Who is Levered to Extreme, but not History-Ending, Growth?
Plus! Bond; Capitalizing Nvidia's Strategy; Creator Funds; Adjusted EBITDA; Shortages and Gluts
All posts
In chronological order
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Don't Try to Build Another Berkshire
Unlock Premium to read this post →Plus! Humans in the Loop; Humans in the Loop, Con't.; The Hardware/Software Burden; Custody; Unwinding a Bubble
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The Annoying Path to Privacy Herd Immunity
Read this article →Plus! Robots; Competition; Model Moderation; Eggs; Sentiment
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Longreads + Open Thread
Read this article →Education, Auto Theft, Optimizers, AI, Energy, Financial Engineering, Deep Research
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How Many Layers in the AI Stack?
Unlock Premium to read this post →Plus! Scale; Outsourcing Capital; Closed-Loop Generative AI; The Perks of Market Power; Labor Markets
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Uber's AV Bet on a Narrow Range of Competitors' ROI Outcomes
Unlock Premium to read this post →Plus! The Grid, and Cross-Subsidies; Pricing AI; Owning the Login; Liquidity Premium; Supply Chains
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Globalization, Regulatory Arbitrage, and Reshoring-on-Paper
Unlock Premium to read this post →Plus! Antitrust Enforcement; Full-Stack; Decentralizing; Spoiler Bids; Platform Management
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AI Assistants Will Be Great (Especially for the Biggest Companies)
Read this article →Plus! Short Selling; Crypto Treasury Gresham's Law; The Joy of Higher Rates; Labor Substitution; Pricing Black Swans
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Longreads + Open Thread
Read this article →VC, Personal Finance, Careers, Hedge Funds, Hiring, Investing, Coase, Gates
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De-Risking The 11-Figure Bets
Unlock Premium to read this post →Plus! Thematic ETFs; Event-Driven Ads; Lagging Demand; Implementation; Labor Price Discrimination
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Short-Term Discretionary Traders Are Unusually Automatable
Unlock Premium to read this post →Plus! Dimensions of Competition; Jurisdiction; Streaming Fragmentation; Diversification; Twitter Debt, After All
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AI Interfaces Engineer Serendipity
Unlock Premium to read this post →Plus! Third-Order Consequences; A Sovereign Wealth Fund; Artificial Celebrities; Don't Call It Sports Betting; Retaliatory Tariffs