The Rising Returns to Lobbying
Plus! Inflation and Uncertainty; Tariffs; All-You-Can-Eat; Market-Timer-in-Chief; Continuation Funds
All posts
In chronological order
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Strip-Mining the Maybesphere
Read this article →Plus! Diff Jobs; Regulatory Clarity; Eurobonds; Just-In-Time; Ratings; The Crypto Credit Cycle
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Longreads + Open Thread
Read this article →LLM Smell, English History, AI, Quality, Drugs, Relative Value
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The Commons Gets Privatized Once
Unlock Premium to read this post →Plus! Acquifired; Regime Shifts; Big Tech Sees Like a State, Safe Partying Edition; Accounting; Who's Negotiating Tariffs?
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The Layer Paradox
Unlock Premium to read this post →Plus! Tariffs; SPAC Arbitrage; Memes; Scale and Google; Wearables and Data Surface Area
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Why 2028 Will be an Unusually Wild and Well-Funded Campaign
Unlock Premium to read this post →Plus! Partial Take-Unders; Interaces and Surface Area; Metrics; More Tech Keiretsus; Crypto and Capital Structure; Supply Chains and Lags
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The Finance of Alchemy
Read this article →Plus! Diff Jobs; SPACs, Back; Sanctions and Supply Chains; AI Filtering; Measurement Errors; Data Labeling
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Longreads + Open Thread
Read this article →OpenAI, HALO, Betting, Stalin, Loneliness, The Number, The 90s
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Who's Still Playing an Iterated Game?
Unlock Premium to read this post →Plus! Cogsec; AV Competition; Asset Gathering; National Champions; National Champions, Cont.
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The Triple Lock as a Bad Derivatives Trade
Unlock Premium to read this post →Plus! The Cycle; LLMs and Ads; Turnover; Sentiment; Ads
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How Much Socializing Gets Automated Away?
Unlock Premium to read this post →Plus! AI and Software Engineering Jobs; Soft Landing; A Public Markets Approach to Private Equity; Does Trump See Tariffs as Transfer or Punishment? The Hype Cycle
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Compensation as Game Design
Become a member to gain access →Plus! More on Talent; Financial Engineering; Where We Are in the Cycle; Product/Service Complementarity; The Missing Panic