On Betting Against the Hong Kong Dollar
December 13, 2022
"A Solution in Search of a Problem" is a Low-Rates Phenomenon
December 12, 2022
December 10, 2022
Grab: Building a Bank the Hard Way
December 09, 2022
Is $80 Trillion a Big Number or Not?
December 08, 2022
December 06, 2022
December 05, 2022
December 02, 2022
November 29, 2022
Why Finance is Hard to Decentralize
November 28, 2022
Ubiquiti and True Founder Control
November 25, 2022
Kweichow Moutai and Corruption Bets
November 22, 2022
What Part of the System Needs to be Smart?
November 21, 2022
November 18, 2022
November 17, 2022
November 15, 2022
November 14, 2022
What Can Startups Learn from the Grocery Business?
November 11, 2022
November 10, 2022
November 08, 2022
The Beloved Local Grocery Store Chain Model
November 08, 2022
Kroger / Albertsons: Buying Data in Bulk
November 07, 2022
Roblox: Checking in on the Current Metaverse
November 04, 2022
Are There Any Cheap Options on Talent Left?
November 03, 2022
How Do You Tax a Windfall, Anyway?
November 01, 2022
Is Mental Math Part of the Current Meta?
October 31, 2022
The Dimensions of Contrarianism
October 28, 2022
There's Always Another Greensill
October 27, 2022
Should Meta Be Run for Cash Flow?
October 25, 2022
October 24, 2022
October 20, 2022
Zeta Global: Navigating the Ad Stack
October 18, 2022
The Rise of Single-Result Search Products
October 17, 2022
Snail Games and One-Hit Wonders
October 14, 2022
The Single-Product Bundle and the Bundling Continuum
October 13, 2022
The Honest Company: Can Influencer Marketing go Full-Stack at Scale?
October 11, 2022
October 10, 2022
Irish Banks: After the Hangover, a Party?
October 07, 2022
“If they couldn’t make much money in 2020-21..."
October 06, 2022
Is Recurring Revenue a Bet on Real Rates or Nominal Ones?
October 04, 2022
The Counterintuitive Economics of Hiring
October 03, 2022
September 30, 2022
September 29, 2022
Why Does the "Good Bank/Bad Bank" Model Work?
September 27, 2022
The Porsche IPO and Mass Luxury
September 26, 2022
September 23, 2022
MarketWise: The Other Kind of Financial Newsletter Business
September 22, 2022
September 19, 2022
Adobe Covered its Figma Short Position
September 16, 2022
Growth, by Process of Elimination
September 15, 2022
September 13, 2022
September 12, 2022
Stop Losses as Intellectual Honesty
September 09, 2022
September 08, 2022
Why is the German Real Estate Industry Levering Up So Fast?
September 07, 2022
September 06, 2022
Bowlero: Rolling Up the Bowling Business
September 02, 2022
August 30, 2022
Turning non-tradables into tradables
August 29, 2022
August 25, 2022
FaZe: Would You Buy a Mostly-Sedentary Sports Team?
August 23, 2022
Hand-Crafted Artisanal Liquidity Provision
August 22, 2022
2U, Education, and Lead Generation
August 19, 2022
August 18, 2022
Ferrari: The Inefficiency Premium
August 16, 2022
August 15, 2022
Block: Designing Payments, Mismatched Networks
August 12, 2022
August 11, 2022
Permission for Social Mobility
August 09, 2022
Moderna's Bets: Moonshots and Platforms
August 08, 2022
August 05, 2022
Qurate: How Fast Does the Ice Cube Melt?
August 04, 2022
Assuming Efficient Markets to Exploit Market Inefficiencies
August 02, 2022
August 01, 2022
July 29, 2022
July 28, 2022
July 26, 2022
July 25, 2022
Can EventBrite Outflank a Monopoly?
July 22, 2022
July 21, 2022
Collecting Rents by Inventing Property
July 19, 2022
Correlations go to One, in Good Ways and Bad
July 18, 2022
A Different Way to Look at Which Countries Get Rich
July 15, 2022
Procter & Gamble, the Undisruptable
July 14, 2022
Canada as an Unusually Rich Emerging Market
July 12, 2022
Trustpilot and Brand Inflections
July 08, 2022
What are Commodity Trading Firms For
July 07, 2022
The Network Before the Internet
July 05, 2022
June 30, 2022
June 28, 2022
June 27, 2022
June 24, 2022
Nuclear Waste Cleanup is a Bookkeeping Business
June 23, 2022
In (Partial) Defense of Discounted Cash Flow Guesswork
June 22, 2022
Data's Limits and the Judgment Gap
June 21, 2022
Optimal Fundraising in Times of Capital Scarcity
June 17, 2022
June 16, 2022
Type-Safe Internal Communications
June 14, 2022
June 13, 2022
June 10, 2022
June 09, 2022
Fiscal and Monetary Policy for Platforms
June 07, 2022
Valuation Metrics: A Cross-Examination
June 06, 2022
Membership Collective and the Status Business
June 03, 2022
Does Technical Debt Explain the Productivity Paradox?
June 02, 2022
Railroad Deep Dive: Analyzing CSX
June 01, 2022
May 27, 2022
What the Biggest, Best Bank is Seeing
May 24, 2022
Snap: The Relentless Quest to Own the Interface
May 23, 2022
May 17, 2022
Can Datadog Dodge the Growth Slowdown?
May 12, 2022
May 10, 2022
May 09, 2022
May 05, 2022
Car Companies as Banks: The Suppliers
May 03, 2022
Cars Manufacture the Modern Middle Class
May 02, 2022
April 29, 2022
April 28, 2022
Keyword Studios: The Gaming Industry on Easy Mode
April 26, 2022
Growth, Diversification, and Shaky Foundations
April 25, 2022
April 21, 2022
Steinway: Getting Growth out of a 300-Year-Old Technology
April 19, 2022
To: Elon; Subject: Congratulations(?)
April 18, 2022
Autocomplete is the Express Route to Local Maxima
April 12, 2022
April 11, 2022
Regulating Big Tech is a Product Problem
April 08, 2022
April 05, 2022
How Much Internal Mobility is Too Much?
April 04, 2022
April 02, 2022
NFTs and the Money/Status Exchange Rate
April 01, 2022
March 31, 2022
The Theory Behind "The Stock's Not Acting Right"
March 29, 2022
March 28, 2022
March 25, 2022
War and Modern Monetary Theory
March 24, 2022
Rocket Internet and the Idea/Execution Tradeoff
March 22, 2022
How to Make Another Reserve Currency
March 21, 2022
When and Why to Shut Down an Exchange
March 17, 2022
There's More Than One Search Business Model
March 15, 2022
HelloFresh: Mealkits Can Work After All
March 11, 2022
How Ryanair Helps Airports Manufacture Demand
March 10, 2022
March 08, 2022
March 07, 2022
Plaid: Data Layer to Payments Layer?
March 04, 2022
March 03, 2022
Loews: A Metonym for the Value Factor
March 01, 2022
Ideological What and Why, Pragmatic When and How
February 28, 2022
Match Group and Managed Dissatisfaction
February 25, 2022
Distribution-to-Content Disruption: Lessons from Early HBO
February 24, 2022
System1: First-Party Cookie Monster
February 23, 2022
February 22, 2022
How Would You Run a 10,000-Year Endowment?
February 18, 2022
February 17, 2022
Taylorism-as-a-Service: The Economics of Picky Platforms
February 15, 2022
VC and the Systematic Search for Outliers
February 14, 2022
February 11, 2022
February 10, 2022
February 08, 2022
February 07, 2022
What Happens When You Buy at an All-Time High?
February 04, 2022
The Surprising Durability of Google's Growth
February 03, 2022
February 01, 2022
Grammarly: Network Effects on top of Network Effects
January 31, 2022
Learning from Overdetermined Failure
January 28, 2022
OTC Markets Group: Monopoly, Jr.
January 25, 2022
The Idea-Swapping/Login-Swapping Credit System
January 24, 2022
Reflexivity in Tech Returns: Talent Chasing Money Chasing Talent
January 21, 2022
The Pharma Royalty Business and Restructuring Pharma
January 20, 2022
Why Are Developing Market Conglomerates so Common?
January 19, 2022
Headcount, Dealflow, and Finance as a Recruiting Business
January 18, 2022
Keeping Options Open: The Equity Compensation Story
January 14, 2022
What's Happening in Tech Compensation?
January 11, 2022
The Valuation Arbitrage Keiretsu Model
January 10, 2022
Facial Recognition as a Pareto Technology
January 07, 2022
The "Kids These Days" Model of User Retention
January 06, 2022
DocuSign: Why Is Filling Out Forms Worth $30bn?
January 04, 2022
Can We Afford the Ownership Economy?
January 03, 2022
Daloopa: Data-to-Information Accelerant
December 23, 2021
AndCo Remixes Commercial Real Estate
December 22, 2021
December 21, 2021
Crypto, DAOs and Economic IP Protection
December 20, 2021
The Liberty Complex: Cash Flow Today, Taxes Eventually
December 17, 2021
Constellation: Scaling by Staying Small
December 16, 2021
Roper: Capital Allocation by Formula
December 14, 2021
December 13, 2021
Drone Delivery: Accelerating to Inevitable
December 10, 2021
Shimano: What a Stable Durables Business Looks Like
December 09, 2021
The NYT: Dead Trees and Disruption
December 07, 2021
Cheniere: $33bn in Capital Expenditures, Some Facing the Wrong Direction
December 06, 2021
BuzzFeed and the Platform Squeeze
December 03, 2021
What Investors Got from the Last Big Climate Boom
November 30, 2021
Liberty Braves Group: Betting With the House
November 29, 2021
What Happened to all the Diamonds in the Rough?
November 26, 2021
November 23, 2021
Samsara: The Internet of (Expensive) Things (With Wheels)
November 22, 2021
November 19, 2021
Softbank's Dreams and Downside Protection
November 18, 2021
November 16, 2021
November 15, 2021
The Coming Carbon Short-Squeeze
November 12, 2021
Why Coolness-Aggregating Platforms Have Limited Pricing Power
November 11, 2021
Are Persistently Low Rates Caused By... Persistently Low Rates?
November 09, 2021
Buybacks and the Complexity Discount Premium
November 08, 2021
The Promise and Paradox of Decentralization
November 05, 2021
iBuying is as Hard as it Looks
November 04, 2021
NuBank: Cost Control and Banking the Underbanked
November 02, 2021
What's a Ponzi Scheme? What Isn't?
October 29, 2021
What Do You Do With a Variant View?
October 25, 2021
Blimps, Bots, and the Future of Cargo
October 22, 2021
GLG: Who Researches the Researchers?
October 21, 2021
October 19, 2021
Who Regulates Crypto, and How?
October 18, 2021
FedEx: Two Bets on Network Effects
October 15, 2021
October 14, 2021
New Kinds of Funding Mean New Kinds of Managing
October 12, 2021
NerdWallet: From Built on Microsoft to Built on Google
October 11, 2021
October 08, 2021
A Global Business Doesn't Mean Winners Around the Globe
October 07, 2021
Facebook and the Dogfood Problem
October 05, 2021
Oyo the the Risk-Stays-on-the-Books Model
October 04, 2021
Oyo: the the Risk-Stays-on-the-Books Model
October 04, 2021
Your Life is (Almost) a Call Option
October 01, 2021
September 30, 2021
Connected TV Advertising and the 360° Turnaround
September 28, 2021
Identity and the Login: Who Owns "Who's That?"
September 24, 2021
September 23, 2021
September 21, 2021
Criteo: How Low Can a Take Rate Go?
September 20, 2021
Yandex: Google Through the Looking Glass
September 17, 2021
SenseTime: Building the China Tech Stack
September 16, 2021
Platforms, Taxes, and the 3D Laffer Curve
September 14, 2021
September 13, 2021
Modern Financial History Begins in 1998
September 10, 2021
Quantitative Easing as an Effect of Weirdness, not a Cause
September 09, 2021
September 08, 2021
The Man Whose Bank of England Broke
September 07, 2021
Globalized Talent and the Brand Grab
September 03, 2021
Freshworks' Efficient Frontiers
September 02, 2021
August 30, 2021
Katitas: Making a Market in an Asset With an Expiration Date
August 26, 2021
August 24, 2021
August 23, 2021
The Economics of Selling Short-Selling Ideas
August 17, 2021
Volatility-Shifting and Volatility Destruction
August 16, 2021
Magalu: Inside Brazil's Omnichannel Powerhouse
August 13, 2021
August 12, 2021
The Other Escape from the Middle-Income Trap
August 10, 2021
August 05, 2021
Square and Afterpay: Payments, not Credit
August 03, 2021
August 02, 2021
You And Your Investment Research
July 30, 2021
July 29, 2021
Definite Optimism and the M&A Metagame
July 27, 2021
The Great Depression in a Major Key
July 26, 2021
July 23, 2021
The Controlled Demolition of China Evergrande
July 22, 2021
Indirect-to-Consumer: The E-commerce Rollup Business
July 19, 2021
July 16, 2021
Nextdoor: Old Model, New Networks
July 15, 2021
July 12, 2021
Illumina: "View Source" for Life
July 09, 2021
Making Bundling an Auto-Antonym
July 08, 2021
July 06, 2021
Chumboxes or Trust-Busters? Taboola and Outbrain
July 02, 2021
July 01, 2021
Affirm, Returnly, and Balance Sheet Micromanagement
June 29, 2021
We are All Buffettologists Now
June 25, 2021
June 24, 2021
Vail Resorts: Land and Loyalty
June 22, 2021
June 21, 2021
Shifting the Curve: Why Climate Matters More
June 18, 2021
June 17, 2021
June 15, 2021
Clear Secure: A Different Kind of Identity Company
June 14, 2021
June 11, 2021
June 10, 2021
TikTok as the Breeder Reactor of Content
June 08, 2021
Alibaba and State-Owned Enterprises
June 07, 2021
Prediction Markets and Worse is Better
June 04, 2021
Amazonifying the Un-Amazonable
June 03, 2021
Artificial Urgency as a Forcing Function
June 01, 2021
May 27, 2021
May 25, 2021
Two Big Tech Approaches to Capital Allocation
May 24, 2021
May 21, 2021
May 20, 2021
Margins and the Stealth-Tech Strategy
May 18, 2021
Building Parallel Financial Systems
May 14, 2021
Trapped by the Wrong Inflation Stories
May 13, 2021
Crypto as an Overheated Emerging Market
May 11, 2021
Stripe and Solid-State Economics
May 07, 2021
Where Payments Fit Into Super Apps
May 06, 2021
May 03, 2021
April 30, 2021
April 29, 2021
Japan: Stock Picker's Paradise
April 27, 2021
What Happened to the Outsourcing Threat?
April 26, 2021
Surviving a Combinatorial Explosion
April 23, 2021
April 22, 2021
SimilarWeb and the Business of Leasing Data
April 20, 2021
April 19, 2021
Cloudflare's Intelligent Design
April 16, 2021
Learning a Little from Ponzi Schemes
April 15, 2021
Accidental Banks Are Worth More Than Intentional Ones
April 13, 2021
Aramco the State Capacity Bankroll
April 12, 2021
Air Taxis: Commuting in Three Dimensions
April 08, 2021
The "Write Once, Run Anywhere" Growth Model
April 06, 2021
Inevitable Omnichannel, Impossible Omnimedia
April 05, 2021
Partial Deregulation as an Antipattern
April 02, 2021
April 01, 2021
Limits to Ad Price Discrimination
March 30, 2021
March 29, 2021
Weekend Longreads + Open Thread
March 27, 2021
March 26, 2021
March 25, 2021
The Rich Are Different (Even Adjusting for Factor Exposures)
March 23, 2021
How Apple Can Own I/O to Own the Universe
March 22, 2021
The Value of Time Rounds to Either Zero or Infinity
March 19, 2021
Solo Instinct to Dueling Narratives
March 18, 2021
The Baby Boomer Rollup Industry
March 16, 2021
The Apple/Google Search Relationship as an Economic Template
March 15, 2021
What Salesforce is Selling (and Buying)
March 12, 2021
March 11, 2021
March 09, 2021
DigitalOcean's Information Arbitrage
March 08, 2021
Starting in 10 Minutes - Diff Q&A on Compounders
March 05, 2021
When IBM Was The Center of Gravity
March 05, 2021
Compounder Graveyard: Valeant’s Effort
March 04, 2021
Compounder Graveyard: Coca-Cola's Capital Misallocation
March 02, 2021
March 01, 2021
February 26, 2021
February 25, 2021
Why A "Commodity Supercycle" is Unlikely
February 23, 2021
The Indelible Stamp of a Lowly Origin
February 22, 2021
February 19, 2021
February 18, 2021
Why Did One Internet Subculture Spot Covid-19 So Early?
February 16, 2021
An Airline IPO? In This Economy?
February 12, 2021
Oscar: Upstart Economics, Incumbent Risks
February 11, 2021
Consumer Credit and the Strange Recovery
February 09, 2021
A Strange Cycle for Cyclical Stocks
February 08, 2021
February 05, 2021
Fin Du Tech: Trading Liquidity Risk for Model Risk
February 04, 2021
Positive Spillovers from the Pandemic
February 01, 2021
January 31, 2021
The Privacy Front in the Messaging Wars
January 29, 2021
Hedge Funds as Liquidity Providers and the Great Degrossing
January 28, 2021
Bubbles and Easy Money: Quality, Not Quantity
January 26, 2021
China's Recovery and its Consequences
January 25, 2021
The Road Not Taken: Stripe, Ant, PayTM & Defi
January 22, 2021
January 21, 2021
Learning from the Death of the Afternoon Paper
January 20, 2021
Fracking in the Age of Oil Runoff
January 19, 2021
January 15, 2021
January 14, 2021
Can An Unstable Asset be a Store of Value?
January 12, 2021
January 11, 2021
January 08, 2021
January 07, 2021
Index Funds and Democratic Centralism
January 05, 2021
January 04, 2021
December 23, 2020
An Investor's Framework for Thinking About Cybersecurity
December 22, 2020
Coinbase: When the Stock Competes With the Product
December 21, 2020
December 18, 2020
December 17, 2020
December 16, 2020
December 15, 2020
The IPO Market: Too Expensive for Sellers
December 14, 2020
December 11, 2020
December 10, 2020
What If SPACs are a Shift, Not a Bubble?
December 09, 2020
December 08, 2020
E-Commerce, Advertising and Perfect Price Discrimination
December 07, 2020
Taiwan and Supply Chain Frenmity
December 04, 2020
December 01, 2020
Climate Control and Financial Centers
November 30, 2020
Just One Thing or Every Single Thing?
November 27, 2020
November 25, 2020
Wish: E-Commerce, Fast and Slow
November 24, 2020
Roblox: Tweenage Mutant MMT-ers
November 23, 2020
November 20, 2020
November 19, 2020