The Diff | Byrne Hobart | Substack

Plus! Coal and Spinoffs; Build-Your-Own-Amazon; Oil; Two Risks, One Risk Premium; Snap

New Top Community

Plus! BNPL; Coopetition; Marketplaces and Ads; Last Mile, Last Users; Value and Rates; Diff Jobs

Aug 15

Style, Subcultures, Derivatives, Microsoft, Media, Square, Alexander

Aug 13

Plus! Full-Stack; Bailouts; Labor Shortage; Spam and Politics; One Click

Aug 12

Plus! Food Stamps-as-a-Service; Disney+Ads; Prices and Market Share; Learning the Meta; Crypto's Long March

Aug 11

Plus! Sanctions; Ads, Everywhere; Newsletters!; Value; VC Markdown Game Theory

Aug 9

Plus! The China AI Stack; Closing the Loop; Ads and Addiction; The Second-Order Costs of Inflation; Fraud and Transaction Costs

Aug 8

Retail, Sybil Attacks, Discoveries, Roditi, Chongqing, Moderna

Aug 6

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