The wealthiest person I know prints millions out of thin air in the real estate business.

This is what he does...

A thread.

He finds a distressed retail plaza. Let's say 50% of the space isn't leased.

On a 300,000 sf plaza that might mean 150k square feet is vacant.

If asking rent is $8 per square foot per year, that means the building has a "potential revenue" figure of of $2.4MM.

So in this retail center 50% is leased and 50% is vacant. So the actual revenue, right now, is $1.2MM.

Most retail leases are whats called "Triple Net" or "NNN". This means the tenant pays the taxes, insurance, maintenance and CAM (common area maintenance).

They basically pay all of the landlord's expenses (except debt service on any loans he/she has, of course).

Commercial properties are valued based on something called a "cap rate".

The equation is:

net operating income / (cap rate) = value

The cap rate is a %.

Think about it as the return on your money, annually, as a percentage, you spent to buy a property.

I just read all of Jeff Bezos's 23 letters to Amazon shareholders. And here's a thread with just one key-takeaway from each of these letters.

So if you're an artist or an entrepreneur looking to get some insight into the mind of this genius, read this right now.

1997: Focus relentlessly on your customers and long-term growth.

1998: Here are the 3 criteria Bezos wants managers to consider when hiring (to set the bar high):

1. Will you admire this person?

2. Will they raise the average level of effectiveness of the group?

3. Along what dimension might this person be a superstar?

1999: How to think long-term? Think: it's good enough today, but it will get so much better.

2000: "In the short run, the market is a voting machine but in the long run, it is a weighing machine.” - Benjamin Graham

We aren’t 10% smarter when the share goes 10% up, nor 10% dumber when it goes down. We want to be weighed, & we're always working to build a heavier company.

Audience Building 101

Every company in the world is an audience company.

Whether it's a Media, VC, or DTC business, if you're not building audience Day 1, you're not prioritizing the right things.

Here's my framework for thinking about & building a killer audience 👇

I call it the Audience Funnel.

The concept is simple, but it allows you to...

1) Think strategically about building your own audience

2) Analyze the relative strength of other companies' audiences

3) Understand the similarities & differences of different audience channels

The Audience Funnel is divided into three tiers, which include:

1) Rented Audience

2) Owned Audience

3) Monetized Audience

Tier 1: Rented Audience

𝗪𝗵𝗮𝘁: This is your top of funnel. It allows you to build mass awareness & is key for developing a relationship with your audience.

𝗣𝗿𝗼𝘀: High shareability, high discoverability

𝗖𝗼𝗻𝘀: You don't own your audience

Examples of Rented Audiences

- Social networks (IG, FB, Twitter, TikTok)
- Video platforms (Twitch, YouTube)
- Search engines (Web content)

Examples of Businesses with Big Rented Audiences

- @BuzzFeed (Instagram)
- @GoPro (YouTube)
- @charlidamelio (TikTok)

I learned an important lesson in business when I launched a new retail category early in my career at Amazon: Fail Fast! I spent 18 months shipping a product that should have taken a few months, delaying the oppty to learn and adjust to our initial failure. Here's what happened:

I was originally hired at Amazon on the business development team. After a year I got recruited to help ship a new computer store and run merchandising. I jumped at the opportunity to launch a new business and learn new skills. Amzn was great at creating these opportunities.

Two weeks after joining the retail team, I was in a meeting presenting our pro forma P&L for our computer store launch. I was forecasting inventory turns and gross margins. It was exciting to be thrown into the deep end. I felt like I was at a start-up inside of a start-up.

Our store was predicated on a deal w/ HP that had been part of their earlier bid to win our datacenter biz. Amzn had driven a hard bargain, and when HP couldn't go any lower on server prices they offered to pay us $10M to be our anchor tenant in a new computer store.

HP's consumer business was getting disrupted by Dell who had invented configurable on-line ordering + on-demand manufacturing. HP thought they could fight back by leveraging retail distribution. They would plug their yet-to-be-developed configuration engine into our front-end.

Time for #PapersThatMakeYouGoHmmm! A weekly summary of new ML papers from arXiv that make me think one or more of:

1. That looks useful!
2. That's an interesting approach!
3. A business could be built around this!
4. How did they do that?!

Argument Schemes and Dialogue for Explainable

Neural Fitted Q Iteration based Optimal Bidding Strategy in Real Time Reactive Power

A design of human-like robust AI machines in object

Single Shot Multitask Pedestrian Detection and Behavior

It is hard to build a profitable internet business at scale in India, but not impossible. Let me talk about ixigo's FY2020 performance. But first, the back story (with @rajnishkumar)

It was 2016. We had 3 Million MAUs (mostly organic) and were getting closer to 20 crores annual revenue. We were trying to raise money because we had just 12 months of burn left in the bank.

Out of many conversations, I remember one with a VC in our office who asked us our CAC-LTV ratio. TBH, we didn't track it in those days because we always made money on the first transaction itself and didn't spend a lot on customer acquisition, but I remember the look we got !

Yet another one gave us advice - "Look it's been 10 years since launch, travel is done and dusted, why don't you guys try doing something else". We felt dejected for a bit but went back to work the next day - not the first or last time we would face rejections.

I met @shaileshlakhani (after many years) at an Unpluggd event in Bengaluru in early 2016, and we sat down to chat about ixigo. He was the first investor we met in a long time who saw us not for who we were but for who we could become.

There is a world shortage of chocolate. People are dying because they do not eat enough chocolate. A company, AstraChocolate, one of the few companies that knows how to manufacture chocolate bars, enters into contracts with governments worldwide. 1/

Most of these governments agree to fund AstraChocolate's efforts to research and secure production of highly nutritient chocolate bars. In exchange, AC promises it will deliver X chocolate bars per day to governments once they are produced. 2/

Because edible, safe, chocolate bars need to be approved by national and international regulators, their production and manufacturing takes a while. To ensure a smooth supply chain, AC and other similar companies use factories all around the world. 3/

In Europe, AC uses mainly three manufacturing sites: one in the UK, one in Germany and one in Belgium. In its dealings with governments, AC has promised to deliver 500m of chocolate bars to the EU and 100m to the UK by March 2021. 4/

Now this is a mighty task and there are bumps along the way. Nobody has ever produced edible, safe, super-nutrient chocolate bars at that speed and under that much public scrutiny. So AC and other, similar companies, like Cfacao-BionChoc run into some supply problems. 5/

Want to know how to get brokers to bring you deals first?

Want to build a machine that can buy real estate while you play golf?

Have a very professional and organized METHOD for closing on a property.

It's a system. And here's how we do it.

A thread 👇👇👇

The thing is most sellers (that I deal with) have never sold a property before.

They don't know what to expect. They don't know how it works.

So they naturally have unreasonable expectations and there is a lot that can get lost in the shuffle.

And it creates stress.

And most brokers are working several deals at a time. And they aren't at liberty to tell a buyer how to do business.

So their hands are tied.

And for that reason a lot of closings are shit show. They are delayed. They end up with lawyers huddled up on Thursday night at 10pm.

And for that reason its YOUR JOB as the buyer to take charge.

Set the expectations.

Set the timeline.

And be a professional.

Step one:

Get a signed letter of intent that lays out the terms for your attorney to draft a contract with.

Step two (5 minutes after signed LOI)

Send out an email linking all of the parties and outline their role and a timeline.

Here's our Sunday Wrapup
- Our 2021 Spring Previews are out (will be linked below
- Bike shortages will be a real thing this year. We're already feeling it with some brands.
- We're upset/scared/frustrated about Covid, and are limiting appointments to urgent repairs only.

City Bike Preview--> Breezer, @VSFManufaktur, @gazellebikesusa
Affordable transportation. Reliable & built to last (with 10 year warranties). Fun and easy to ride every day.

Gazelle E-bike Preview--> Ultimate Series (Completely Amaazing, and new!), Medeo Series (sporty and fun), Upright Series (Maximum Dutchiness).
--
Good availability on most models, limited availability on Arroyo Elite and EasyFlow

Family Cargo Bike Preview--> @ternbicycles @UrbanArrowcom @larryvsharry @babboe_bakfiets
--
So many amazing choices to have fun with your family while getting stuff done. Our family is rolling with a Larry vs Harry Bullitt, and a Tern GSD in 2021.

Cargo Bikes for Business -->
This is a new opportunity for local businesses to take advantage of an incredible $2000 grant toward an electric cargo bike. We're here to consult with you on the best way to move your business forward, on a

Financials are strange businesses. On a sale, money goes out from the pocket rather than coming in.

Growth comes first. NPA comes later.

Aavas Financiers says: “What Kills Others Makes Me Strong”

Buckle yourself up as we’ll take you through the 19-20 AR

1/

Challenges for Aavas:

~People, Process & Branch intensive
~Caters to Tier2 to Tier 6 towns
~Underwriting difficult
-Lack of docs
-No CIBIL records
-Mostly catering to EWS and LIG category

Now let’s run past the AR to find the cues to their success

2/

Aavas Financiers

A Fast-growing Small Housing Finance Company in a Large Growing Housing Finance Market in India

A Fast-growing Small Fish in a Large Growing Pond

3/

~The Chairman
~The CEO
~The CFO

See what they say

4/

~Strategic Objectives
~Credit Risk Appraisal Framework
~How Aavas is Being Different

Belgian snapper Regine Mahaux took these pics in April of 2010. The same month that the brokeass TV reality host got his quickie refund from the government. He was the top Chapter 11 filer in America in the last 30 years. https://t.co/EnSFwjsHVo

"he was far more successful playing a business mogul than being one in real life."

"a president who routinely promotes his businesses in an official capacity while they haul in hundreds of millions of dollars from mostly unknown sources is a clear case of corruption"

After he lost the election he desperately raised $250 million using a variety of scams and false campaigns.

Beneath all the bluster, bullshit and braggadocio, he was always on the grift. Racing to stay one step ahead of creditors and tax investigations. When the cultists wake up they will see it was all about a pitchman pretending to be President to make money.

Went to make coffee. Opened fridge to get milk. Now...I was a refrigeration engineer, I had my own domestic appliance business, and I've seen things that would make your hair curl, but...the scene I was greeted by was frankly fucking horrific... 1/?

Everything in the fridge, butter, milk, eggs, some bacon, jars of stuff (except the mustard) had been torn to shreds...and was wet, from the milk presumably, and had turned black...2/?

I just stood and stared. The egg shells were there but broken, empty, and dry. The egg box in shreds. The butter had all gone and the lid had tell-tale holes. The unopened bacon all gone. The tray in tatters...3/?

I'd have taken a picture but it was disgusting...because...there were things in there that weren't in there on Friday. Turds. 6mm long, ovoid turds. I knew what they were obviously, but their presence INSIDE THE FUCKING FRIDGE was, is, troubling...How?4/?

A closer look, and this wasn't pleasant, what with all the black rancid milk and turds, revealed what looked like a hole at the corner of the interior, just under the evaporator..WTF! 5/?

After 5126 failed prototypes over 5 years, any inventor would have given up

But Sir James Dyson stayed put and

- Invented a product which completely transformed the market
- Set up a company with 7 billion $ revenues
- Became the richest man in UK

A thread on Dyson 🧵

1/

1970s - James Dyson was a UK born industrial designer. He was fed up using the traditional vaccum cleaner with disposable bag which would stop working because of dust clogging

He tried using a cyclone based system which would extract the dust without clogging

2/

He even constructed a small prototype & connected it with the traditional vaccum cleaner with bag removed. It seemed to work decently

He presented the concept to many. But most of them rejected saying if the idea was so great, big companies would already have thought of it

3/

1979 - But Dyson didn't give up. He was able to raise an initial investment from another inventor friend and via some loan from the bank

He started developing the cyclonic vaccum system in the shed behind his house.

4/

Between 1979 and 1984, Dyson developed 5126 prototypes before getting the right one without a bag finalized

He tried licensing this invention to the companies in UK and US who can manufacture and sell the product. And give Dyson some royalties on sales

5/

So I bought two accounts on your service--one for personal use, and one for business use. Please react, large companies!

Microsoft: WHAT THE HELL IS HAPPENING OH MY GOD PLEASE KILL ME AND END MY TORMENT

Slack: You're my favorite two daily active users.

Google: Fuck your business account, why would you pay us? What is wrong with you?

LinkedIn: Has either account tried premium?

Time for #PapersThatMakeYouGoHmmm! A weekly summary of new ML papers from arXiv that make me think one or more of:

1. That looks useful!
2. That's an interesting approach!
3. A business could be built around this!
4. How did they do that?!

How can I choose an explainer? An Application-grounded Evaluation of Post-hoc

Validating Label Consistency in NER Data

A two-stage data association approach for 3D Multi-object

Neural Networks, Artificial Intelligence and the Computational

1/ #Anghami HQ relocating to Abu Dhabi
Thread time >

8 years ago when @EddyMaroun and me launched @anghami , we wanted to build a business that would hopefully get some traction & show that 🇱🇧 can build a tech startup in a competitive field such as music.

2/ Why? Because it just didn't exist in this part of the world! We needed music 🎶 and so did plenty of arabs who had to pirate for the lack of a legal service.

3/ Building music service is no simple feat, especially when it has to be available on every device, be local, contain a 57 Million songs legal library , be fast, be different ⚡️.

4/ It becomes even harder when you have to build a payment network from 36 telcos across the region - and amass over 80 million users.
What's the hardest part in building all this?

5/ The talent!
The people who spend endless hours working to build the vision and constantly churn fix after fix to make it sparkle.
That talent came mostly from Lebanon, 90% of the team hailed from my country 🇱🇧. And made us absolutely proud!

SAGA MEGATHREAD

SPRING & ALPHA SPC CO LIMITED 19 Jun 2007 - 18 Sep 2007
SPRING & ALPHA TOPCO LIMITED 19 Jun 2007 - 18 Sep 2007
SPRING & ALPHA MIDCO LIMITED 13 Jun 2007 - 18 Sep 2007
SPRING & ALPHA BIDCO LIMITED 13 Jun 2007 - 18 Sep 2007
ST&H LIMITED

ST&H GROUP LIMITED
ST&H TRANSPORT LIMITED
ONE HUNDRED AND NINETY-EIGHTH SHELF TRADING COMPANYLIMITED 17 Mar 1983 - 15 Sep 1983
INTER-CHURCH TRAVEL LIMITED 05 Apr 1962 - 05 Feb 2009
INTER-CHURCH TRAVEL LIMITED
SIDECONTACT LIMITED 06 Oct 1987 - 25 Feb 1988

LINERFLAME LIMITED 18 May 2007 - 19 Jun 2007
LINERBROOK LIMITED 18 May 2007 - 13 Jun 2007
TITAN TRANSPORT LIMITED 25 Sep 2009 - 05 Aug 2019
SAGA HOLIDAYS LIMITED 01 May 1988 - 05 Feb 2009
SAGA FINANCIAL LIMITED 25 Feb 1988 - 01 May 1988

SAGA HEALTHCARE TRUST LIMITED
SAGA INVESTMENT DIRECT LIMITED 08 Aug 1995 - 20 Dec 2006
SAGA PERSONAL FINANCE LIMITED 20 Dec 2006 - 24 May 2011
SAGA PERSONAL FINANCE LIMITED 24 May 2011 - 02 Feb 2018
SAGA SHIPPING COMPANY LIMITED
SAGA CRUISES LIMITED 24 October 1996

In a new clinical trial with 145 subjects, subjects were given drinks sweetened with aspartame, glucose, fructose, or high-fructose corn syrup for two weeks.

Some results
HFCS group:
17% higher LDL-C
15% higher apoB
11% higher

Subjects were given beverages to drink three times per day, containing:

Aspartame, control
Glucose, 25% daily energy requirements
Fructose, 17.5%
Fructose, 25%
High-fructose corn syrup, 17.5%
HFCS, 25%
Sucrose, 25%

Patients were told to refrain from drinking any other sugar-sweetened beverages.

Riboflavin was added to the drinks as a biomarker for adherence and tested in the urine.

Urinary riboflavin was low at the beginning, rose throughout the study, and did not rise differently between participants in each group over the course of the study, indicating that the biomarker worked and adherence was similar between groups.

The trial was double-blinded and on an outpatient basis.

Subjects were not randomized but groups were matched for sex, BMI, and concentrations of fasting triglyceride (TG), cholesterol, HDL-C, and insulin at baseline.