Snap: The Relentless Quest to Own the Interface
Plus! Media Convergence; What's Still Fundable; The Piracy Continuum; Crypto Relearns Regulation; Shrinking Alpha
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Longreads + Open Thread
Become a member to gain access →Regulatory Arbitrage, Mean Reversion, Replication, Bees, Specialization, Snap
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Adverse Selection is the Second Most Powerful Force in the Universe
Unlock Premium to read this post →Plus! Metaverse; No New Normal for Supply Chains; The Top-Heavy Market; "Uninvestable"
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It's Hard to Know Brokers' Long-Term Economics, But Easy to Guess Badly
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Meme Stocks for the 0.01%
Unlock Premium to read this post →Plus! Ads Everywhere; JetBlue Goes Hostile; Institutional Constraints; Family Offices; The Long March Continues
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$1 Trillion Worth of Risky Loans Packaged Into Highly-Rated Securities is not the End of the World
Become a member to gain access →Plus! Diff Jobs, Netflix's Explore/Exploit Strategy; EVs and Platforms; Third-Party Sellers; An Entrepreneurial Country
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Longreads + Open Thread
Become a member to gain access →Housing, Chips, Books, Yandex, Hedge Funds, Bonds
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Synchrony Financial: A Bank Growth Investors Could Learn to Love
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Can Datadog Dodge the Growth Slowdown?
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The Memo and the Multiples
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Buy Now, Pain Later?
Become a member to gain access →Plus! TikTok; Factors; Replacing Passwords, and a Big Tech Truce; Solve for the Disequilibrium
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Longreads + Open Thread
Become a member to gain access →Uber, Arbs, Memorization, Misconceptions, Dashboards, Toyota, Cars