jakarta

it demonstrates that investors want to see a return on their investment more quickly in a higher cost of capital environment. Look across tech, all of these companies staffed up hard, raised at too high of valuations, and are now fat with slow growth and no profitability.

Looks like the stock is up 11% on this news. Does this and the the staff cuts at X demonstrate you can take out significant numbers of engineer without drastically impairing the user experience?

I doubt most tech execs would have the wherewithal to make this kind of decision but it's clearly the case that many big tech cos staffed up too hard during the pandemic with average salary per employee rising too much

hopefully by now companies realize parachuting in ex-AMZN employees is a recipe for disappointment, esp in terms of cost relative to work output

a few million? I would guess ~$100mm

Nice unit economics: Our Connected Fitness Subscriber Lifetime Value for fiscal 2017, fiscal 2018, and fiscal 2019, was $267.1 million, $604.4 million, and $1,053.8 million, respectively, or $3,433, $4,015, and $3,593 per Connected Fitness Subscriber, respectively.

As we expand our content offering, develop new interactive software features, and grow our community of Members, we believe we can maintain a low Average Net Monthly Connected Fitness Churn, resulting in a high Connected Fitness Subscriber Lifetime Value. In addition, with the growth of our Connected Fitness Subscriber base over time, we expect to improve our Subscription Contribution Margin as we scale our fixed content production costs.

Net Customer Acquisition Cost (profit) can be calculated as Adjusted Sales and Marketing Expense (which excludes depreciation and amortization expense and stock-based compensation expense) less Adjusted Connected Fitness Product Gross Profit (which excludes depreciation and amortization expense and stock-based compensation expense). Our Net Customer Acquisition Costs (profit) for fiscal 2017, fiscal 2018, and fiscal 2019, was $14.2 million, $(4.9) million, and $1.6 million, respectively, or $183, $(33), and $5 per Connected Fitness Subscriber added, respectively. We believe we will continue to drive rapid payback and efficiencies in Net Customer Acquisition Costs (profit) by further leveraging sales and marketing investments as a result of heightened brand awareness and growing word-of-mouth referrals. Changes in Connected Fitness Product margins or sales and marketing expenses may result in an inability to fully offset our customer acquisition costs.

why would the cohort expansion rate be so much lower than Fastly's? https://www.sec.gov/Archives/edgar/data/1477333/000119312519... ^ cloudflare data on p. 80 shows a rate of 10-15% expansion

https://www.sec.gov/Archives/edgar/data/1517413/000119312519... ^fastly data on p. 66 shows cohort expansions that are much faster

I could never get into Farnam Street because it just seemed like appropriating Charlie Munger's mental models to sell self-help services.

I'm more intrigued by something like Online Great Books (https://onlinegreatbooks.com/) which seems like a lot of effort but would probably force me to widen my knowledge - In reality, I wish something like Online Great Books included some first principles math/science books to round it out more beyond the philosophy/literature bent.

If only their customer service could match Metro Bank

Interactive Brokers does not sell your order flow

Equity is not a measure of actual worth, it's a product of accounting conventions (which are increasingly incorrect)

A company's value is the free cash flow available to owners from now to kingdom come discounted back to the present.

Waymo progress seems to be slowing on critical disengagements (in older CA DMV reports these were called "safe operation disengagements" - they stopped reporting this type in 2017). These disengagements deal with perception issues, the software leading to unwanted maneuvers, inability to react to reckless road users, and incorrect predictions.

You can see it reduced rate of improvement when you dig into the numbers:

2015 0.16 disengagements per 1000 miles

2016 0.13 disengagements per 1000 miles

2017 0.12 disengagements per 1000 miles