The Indefinite Growth Valuation Paradox
Plus! AI Deployment; Dual Use; Blurring the "Budget" Category; Central Planning with American Characteristics; Owning Supply
All posts
In chronological order
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Owning Distribution or Fulfillment in Consumer-Facing Last-Mile Logistics
Unlock Premium to read this post →Plus! Art and Assets; Atomic Interactions; Industry Cycles; Economies of Scale; Payrolls, CPI, and... Nvidia's Guide?
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Accidental Mean Reversion
Unlock Premium to read this post →Plus! Secondary Markets; Stickiness; The Social Utility of Conspicuous Consumption; Perks; Moderation
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Mission and Variance
Become a member to gain access →Plus! Transitory, After All; The Amazon Model; Contextual Ads; The PE and Sports Transition; Credit and Insurance; Diff Jobs
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Longreads + Open Thread
Become a member to gain access →Costco, Wolfe, Silvers, the Tech Canon, Price Targets, Distribution, Antitrust, AI
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Eras of Shareholder Activism: Randos, Raiders, and PE-in-Public
Unlock Premium to read this post →Plus! AI and Ads; A Less Monopolistic iOS; Solving the Hardware Slog; Trust; Data for Dollars
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Hair on the Deal
Unlock Premium to read this post →Plus! Portable Alpha; Spirals; Bundling; Going in Reverse; Canaries and Incentives
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The Coiled Spring Effect: Why Dying More Slowly than Expected Produces Bigger Rallies than Thriving More than Expected
Unlock Premium to read this post →Plus! It's All Ads; Margin Disclosure; Alpha: Made in Japan; Bad Bull Markets; Hung Deals
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Building the Oracles
Become a member to gain access →Plus! Price Discrimination in Media; AI-Generated Propaganda; War Economies, Redux; Unbundling and Rebundling; Attrition
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Longreads + Open Thread
Become a member to gain access →Luckey, Nietzsche, Data, Rewards, Germany, Elasticity, Open Source, Activism
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Can the Tool Layer Win Over the Product Layer?
Unlock Premium to read this post →Plus! Offline-to-Online; Pensions; Bullish on America; Buying the Dip; Big Tech Sees Like a State
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The Absurdity Heuristic
Unlock Premium to read this post →Plus! Echo Chambers and Positive Feedback Loops; Usage-Based Pricing; Slightly Less Black-Boxy; Commoditizing the Complement; Labor-Saving Technology