The Uses of Friction
Plus! Market-Making; Poaching and Equity Currency; China's Covid Economy; The Cost of AI; Friendshoring; Diff Jobs
All posts
In chronological order
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Longreads + Open Thread
Become a member to gain access →Cardboard; Walkman; Shorting; Railroads; Computing; Accidental Gods
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GitLab, Tools, and Strategy
Unlock Premium to read this post →Plus! A Run on the Non-Bank; Tether; Portfolio Management; Feedback; Comping Ads and Bidder Density
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Tech Industry Productivity is Overstated (Because It's More Easily Measured)
Unlock Premium to read this post →Plus! SPACs; Crypto Collateral; Imbalances; Convergence; ChatGPT
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Transformative Transactions
Unlock Premium to read this post →Plus! Unmoderated != Uncensored; Insult to Injury; Red Flags; Time and Money; Emissions
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Why Finance is Hard to Decentralize
Become a member to gain access →Plus! Why They Don't Drill; Shorting; Crypto Liquidity; Food Convergence; Crypto Transparency; Diff Jobs
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Longreads + Open Thread
Become a member to gain access →Mergers; SAFEs; Twitter; Hacks; Cells; MF Global; Diff Jobs
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Ubiquiti and True Founder Control
Unlock Premium to read this post →Plus! The Popularity Contest; Movies and Surface Area; Taking Cover; Funding Seasonality; Autarky
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Kweichow Moutai and Corruption Bets
Unlock Premium to read this post →Plus! EV Economics; Social Product Convergence; Sanctions; Bridge Rounds; Negotiating Leverage
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What Part of the System Needs to be Smart?
Become a member to gain access →Plus! Redemptions; FTX, Continued; Single-Celebrity Companies; Unretiring; Activism; Diff Jobs
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Longreads + Open Thread
Become a member to gain access →Markets; BuzzFeed; Risk; Mortgages; Retail; LBJ; Diff Jobs
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Is AI a Product or a Feature?
Unlock Premium to read this post →Plus! Recovery; TikTok Shopping; Covid Fraud Update; Smoothing; Twitter