurozone ETF, $EZU.
It is comprised of equities from countries that use the Euro.
This is the first time we have seen a member of Congress buy it.
Mullin sits on the Senate Armed Services Committee. https://t.co/89L77ufXrr
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InsideArbitrage
$EXPE Expedia Group appoints Scott Schenkel as CFO, effective Dec 30, 2024.
Julie Whalen remains CFO until the transition.
Schenkel’s previous roles include Interim CEO (2019-2020) and CFO (2015-2019) at eBay.
Compensation
Scott Schenkel will receive an annual base salary of $1M. He will also receive a $3M signing bonus on his start date, followed by an additional $2.2M signing bonus on December 15, 2025, contingent on his continued employment.
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$EXPE Expedia Group appoints Scott Schenkel as CFO, effective Dec 30, 2024.
Julie Whalen remains CFO until the transition.
Schenkel’s previous roles include Interim CEO (2019-2020) and CFO (2015-2019) at eBay.
Compensation
Scott Schenkel will receive an annual base salary of $1M. He will also receive a $3M signing bonus on his start date, followed by an additional $2.2M signing bonus on December 15, 2025, contingent on his continued employment.
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Stock Analysis Compilation
Sohra Peak on Mader Group $MDR AU
Thesis: Mader Group’s conservative guidance and strong execution make it a compelling long-term opportunity with significant upside potential
(Extract from their Q3 letter) https://t.co/PIeFyZHDom
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Sohra Peak on Mader Group $MDR AU
Thesis: Mader Group’s conservative guidance and strong execution make it a compelling long-term opportunity with significant upside potential
(Extract from their Q3 letter) https://t.co/PIeFyZHDom
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InsideArbitrage
UK's CMA announced that it could approve the Synopsys $SNPS Ansys $ANSS merger if competition concerns are resolved -
✴️During its Phase 1 investigation, @CMAgovUK found that the proposed purchase of Ansys by Synopsys could reduce competition in the supply of certain semiconductor chip design and light simulation products in the UK.
✴️The CMA believes the merger could reduce choice for customers. This could lead to a loss of innovation, lower quality software, and/or higher prices which may then be passed on to UK businesses and consumers.
✴️Synopsys and Ansys now have the opportunity to submit proposals to address the CMA’s concerns. If suitable proposals are not submitted, the CMA will progress to an in-depth Phase 2 investigation.
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UK's CMA announced that it could approve the Synopsys $SNPS Ansys $ANSS merger if competition concerns are resolved -
✴️During its Phase 1 investigation, @CMAgovUK found that the proposed purchase of Ansys by Synopsys could reduce competition in the supply of certain semiconductor chip design and light simulation products in the UK.
✴️The CMA believes the merger could reduce choice for customers. This could lead to a loss of innovation, lower quality software, and/or higher prices which may then be passed on to UK businesses and consumers.
✴️Synopsys and Ansys now have the opportunity to submit proposals to address the CMA’s concerns. If suitable proposals are not submitted, the CMA will progress to an in-depth Phase 2 investigation.
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Startup Archive
Steve Jobs on how Heathkits changed how he saw the world
Jobs recalls a Hewlett Packard engineer named Larry Lang moving in down the street from him when he was only 6 or 8 years old and introducing him to Heathkits.
“Heathkits were these products you would buy in kit form… They would come with detailed manuals on how to put this thing together, and all the parts would be laid out in a certain way and color coded. And you’d actually build this thing.”
Jobs explains that this was formative in his development in several ways:
“It gave one an understanding of what was inside a finished product and how it worked… But maybe more importantly, it gave one the sense that one could build the things one saw around oneself in the universe. You see, these things were not mysteries anymore. When you looked at a television set, you would think, ‘Well I haven’t built one of those but I could. There’s one of those in the Heathkit catalog, and I built two other Heathkits, so I could build a television set.’”
He continues:
“Things became much more clear that they were the results of human creation, not these magical things that just appeared in one’s environment… It gave one a tremendous degree of self-confidence that through exploration and learning, one could understand seemingly very complex things in one’s environment.”
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Steve Jobs on how Heathkits changed how he saw the world
Jobs recalls a Hewlett Packard engineer named Larry Lang moving in down the street from him when he was only 6 or 8 years old and introducing him to Heathkits.
“Heathkits were these products you would buy in kit form… They would come with detailed manuals on how to put this thing together, and all the parts would be laid out in a certain way and color coded. And you’d actually build this thing.”
Jobs explains that this was formative in his development in several ways:
“It gave one an understanding of what was inside a finished product and how it worked… But maybe more importantly, it gave one the sense that one could build the things one saw around oneself in the universe. You see, these things were not mysteries anymore. When you looked at a television set, you would think, ‘Well I haven’t built one of those but I could. There’s one of those in the Heathkit catalog, and I built two other Heathkits, so I could build a television set.’”
He continues:
“Things became much more clear that they were the results of human creation, not these magical things that just appeared in one’s environment… It gave one a tremendous degree of self-confidence that through exploration and learning, one could understand seemingly very complex things in one’s environment.”
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