Are VCs Incentivized to be too Nice for Venture Debt?
Plus! Art of the Cram-Down; Transaction Costs; Amazon Air; Bull Markets; Misinformation
All posts
In chronological order
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Where do AI Agents Get Deployed First?
Unlock Premium to read this post →Plus! IP; Bull Markets; Run on the Fund; Moderating Moderation; Paraphrasing Bundling
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The One-Big-Side-Bet Model of Wealth Creation
Read this article →Plus! Diff Jobs; Building Japan's Financial Ecosystem; The New Balance of Trade; Where Return on Investment Goes; Broken ETFs; Swipe Fees and Accounting
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Longreads + Open Thread
Become a member to gain access →Shanghai, Wrong, Returns, Nuclear, Employee Performance, Feedback Loops, Buffett
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What Would a Strategic Bitcoin Reserve Actually Do?
Unlock Premium to read this post →Plus! Regulation; AI and Social Networks; Continuous Search; Deflation; Big Tech Sees Like a State: Beauty Filters Edition
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We Still Have No Idea Whether Passive Investing is a Meaningful Risk
Unlock Premium to read this post →Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC; Tariff Man
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After Return on Equity
Become a member to gain access →Plus! After Return on Equity; Operating Leverage in Media; Tech Globalization; Meta Memecoins; Accounting; Buy Low, Refi
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Longreads + Open Thread
Become a member to gain access →Microsoft, The Study, Fraud, Electronics, Gaming, Loss Aversion, Gut, Kerkorian
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ServiceTitan and the Software-vs-PE Race
Unlock Premium to read this post →Plus! Devaluation; Browsers; Slicing Up the Capital Structure; Who Audits the Auditors; International
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Adversarial Internal Communications
Unlock Premium to read this post →Plus! Cost of Capital; AI and Revealed Preference; Peak Pod?; Licensing; Indexing
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Robinhood as the Meme Stock Meta-Hedge
Unlock Premium to read this post →Plus! Spinning Off Assets and Liabilities; Maybe It's Not Just Ads Just Yet; Spinoffs; Auditor Pricing; Fine-Grained Controls
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The Modern Private Equity Business was Invented in Beverly Hills in the 70s
Become a member to gain access →Plus! Diff Jobs; Product Convergence; Musk v. Altman; The Bundle; Financing a Boom; Investor Protectionism