When is Fragmentation an Opportunity, and When is it a Warning Sign?
Plus! Complements; The Social Contract; 2.5th-party; Monetizing Vulnerabilities; Multiple Audiences
All posts
In chronological order
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You Can't Escape Stack-Ranking
Unlock Premium to read this post →Plus! Platforms; Social Network Primitives; Cancellations; Competitive Pricing; Cost Control
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Psychological Negative Carry
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Offshoring and AI Agents
Become a member to gain access →Plus! Capital Structure; Designer Brands and Transaction Costs; SMBs; Top-Down Market Reform; Chosen Obligations
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Longreads + Open Thread
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Social Status and the Bezzle
Unlock Premium to read this post →Plus! Full-Stack; Crypto: Not Speculative Enough for the SEC; Regulating Platforms; Getting the Order Right; Narrative Monopolies
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KPI-Based Short Theses Considered Tricky
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What Does "Venture-Scale" Mean?
Unlock Premium to read this post →Plus! Deeper into the Stack; Gray Area Moderation; The FTX Turnaround; Trading Companies; Filling in the Gaps
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Money and Legitimacy
Become a member to gain access →Plus! Moats; Big Tech Sees Like a State; Shifting Costs; Managing Macro; Experimentation
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Longreads + Open Thread
Become a member to gain access →Philosophy, North Korea, Doing the Reading, Ponzis, Accommodations, Careers, Competition, The Book, AI
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Delivery Apps as a Force for Global Income Redistribution
Unlock Premium to read this post →Plus! AI: An Ad Product; Recurring Revenue; Earshare; Liability; Democratizing Credit
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Is Cerebras an IPO or a Tracking Stock?
Unlock Premium to read this post →Plus! AI and Property Rights; Ad Load; Strategy Drift; The Round; Taking Growth Seriously