Compensation is Contagious
Plus! Auditors; Interoperability Bad Vibes; Regulation by Friction; Ads and LLMs
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Every Stage, Every Structure, Every Currency
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Ads are the Eval
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The Private Sector's Labor Advantage is Flexibility, not Necessarily Absolute Skill
Read this article →Plus! Not Even the Right Ballpark; Writing Like AI; The Liquidity Premium; Merchandising and Housing; The AI Graph
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Longreads + Open Thread
Read this article →Mining, Prop Trading, OpenAI, AI and History, Dealmaking, Rates, EU5
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Capex Questions
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A 50-Year Mortgage Solves the Wrong Set of Problems
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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
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Hunting Season Will Return for White-Collar Crime
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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