THE DIFFThe Super-Rich as Financial Sin-Eaters
Plus! Adversarial Adoption; Rates; Scale; Talking Your Book; Revenue
The archive
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Company profiles, markets, strategy, and the connections between them.
All issues
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Longreads + Open Thread
Victorians, Dario, Wealth Tax, Aphantasia, Institutions, Borrowing, Agents, Bonds
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You Probably Can't Build Your Own Hedge Fund/Prop Trading Firm With AI (But Incumbents Would Love it if You Tried)
Plus! Super-Carry; Leaks and Vetos; Competition; IP; Math!
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Peculiar Hedges
Plus! Exit Opportunities; General-Purpose Agents; More Math; A/B Testing; Stranded Asset Risk
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Cuteness Risk
Plus! High-Resolution Spotify; Rates and Lags; Financial Centers; Ads; More Ads
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Life with Nonzero Interest Rates
Plus! Stimulus; Ads; Gambling; Acqui-Hires; IPOs; Diff Jobs
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Longreads + Open Thread
AI Consciousness, Wealth, Ellison, Blue Collar, Names, Abstractions, AI Economics
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Corporate Finance for Publicly-Traded Sports Teams
Plus! Leaks; Form Factors; Click-to-Cancel; SPVs; Diesel
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A Sketch of Meta as an Enterprise AI Company
Plus! IP; Gemini; Interfaces; The End Customer; Humans
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Modern Pricing
Plus! The Numbers; Commoditizing; Allocating Risks; Market Conditions; Supply Chains
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How Far in the Future Should You Be Trying to Live?
Plus! Spillover Effects; Frictional Costs; Airgaps; Poaching and Context; Open Weight; Diff Jobs
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Longreads + Open Thread
Deflation, Elites, Nomads, Education, Google, Metrics, Risk, Innis