Chasing Externalities
Plus! Moutai and Dirty Hedges; The Other Kind of Algorithmic Collusion; Deals; Regulatory Capture; Wealth Accumulation
All posts
In chronological order
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The Supply Chain of Talent
Become a member to gain access →Plus! Getting the Cycle Right; Regulatory Arbitrage in E-Commerce; Dry Powder and Meta-Stability; The Split Market; Transmission Mechanisms
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Longreads + Open Thread
Become a member to gain access →Crime, Blair, Game of Thrones, Hedge Funds, Research, Money, Greece
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Complementary Cooling: Refrigerated Warehouse REITs
Unlock Premium to read this post →Plus! Automating Training; AI and the end of Mass Fame; Marketing Stunts; Size, Quality, and Passive Investing; User-Generated Content-Generating Agents
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Apple's Physical-Platform Transition
Unlock Premium to read this post →Plus! Licensing Data; Flipping the Switch on Self-Driving Cars; Accidental Lock-In; Unit Economics!; The Limits of Data
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Does the AI Business Work if They're Paying for Content?
Unlock Premium to read this post →Plus! Unintended Consequences; The Nothing Ever Happens Trade; A Scale Game; Exits; A Little Less Financial Engineering at OpenAI
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Fertilizer and Toxins
Become a member to gain access →Plus! Diff Jobs; Margins; A Better, Costlier Alexa; Elasticity; Counterparty Risk, Served Two Ways; The Universal Denominator
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Longreads + Open Thread
Become a member to gain access →Networks, Five Nines, Tours, Disinformation, Deglobalization
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Mass Producing Microcelebrities
Unlock Premium to read this post →Plus! Light Fat-Finger Risk; DJT; One Basis Point at a Time; Discounting; AI and Tacit Knowledge
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The Index Rebalancing Trade
Unlock Premium to read this post →Plus! The Other Scaling Hypothesis; Cannibalization; Payments and Margins; Espionage; LLMs and Comedy
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An Efficient Markets Parable
Unlock Premium to read this post →Plus! AI and Search; When Everything Turns Into Ads, Everything Turns Into Ad Arbitrage; Omnimedia; Middle-Market; Threads
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"Nobody Knows Anything": Backtests are Hard
Become a member to gain access →Plus! The Economics of Hacking; Lead Generation; Adverse Selection; Tip Economics; First and Last Resort; Diff Jobs