One Company's Net Dollar Expansion Is Somebody Else's Lower Gross Margin
Plus! PE can afford to be subpar, live data on the China lockdowns, and DTC metrics explained
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Private Equity and Software are Competing to Eat the World
Read this article →Plus! Gnomic VCs, AI companies as software-adjacent, Solomonic financial engineering, the subtleties of fees, and more...
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Lebed, Redux
Read this article →Plus: "Entrepreneurs," egregores, software as modern art
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Foxes, Hedgehogs, VC Alpha, Politics
Read this article →Plus: The Middle-Income Trap, working capital, Lambda School, and empires
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About / Best Of / FAQ
Read this article →Last updated February 19, 2020. I’m Byrne, and I write about things that don’t mean-revert. (If you didn’t find this post via Medium, you probably got to it through my newsletter.) The world is full of phenomena that move in cycles — countries rise and fall, economies speed
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Coins, Counting, Progress Studies
Read this article →Plus: social status hyperinflation, nominal status stickiness, climate change and the quants.
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Casper, Learn to Code, and Dengism with American Characteristics
Read this article →Plus! Marketing, China, Peak California update, unweirdness
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Culture Week!
Read this article →Featuring: Strategy Games, Economics of Ghosting, Recipe Sites, Optionality & Leo Strauss, and Reading
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Business Books, Techno-Thrillers, Globalization
Read this article →Plus more globalization, a job ad, a reverse job ad, and more...
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Bitcoin, Pet Insurance, Boomer Economics
Read this article →Plus: Introverts, Malthus, the economics of love, book reviews—and an upcoming book!
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Content Marketing, GDP Lies, Minting Certainty
Read this article →Plus: Charter Cities, technical debt, Euro conspiracies, and how hedge fund LPs asked for fee increases before they asked for lower fees
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WeWork redux, Mexico's Secret Sovereign Wealth Fund
Read this article →Plus the economics of not living up to your reputation, and a regulatory arbitrage unicorn, and more...