Signaling Through Omission
Plus! Pricing; Accounting Technicalities; White-Labels; Full-Stack; The Reorg
All posts
In chronological order
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What Traders Learned from the Last Few Inflections
Unlock Premium to read this post →Plus! Recursive Depth; Liquid Content; In-Kind Investing; Bonds; Energy Fungibility
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When's the Right Time to Short Gold?
Unlock Premium to read this post →Plus! Capital Structure; The Open Web; Capex; Quarters; Exchanges
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The Autistic Half-Century
Read this article →Plus! Diff Jobs; Burn Rates; Round-Tripping; AI and IP; IPOs and Network Effects; Spinoffs
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Longreads + Open Thread
Read this article →AI and Art, Honesty, Singapore, Empires, ADHD, Railroads, Haggling, Silver, Malone
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Oil and Water
Unlock Premium to read this post →Plus! Of GPUs and Balance Sheets; Flight Delays and Equilibria; Abstractions; Secondary Bull Markets; The Pot Tax Trade
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Scale is Hard to Fight
Unlock Premium to read this post →Plus! The Medium and the Message; Universal Markups; The Multi-Manager Squeeze; Growth and Credit; Strange Bedfellows
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Rumor Markets
Read this article →Plus! Diff Jobs; Legitimacy; Tariffs; AI and Complements; Tariffs and Elasticity; Economic Nationalism
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Longreads + Open Thread
Read this article →Breakneck, Working, Political Philosophy, Magic, History, Scale
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Founder as Guinea Pig
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Trench Warfare in AI Data
Unlock Premium to read this post →Plus! Returning to the Traditions of 2025; AI Security; Converts; Defense ESG; Buybacks
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When's the Next Slow Market Recovery?
Unlock Premium to read this post →Plus! Liquid Content; Omnimedia; Who's Still Getting Hired; How Much Chaos is Priced In?; Media Compatibility