HashiCorp: The Markup on Free
Plus! Crypto as Equity Comp; Internal Prediction Markets; Space Tourism Competition; Influencer Crackdown
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Crypto, DAOs and Economic IP Protection
Become a member to gain access →Plus! Theaters; Aircraft Shortage; ByteDance: Down the Funnel; CCP Outsourcing; Dry Powder
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Danaher has a System
Become a member to gain access →Plus! Short Sellers; DeFi Durability; Untact; Buybacks; Real Estate Repurposing
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Drone Delivery: Accelerating to Inevitable
Read this article →Plus! Media/Software Synthesis; The Working Capital Accelerant; Klarna Fills in the Gaps; Younger SPAC Targets; Consumer-Facing DeFi
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Shimano: What a Stable Durables Business Looks Like
Unlock Premium to read this post →Plus! More Apple Tax Evasion; TradFi, DeFi, and Competitive Moats; Single Points of Failure; A Less Independent Central Bank; Vaccine Mandates
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Defensive Monopolies
Read this article →Plus! Supply Chain Disruption and Retail Membership Programs; Evergrande and Unlimited Liability; Alameda Goes Direct; Off-Brand; State-sponsored VC
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Buybacks and the Complexity Discount Premium
Become a member to gain access →Plus! Housing Liquidity; Housing Liquidity (pt. 2); YouTube Roll-Ups; Kroger; Convergence in Sports
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The Promise and Paradox of Decentralization
Read this article →Plus! Valuation Arbitrage; Labor Liquidity; Pricing Power; Diff Jobs
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NuBank: Cost Control and Banking the Underbanked
Unlock Premium to read this post →Plus! Stablecoins; First-Party Data; Supply Chains; Big Tech Sees Like a State: Healthcare Edition; Standards
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What's a Ponzi Scheme? What Isn't?
Read this article →Plus! Meta; ROE and CAPM; Expensive Cheap Energy
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What Do You Do With a Variant View?
Become a member to gain access →Plus! Liquid Assets; Carbon and Gresham's Law; Fleets; Crypto and the Banks; Optimizing for Less Engagement
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Blimps, Bots, and the Future of Cargo
Read this article →Plus! Bitcoin's Long March: Pensions; Last Mile; Google's Laffer-Style Tax Cut; Sales