Capex Questions
Plus! Valuations; Alternative Assets; Staying Private Forever; AI Search; Underwriting
All posts
In chronological order
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A 50-Year Mortgage Solves the Wrong Set of Problems
Unlock Premium to read this post →Plus! Inference and Distribution; Big Tech Sees Like a State, E-Z Pass Spam Edition; AI-Native Cost-Cutting Comes for the AI-Native Cost-Cutters; Competition and Quality; The Solid-State Economy
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When Prices Peak Before Fundamentals
Read this article →Plus! Negotiations; Top-Down AI Deployment; The Nostalgia Economy; Full-Stack AI; Tariff Dividends
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Longreads + Open Thread
Read this article →Liar's Poker, Neom, AI Economics, Prediction Markets, Writing for AI, Volatility, Diller
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AI Is a Long Way to go Before It's a Systemic Financial Risk
Unlock Premium to read this post →Plus! Oddsmaking; Capital Allocation; Timing; Competition; Bad Ads
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Hunting Season Will Return for White-Collar Crime
Unlock Premium to read this post →Plus! Factors; Financing AI; Hedging the AI You've Financed; Top-of-Funnel; 2bps
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FaithTech Comes to Public Markets
Unlock Premium to read this post →Plus! Worse is Better in Dating; De-Dollarizing; Externalizing FDEs; Uncanny Valley Marketing; Where the Money Went
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Who was First to Situational Awareness?
Read this article →Plus! The Short-Selling Cycle; Maturity-Matching; Fundamentals Manipulation; Tariffs and Meta Mean-Reversion; FDEs
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Longreads + Open Thread
Read this article →Palantir, Volatility, Aphantasia, Sundheim, Consumerism, Information, Quants, McCarthy
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The Fungi-buildout
Unlock Premium to read this post →Plus! Distribution; Age Restrictions; Variant Views; Oil Politics; Fungible Ads
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When Does the "Switzerland Strategy" Break Down?
Unlock Premium to read this post →Plus! Omnimedia; Full-Stack; Collusion; Trades and Hedges; IT Policies
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The IPO Question
Unlock Premium to read this post →Plus! Trade Deals; Whales; The Applications Layer; Recapitalizing; Anonymity