Birkenstock: A 250-year-old Growth Story
Plus! M&A and Price Signals; AI and Pricing Power; Medium Tech Structured Deals; Two Trade Systems
All posts
In chronological order
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North Korea's Economy: Maintaining a Positive Trade Balance by Exporting Bads and Disservices
Unlock Premium to read this post →Plus! The Basis Trade; FaZe Clan; Defensible Durables and the Right to Repair; Portable Mortgages; ARM
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The Economics of Alpha Capture
Unlock Premium to read this post →Plus! Stocks and Bonds; Controlling the Value Chain; Call Options on Skirting Rules; Cornered by Advertising Narratives; Duration Bets
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Price-First or Thesis-First Research?
Read this article →Plus! Aging Up; Housing; Virality; LLM Arms Races; The Uber of X
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Longreads + Open Thread
Read this article →OpenAI, Final Fantasy, Razors and Blades, Multistrategy, Risk
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The Nvidia Debate
Unlock Premium to read this post →Plus! Flexport; Generative Copy; Correlations; It's All Ads; Use-It-Well-Or-Lose-It
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WeWork's Bankruptcy-Without-Bankruptcy
Unlock Premium to read this post →Plus! Always a Bull Market Somewhere; Omnichannel; High-Risk Payments; The Flow of Information; Sellers and Buyers
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The Supply Chains of Bits and Atoms
Read this article →Plus! 7nm; New Yahoo; Red Teams and AI Unit Economics; Horizontal Expansion; Private Markets; Diff Jobs
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Longreads + Open Thread
Read this article →Automaticity, Kovner, AI, Transdigm, The Trade, Angels, Stalinism With Anarcho-Capitalist Characteristics
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The Dog Walking SPAC Is a Profitable Business With Shares Up 67% YTD
Unlock Premium to read this post →Plus! The Know-Everything App; Derivatives; The Amazon Model; Metals and Trust; Amazon Roll-Ups
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Hype is the Enemy of Churn Reduction
Unlock Premium to read this post →Plus! Bringing a Knife to a Gunfight; Investor Relations; R-Star; Collateral; Due Diligence
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AI is a Tactics-Versus-Strategy Tradeoff
Unlock Premium to read this post →Plus! Enterprise AI; Luxury Phones; 1.5-Sided Markets; Talent Pipelines; Alternatives