Adverse Selection is the Second Most Powerful Force in the Universe
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
Unlock Premium to read this post →Plus! Who's Hit by Inflation?; Slow Return to the Office; Stock-Based Comp; Cat-and-Mouse; Scale
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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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Synchrony Financial: A Bank Growth Investors Could Learn to Love
Unlock Premium to read this post →Plus! Unstablecoins; Oil and Gas; Transitory at Last (At Least a Bit); Glorious Food; Meanwhile, in China
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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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Batteries, Interfaces, and the Car Industry's Continuous Future
Unlock Premium to read this post →Plus! A Plane Shortage; And Across the Pond...; Bootstrapping Networks, Continued; Pro-Customer or Anti-Amazon; Wordle (Again)
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The Automotive Balance Sheet
Unlock Premium to read this post →Plus! New Old Normal; The Market for Lemons in Emissions Credits; Open Algorithms; Hiring Freeze; Wordle
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Car Companies as Banks: The Suppliers
Unlock Premium to read this post →Plus! Arbitrage; Covid Economics Reprise in Russia; Banks and the Long Game; Virtual Legos; Pricing and Inflation
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Cars Manufacture the Modern Middle Class
Become a member to gain access →Plus! Not Enough Housing; Durable Network Effects; VPN Integration; Reserve Currency Problems; Movies
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Refactoring Restaurants
Read this article →Plus! 401(k)s With Chinese Characteristics; Middlemen and Leverage; Concentration; A Mixed Trucking Recession; Deglobalization in Autos
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What Flavors Sell?
Unlock Premium to read this post →Plus! Airline Expansion; A New Axis in the Populist/Elitist Analysis; Regulatory Arbitrage; Russian Cars; Alphabet Unbundling