John Kurian

@lennysan @sarinb was a great B2B PM while at Amadeus building travel technology products for the largest airlines of the now. Super empathetic and great at prioritization. He’s now over at Wayfair and I think he’d be a good fit for your podcast :)

Who's the best IC product manager you've ever worked with? If they're not on Twitter, share their LinkedIn 🙏 Looking for under-the-radar-but-amazing IC PMs to feature on the podcast.

Here I am wishing this was a reality

@Miss_Draamebaaz @miv417 @isuchith @AkashBalamurali Oooo true story…

Reunited us for a little while 🥲 @Mr_Cheese_Cake @miv417 @isuchith @AkashBalamurali

I would play Sanju Samson in the Indian T20 team every day.

@richfalkwallace @readwise save thread

An entire MBA fits on one page. But you better know the math cold. Like & comment if you want the excel. 6 topics: *1) Unit economics* This builds from product-level unit economics to company financials. Quantity per unit, growth in units. Price per unit, growth in pricing. Cost per unit, marketing spend per unit. Get you return on ad spend (ROAS), customer acquisition cost (CAC), LTV/CAC, gross margins, unit contribution margins, and more. This model sets up two diverging products: A higher gross margin (GM), higher marking cost, low pricing power, low growth product. Against a lower GM, better pricing power, better growing, lower unit market cost product. To show how the dynamics of the two play out over time. *2) Accounting* Unit drivers flow into revenue, variable COGS, and variable SG&A. Then to EBITDA, EBIT, EBT, Net income & EPS. Simple cash flow statements & balance sheets reconcile D&A to inflation-adjusted replacement CapEx, debt levels, & GAAP PP&E. You have to be fluent in accounting to look at public companies. Not because accounting itself matters. But because accounting can obscure what matters. And your task it to translate GAAP into meaningful business logic. *3) Operating ratios* Unit drivers output financials, financials output overall business ratios. Revenue growth, EBITDA growth, EBITDA margins. Contribution margins (= change in profit over change in revenue). Net debt-to-EBITDA, net debt % of EV. *4) Valuation* You can drive valuation on multiples or a DCF. Which are equivalent: The discount rate minus the growth rate determines the 'terminal multiple.' Using a P/E instead of a DCF simply uses next year as the terminal value. This model drives value from the DCF, and maps that to the multiples to show how they connect. *5) Corporate finance & DCFs* DCF math attached using the CAPM. The summary is a beta from historical returns, add the cost of debt. To get the WACC - the theoretically correct discount rate. DCFs are extremely assumption laden - you can get out almost whatever you want. But realistically. Your banker (or analyst) will make the math work out to a 7-13% discount rate. Depending on the risks, industry, markets - and what they want to achieve. *6) Sensitivities & the hard part* The last section sensitizes the equity value and multiples to unit and price growth. Bringing unit drivers full circle to valuation outcomes. Ultimately, the hard part isn't the math. You have to be fluent in the math, its nuances and its limitations. If not, you will lose out to those who are. But once you are, you also have to shift focus. To the hard part. Which is always in filling in the numbers. If you're investing, that means thoughtful views on unit drivers; on how, when, and why they shift. And if you're building, it means making the numbers on the page happen. That's all for now. Like & comment if you want the excel.

happy for jenna ortega but this was my wednesday

Mehemaan nawaazi ke liye #Pathaan aa raha hai, aur pataakhen bhi saath laa raha hai! 💣💥 #PathaanTrailer out now! Releasing in Hindi, Tamil and Telugu on 25th January 2023. @deepikapadukone | @thejohnabraham | #SiddharthAnand | @yrf

Lionel Messi might have won MOTM but this 120+3' save from Emiliano Martinez saved Argentina's World Cup 🇦🇷❤️

@DrPaglaCow @IamSanjuSamson At this point I’m just like “WTF”

What does @IamSanjuSamson have to do to get a game?

Absolutely gorgeous

People are watching #LaalSinghChaddha on Netflix and wondering why it did not work at the time of release. Tab desh me malaria faila hua tha.. @NetflixIndia

@sarinb @phlip_side Imma watch it tonight too then :)

@Mr_Cheese_Cake @phlip_side #OruThekkanThalluCase is another fight movie. But much better execution than Thallumaala!

That was a valiant effort from Sanju Samson. Tough luck but a very high quality innings.

G.O.A.T #RogerFederer

@sarinb @phlip_side Well the movie was all about the fights! You need to go in with that mentality. Also it helps when you’ve actually met people with this mentality 😅

@phlip_side I couldn't get myself to watch that movie for more than an hour!

youtu.be/9SSHhQRsYcM - Excited for this one! Finally a Shantaram movie!

The new project I designed arrives today - the Dynamic Island. Its goal is to feel like a living, elastic bubble that can fluidly shape shift into different alerts and experiences. This is just the start, but I’m excited to see it begin its life!

Also throughout the movie I was left wishing that Shiva was a role played by @iHrithik 😅 #BrahmastraMovie

Seeing SRK on the screen as always is just magic. I hope they can somehow make a stand-alone movie on that character #Brahmastra

Brahmastra was a spectacle and a true labor of love, hard work and vision. It was amazing to see how well executed the action sequence and visual effects were #Brahmastra