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📊 This Week in Visuals: $TCEHY $BABA $CSCO $AMAT $SHOP $SPOT $NU $SE $JD $NTES $FLUT $DDOG $LYV $GRAB $ONON $LNVGY $CYBR $CART $STNE $DLO $SEMR $OLO
Check out the latest earnings👇
https://t.co/71Ps5KqS6D https://t.co/UURFW0eF2B
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📊 This Week in Visuals: $TCEHY $BABA $CSCO $AMAT $SHOP $SPOT $NU $SE $JD $NTES $FLUT $DDOG $LYV $GRAB $ONON $LNVGY $CYBR $CART $STNE $DLO $SEMR $OLO
Check out the latest earnings👇
https://t.co/71Ps5KqS6D https://t.co/UURFW0eF2B
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Offshore
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Startup Archive
Sam Altman's 9 things that the best founders do to build a great company
#1 Get to know your users really well
“The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.”
#2 Have a short cycle time & understand compound growth
“The cycle here is basically: talk to customer to understand pain point → build product to address that → get that in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.”
#3 Make a long-term commitment
“Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.”
#4 Stay lean until everything is working really well
“In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.”
#5 Resist the urge to hire; especially resist the urge to hire mediocre people
“Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of time recruiting and retaining good talent.”
#6 Relentless execution
“You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with their company.”
#7 Startups are about not giving up
“One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.”
#8 Fiduciary duty to take care of yourself
“This is a 10 year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.”
#9 Clear mission
“You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two y[...]
Sam Altman's 9 things that the best founders do to build a great company
#1 Get to know your users really well
“The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.”
#2 Have a short cycle time & understand compound growth
“The cycle here is basically: talk to customer to understand pain point → build product to address that → get that in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.”
#3 Make a long-term commitment
“Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.”
#4 Stay lean until everything is working really well
“In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.”
#5 Resist the urge to hire; especially resist the urge to hire mediocre people
“Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of time recruiting and retaining good talent.”
#6 Relentless execution
“You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with their company.”
#7 Startups are about not giving up
“One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.”
#8 Fiduciary duty to take care of yourself
“This is a 10 year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.”
#9 Clear mission
“You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two y[...]
Offshore
Startup Archive Sam Altman's 9 things that the best founders do to build a great company #1 Get to know your users really well “The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You…
ears—figure out a really important mission. It’s this mission that gets people to join them. It drives the founders. It gets the media to write about them. And even if you start off building a project that’s just interesting to you and solves a problem in your life—which is how you should start—remember that you should have a clear mission at some point… That is what will convince people to come help you, and that is how you will build this idea into a huge company with a ton of people that really love your product.”
Video source: @StanfordOnline (2017)
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Video source: @StanfordOnline (2017)
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Offshore
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App Economy Insights
What are you watching this week?
• Tuesday: $WMT, $LOW.
• Wednesday: $NVDA, $SNOW, $PANW, $TGT, $NIO, $GLBE.
• Thursday: $PDD, $ESTC, $INTU.
All visualized in our PRO coverage next Saturday! https://t.co/t3YHBTh6ey
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What are you watching this week?
• Tuesday: $WMT, $LOW.
• Wednesday: $NVDA, $SNOW, $PANW, $TGT, $NIO, $GLBE.
• Thursday: $PDD, $ESTC, $INTU.
All visualized in our PRO coverage next Saturday! https://t.co/t3YHBTh6ey
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Offshore
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Stock Analysis Compilation
Ennismore on Philip Morris $PM US
Thesis: PM leads the smokefree revolution with dominant positions in heated tobacco and nicotine pouches, poised for mid-teens earnings growth and a compelling 4.5% dividend yield
(Extract from their Q3 letter) https://t.co/JFGsdYV1VW
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Ennismore on Philip Morris $PM US
Thesis: PM leads the smokefree revolution with dominant positions in heated tobacco and nicotine pouches, poised for mid-teens earnings growth and a compelling 4.5% dividend yield
(Extract from their Q3 letter) https://t.co/JFGsdYV1VW
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Offshore
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Stock Analysis Compilation
Cleabridge on SBA Communications $SBAC US
Thesis: SBA stands to benefit from rising demand for data and the ongoing 5G rollout, offering strong pricing power and long-term growth potential as a leading wireless infrastructure operator
(Extract from their Q3 letter) https://t.co/jHZOdAM6QW
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Cleabridge on SBA Communications $SBAC US
Thesis: SBA stands to benefit from rising demand for data and the ongoing 5G rollout, offering strong pricing power and long-term growth potential as a leading wireless infrastructure operator
(Extract from their Q3 letter) https://t.co/jHZOdAM6QW
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AkhenOsiris
Canaccord on Betting Space:
Sportsbooks took a cautious approach to their Q4 outlooks after weeks of unfavorable sports outcomes, according to Canaccord. DraftKings reported a $175M EBITDA headwind for the quarter, citing the most customer-friendly stretch of NFL results in its history. Similarly, Penn Entertainment (PENN) opted not to reflect its Q3 Interactive EBITDA beat in its FY24 guidance. This conservative positioning leaves room for potential upside if conditions improve for operators before the end of the year. The weekend provided a positive start, with six underdogs winning outright in NFL week 10—including one of the five largest—and 11 of 14 underdogs covering the spread, the highest number all season. Additionally, sportsbooks likely benefited from a low-scoring week, as 10 games fell below their projected totals, including three of four prime-time matchups. In New York, the first state to report October sports betting data, total handle increased approximately 16% year-over-year to $2.3B. However, total gross gaming revenue, or GGR, grew just 6% year-over-year to $176M, reflecting the impact of customer-friendly NFL outcomes. Betting volumes remained strong despite this being the third football season with online sports betting in New York. For the week ending November 3, total handle grew 17% year-over-year to $558M, while GGR increased 38% year-over-year to $52<, indicating mixed results for sportsbooks. fanduel continued to extend its lead in new york by handle share, reaching 41% compared to draftkings' 33%. fanatics also made gains, with its market share increasing by 550 basis points year-over-year to 7%. fanduel's industry-leading hold percentage helped maintain its top position in ggr share at 51%, followed by draftkings at 32%, according to canaccord.
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Canaccord on Betting Space:
Sportsbooks took a cautious approach to their Q4 outlooks after weeks of unfavorable sports outcomes, according to Canaccord. DraftKings reported a $175M EBITDA headwind for the quarter, citing the most customer-friendly stretch of NFL results in its history. Similarly, Penn Entertainment (PENN) opted not to reflect its Q3 Interactive EBITDA beat in its FY24 guidance. This conservative positioning leaves room for potential upside if conditions improve for operators before the end of the year. The weekend provided a positive start, with six underdogs winning outright in NFL week 10—including one of the five largest—and 11 of 14 underdogs covering the spread, the highest number all season. Additionally, sportsbooks likely benefited from a low-scoring week, as 10 games fell below their projected totals, including three of four prime-time matchups. In New York, the first state to report October sports betting data, total handle increased approximately 16% year-over-year to $2.3B. However, total gross gaming revenue, or GGR, grew just 6% year-over-year to $176M, reflecting the impact of customer-friendly NFL outcomes. Betting volumes remained strong despite this being the third football season with online sports betting in New York. For the week ending November 3, total handle grew 17% year-over-year to $558M, while GGR increased 38% year-over-year to $52<, indicating mixed results for sportsbooks. fanduel continued to extend its lead in new york by handle share, reaching 41% compared to draftkings' 33%. fanatics also made gains, with its market share increasing by 550 basis points year-over-year to 7%. fanduel's industry-leading hold percentage helped maintain its top position in ggr share at 51%, followed by draftkings at 32%, according to canaccord.
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AkhenOsiris
The Generalist on Scaling Laws:
The AI community cannot resolve this holy war any time soon; there are no facts to be brought to this feelings fight. Instead, we should turn our attention to what it would mean for AI to question its devotion to scaling laws. A loss of faith could have cascading effects beyond LLMS, impacting all industries and markets.
It should be said that we haven't yet exhausted scaling laws in most areas of AI/ ML; there are more miracles to come. However, if doubt does creep in, it will become much harder for investors and builders alike to have similarly high conviction in the terminal state of performance for "earlier in the curve" categories like biotech and robotics. Put another way, if we see LLMS begin to slow down and stray from the anointed path, the belief systems of many founders and investors will collapse in adjacent areas.
Whether or not this is fair is a different question. open.substack.com/pub/thegen…
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The Generalist on Scaling Laws:
The AI community cannot resolve this holy war any time soon; there are no facts to be brought to this feelings fight. Instead, we should turn our attention to what it would mean for AI to question its devotion to scaling laws. A loss of faith could have cascading effects beyond LLMS, impacting all industries and markets.
It should be said that we haven't yet exhausted scaling laws in most areas of AI/ ML; there are more miracles to come. However, if doubt does creep in, it will become much harder for investors and builders alike to have similarly high conviction in the terminal state of performance for "earlier in the curve" categories like biotech and robotics. Put another way, if we see LLMS begin to slow down and stray from the anointed path, the belief systems of many founders and investors will collapse in adjacent areas.
Whether or not this is fair is a different question. open.substack.com/pub/thegen…
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Dimitry Nakhla | Babylon Capital®
What Dev Kantesaria of Valley Forge looks for when investing in stocks📚
“We are looking for companies that provide essential products & services that have a long history of pricing power, that have a dominant market position that we think is not subject to significant disruption.
We like to see a company operate in an industry whose volumes are going up significantly overtime. The companies that we invest in often have many different levels to win.”
#stocks #investing
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What Dev Kantesaria of Valley Forge looks for when investing in stocks📚
“We are looking for companies that provide essential products & services that have a long history of pricing power, that have a dominant market position that we think is not subject to significant disruption.
We like to see a company operate in an industry whose volumes are going up significantly overtime. The companies that we invest in often have many different levels to win.”
#stocks #investing
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Dimitry Nakhla | Babylon Capital®
$PEP trading near its lowest earnings multiple in the last 5 years🥤
#stocks #investing #dividends https://t.co/5620Onr3IZ
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$PEP trading near its lowest earnings multiple in the last 5 years🥤
#stocks #investing #dividends https://t.co/5620Onr3IZ
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Offshore
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Stock Analysis Compilation
Harding Loevner on Clicks Group $CLS SJ
Thesis: Clicks’s dominant market position and vertically integrated model set the stage for accelerated growth in South Africa’s underpenetrated pharmacy sector, with expanding market share and high ROE as key drivers
(Extract from their Q3 letter)
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Harding Loevner on Clicks Group $CLS SJ
Thesis: Clicks’s dominant market position and vertically integrated model set the stage for accelerated growth in South Africa’s underpenetrated pharmacy sector, with expanding market share and high ROE as key drivers
(Extract from their Q3 letter)
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