What Would a Strategic Bitcoin Reserve Actually Do?
Plus! Regulation; AI and Social Networks; Continuous Search; Deflation; Big Tech Sees Like a State: Beauty Filters Edition
All posts
In chronological order
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We Still Have No Idea Whether Passive Investing is a Meaningful Risk
Unlock Premium to read this post →Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC; Tariff Man
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After Return on Equity
Become a member to gain access →Plus! After Return on Equity; Operating Leverage in Media; Tech Globalization; Meta Memecoins; Accounting; Buy Low, Refi
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Longreads + Open Thread
Become a member to gain access →Microsoft, The Study, Fraud, Electronics, Gaming, Loss Aversion, Gut, Kerkorian
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ServiceTitan and the Software-vs-PE Race
Unlock Premium to read this post →Plus! Devaluation; Browsers; Slicing Up the Capital Structure; Who Audits the Auditors; International
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Adversarial Internal Communications
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Robinhood as the Meme Stock Meta-Hedge
Unlock Premium to read this post →Plus! Spinning Off Assets and Liabilities; Maybe It's Not Just Ads Just Yet; Spinoffs; Auditor Pricing; Fine-Grained Controls
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The Modern Private Equity Business was Invented in Beverly Hills in the 70s
Become a member to gain access →Plus! Diff Jobs; Product Convergence; Musk v. Altman; The Bundle; Financing a Boom; Investor Protectionism
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Longreads + Open Thread
Become a member to gain access →Replication, Gwern, Polostan, Druck, Prediction Markets, Selection Effects, Drexel
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Endless, Ambient Search
Unlock Premium to read this post →Plus! Shopping Baskets; In-App Purchases; Agents; The Supply Chain of Short Theses; Reputational Capital
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The Overhang
Unlock Premium to read this post →Plus! Polymarket; Is the News Business a Liability?; Financial Engineering; Fuzzy Leverage; Speed and Fragmentation
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Offering Margin is a Tough Call
Unlock Premium to read this post →Plus! Retail Investors; Another Latent Network; The Payoff Function of Tariffs; Negotiating a Business Model; Buy and Hold