Mass Producing Microcelebrities
Plus! Light Fat-Finger Risk; DJT; One Basis Point at a Time; Discounting; AI and Tacit Knowledge
All posts
In chronological order
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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
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Longreads + Open Thread
Become a member to gain access →Excel, Lego Orrery, Steroids, Early Finance, Disagreeable Nerds, Programming, Elites, WallStreetBets
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How Meme Stocks Escaped Containment
Unlock Premium to read this post →Plus! Busted Regulatory Arbitrage; Round Trips and Catalysts; AI and Distribution; All Noise, No Signal; Getting Alpha Everywhere
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Dividing up the Pie
Unlock Premium to read this post →Plus! Catching a Falling Knife in Social; Short Reports and Disclosure; When to let Users Optimize; Apple and OpenAI; Painting the Tape
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Conferences as Industry Cluster Economics, Squared
Unlock Premium to read this post →Plus! Marking Xi Jinping to Market; Vol and Dispersion; Choosy Tenders; Apple Intelligence; Preserving Tacit Knowledge
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The Bid/Ask View of Who Gets to Raise and What Gets Traded
Become a member to gain access →Plus! Privacy and Insurance; AI Fragmentation; Too Central to Fail?; Meritocracy; Activism; Diff Jobs
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Longreads + Open Thread
Become a member to gain access →Solar, Cockroaches, Antitrust, HFT, Chicago, Legibility, Google, the Dark Ages
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Situational Awareness
Unlock Premium to read this post →Plus! Owning the Login; IP Supply Chains; It's Annoying, But Is It Illegal?; Distribution Arbitrage; Growth and Accounting
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The Exchange Businesses
Unlock Premium to read this post →Plus! App Abundance; Privacy and Training Data; Tariffs; Transaction Costs; Super-Commuters