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"Don't judge a man by where he is, because you don't know how far he has come." C. S. Lewis

"You can't go back and change the beginning, but you can start where you are and change the ending." C. S. Lewis

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$IRBT Thread

Alright, I'm going to brain dump a bit on @iRobot $IRBT here. I know there's a lot of stress surrounding competition, pricing power, margin erosion, market share, tariff concerns... Cc @colinangle

— Steve Symington (@TMFSymington) October 25, 2019

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$AMZN Thread

Why I will be buying the weakness in $AMZN
Written early 2019 (and still intact):@realmoney On the wings of a nearly zero cost of capital Amazon has expended enormous sums of capital to produce the massive and insurmountable competitive advantage that exists today.

— Douglas Kass (@DougKass) October 24, 2019

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$MED Thread

$MED 2x'ed earnings in 2 years ahead of goal, & aim to 2x again in 3. 15x multiple. Earnings all cash distributed as dividends/buyback as they grow & no debt. Unclear why stock down in half since 2018 despite 40% growth. Yeah, MLM, but so what?

— rubicon59 (@rubicon59) October 24, 2019

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$PYPL Thread

1/ $PYPL up about 7% in AH trading after reporting another great quarter. @saxena_puru already provided a solid review of the financials, so let's look at what's driving its revenue and user growth

I'm long, about 6.3% position

(cont) https://t.co/eIDXuWSDtz

— Matthew Cochrane (@FoolMCochrane) October 24, 2019

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Competition is bad for margins $TDG, $HEI

Here's a good business lesson to remember:

Competition is bad for margins.

[THREAD] 👇🏽

— Ryan Reeves (@investing_city) October 23, 2019

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$FB Thread

To follow up from our conversation last week, I ended up selling 75% of my Facebook position for around $190 per share.

This was a difficult decision, since $FB was my third-largest position (behind $MELI and $OLED) and one that I’ve held for more than 7 years. https://t.co/znjqndqo9Y

— Simon Erickson (@TMFInnovator) October 22, 2019

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$INTU Thread

Intuit (creator of TurboTax, Quickbooks, etc.), unsurprisingly, makes all of its profit in a 3-month window.

Guess which three months? 😜

Quick [THREAD]

— Ryan Reeves (@investing_city) October 21, 2019

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Read the comments for stock ideas

If you had to have 100% of your capital investing in just 3 stocks over the next 10 years, which ones would you choose?

— Brian Feroldi (@BrianFeroldi) October 21, 2019

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Chartstravaganza

Here’s Chartstravaganza … a little late but it’s free

(@smbccomics) pic.twitter.com/yePgTexZi8

— Plan Maestro (@PlanMaestro) October 21, 2019

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Zones of Life

Zones of #life

1. Comfort - easiest

2. Fear - just outside of comfort, whr we fear lack of confidence & hence find excuses & gets impacted by others

3. Learning - starts dealing with challenges

4. Growth - purpose, dreams, goals, objectives

pic.twitter.com/J43Qq0kjWo

— LearnLifeWealthTravel (@AnyBodyCanFly) October 19, 2019

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"The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell." William J. Bernstein

"It's human nature to find patterns where there are none and to find skill where luck is a more likely explanation (particularly if you're the lucky manager)." William J. Bernstein

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$NFLX Netflix Thread

Two fun facts to start this one:

1) Netflix is planning to spend $15 billion on content in 2019.

2) The company added 4x the number of international subscribers than in the US.

2018
International additions: 22.94 million
US addition: 5.68 million https://t.co/b2PNGrnZ0W

— Ryan Reeves (@investing_city) October 12, 2019

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Thread on $BRK.B Berkshire Hathaway

Because I view this investment a bit like a marriage. There are flaws but over the long run I think the benefits outweigh the costs. V, MA, and COST misses annoy me a lot. MSFT and GOOG less so.

The OXY debt was a good deal. He claimed he was negotiating with a big fish in Dec.

— Bill Brewster (@BillBrewsterSCG) October 12, 2019

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I liked this videos from Shopify CEO Tobi Lutke $SHOP

I sometimes do company internal ask-me-anything on Fridays. Let’s do it on Twitter today! Happy to talk about tech, ecommerce, company building, programming, hats. Send questions via hashtag #asktobi

— Tobi Lutke 🌳🌲 (@tobi) October 11, 2019

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$LII Lennox International Thread

1/n $lii is a bet on global warming. Hotter summers = higher sales numbers. pic.twitter.com/WqILjDBHUq

— Pythia Cap(ital) (@PythiaR) October 9, 2019

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$PD PagerDuty Competitive Position Thread

PagerDuty $PD Day 2: Marketing & Competitive Analysis (1.5 hrs)

As a second step, I want to learn about how the company is competitively positioned in the market.

Let's look at how it's priced, how it's reviewed by customers, and how large its addressable market could be.

1/10 https://t.co/yzH7TqK1iO

— Simon Erickson (@TMFInnovator) October 10, 2019

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$ADYEY Adyen Long Thesis on VIC

Ayden VIC Long Thesishttps://t.co/u44uC93wMf

— Jerry Capital (@JerryCap) October 10, 2019

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$PYPL PayPal Thread

$PYPL is quietly cutting product development costs pic.twitter.com/8NSUlreVrd

— CT Capital (@CrowdedTradeCap) October 10, 2019

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$CHYHY Chr. Hansen Holding Thread

$CHR DC F4Q results: "3% organic growth in Cultures & Enzymes (70% of group EBIT) compares with consensus of 5%, and is the weakest result in the company's reporting history since IPO" https://t.co/dkBjn5pBGK pic.twitter.com/zT7DS9aEqw

— WTCM (@WTCM3) October 10, 2019

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Books by topic. Great list.

I often ask for book/paper recommendations. In the hopes of getting a conversation started & finding new books, I’ll share some of my investing related favorites by topic (that I haven’t seen recommended much)...

— eric boroian (@eboroian) October 11, 2019

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First Footage of NYSE (1938)

• First Footage of NYSE •

New York Stock Exchange

(1938)

Remarkable.

Think of every investor, broker, and transaction that has passed through this lasting monument to finance. This building has seen it all.

So many stories.

Videos like this provide perspective. pic.twitter.com/vocT4rExgS

— Jamie Catherwood (@jfc_3_) October 10, 2019

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"The only real difference between one organization and another is the performance of its people." Peter Drucker

"The purpose of information is not knowledge. It is being able to take the right action." Peter Drucker

---

$AMZN Amazon Business Breakdown

Amazon it is.

The company is infamous for "losing money."

But did you know that it has been operating cash flow positive since 2002?

[THREAD] https://t.co/b2PNGrnZ0W

— Ryan Reeves (@investing_city) October 7, 2019

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Plenty of ideas in this thread

Name a company that is a lock to be far larger and more profitable in 10 years. At a 30% discount to the current price, you would put half your net worth in it, the stock market would close, and you'd go to the beach for 10 years. Aside from Berkshire. Bonus points for <$10 b cap

— Long Hill Road Cap (@LongHillRoadCap) October 4, 2019

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$IPGP Thread

Sanguine on the commoditization risk as competitors move up the power curve? Great business btw, I like it but that is something that concerns me over the LT. I try to think about impacts of lower pricing in terms of margins & larger TAM...

— MALUNACap (@maluna_cap) October 4, 2019

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$SABR Cabre Corp Thread

$SABR CEO Sean Menke (May 2019): "what you're finding is essentially is ourselves and $AMS, who is the other large GDS, continue to grow share... the third player, Travelport, has continued to shrink share really over the last 3, 4, 5 years" pic.twitter.com/rpX6QzfxUU

— WTCM (@WTCM3) October 7, 2019

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Tax Rate by Income Group #inequality

Tax Rate by Income Group #inequality

(@dleonhardt)pic.twitter.com/P5jCiyI9ZW

— Plan Maestro (@PlanMaestro) October 7, 2019

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Paper - Measuring the Moat by Michael J. Mauboussin. Thanks Tren

25iQ Terms of the Day: "Profit pool: the distribution of an industry’s value creation at a point in time. The horizontal axis measures size, typically invested capital or sales as a percentage of the industry, and the vertical axis measures profitability."https://t.co/ifMHQtDgKb pic.twitter.com/VvFfNHGLRv

— Tren Griffin (@trengriffin) October 6, 2019

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Chartstravaganza!!!

Here’s Chartstravaganza … bringing expert charts

(@martinshovel) pic.twitter.com/SGcfXJNZZy

— Plan Maestro (@PlanMaestro) October 6, 2019

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$PGENY Pigeon Corp Thread

Pigeon Corp $7956 JT T5y stats https://t.co/jHA1d5N9A1 pic.twitter.com/u9houRPlwQ

— WTCM (@WTCM3) October 6, 2019

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Thread on $PYPL Leaving Libra $FB

1/ Good thread @BluegrassCap, but I disagree and think that $PYPL leaving is a blow to Libra, and deal would benefit both $FB and $PYPL. I think this boils down to whether Libra is properly seen as an alternative currency, an entire new way of making payments, or both ... (cont) https://t.co/Lbu0joCpKg

— Matthew Cochrane (@FoolMCochrane) October 5, 2019

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$CLX Thread

$CLX 2019 Analyst Day presentation https://t.co/haVQ18LlK9 pic.twitter.com/wdXS0xHmfw

— WTCM (@WTCM3) October 3, 2019

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"The best thing a human being can do is to help another human being know more." Charlie Munger

"Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day." Charlie Munger

                                                                                                                          
Matthew Cochrane End of August portfolio, thread and discussion.

End of Aug top holdings: AMZN (8.7% of portfolio), MA (7.8%), PYPL (6.9%), GOOGL (6.8%), FB (6.6%), SWKS (5.9%), DIS (5.8%), MSFT (5.2%), HD (3.6%), SQ (3.3%), SHOP (3.1%), PAYC (2.9%), GPN (2.7%), HAS (2.6%), VZ (2.5%), GLW (2.2%), EA (2.2%), MDB (2.0%), JPM (1.9%), ADBE (1.9%) https://t.co/vrJ5eF6l7x

— Matthew Cochrane (@FoolMCochrane) August 30, 2019

                                                                                                                          
Puru Saxena End of August portfolio

1) Portfolio summary - Aug-end$AMZN $BABA $BZUN $DOCU $EDU $ESTC $FB $GOOGL $HDB $HUYA $LYFT $MELI $PINS $PYPL $SE $SQ $STNE $TAL $TCEHY $TWLO $WCAGY

YTD performance -

Portfolio +6.8%$ACWI +12.4%$COMPQ +20.1%$SPX +16.7%

Contd... pic.twitter.com/gouktU6qyW

— Puru Saxena (@saxena_puru) August 30, 2019

                                                                                                                          
Brian Stoffel End of August portfolio

Sept #SkinInTheGame update for @themotleyfool:

Overall CAGR since 2010 (not perfect) below.

Top 10

1) $AMZN (16% of port)
2) $SHOP (10%)
3) $GOOG/ $GOOGL (8%)
4) $MELI (8%)
5) Cash (7%)
6) $AAXN (6%)
7) $VEEV (6%)
8) $PAYC (5%)
9) $MDB (4%)
10) $FB (4%) pic.twitter.com/qlU3NesbGN

— Brian Stoffel (@TMFStoffel) September 2, 2019

                                                                                                                          
$SFIX Stitch Fix Thread

So promise of $SFIX seems to be delivering all the convenience of online shopping coupled with a personalized shopping experience. 3-yr annualized revenue growth rate of 26%, ~$2B market cap, about $144M in cash, no debt.

— Matthew Cochrane (@FoolMCochrane) August 30, 2019

                                                                                                                          
Chartstravaganza

Here’s Chartstravaganza! … charts about finance, business, and much more

(@lmanul) pic.twitter.com/i4KHpQKJxc

— Plan Maestro (@PlanMaestro) September 1, 2019

                                                                                                                          
Read the comments below. Very interesting companies

Please list your top 5 companies under 50 billion that you think will be in next very big league in 5-10 years. I have listed my top 5 below @FoolMCochrane @TMFStoffel @dannyvena @AustinLieb @ebcapital @TMFInnovator @Market @TMFMathGuy @TMFJMo @TMFSymington 1/1

— Samir Maredia (@samirsmaredia78) September 3, 2019

                                                                                                                          
Good thread on diabetes market

Did a dive into the Diabetes market

[THREAD]

— Ryan Reeves (@investing_city) September 2, 2019

                                                                                                                          
How John Malone invented the SaaS business model extensive tweetstorm. Worth the read.

My Tweetstorm on how Malone invented the SaaS business model will appear in serial format over the weekend. It is intended to be an antidote against people who don't understand when the model works and when it doesn't. The antidote works against both promoters and detractors.

— Tren Griffin (@trengriffin) August 30, 2019

                                                                                                                          
Thread of useful websites that investors will love to use

Thread of useful websites that investors will love to use:

1. AppAnnie / Apptonia - to track app downloads to triangulate sales

2. https://t.co/h7MylPF6T6 - to find emails of management

3. https://t.co/J56wDJMPim - track 13F

4. https://t.co/Avot1myQCp - download transcripts

— Slingshot Capital (@SlingshotCap) September 2, 2019

                                                                                                                          
The secret of higher education: colleges are actually HIGHLY effective at their true purpose(s)

1/n The secret of higher education: colleges are actually HIGHLY effective at their true purpose(s)

This is why I am skeptical that alternatives to college are *solely* what will fix our higher ed system (although they certainly help!)

THREAD:

— Harrington (@iAmLikelyWrong) September 1, 2019

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"Success is not final, failure is not fatal: it is the courage to continue that counts." Winston Churchill

"If you're going through hell, keep going." - Winston Churchill

"You have enemies? Good. That means you've stood up for something, sometime in your life." - Winston Churchill

                                                                                                                          

$IQ iQiyi Thread

1) I've taken a closer look at iQiyi’s $IQ second quarter results.

Lots of moving pieces, but here's my high-level explanation of what's going on for investors who might be interested in the stock. @themotleyfool pic.twitter.com/cQmzTDTQKp

— Simon Erickson (@TMFInnovator) August 20, 2019

                                                                                                                          

$SE Sea Ltd Thread

1) $SE has just announced Q2 results -

Adj. rev +203.1%YOY (rev +137.3% YOY)

Digital entertainment (Garena) -
Adj. rev +218.6%YOY, Adj. EBITDA +442.6%YOY
QAUs 310.5 million (+93.3%YOY)
Paying users 26.1m vs. 6.6m in Q2' 18
ARPU $1.4 vs. $0.9 in Q2 '18

contd...

— Puru Saxena (@saxena_puru) August 20, 2019

                                                                                                                          
$CTRP Ctrip.com International Thread

excellent 20-page overview of https://t.co/4CCjlCcR0N by Tianyi Shao and Martin Kenney (recall $BKNG has ablity to own 15% of company via $CTRP converts + ADSs) https://t.co/zqAqkSTt6G pic.twitter.com/dlpJ6MNuGN

— WTCM (@WTCM3) August 26, 2019

                                                                                                                          
Chartstravaganza

Here’s Chartstravaganza! … a quest to find wrongness

(@drskyskull) pic.twitter.com/ZS4GABVqSF

— Plan Maestro (@PlanMaestro) August 25, 2019

                                                                                                                          
Thread on Exchanges $LSE, $LNSTY, $ICE, $BX, $CBOE, $NDAQ, $MKTX, $CME, $TW

Starting thread on #exchanges with $LSE acquisition of Refinitiv.

1. Refinitiv's data supposedly more malleable vs. Bloomberg
2. Just won contract @ $GS for 5K desktops
3. $BX "3G-ed" Refinitiv while Thomson couldn't & $ICE passed https://t.co/bqwWu7O0eL

— Investing Panda (@investing_panda) August 24, 2019

                                                                                                                          
$DIS Disney Thread

This week, Disney began flexing it's SVOD might in several ways.

I detailed this capability here ("NINE REASONS WHY DISNEY+ WILL SUCCEED") https://t.co/oYLkYltK1w, but worth looking at early proof points

— Matthew Ball (@ballmatthew) August 24, 2019

                                                                                                                          

Thread $SNDL

So let's talk about the stuff companies do.

We contacted Sundial Growers on Wednesday afternoon to tell them we knew that a half-ton of its pot had been returned for having mold and bits of rubber gloves.

Email response: “I’m not really sure what you are referring to.”

1/n

— Jeremy C. Owens (@jowens510) August 16, 2019

                                                                                                                          
$PYPL PayPal Thread

1) Recent observations on $PYPL vs $MA and $V with shares down ~15% since lower rev guidance during Q2 earnings. Now trading at ~33x P/E inline with MA (~33x), still premium to V (~29x)

— CORE Dental DDS (@CoreDentalDDS) August 16, 2019

                                                                                                                          

$MAR Marriott International Thread

key point: on a normalized basis, $MAR's loyalty program generates positive cash flow pic.twitter.com/RVCKYYFAZb

— WTCM (@WTCM3) August 24, 2019

                                                                                                                          

Lawrence H. Summers Thread on the cetral banking

Coming into Jackson Hole, economists are grappling with a major issue: Can central banking as we know it be the primary tool of macroeconomic stabilization in the industrial world over the next decade? In my forthcoming paper w/ @annastansbury, we argue that this is in doubt. 1/

— Lawrence H. Summers (@LHSummers) August 22, 2019

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"I'm a great believer in luck, and I find that the harder I work, the more I have of it. " Thomas Jefferson

"Do you want to know who you are? Don't ask. Act! Action will delineate and define you." Thomas Jefferson

"Whenever you do a thing, act as if all the world were watching." Thomas Jefferson

$PYPL Thread

1/ PayPal $PYPL first. I don't like putting exact numbers on TAM, think it's borderline silly. Just want to be directionally right and be in ballpark w/scope. That being said, think we are in very early innings w/PayPal's growth. (cont) https://t.co/8fo2y5t4cm

— Matthew Cochrane (@FoolMCochrane) August 12, 2019

$PYPL Thread No.2

Sri Shivananda, $PYPL CTO: "India is critically important. We look at regions and then there are countries of importance... India currently is an area of focus.” https://t.co/WksrjKXq4D

— WTCM (@WTCM3) August 14, 2019

$JD Thread

$JD wrote this in their 2018 factsheet:
"Approximately 12,000 engineers between China and Silicon Valley"

May 2019 factsheet states "17,000".

R&D is up a whopping 34% yoy to ~$0.5bn "as a result of the company’s continued investment in top R&D talent [...]"

— sebidscap (@sebidscap) August 13, 2019

$TYL Thread

1) $TYL at KeyBanc Capital Markets Tech Leadership Forum with CFO Brian Miller & CEO Lynn Moore Tyler

— Jerry Capital (@JerryCap) August 14, 2019

Lots of good videos on this conversation

What's the best business/investing video you've ever watched? 🖥❓

— Ryan Reeves (@investing_city) August 14, 2019

Portfolio buys and sells $BRK, $WFC, $GLIBA, $BX

Added some to $BRK at $198, bought new position in $WFC at $45. Sold smallest positions in $GLIBA and $GM. Only activity YTD except new position in $BX in Q1.

Top 5 positions:$BRK$CHTR / $LBRDA$GOOG$V$MKL

— Value Seeker (@Find_Me_Value) August 15, 2019

$LK Thread

“Founded last year, Luckin claims to have opened more than 500 stores in China in just five months. Its outlets serve lattes at prices about 30 per cent lower than Starbucks’ and provide subsidised deliveries to office workers.” https://t.co/QLwFMlDmhh

— Paul Barnes (@LennyIce) July 11, 2018

$LK discussion

$LK has announced Q2 results -

Revenue +698.4%YOY
No. of customers 22.8m (+5.9m added in Q2)
Avg. monthly transacting customers 6.2m (+410.6% from Q2 '18)
Total no. of stores = 2963 vs.624 in Q2 '18
Store level op. loss = RMB 55.8m vs. RMB81.7m in Q2 '18

I've got a position.

— Puru Saxena (@saxena_puru) August 14, 2019

Animal health landscape $ELAN Thread

animal health landscape & sales mix (cc: $ELAN, $ZTS, $BAYN GY, $MRK, $DPH LN, $VETO FP, $PAHC, $VIRP FP) pic.twitter.com/ogp4Ige6Sc

— WTCM (@WTCM3) August 11, 2019

OTA revenue distribution in 2018 $BKNG, $EXPE, $CTRIP, $DESP, $TRIP

public OTA revenue distribution in 2018 (cc: $BKNG, $EXPE, $CTRP, $TRIP, $TRVG, $DESP, $MMYT, $LMN SW, $OTB LN, $EDR SM) https://t.co/dyPkASGqqq https://t.co/dyPkASGqqq pic.twitter.com/R2j4WW8oOs

— WTCM (@WTCM3) August 13, 2019

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"The essence of business to me is great people run great companies. Mediocre people don't do a very good job." Kenneth Langone

"You can have a phenomenal technology with bad people; you're not gonna have much success. You can have mediocre technology with great people; they'll figure out a way to make a buck." Kenneth Langone

$PYPL Thread

1/ PayPal $PYPL reported its 2019 Q2 earnings results last night and is trading down about 4% today, so let's talk about it...

TL;DR: Another solid quarter, rev came in at $4.31B, +12% YOY, non-GAAP EPS $0.86, +47% YOY.

But those numbers come w/ some caveats...

(cont)

— Matthew Cochrane (@FoolMCochrane) July 25, 2019

Funny $CHWY Thread

Saw Einhorn short $CHWY and figured I'd flip through the investor presentations... and then saw this photo in their shareholder letter.

IMO you'd have to be out of your mind to short something this cute.https://t.co/rW3JdFe656 pic.twitter.com/7hzBDyKRTC

— Andrew Walker (@AndrewRangeley) July 25, 2019

$FB Thread

1) $FB Q2 2019

- The $FB FCF machine will go into overdrive as we lap the investment cycle in 2020/2021

- $FB generated $4.8 billion in FCF in the quarter, has $48.6 billion in cash, and bought back approximately $1.1 billion of shares. pic.twitter.com/b5BSpkCH9J

— Jerry Capital (@JerryCap) July 25, 2019

$ALGN Thread

(1) Thread on $ALGN @DarkSideOfTheSt @Butler60S @bluff_capital @jonathanrockoff @LibertyRPF @victoriouscake @LSValue @WallStCynic

— CT Capital (@CrowdedTradeCap) March 28, 2019

Brief history of Visa $V

Brief History of Visa https://t.co/u6zqYbT2kz

— Mine Safety (@MineSafety) May 29, 2019

Why REITs trade at a discount to PMV? - thread $SLG, $VNO

Thought this was a really interesting exchange on the $SLG earnings call.

Typical question is why REITs trade at a discount to PMV; analyst inverts and asks if discounts are hitting PMV.

Company says no; buyers prefer private real estate for illiquidity + no mark to market. pic.twitter.com/T3rINBCT8E

— Andrew Walker (@AndrewRangeley) July 19, 2019

$NFLX Thread

1) Winbrun wrote a $NFLX long thesis on VIC on June 26 2016 @ $86/share here is his/her post: https://t.co/IPxaszr56H

While the price has changed the long thesis has IMO not. I wanted to add in a thread of his comments over the last two years.

— Jerry Capital (@JerryCap) July 24, 2019

$ELS Thread

$ELS 2Q19: "we increased occupancy by 204 sites YTD, and this quarter marks our 39th consecutive quarter of occupancy growth. Customer demand to live in our communities continues to be high. The ownership transfer activity within our communities shows the strength of the market."

— WTCM (@WTCM3) July 24, 2019

$AZO Thread

#1 @iancassel Ian posted some eye popping figures about $AZO Autozone and its fantastic run since 1999. Time for a mini-AZO tweet storm! https://t.co/wgRxEIDncu

— EightTrack (@EightTrack180) July 15, 2019

Earnings quality and credit

Let's talk about earnings quality and credit. 43% of syndicated loan deals featured Ebitda addbacks in the first half of this year. That's a record proportion, according to BAML. If you strip those addbacks out, Ebitda/Interest coverage levels on loans are the lowest since 2005. pic.twitter.com/nwSb8kwZiv

— Tracy Alloway (@tracyalloway) July 22, 2019

Quotes from The Meaning of It All: Thoughts of a Citizen-Scientist By Richard Feynman

1) Some quotes from The Meaning of It All: Thoughts of a Citizen-Scientist By Richard Feynmanhttps://t.co/KTA36PcPzZ pic.twitter.com/WIFLcnXjaK

— Jerry Capital (@JerryCap) July 25, 2019