On competition – “We continue to feel very good about our competitive position in the market. Relative to Apple, the publicly available data shows that we are adding roughly twice as many subscribers per month as they are. Additionally, we believe that our monthly engagement is roughly 2x as high and our churn is at half the rate. Elsewhere, our estimates imply that we continue to add more users on an absolute basis than Amazon. Our data also suggests that Amazon’s user base skews significantly more to ‘Ad-Supported’ than ‘Premium’, and that average engagement on our platform is approximately 3x.“
The press are making another push to ban cigarette filters on the grounds they are toxic for the environment and aren’t safer.
Essentra (ESNT.L) is a leading independent provider of these filters.
This scientific review article makes sober reading.
Evidence is presented that, not only are discarded filters not biodegradable, toxic chemicals actually leak from them such as arsenic, nicotine, PAHs, and heavy metals such as cadmium and lead.
They are not safer for smokers either – The National Cancer Institute’s comprehensive review of light and low-tar cigarettes concluded that “Epidemiological and other scientific evidence, including patterns of mortality from smoking-caused diseases, does not indicate a benefit to public health from changes in cigarette design and manufacturing over the last 50 years.”
“The yellow discolouration was an innovation deliberately created to reassure smokers that the filter was working, and comes from a change in pH rather than an accumulation of tar.”
Sometimes one finds lessons for business tactics in unlikely places.
This is a brilliant article on the drug trade in the UK.
“Mohammed Qasim, a research fellow at Leeds Beckett University who studies drug dealers, described the Albanian business approach as “fantastic”, adding: “If they were on Dragon’s Den with this model, all the dragons would be giving them money.””
Common sense disclaimer. Just because a hedge fund is buying a stock doesn’t mean you should. One never knows what offsetting hedges or positions they hold. Be smart, do your own work, use common sense and invest responsibly.
It is a list of all the missed opportunities they had as VC Investors.
A gem – “David Cownan’s college friend rented her garage to Sergey and Larry for their first year. In 1999 and 2000 she tried to introduce Cowan to “these two really smart Stanford students writing a search engine.” Students? A new search engine? In the most important moment ever for Bessemer’s anti-portfolio, Cowan asked her, “How can I get out of this house without going anywhere near your garage?”
Biogen have just announced they will be going ahead and filing Aducanumab (their treatment for Alzheimer’s Disease).
Shares are +40% as a result.
This is extremely odd considering just in March the studies were discontinued due to futility (i.e. they didn’t show an effect).
The company is saying new analysis of a larger dataset has led to, in communication with the FDA, the filing decision (NB. approval is uncertain still).
There is a huge unmet need [100% of drugs have failed, the disease affects 5.8m people in America (50m worldwide) and costs $290bn per year in direct and care costs] so perhaps there was pressure for a win.
