Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"Any damn fool can put on a deal, but it takes genius, faith and perseverance to create a brand. David Ogilvy." David Ogilvy

"Don't count the people that you reach, reach the people who count." David Ogilvy

"What you learn is more important than what you earn." David Ogilvy

$ESTC Elastic Thread

'Why search is no longer all about $GOOGL': "Just as modern web businesses rely on search to keep them running, almost every business has realised that search is a basic function they have to get right" (cc: Elastic, Solr, $NFLX, $UBER, $MTCH, $EBAY) https://t.co/zkLnoL6xn9 pic.twitter.com/ADdUamkqaR

— WTCM (@WTCM3) July 18, 2019

Very interesting comments - Why should $IAC buy $CRCM

$IAC should buy $CRCM. It’s a great niche internet business that is terribly run. Would be a perfect turnaround for them.

— Long Short Value (@LSValue) July 18, 2019

Goldman Sachs Thread $GS

The $GS qtr was in-line with expectations. Continue to makes moves along the lines of the restructuring. Not growing risk-weighted assets and investing in Investment Banking and Investment Management. ROE is still only 11%. Their restructuring will need to improve ROE.

— Derek Pilecki (@gatorcapital) July 17, 2019

100 Baggers: Stocks That Return 100-to-1 and How To Find Them by Chris Mayer Thread

Given where Indian small caps are today, this book is a very reasonable investment. Go for it 👍🏻 pic.twitter.com/VKVfR2o0T3

— UnseenValue (@unseenvalue) June 20, 2019

BlackRock thread $BLK

$BLK total net flows +$151B in 2Q, including long term net inflows of +$125B w/ positive flows in each category. Strength in active fixed income, institutional index (both equity and fixed); ETF inflows of +$36B. Now $6.8T of total AUM https://t.co/mal1ExgnDq pic.twitter.com/AsuFAKfIhO

— WTCM (@WTCM3) July 19, 2019

Fundamental equity investing is a people driven business - Thread

I think we would all agree that fundamental equity investing is a people driven business.

— Shortsighted Capital (@ShortSightedCap) July 18, 2019

Medalia Thread $MDLA

Medallia $MDLA S-1; founded in 2000 w/ $HLT first enterprise customer in 2002 + touting itself as offering the "category-defining cloud-based [customer, employee, business, product] experience management platform" (cc: $ADBE, $CRM) https://t.co/e1TwJuy55E pic.twitter.com/LgjjdJE3mW

— WTCM (@WTCM3) July 18, 2019

Interesting discussion on Tinder - $IAC, $MTCH

why tinder is a sucker's game for both men and women on the platform (its not obvious but its not rly helping women find quality matches too)

tldr - oversupply of male attention; shortage of time for females to respond$MTCH $IAC

h/t locked accounthttps://t.co/FP7FGwtmci

— Rad Kapital (@radkapital) July 17, 2019

Article on iBuying movement - $Z, $ZG, $RDFN

1/ $Z, $RDFN, and the iBuying movement: updated Zillow blog post with more thoughts on Redfin and the broader trend of institutional home buying and economic factors.https://t.co/rEZFjYczTB
cc: @spencerrascoff @glennkelman @Rich_Barton @RrrrrJ

— brad slingerlend (@bradsling) July 18, 2019

Terry Smith on share buybacks

Terry Smith (2011) on share buybacks: "The positive impact on EPS of a share repurchase is the simple arithmetic result of the earnings yield of what you’re buying being higher than the after-tax cost of what you’re funding the purchase with; it is not the same as value creation" pic.twitter.com/zRtaOqobV0

— WTCM (@WTCM3) July 18, 2019

Chewy thread $CHWY

$CHWY pic.twitter.com/10jzEWcs0A

— North Bluff Capital (@bluff_capital) July 19, 2019

Could New Media Investment Group $NEWM be next BlueLinx $BXC?

$NEWM - If $200 mm synergy number in WSJ article is accurate, this could be $BXC 2.0. First, rips unbelievably when deal is announced, then over time reality sets in. Feels like a terrible short right now. Calls actually look very interesting from a risk/reward perspective

— ValuewithaCatalyst (@ValuewaCatalyst) July 19, 2019

Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it’s time." Charlie Munger

"You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life." Charlie Munger

"Do the best you can do. Never tell a lie. If you say you’re going to do it, get it done. Nobody cares about an excuse." Charlie Munger

Payments in India thread- $HDB, $BABA, $MA, $V

1/ Good thread on the great economic potential of India from @TMFInnovator, so let's talk about it. It's hard to find great "pure plays" to invest in. Not e-commerce, but PayTM might be best bet but it's not public. (cont) https://t.co/WSkkA8DKxu

— Matthew Cochrane (@FoolMCochrane) July 16, 2019

India e-commerce - $HDB $MA, $V

1/ Another good point from @TMFInnovator. These regulations also make it harder for $MA and $V gain widespread foothold like they enjoy in North America and Europe. https://t.co/twDti1LUcN

— Matthew Cochrane (@FoolMCochrane) July 17, 2019

India e-commerce again - $SFTBY, $HDB, $BABA, $WMT, $AMZN

1/5
Excellent analysis by @FoolMCochrane on banking & e-commerce in India. Thank you for the insightful thread!

Digital payments in India sounds like an absolutely massive investment opportunity, but it appears there are also a few caveats... https://t.co/G0L3c7c6NQ

— Simon Erickson (@TMFInnovator) July 17, 2019

Puru Saxena current portfolio

Current portfolio -$ALGN $AMZN $BABA $BZUN $CRM $DOCU $EDU $ESTC $FB $GOOGL $HDB $HUYA $LYFT $MELI $NFLX $NOW $PINS $PYPL $SE $SQ $TAL $TCEHY $WCAGY https://t.co/9vd35PCF82

No hedges in place.

— Puru Saxena (@saxena_puru) July 13, 2019

Prologis Inc. thread $PLD

$PLD CFO opening call: "Demand is diverse and overall supply is disciplined. Starts in the U.S. are concentrated in low-barrier markets while supply in the high-barrier markets is not keeping pace with GDP, let alone demand for logistics closer to the end point of consumption."

— WTCM (@WTCM3) July 17, 2019

Healthcare discussion - cc.$ZTS $TRUP $FRPT, $UNH $HUM

1. Follow-up: @FoolMCochrane asked about my #healthcare investments. In every sector, I look for disruption, competitive advantages, and mega-trends.

— Todd Campbell (@ebcapital) July 18, 2019

Netflix thread $NFLX

Quick $NFLX Q2 thoughts (not ordered)

#1: Biggest show, #StrangerThings, launched to biggest-ever viewership (40 of 155MM accounts) 4 days after Q2 ended

If released week earlier, odds are US would have been flat. Still bad, but July 17 would look same and narrative VERY diff

— Matthew Ball (@ballmatthew) July 17, 2019

Netflix thread No.2 $NFLX

1/ $NFLX quarter thoughts:
1) most interesting, they missed internationally, which largely nullifies commentary around competition (eg $DIS) and also strength of content (eg Stranger Things - more domestic audience)
2) but stock may be “broken” for at least several quarters now..

— Inquisitive Investor (@QuisitiveInvest) July 18, 2019

Netflix thread No.3 $NFLX

NFLX testing gaming content pic.twitter.com/RWMrxWQPg6

— Bluegrass Capital (@BluegrassCap) July 18, 2019

Netflix thread No.4 $NFLX

1) $NFLX Q2 2019 missed subscribers estimates by the largest magnitude in its history (domestic subscribers: -126K versus +300K guidance; international subscribers: +2.8 million versus +5.0 million guidance). https://t.co/9zhnLB4TDp

— Jerry Capital (@JerryCap) July 18, 2019

$FELP Bonds

Bondshttps://t.co/MRDQ6cCv9U

— Plan Maestro (@PlanMaestro) July 18, 2019

Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"When you focus on problems, you get more problems. When you focus on possibilities, you have more opportunities." Zig Ziglar

"The foundation stones for a balanced success are honesty, character, integrity, faith, love and loyalty." Zig Ziglar

"Don't let the mistakes and disappointments of the past control and direct your future." Zig Ziglar

$MDB Thread

I was asked earlier this week why MongoDB $MDB would want to be open source & how it could possibly compete against larger competitors after willingly releasing its code for others to see.

Here is an (admittedly long-winded) answer to those questions.
https://t.co/EStVcWhl9L

— Simon Erickson (@TMFInnovator) July 12, 2019

$MSCI Thred

$MSCI on competition from the likes of $CME, $SPGI, $LSE, $WETF, $GS, $BLK, $FDS pic.twitter.com/na30cmpS5l

— WTCM (@WTCM3) February 13, 2019

Very interesting questions and answers

Stuck in a South American airport with flight delayed 3.5 hours already and still arriving flight hasn’t left origin airport....AMA

— Minion Capital (@MinionCapital) July 13, 2019

Chartstravaganza

Here’s Chartstravaganza … taking care of the first steps

(@laurens_lang) pic.twitter.com/3Nnr6g90gJ

— Plan Maestro (@PlanMaestro) July 14, 2019

Unit economics for Bird vs Uber & Lyft

Unit economics for Bird vs Uber & Lyft https://t.co/v2QwfiEBQW

— Bluegrass Capital (@BluegrassCap) July 13, 2019

Third Point $SNE slides - Thread

Third Point's slide deck on Sony $SNE is a tour de force. What I find most interesting:https://t.co/dsg1EUc0dq

— Evan Tindell (@evantindell) July 15, 2019

$DGX Thread

Some thoughts on $DGX, which Goldman downgraded today. For some context, DGX is the largest clinical lab testing company in the U.S. The market remains highly fragmented but has been consolidating. pic.twitter.com/14V1stWhnO

— Fully Synergized (@FullySynergized) July 15, 2019

$SPOT Thread

How SPOT will increase margins over time pic.twitter.com/mnr2bnZd71

— Dee Grady (@CompGrady) July 15, 2019

Portfolio for 2H2019

Going into H2 with $goog, $vbtx, $wfc, $estc, $schw, $vedl

... might not be the “long term” investor I thought I was https://t.co/JupLXk1xHF

— Alphaholic, CFA (@Alphaholic1) July 3, 2019

$STLY HG Holdings Thread

$STLY This past weekend I thought I'd sit down & write something about HG Holdings. I quickly realized, that other than compiling a detailed chronology of events since the liquidation of the furniture business, I really don't have a clue what Hale intends to do with the company.

— microcaptrader (@VanderbiltStCap) July 16, 2019

Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"Many management [teams] are just deciding they're gonna buy X billions over X months. That's no way to buy things. You buy when selling for less than they are worth. ... It's not a complicated equation to figure out whether it is beneficial or not to repurchase shares." Warren Buffett

"Recognizing risk often starts with understanding when investors are paying it too little heed." Howard Marks

$ZOU Thread

1
Zuora $ZUO is one of my highest conviction ideas right now & I’ve been increasing my stake. #SEconviction

DISCLAIMER: This is a contrarian pick! ZUO shares are down 35% during the past yr, though I think its long-term oppty is still firmly intact.https://t.co/my2z9QliTP

— Simon Erickson (@TMFInnovator) July 9, 2019

Adam Robinson - Difference between successful people and really successful people

Warren Buffett said the difference between successful people and really successful people

is that really successful people say no to almost everything.

Truth!

But not always easy.

So here's the SECRET TO SAYING NO—

you’re actually saying YES! to something more important.

— Adam Robinson (@IAmAdamRobinson) July 8, 2019

$COUP Thread

Taking a look at Coupa $COUP this morning. Feel free to add any comments if you're familiar with the name.

[THREAD]

— Ryan Reeves (@investing_city) July 8, 2019

Thread about 2019 Sequoia Fund investor day

2019 Sequoia Fund investor day transcript https://t.co/UmUkR2hcBE

— Bluegrass Capital (@BluegrassCap) July 6, 2019

Thread about Hosking & Co Memo

Hosking & Co memos (Jeremy Hosking co-founded Marathon AM): https://t.co/FRA61VYZfx

— Investor (@pricing_power_) April 28, 2019

Raoul Pal with some scary charts

Big, important thread alert:

There is a lot going on in Europe that feels like it's coming to a head soon... probably by the end of the summer. The EU economy is in mild recession... pic.twitter.com/OZPM6qfMKa

— Raoul Pal (@RaoulGMI) July 7, 2019

Interesting question. Follow the replies

What are the best questions you ask of all management teams across industries? Why?

— Christopher Pavese (@ChrisPavese) July 10, 2019

$DAL Delta Airlines Thread

$dal with a good print. As expected given lack of 737 MAX exposure and competitors in a bit of a weaker position. That said... pic.twitter.com/2DCmMdFczV

— Bill Brewster (@BillBrewsterSCG) July 11, 2019

In History - Gerald Tsai

Gerald Tsai became famous as one of the performance stock managers during the 60's bull market
He spun out of Fidelity, raised his own fund, then sold his company to CNA

Buffett dragged him later (in Money Masters)https://t.co/y27CLgxtEM pic.twitter.com/U3SbnnnYGC

— NeckarCap (@NeckarValue) July 12, 2019

$GRUB App Downloads

$GRUB App Downloads pic.twitter.com/mCt7M1i8Wb

— Jerry Capital (@JerryCap) July 12, 2019

Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"An accurate estimate of intrinsic value is the essential foundation for steady, unemotional and potentially profitable investing." Howard Marks

"First-level thinking says, ‘I think the company’s earnings will fall; sell.’ Second-level thinking says, ‘I think the company’s earnings will fall less than people expect, and the pleasant surprise will lift the stock; buy.’" Howard Marks

"First-level things says, ‘It’s a good company; lets buy the stock.’ Second-level thinking says ‘It’s a good company, but everyone thinks it’s a great company, and it’s not. So the stock’s overrated and overpriced, let’s sell." Howard Marks

"First-level thinking says, ‘The outlook calls for low growth and rising inflation. Let’s dump our stocks.’ Second-level thinking says, ‘The outlook stinks, but everyone else is selling in a panic. Buy!’" Howard Marks

$BAM\$GWR deal - thread

(1/n) A some thoughts on the $BAM / $GWR deal.

I said a few weeks ago that it was difficult for me to find a mid-teens IRR here and that I hoped this would be syndicated out to institutions looking for core returns.

— Kyler Hasson (@kylerhasson) July 1, 2019

Six Ideas - $APT, $CYAN, $NWL, $PCTI, $RAIL, $TRIB

The six stocks currently held in my '25 at 4% each' portfolio. (Down a combined 7.0% since inception). pic.twitter.com/XZTKfhHzvP

— microcaptrader (@VanderbiltStCap) July 3, 2019

On improvement

This summer, it'll be nearly 20 years since I started playing guitar. Mostly Jazz & Blues, but also Folk & Bluegrass.

Of all the things I've learned, two really stand out as the biggest drivers of improvement. They both have interesting applications to investing...

— eric boroian (@eboroian) July 5, 2019

$AER Aercap Holdings Thread

Interesting comparison$AER (first quote): we are actively selling planes at a premium to book so we can buy back our stock at a discount to book$AYR (second quote): we'll do some repurchases, but only if we have to. We don't like it. We don't think it helps in the long run. pic.twitter.com/j4agaqaSEQ

— Andrew Walker (@AndrewRangeley) June 11, 2019

1907 Liquidity Crunch - $JPM

October 1907, the last liquidity crunch before creation of the Fed

Instead of SUVs on Maiden Lane it was carriages lined up at JP Morgan's place

"Tell the people of New York to keep their heads and keep their money in the banks, and matters will again become normal" pic.twitter.com/bBIokDBbQL

— NeckarCap (@NeckarValue) July 7, 2019

$CHTR Thread

(1/n) Been thinking about $CHTR (disc: long) a bit recently. Seems expensive as it has run up a lot, but still looks like high-teens IRRs over 5+ years with reasonable assumptions.

In these situations with lots of leverage, I like to use Tom Murphy's hurdle of 10% IRR unlevered.

— Kyler Hasson (@kylerhasson) July 3, 2019

Vacation reading

Every year as summer vacation season starts I get asked what books I recommend. Some of the best books require a small effort to assemble. Not everyone is willing to do this work. Example: start with the first @bgurley post from 1996 and read them all: https://t.co/tyCngkGbxq

— Tren Griffin (@trengriffin) July 6, 2019

Chartstravaganza

Here’s Chartstravaganza … charts for every occasion (@ft) pic.twitter.com/g1X5jNqExO

— Plan Maestro (@PlanMaestro) July 7, 2019

Insights from @bradsling of NZS Cap

1/25 Fantastic insights below from @bradsling of NZS Cap re: investing in innovative bizes & non-zero-sum outcomes. Tagging some who may appreciate alongside their many followers: @BluegrassCap @MinionCapital @BrentBeshore @LibertyRPF @verdadcap @bgurley https://t.co/8EA5hA5rt9

— CapGains (@iamschoeb) July 7, 2019

How to be a better writer

How to be a better writer:

-write about what fascinates you
-make one point per sentence
-use stories to make your point
-cut extra words like “really” and “very”
-read the whole thing out loud
-post publicly (you’ll try harder when you know others will read it)

What else?

— James Clear (@JamesClear) July 5, 2019

Selected Tweets

It's time for some tweets.

If you want to share any tweets with me please send me email. 

Thanks for reading.

"If you don't study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards." Peter Lynch

"The basic story remains simple and never-ending. Stocks aren't lottery tickets. There's a company attached to every share." Peter Lynch

$COTY Thread

$COTY CEO offering $PG Beauty post-mortem; saying "Coty as a platform is now ready for an inflection..." pic.twitter.com/is0Sf7RPod

— WTCM (@WTCM3) July 1, 2019

Read this thread and the comments below.Names mentioned $VEEV, $GPRO, $GILD, $MELI, SHOP, NVDA, NFLX, PI, TLND

Looking through the last 5 years of my trading activity to find lessons from the many mistakes I've made.

Disclaimers:
- some of this is "resulting" but I still think it is useful
- no positions in any of the stocks below

[THREAD]

— Ryan Reeves (@investing_city) July 2, 2019

$BDX Thread

question to $BDX at Barclays conf 3/12/19: "A worry that I always felt in the investment community = was $BCR selling itself at a time of when they felt they were at peak growth. Can only Bard run Bard?"

— WTCM (@WTCM3) May 13, 2019

Good Discussion on long duration investments

What are your favourite examples of really long duration investment? eg: Akre in AMT, Stahl in TPL, Allmon in ADP, Kidd in ADI, Russo & Ruane in BRK, Jarislowsky in XOM, Sarofim in PM & INTC, Train in BAG, Polen in MSFT, Rowe in LUV.

— Coleman Hawkins (@colemanrhawkins) June 30, 2019

$SPOT Thread

Interesting to look back at the some of the commentary around Spotify’s acquisition of The Echo Nest (which led to the success of Discover Weekly) and see how Social has long been viewed as the missing piece. https://t.co/rpm6IzHPKm pic.twitter.com/COt8aQuYTq

— Paul Barnes (@LennyIce) May 31, 2019

Roots of Allen & Co

Roots of Allen & Co
Merchant bankers and venture capitalists, investing their own capital
In situations "conventional investment bankers wouldn't touch"
(NYT/WSJ from the 70's) pic.twitter.com/9ppfIZWyk1

— NeckarCap (@NeckarValue) June 30, 2019

Thread about Michael Ruhlman book Grocery: The Buying and Selling of Food in America

Fascinating book written by ⁦@ruhlman from inside the operations of a local grocery store, learning from its owners going about their business, receiving and merchandising food and contemplating the evolution of the food system and the central role played by the supermarket pic.twitter.com/91bzALZKs1

— cristina berta jones (@cristinagberta) June 29, 2019

Discussion about quality website for screening stocks

What is the best website or service which has high quality data for screening, pulling financial metrics (EV/EBTIDA, P/FCF, ROIC), and other data for doing analysis and research?

— Long Short Value (@LSValue) July 2, 2019

Browse Thousands of Company Profiles Link

This is an amazing free resource. Anyone know who wrote them all? https://t.co/eT5AcjaeIx

— Ensemble Capital (@IntrinsicInv) July 1, 2019

Collection of articles

Every now and then I read an article online that is so good that I make a note to save it. Here's my collection so far (in no particular order). Please add yours below.

Thanks to @TMFGebinr for the idea!

— Brian Feroldi (@BrianFeroldi) July 2, 2019