Nikola, Hype and Vaporware
Plus! Non-Strategic Acquisition, Strategic Non-Acquisition, More-Pigs-Backed Securities,Regulatory Risk Reversal, Closing the Remote Work Arbitrage, “What’s Wrong with Social Science”
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Banking When You Can’t Bank on Anything: Part 2
Read this article →Plus! Taiwan and Covid, Defense Tech, The Right Amount of Fraud, Prizes, Airshows, Reliance, Moderation
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The Right Amount of Fraud
Unlock Premium to read this post →Plus! Long-Termism, The Internet of Things and Abstractions, Games and Credit, Domestic Markets, 20%: The New 30%, Trickle-Down Monetary Policy, China’s Red Lines, Road Shows and Signaling
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When the Pay-Per-API-Call Model Pays
Unlock Premium to read this post →Plus! Very Local Network Effects, Reshoring in Asia (And Elsewhere), False Economies, Chum M&A, Germany’s Auto Policy
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Markets with Personality
Unlock Premium to read this post →Plus! China and Financial Integration; Remote Work and Top Performers; Undocumented Features; TikTok as a Talent Agency; Big Tech and Families; Stimulus, Past and Future
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Banking when you can’t Bank on Anything: Part 1
Read this article →Plus! France’s New Industrial Policy, China Exit Subsidies, China Chips, Basic Income With Right-Wing Populist Characteristics, Facebook’s Election Redistribution, Antitrust Timing
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China’s Recovery: Engagement First, Autarky Eventually
Unlock Premium to read this post →Plus! Zombies and Superstars; Foreign Policy Pivots; Ventilators and Game Theory; Pigs, Then Corn; The Budget; Theatrical Windows Minus Theaters
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Revenue-Based Lending: It's Close Enough to Equity
Unlock Premium to read this post →Plus! Tech and Taxes, Facebook Centrism, Amazon’s Intelligence Operation, Tech Nationalism’s Implementation Cost, Economic Shock Absorbers, Luck and Charisma
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Platform Ideology
Unlock Premium to read this post →Facebook’s Research Commitment; Peak EQ; Monetizing TikTok; Airlines Reprice; Kinder, Gentler App Store; The Reliance Model, Continued
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Ant Group and China’s Fitful Convergence
Become a member to gain access →Plus! The Startup Cycle; Buybacks; Return-on-Kickback; Legalization; Housing; Big Tech, Monopolies, and Attack Surface; TikTok
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Business Model Meta-Models
Read this article →Plus! Fed Maximalism, CFOs, TikTok, IPOs vs Direct Listings, Death and Base Rates, Rapid testing, Wuhan, Politics in a One-Party State
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Snowflake and the Price of Simplicity
Unlock Premium to read this post →Plus! Accreditation; Saudi Arabia; The China Model; Inflation; Turkey, Energy, Dollars; Japan and Counterintelligence