Mitsutaka "Taka" Goto

[Peter H. Diamandis, MD @PeterDiamandis]

While pessimism sounds smart, optimism makes money by turning life-changing technologies into reality.

[PR TIMESテクノロジー @PRTIMES_TECH]

トビラシステムズ、広告ブロックアプリ「280blocker」Android版の提供を再開 https://t.co/wN28PmIJe2

[明田篤@トビラシステムズ @atsakita]

【2026年10月法改正】カスハラ対策の義務化まであと2ヶ月　電話のカスハラ、4人に1人が「週1回以上」被害　企業の4割は対策未実施 ｜トビラシステムズ株式会社 https://t.co/QqhhYLI8OF

[Snoopy @snoopyb047]

祈りを、熊本へ。🤍🇯🇵

[近藤りな｜ トビラシステムズ（4441）IR担当 @iinakod]

▫️お知らせ

J:COMと「トビラフォン Cloud」の販売代理店契約を締結しました✶⋆

本契約は、中期経営計画2028で掲げる「トビラフォン Cloud」の販売拡大に向けた取り組みの一環です。

J:COMの販売網を通じて、より多くの法人のお客さまへサービスをお届けしてまいります。

[トビラシステムズ / Tobila Systems IR｜4441 @tobila_ir]

【お知らせ】
2026年6月15日以降に投資家の皆さまより頂戴した主なご質問とその回答を、レポートとして公開いたしました。

・2026 年10月期第2四半期決算に関する質疑応答集（２）
https://t.co/14VzteXCZG

[Joe Value 🕊️ @JoeValue]

The cash is not needed to provide the service.

The capex - hiring more engineers is for new lines of products / services not for scaling Tobila Phone Biz.

So it’s just what do they do with the cash? I spoke with the founder / ceo and he is looking at special div / buyback and weighing up options.

He was interested why I and other international investors were keen on buybacks over dividend - I think he’s taking it on board. I think he realises something needs to be done with the cash. And he seems much more focused on investor returns that using cash for business acquisitions

He is 40% shareholder so very aligned

[Joe Value 🕊️ @JoeValue]

$4441.T Tobila Systems.

Project they earn their entire EV in FCF in less than 4 years. Due to big growth in their Solutions Segment.

Market missing the high margin growth as FCF = 2x Earnings. Not coming through the income statement but FCF is real and cash is piling up reducing EV.

Big tailwinds for the growth driven by new gov legislation

Excellent aligned Managment, strong balance sheet, high margins, FCF growing c 26% Pa.

It’s same as QLTU.TA in 2024, exceptional business with tailwinds and with the growth simply given away for free

[Millie Marconi @MillieMarconnni]

A British biologist looked at 200,000 years of human history and found that the entire reason humans broke out of poverty was not intelligence, not language, not even agriculture, but one mechanism so simple a 6-year-old could explain it.

His name is Matt Ridley.

He is a zoologist by training, an evolutionary biologist by career, and in 2010 he wrote a book called The Rational Optimist that quietly argued the most important fact about human progress had been hiding in plain sight for the entire history of economics.

Naval Ravikant has been telling people to read everything Ridley has ever written for the last 15 years. The reason is the argument inside this one book.

For 200,000 years, anatomically modern humans walked around with the same brain you have right now. Same skull size. Same neural architecture. Same raw capacity for language, planning, and abstract thought.

For roughly 190,000 of those years, almost nothing happened. Generation after generation lived and died inside the same Stone Age toolkit their great-great-grandparents had used. Then somewhere around 50,000 years ago, the line on the chart of human progress started to tick upward. Then it bent. Then it exploded.

The question Ridley spent years on was the only question that mattered. What changed.

It was not the brain. The brain had been the same for 190,000 years. It was not language, which had existed long before the takeoff. It was not even agriculture, which arrived only 10,000 years ago and was actually preceded by the upward bend, not the cause of it.

What changed was that humans started trading with strangers.

This sounds too small to be the answer. Ridley argues that it is the answer to almost everything. The moment one human exchanged a useful object with another human from a different group, something happened that no other species on earth had ever done.

Two ideas that had developed in isolation came into contact. The flint knapper learned what the spear maker had figured out. The fisherman from the coast learned what the hunter from the forest had figured out. The two pieces of knowledge fused into something neither side could have produced alone.

Ridley calls this ideas having sex. The phrase sounds frivolous and it is meant to. The point is that ideas, like genes, get better when they combine with other ideas from different lineages.

An idea sitting inside one head, no matter how brilliant the head, eventually hits a ceiling. The same idea exposed to ten thousand other ideas does something genes do under sexual reproduction. It mixes. It recombines. It produces offspring nobody planned.

The cleanest proof of this argument is the most uncomfortable case study in the book. Tasmania.

Around 10,000 years ago, rising sea levels cut Tasmania off from mainland Australia. A population of roughly 4,000 humans was now isolated on an island, with no possibility of contact with the rest of humanity. They had the same brains. The same language. The same starting toolkit as their cousins 150 kilometers north. The natural experiment was now running.

What happened next is something no economist or geneticist had ever predicted.

The mainland Australians kept inventing. Boomerangs. Spear-throwers. Fishing nets. Bone needles for sewing fitted clothes. Watercraft with paddles. Their technology compounded slowly across the centuries.

The Tasmanians went the other way. They did not just fail to invent the new tools their cousins were developing. They started losing the tools they already had. Fishing was abandoned within a few thousand years. Bone tools disappeared. Fitted clothing disappeared. They forgot how to make fire from scratch and started carrying lit firebrands from camp to camp instead, relighting their fires from a neighbor's whenever their own went out.

By the time European explorers arrived in the 17th century, the Tasmanians had the simplest toolkit of any human society ever recorded. Their material culture had gone backward for 8,000 years.

The archaeologist Rhys Jones called it a slow strangulation of the mind.

Joseph Henrich at Harvard later proved with formal mathematical models that there was nothing wrong with Tasmanian brains. There was something wrong with their network. A toolkit requires a critical mass of people exchanging skills to maintain itself.

The act of teaching a skill is imperfect. Every generation loses a small percentage of what the last generation knew. If your population is large enough and trading widely enough, those losses get caught and corrected by someone else who still remembers.

If your population shrinks below a certain threshold and stops mixing with outsiders, the small losses compound until entire technologies disappear.

This is the part that should haunt anyone reading this in 2026.

Intelligence is not a property of the individual brain. Intelligence is a property of the network the brain is connected to. A genius in isolation will produce less than a mediocre thinker inside a dense exchange of other mediocre thinkers.

The thing your ancestors needed in order to break out of 190,000 years of stagnation was not better brains. It was better connections between brains they already had.

The implication for any individual is direct and uncomfortable. If you are smart and isolated, you will be outproduced by people half as smart who are connected.

The most successful people in any field are almost never the smartest people in it. They are the ones positioned at the intersection of the most idea flows. They are reading more authors than their competitors. They are talking to more people from more disciplines. They are in the rooms where ideas from different lineages bump into each other.

Ridley ends the book on the line that sounds optimistic but is actually a warning its this "The future will be invented by people who connect ideas, not by people who guard them."

[トビラシステムズ株式会社｜特殊詐欺・フィッシング詐欺対策 @tobilasystems]

【お知らせ】
ドコモが5月27日より提供開始する「あんしんセキュリティ」の下記新プランにおいて、トビラシステムズの迷惑情報データベースが活用されます。

・スタンダードプラン 詐欺対策プラス
・トータルプラン 詐欺対策プラス

詳細はこちらをご覧ください。
https://t.co/tWBRknCKQc

[Mikro Kap David @david_katunaric]

Since I first wrote up 🇺🇸 $EVC in April 2025, Entravision’s AdTech segment has gone from being a semi-important piece of an attractive SOTP story to the dominant driver of the thesis.

At the time of my initial investment, AdTech was growing revenue at a 42% year-over-year clip, accounted for 39% of total revenue, and generated $8 million of segment EBIT for the full year 2024.

In Q1 2026, that same segment grew revenue 204% YoY, accounted for 78% of total revenue, and generated more than $34 million of segment EBIT in a single quarter.

The share price followed the positive numbers, making Entravision my largest portfolio position. And once a company holds that spot, I need to stay on top of any fundamental changes at Smadex and the broader AdTech segment, as well as EVC’s valuation. That is why I’ve been doing some additional maintenance diligence and wanted to share my learnings below.

Update at the link below is part of that maintenance work. I wanted to better understand the nuances of Smadex’s business model, the programmatic advertising industry, DSP peers, the growth runway, and what valuation might be reasonable if management continues to execute.

[近藤りな｜ トビラシステムズ（4441）IR担当 @iinakod]

田代さん @Crypto_Fin256 、インタビューありがとうございました😌

【前編】人を守る仕組みは、家族の詐欺被害体験から始まった
https://t.co/nDOQP8ZMau

[Brivael Le Pogam @brivael]

Elon Musk avait dit un truc qui m'avait marqué sur l'allocation de ressources. En substance : passé un certain niveau de richesse, l'argent n'est plus de la consommation, c'est de l'allocation de capital.

Cette phrase change tout.

L'économie, dans le fond, c'est juste un problème d'allocation. Tu as des ressources finies et des usages infinis. Qui décide où va quoi ?

Imagine une cour de récré. 100 enfants, des paquets de cartes Pokémon distribués au hasard. Tu laisses faire. Tr��s vite, un ordre émerge. Les bons joueurs accumulent les cartes rares, les collectionneurs trient, les négociateurs trouvent des deals. Personne n'a planifié. Et pourtant chaque carte finit dans les mains de celui qui en tire le plus de valeur. Le système maximise le bonheur total de la cour. C'est ça, la main invisible.

Maintenant fais entrer la maîtresse. Elle trouve ça injuste. Léo a 50 cartes, Tom en a 3. Elle confisque, redistribue, impose l'égalité. Trois effets immédiats. Les bons joueurs arrêtent de jouer, à quoi bon. Les mauvais n'ont plus de raison de progresser, ils auront leur part. Les échanges s'effondrent. La cour est égale, et morte. Elle a maximisé l'égalité, elle a détruit le bonheur.

Le problème de la maîtresse, c'est qu'elle ne peut pas avoir l'information que la cour avait collectivement. C'est le problème du calcul économique de Mises, formulé en 1920. L'URSS a essayé de le résoudre pendant 70 ans avec le Gosplan. Résultat : pénuries, queues, effondrement. Pas parce que les Soviétiques étaient bêtes, parce que le problème est mathématiquement insoluble en mode centralisé.

Quand Musk a 200 milliards, il ne les consomme pas, il les alloue. SpaceX, Starlink, Neuralink, xAI. Chaque dollar est un pari sur le futur. Et lui a un track record. PayPal, Tesla, SpaceX. Il a démontré qu'il sait identifier des problèmes immenses et y allouer des ressources avec un rendement spectaculaire.

L'État aussi a un track record. Hôpitaux qui s'effondrent, éducation qui décline, dette qui explose, services publics qui se dégradent malgré des budgets en hausse constante. Le marché identifie les bons allocateurs, la politique identifie les bons communicants.

Le profit n'est pas une finalité, c'est un signal. Il dit : tu as alloué des ressources rares vers un usage que les gens valorisent suffisamment pour payer. Plus le profit est gros, plus la création de valeur est grande. Quand Starlink est rentable, ça veut dire que des millions de gens dans des zones rurales ont enfin internet. Quand un ministère est en déficit, ça veut dire qu'il consomme plus qu'il ne produit. L'un crée, l'autre détruit, et on appelle ça redistribution.

Dans nos sociétés il y a deux catégories d'acteurs. Les entrepreneurs et les bureaucrates. L'entrepreneur prend un risque personnel pour identifier un problème, mobiliser des ressources, créer une solution. S'il se trompe il perd. S'il a raison, ses clients gagnent, ses employés gagnent, ses fournisseurs gagnent, l'État collecte des impôts. Il est la cellule de base du progrès humain.

Le bureaucrate ne prend aucun risque personnel. Son salaire est garanti. Au mieux il maintient une rente existante. Au pire il la détruit par excès de réglementation, mauvaise allocation forcée, incitations perverses qui découragent ceux qui produisent. Mais dans aucun cas il ne crée.

Regarde les 50 dernières années. iPhone, internet civil, SpaceX, Tesla, Google, Amazon, Stripe, mRNA, ChatGPT. Toutes des inventions priv��es, portées par des entrepreneurs, financées par du capital risque. Pas un seul ministère n'a inventé quoi que ce soit qui ait changé ta vie au quotidien.

La France est devenue le laboratoire mondial de la dérive bureaucratique. 57% du PIB en dépenses publiques, record absolu. Une administration tentaculaire, une fiscalité qui pénalise la création de richesse. Résultat : décrochage face aux États-Unis, à l'Allemagne, à la Suisse. Fuite des cerveaux. Désindustrialisation. Dette qui explose.

Et le pire c'est que la mauvaise allocation s'auto-renforce. Plus l'État prélève, moins les entrepreneurs créent. Moins ils créent, moins il y a de base fiscale. Plus l'État s'endette et taxe. Boucle de rétroaction négative parfaite. La maîtresse pense qu'elle aide, et chaque année la cour produit moins.

Dans nos sociétés, ce sont les entrepreneurs, toujours, qui font avancer la civilisation. Les bureaucrates au mieux maintiennent une rente, au pire la détruisent. Aucune société n'a jamais progressé en taxant ses créateurs pour subventionner ses gestionnaires.

La question n'est jamais qui a combien. C'est qui alloue le mieux la prochaine unité de ressource pour maximiser le futur de l'humanité. La réponse depuis 200 ans n'a jamais changé. Ce ne sont pas les fonctionnaires.

[Joe Value 🕊️ @JoeValue]

What a chart 😍

[Mitsutaka "Taka" Goto @MitsutakaG]

$FC FQ2 subscription sales invoiced +16% YoY — nice accel, but noted it includes upfront service payments this time (wasn’t included last year). Looks better than it really is. Good for next few quarters, but could bite later if those services don’t repeat? What am I missing?

[トビラシステムズ株式会社｜特殊詐欺・フィッシン���詐欺対策 @tobilasystems]

【プレスリリース】
トビラシステムズのデータベースを活用した迷惑電話ブロック機能をオプション搭載したビジネスフォン「おまかせオフィステレフォン」が、NTT東日本より2026年5月1日〜提供開始されます。
悪質な営業電話などをブロック、業務に専念できる環境を作ります。
https://t.co/LCazzaG9Ea

[トビラシステムズ株式会社｜特殊詐欺・フィッシング詐欺対策 @tobilasystems]

【プレスリリース】
トビラシステムズの法人向けカスハラ電話対策製品「トビラフォン Biz」が、京セラドキュメントソリューションズジャパン株式会社で取り扱い開始となりました。より多くの企業・組織・自治体の安全性・生産性向上を目指し、サービスを提供してまいります。
https://t.co/gMW9LZ61Cy

[じゅんいちろう｜物語る建築士 @PapalotX]

@Yocccccchan4 良いものを作れば売れるという技術者信仰が、グローバルな知財戦略という冷徹なマネーゲームに完敗した姿が、今のペロブスカイトの惨状ですね。

[じゅんいちろう｜物語る建築士 @PapalotX]

ペロブスカイト太陽電池を発明した宮坂力教授は、2009年の発見時に海外で基本特許を出願していないようです。

理由は、あまりにも切実な費用です。
国ごとに数百万円かかる出願費用を、当時の大学も、教授本人も賄えなかったという。
その隙に、イギリスのスタートアップ（Oxford PV）が基礎特許をガッチリ押さえられました。そして今、彼らはその権利を中国の巨大メーカーへ独占ライセンス供与しています。

日本が発明した技術の周辺をイギリスが特許で固め中国に売る。
この構図の中で中国の特許件数は現在33,000件超。世界シェアの76%に達しています。

日本の量産開始予定は2027年。
誰かが悪いわけではないけれど、技術を守り、産業にする仕組みが日本にはなかったのは残念に思う。
最初の発明だけ用意して、その後の防衛と攻めの設計図を欠いたまま2027年を迎えようとしています。
同じ失敗を繰り返さない保証はどこにもありません。

[Lee Roach @leevalueroach]

Software stocks are getting destroyed right now.

Some of these names are approaching levels where you're buying the recurring revenue stream at a discount. Real deep value territory.

But before you back up the truck, check the stock-based comp. A company trading at "15x earnings" means nothing when SBC is diluting you 5-8% a year.

That cheap multiple is a mirage if they're printing shares faster than they're buying them back.