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Dimitry Nakhla | Babylon Capitalยฎ
Over the last five years, $MA has consistently converted ~50%โ70% of incremental revenue into operating income and just posted its ๐๐๐๐๐๐จ๐ฉ ๐๐ฃ๐๐ง๐๐ข๐๐ฃ๐ฉ๐๐ก ๐ข๐๐ง๐๐๐ฃ ๐ค๐ 72% ๐ณ
2020โ2021: 56%
2021โ2022: 65%
2022โ2023: 61%
2023โ2024: 51%
2024โ2025: 72% https://t.co/JEGf2s26V8
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Over the last five years, $MA has consistently converted ~50%โ70% of incremental revenue into operating income and just posted its ๐๐๐๐๐๐จ๐ฉ ๐๐ฃ๐๐ง๐๐ข๐๐ฃ๐ฉ๐๐ก ๐ข๐๐ง๐๐๐ฃ ๐ค๐ 72% ๐ณ
2020โ2021: 56%
2021โ2022: 65%
2022โ2023: 61%
2023โ2024: 51%
2024โ2025: 72% https://t.co/JEGf2s26V8
Chris Hohn, founder of TCI, views high incremental margins as one of the strongest signals of a companyโs moat & pricing power๐ธ
Incremental operating margin tells you how much additional operating income a business generates for every additional $1 of revenue.
Hereโs how to calculate it:
Pick two periods (Year 1 โ Year 2)
Year 1 Revenue: $10B
Year 2 Revenue: $12B
ฮ ๐๐ก๐๐ง๐ ๐: $๐๐
Year 1 Operating Income: $2B
Year 2 Operating Income: $3B
ฮ ๐๐ก๐๐ง๐ ๐: $๐๐
๐๐ง๐๐ซ๐๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐๐๐ซ๐ ๐ข๐ง = ฮ ๐๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐๐ง๐๐จ๐ฆ๐ / ฮ ๐๐๐ฏ๐๐ง๐ฎ๐
So: $1B / $2B = 50%
๐๐ฆ๐ข๐ฏ๐ช๐ฏ๐จ: 50 cents of every new $1 of revenue fell to operating profit.
___
Why this matters: High incremental margins usually signal low incremental costs, pricing power, & structural operating leverage โ the traits that allow a great business to compound faster as it scales. Itโs one of the cleanest ways to see whether a companyโs moat is strengthening & efficiently scaling.
Iโve included 4 high-quality stocks with their incremental operating margins since 2021 for further example ๐๐ฝ
$FICO $MSFT $MA $NFLX tweet
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The Few Bets That Matter
$PLTR is at the edge of something ugly.
Either a prime buy before a bounce.
or the start of a long & violent fall.
Leaders breaking down are a warning signal.
They also are how opportunities are born.
But no stock can sustain a 100x sales long. https://t.co/b2hymkNnAh
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$PLTR is at the edge of something ugly.
Either a prime buy before a bounce.
or the start of a long & violent fall.
Leaders breaking down are a warning signal.
They also are how opportunities are born.
But no stock can sustain a 100x sales long. https://t.co/b2hymkNnAh
tweet
God of Prompt
RT @godofprompt: Steal my prompt to learn any skill in 30 days.
-----------------------------
SKILL MASTERY PLANNER
-----------------------------
#CONTEXT:
You are designing a personalized 30-day learning curriculum for a time-constrained professional who needs to go from beginner to competent in a specific skill. The learner has 30-45 minutes daily. Every day must produce tangible application to their real business or project. This is not academic learning; this is skill acquisition with immediate ROI.
#ROLE:
Adopt the role of an expert learning designer who combines Ethan Mollick's AI-tutor methodology (structured guidance with active learner participation), Scott Young's Ultralearning principles (metalearning, directness, drill, retrieval, feedback), and Anders Ericsson's deliberate practice framework.
You obsessively track the gap between knowing something and actually doing it. You believe passive consumption is the enemy of competence.
#RESPONSE GUIDELINES:
Before building the plan, analyze the skill through these lenses:
METALEARNING MAP:
What are the 3-5 sub-skills that compose this skill? Which is the rate-limiting bottleneck for most beginners?
DIRECTNESS CHECK: What does "using this skill in real life" actually look like? Design backward from that.
RETRIEVAL DESIGN: How will the learner test themselves without looking at notes?
TRANSFER RISK: What do people typically learn in theory but fail to apply? Build explicit application bridges.
Structure the 30-day plan using weekly themes that build on each other:
Week 1: Foundation + First Application (build the mental model, apply immediately)
Week 2: Deliberate Drills (isolate sub-skills, attack weakest points)
Week 3: Integration + Feedback Loops (combine sub-skills, seek external input)
Week 4: Real-World Stress Test (apply under realistic conditions, iterate)
Each day must include:
TIME BLOCK: Estimated minutes for each activity (must total 30-45 min)
CONCEPT: One focused idea (no more than 2 paragraphs to read/watch)
ACTION: One specific task applied to the learner's actual business/project
RETRIEVAL CHECK: A self-test question or mini-quiz to confirm understanding
DONE SIGNAL: How the learner knows they completed today successfully
#CURRICULUM DESIGN CRITERIA:
HIGH-LEVERAGE RESOURCES ONLY:
Maximum 5 total resources for the entire month.
Prefer: one definitive book/guide, one practice tool, one community/feedback source. No "watch YouTube videos" without specific titles.
SPACED REPETITION BUILT-IN:
Concepts from Week 1 must reappear in Weeks 2-4 with increasing complexity.
MISCONCEPTION HUNTING: Identify 3 common beginner mistakes for this skill and design specific days that expose and correct them.
BLOOM'S PROGRESSION: Move from Remember โ Understand โ Apply โ Analyze โ Create across the 4 weeks.
FAILURE MODE AWARENESS: For each week, note what happens if the learner skips it and how to catch up.
NO PASSIVE DAYS: "Read Chapter 3" is not a valid daily task. "Read pages 40-45, then rewrite the key framework in your own words applied to your product" is.
#INFORMATION ABOUT ME:
- My skill to learn: [INSERT SKILL - e.g., "pricing SaaS products", "SQL for data analysis", "negotiation"]
- My background: [INSERT BACKGROUND - e.g., "senior marketer, no formal finance training"]
- My specific goal: [INSERT GOAL - e.g., "price my own product and understand the trade-offs"]
- My real project to apply this to: [INSERT PROJECT - e.g., "launching a $29/month productivity app"]
- My preferred learning style: [reading / video / exercises / mix]
#OUTPUT FORMAT:
METALEARNING BRIEF
(2-3 paragraphs analyzing the skill's structure, identifying the bottleneck sub-skill, and explaining the 4-week progression logic)
CURATED RESOURCE STACK
(Maximum 5 items with specific titles, links where possible, and why each was chosen)
IF YOU ONLY HAVE 5 DAYS
(Priority list of the 5 most essential days with rationale - thes[...]
RT @godofprompt: Steal my prompt to learn any skill in 30 days.
-----------------------------
SKILL MASTERY PLANNER
-----------------------------
#CONTEXT:
You are designing a personalized 30-day learning curriculum for a time-constrained professional who needs to go from beginner to competent in a specific skill. The learner has 30-45 minutes daily. Every day must produce tangible application to their real business or project. This is not academic learning; this is skill acquisition with immediate ROI.
#ROLE:
Adopt the role of an expert learning designer who combines Ethan Mollick's AI-tutor methodology (structured guidance with active learner participation), Scott Young's Ultralearning principles (metalearning, directness, drill, retrieval, feedback), and Anders Ericsson's deliberate practice framework.
You obsessively track the gap between knowing something and actually doing it. You believe passive consumption is the enemy of competence.
#RESPONSE GUIDELINES:
Before building the plan, analyze the skill through these lenses:
METALEARNING MAP:
What are the 3-5 sub-skills that compose this skill? Which is the rate-limiting bottleneck for most beginners?
DIRECTNESS CHECK: What does "using this skill in real life" actually look like? Design backward from that.
RETRIEVAL DESIGN: How will the learner test themselves without looking at notes?
TRANSFER RISK: What do people typically learn in theory but fail to apply? Build explicit application bridges.
Structure the 30-day plan using weekly themes that build on each other:
Week 1: Foundation + First Application (build the mental model, apply immediately)
Week 2: Deliberate Drills (isolate sub-skills, attack weakest points)
Week 3: Integration + Feedback Loops (combine sub-skills, seek external input)
Week 4: Real-World Stress Test (apply under realistic conditions, iterate)
Each day must include:
TIME BLOCK: Estimated minutes for each activity (must total 30-45 min)
CONCEPT: One focused idea (no more than 2 paragraphs to read/watch)
ACTION: One specific task applied to the learner's actual business/project
RETRIEVAL CHECK: A self-test question or mini-quiz to confirm understanding
DONE SIGNAL: How the learner knows they completed today successfully
#CURRICULUM DESIGN CRITERIA:
HIGH-LEVERAGE RESOURCES ONLY:
Maximum 5 total resources for the entire month.
Prefer: one definitive book/guide, one practice tool, one community/feedback source. No "watch YouTube videos" without specific titles.
SPACED REPETITION BUILT-IN:
Concepts from Week 1 must reappear in Weeks 2-4 with increasing complexity.
MISCONCEPTION HUNTING: Identify 3 common beginner mistakes for this skill and design specific days that expose and correct them.
BLOOM'S PROGRESSION: Move from Remember โ Understand โ Apply โ Analyze โ Create across the 4 weeks.
FAILURE MODE AWARENESS: For each week, note what happens if the learner skips it and how to catch up.
NO PASSIVE DAYS: "Read Chapter 3" is not a valid daily task. "Read pages 40-45, then rewrite the key framework in your own words applied to your product" is.
#INFORMATION ABOUT ME:
- My skill to learn: [INSERT SKILL - e.g., "pricing SaaS products", "SQL for data analysis", "negotiation"]
- My background: [INSERT BACKGROUND - e.g., "senior marketer, no formal finance training"]
- My specific goal: [INSERT GOAL - e.g., "price my own product and understand the trade-offs"]
- My real project to apply this to: [INSERT PROJECT - e.g., "launching a $29/month productivity app"]
- My preferred learning style: [reading / video / exercises / mix]
#OUTPUT FORMAT:
METALEARNING BRIEF
(2-3 paragraphs analyzing the skill's structure, identifying the bottleneck sub-skill, and explaining the 4-week progression logic)
CURATED RESOURCE STACK
(Maximum 5 items with specific titles, links where possible, and why each was chosen)
IF YOU ONLY HAVE 5 DAYS
(Priority list of the 5 most essential days with rationale - thes[...]
Offshore
God of Prompt RT @godofprompt: Steal my prompt to learn any skill in 30 days. ----------------------------- SKILL MASTERY PLANNER ----------------------------- #CONTEXT: You are designing a personalized 30-day learning curriculum for a time-constrainedโฆ
e are the 20% that deliver 80% of competence)
WEEK 1: [THEME NAME]
Goal: [One sentence] Failure Mode: [What happens if skipped + how to recover]
Day 1
โฑ๏ธ Time: X min concept + Y min action + Z min retrieval
๐ Concept: [Specific content to consume]
๐ฏ Action: [Specific task applied to their real project]
โ Retrieval Check: [Self-test question]
๐ Done Signal: [Concrete deliverable]
[Continue for Days 2-7...]
WEEK 2:
[THEME NAME]
[Same structure...]
WEEK 3:
[THEME NAME]
[Same structure...]
WEEK 4:
[THEME NAME]
[Same structure...]
COMMON MISTAKES & CORRECTION DAYS
(List the 3 beginner misconceptions and which specific days address them)
COMPETENCE CHECKPOINT
(3-5 questions or tasks the learner should be able to handle by Day 30 - this is their self-assessment of success)
tweet
WEEK 1: [THEME NAME]
Goal: [One sentence] Failure Mode: [What happens if skipped + how to recover]
Day 1
โฑ๏ธ Time: X min concept + Y min action + Z min retrieval
๐ Concept: [Specific content to consume]
๐ฏ Action: [Specific task applied to their real project]
โ Retrieval Check: [Self-test question]
๐ Done Signal: [Concrete deliverable]
[Continue for Days 2-7...]
WEEK 2:
[THEME NAME]
[Same structure...]
WEEK 3:
[THEME NAME]
[Same structure...]
WEEK 4:
[THEME NAME]
[Same structure...]
COMMON MISTAKES & CORRECTION DAYS
(List the 3 beginner misconceptions and which specific days address them)
COMPETENCE CHECKPOINT
(3-5 questions or tasks the learner should be able to handle by Day 30 - this is their self-assessment of success)
tweet
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God of Prompt
RT @godofprompt: Stanford researchers just published a prompting technique that makes todayโs LLMs behave like better versions of themselves.
Itโs called โprompt ensemblingโ and it runs 5 variations of the same prompt, then merges the outputs.
Hereโs how it works ๐ https://t.co/MOfArDE9P1
tweet
RT @godofprompt: Stanford researchers just published a prompting technique that makes todayโs LLMs behave like better versions of themselves.
Itโs called โprompt ensemblingโ and it runs 5 variations of the same prompt, then merges the outputs.
Hereโs how it works ๐ https://t.co/MOfArDE9P1
tweet
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Dimitry Nakhla | Babylon Capitalยฎ
Visa $V Q1 2026 Report ๐๏ธ
โ REV: $10.9B (+15% YoY)
โ EPS: $3.17 (+15% YoY)
๐ต FCF: $6.40B (+27% YoY) https://t.co/6RtHceaK8Y
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Visa $V Q1 2026 Report ๐๏ธ
โ REV: $10.9B (+15% YoY)
โ EPS: $3.17 (+15% YoY)
๐ต FCF: $6.40B (+27% YoY) https://t.co/6RtHceaK8Y
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