Pathologically High-Margin Businesses
Plus! Change My View; Capital Structure; Artificial Sycophancy; Elasticity; Internalizing Externalities
All posts
In chronological order
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When Step One is to Light Money on Fire and Measure How Fast it Burns
Read this article →Plus! Groupchats and Norms; Venture; Made in America; Real Estate Elasticity; Lagging Investments
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Longreads + Open Thread
Read this article →Movies, Scams, Decentralization, Reading, AI, Offline, Trade
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You Can't Measure AI Market Share Because it Lives at too Many Layers
Unlock Premium to read this post →Plus! Moderation; Unavoidable Timing; Sad AIs; Friendshoring
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Do Chatbots Cannibalize Search? Or is it the Other Way Around?
Unlock Premium to read this post →Plus! Crypto; Cheating; Crypto, Redux; Guidance; Ghost Apps
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Venture and Media
Unlock Premium to read this post →Plus! Cluely; Big Tech Sees Like a State; Distribution; Student Loans and Demand Shocks; Rollups
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Thinking-Things-Through Privilege
Read this article →Plus! Trade Negotiations; M&A; AI and IP; Consolidation; Sourcing
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Longreads + Open Thread
Read this article →Moon, Welch, Robinhood, Heterodoxy, Bots, Liquidity, Trade, Google
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Does VIX Have Fundamentals?
Unlock Premium to read this post →Plus! Customer Service; Latency; Corp Dev.; Scavengers; Broken Windows
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Is an AI Startup a Company or a Gig?
Unlock Premium to read this post →Plus! Reasoning; Coding Assistants; Human-Level Intelligence; Insider Information; The China Squeeze
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Unskilled Labor and Ambient Media
Unlock Premium to read this post →Plus! AI as the Flexible Funnel; Treasuries; The Long Tail; Competition; It's Gas
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Information Economies and Institution Economies
Read this article →Plus! Distribution; Non-Tariff Barriers; Low-Background Text; Application Layer; Socks