Compounder Graveyard: Coca-Cola's Capital Misallocation
Plus! Gramscian Bitcoin Update; Browser Extension Economics; Credit Problems; Brick and Mortar Revival; A Hardware-as-a-Service IPO
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Why A "Commodity Supercycle" is Unlikely
Unlock Premium to read this post →Plus! The Rise and Fall and Slight Rise of American Growth; Financial Engineering; Financial Engineering, Pt. 2; The Decline in Federal R&D is Closer to a Shift; Reflexive Palantir; Hotel Flipping
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Consumer Credit and the Strange Recovery
Unlock Premium to read this post →Plus! S-1s; Apple Shipping; Ad Arbitrage; Short Sellers; The Chip Shortage Continues
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Fin Du Tech: Trading Liquidity Risk for Model Risk
Unlock Premium to read this post →Plus! Moderation; Carbon; Dubai's Interplanetary Advantage; Amazon, Post-Jeff; The Chip Shortage Continues; China's Manufacturing Recovery Continues
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The Road Not Taken: Stripe, Ant, PayTM & Defi
Read this article →Plus! Facebook's Outsourcing Moderation; Amazon's Outsourced SEO; Scarce and Free Resources; Moderating Social (Pt. 3); Business Travel and Veblen; Intel's Semi-Hack
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SoFi’s Hedge
Become a member to gain access →Plus! Moderation; Huawei, Undaunted; The Extreme Persistence of City-Level Network Effects; The Vice Bailout; SolarWinds and Reputational Bounties; Cost/Benefit Analysis
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Understanding Affirm
Unlock Premium to read this post →Plus! Fin Du Tech: Google; Platform Politics; The Amazon Third-Party Rollup Continues; Bipartisan China Hawkishness; Details Compound; Opco/Propco Split
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Nikola, Hype and Vaporware
Become a member to gain access →Plus! Non-Strategic Acquisition, Strategic Non-Acquisition, More-Pigs-Backed Securities,Regulatory Risk Reversal, Closing the Remote Work Arbitrage, “What’s Wrong with Social Science”
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Revenue-Based Lending: It's Close Enough to Equity
Unlock Premium to read this post →Plus! Tech and Taxes, Facebook Centrism, Amazon’s Intelligence Operation, Tech Nationalism’s Implementation Cost, Economic Shock Absorbers, Luck and Charisma
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Social Credit
Unlock Premium to read this post →Plus! TikTok, Technology Commoditizes Therapy, Technology Commoditizes Me?, Ransomware, Xi 2035, more...
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The Depressing Bull Thesis for Rocket Mortgage
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Microsoft and the Triumph of Fixed Mindset
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