This quote from that article sounds a little less than bullish: "Everything taken together hints at a completely unaccountable executive looting a company that is running as quickly as it can from massive losses that may very well be fatal whenever the next recession hits."
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Pretty telling that this was the conclusion from the bull casepic.twitter.com/DZbRe7H7xy
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honestly I liked this better https://www.profgalloway.com/wewtf by
@profgalloway -
Is it really the software that's eating the world though?
End of conversation
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“WeWork, on the other hand, is perhaps best understood as a clear beneficiary of a world of seemingly unlimited capital.” — unsure how this is a good thing for investors.
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With a ‘stay away’ ending.
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WeWork is as a levered carry trade (borrow JPY at lower rates and lend BRL at higher rates which works until JPYBRL goes to sh!t). in WeWork’s case, JPY is long-term lease obligations, short term rent is BRL. succeeding at this requires extreme caution which We doesn’t have.
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A great example of why I pay for
@stratechery.@benthompson can be relied upon to think independently and write thoughtfully. That being said, there's one problem with comparing WeWork to AWS: one of them is run by Bezos & Jassy.Thanks. Twitter will use this to make your timeline better. UndoUndo
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I’m biased but 100% agree w/ the case. The troubling part of WeWork is self governance, underlying economic fundamentals & inflated valuation. The business strategy & opportunity is strong. Companies like
@IndustriousHQ &@Convene are taking a different tact w/ LL partnershipsThanks. Twitter will use this to make your timeline better. UndoUndo
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The AWS analogy is helpful but also raises more questions. Converting lumpy into more continuously variable expense (e.g, renting an office vs renting desks) can create value but not as a logical matter. What makes We so good at this transformation? (1/2)
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Put differently: Why is We better than others (existing asset owners, competitors, middlemen) at this transformation? For instance, would an airbnb for desks be more efficient? (The intent of the question is to clarify thinking than assert the premise.) (2/2)
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