Twitter

"However, ex ante it is often very difficult to have much assurance in sizing potential N and δ. So you are left with a situation that sometimes requires significant up front capital but an uncertain ability to monetize. This for example has plagued Twitter. Usually management gets the blame but we are back to Buffett’s observation: “When a manager with a reputation for brilliance tackles a business with a reputation for bad economics, the reputation of the business remains intact.”25"

"a great business is defined by its ability to generate cash flows in the future. Investors expect Twitter will be able to capture monopoly profits over the next decade, while newspapers’ monopoly days are over."

"More typically, every venture he undertakes leads the wave of imitation in China’s internet scene. Renren, akin to Facebook, led the campus SNS wave; Fanfou, similar to Twitter, led the microblogging trend; Meituan, similar to Groupon, pioneered the group buying wave. His grasp of American internet trends is very accurate, and when transplanted to the Chinese internet, the products he made were outstanding. There is a lot of replication of foreign websites in the Chinese internet, many people only jump in when they see someone doing it successfully. Discovering an opportunity first once may be luck, but Wang Xing being the first every time is quite intriguing."