The Decline of "Menu Costs" (For Some)
Plus! Integrated Business Models; Nvidia's AI Feedback Loop; Inputs; Automation is hard; Trade
All posts
In chronological order
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Graduating to Parallelized Strategies
Become a member to gain access →Plus! AAI; OpenAI; Twitter; Pod Shop Math; Privacy, Security, and Monopoly; Diff Jobs
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Longreads + Open Thread
Become a member to gain access →Cars, Trading, Munger, Hiring, The Diff, Funds, Proxies, ChatGPT
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McDonald's and the Varieties of Scale
Unlock Premium to read this post →Plus! P(Doom); Gemini, Redux; Deepfakes; Expected Returns; Taxing Subsidies
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Volatility in a Financialized Economy
Unlock Premium to read this post →Plus! Gemini and the Model Race; And on the Hardware Side...; Elasticities; Tweaking Momentum; Carrots, Sticks, and Policy Leverage
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A Financial Self-Destruct Button
Unlock Premium to read this post →Plus! The Bundle Bundle; Slow Takeoffs; Wearables; Pricing; Elasticities
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In Investing, and in Life, The More Timeless the Discovery the More It's a One-Off Gain
Become a member to gain access →Plus! Airlines; Deflation; VC; Automation; Vertical Integration
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Longreads + Open Thread
Become a member to gain access →Nvidia, EA, Compliance, Flo, Knowledge, Facebook
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Invasion of the Byline-Snatchers
Unlock Premium to read this post →Plus! Geographic Arbitrage; Retail; The Slow Grind of the Roll-Ups; AI as an Interface; $1 Trillion's a Crowd
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Startup Equity Comp as a Way to Exploit Wide Bid-Ask Spreads
Unlock Premium to read this post →Plus! "I have nothing to add"; Jack Ma's Southern Tour; Value Capture; Atoms and Bits; Methane Metrics
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A General Theory of Product Convergence
Unlock Premium to read this post →Plus! China's Back!; Division of Labor; Lead Generation; Rolling Up Amazon Roll-Ups; Currency Crises, Globalization, and Tech
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Can Argentina Dollarize? Should They?
Become a member to gain access →Plus! Diff jobs; 0DTEs; Corporate Politics; Ads and Sports; AI Creating Jobs; Marketing Real Estate