Why is the German Real Estate Industry Levering Up So Fast?
Plus! The Reinsurer of Last Resort; Balance Sheet Problems; ESG Includes Governance; Streamlining; Banks
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Hand-Crafted Artisanal Liquidity Provision
Read this article →Plus! Consolidation; Shareholder Activism; Cash Burn; PE and Software Compete to Eat the World; Reinsurer of Last Resort; Diff Jobs
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Nuclear Waste Cleanup is a Bookkeeping Business
Unlock Premium to read this post →Plus! Make Me Zero-Emissions, But Not First...; Supply or Demand?; Globalizing Services; Market Timing; Full Integration
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Spotify and Using Ubiquity
Unlock Premium to read this post →Plus! Russia's Economy; Counter-ESG Marketing; China's Degrees of Freedom; Reshoring; App Convergence
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Car Companies as Banks: The Suppliers
Unlock Premium to read this post →Plus! Arbitrage; Covid Economics Reprise in Russia; Banks and the Long Game; Virtual Legos; Pricing and Inflation
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Plaid: Data Layer to Payments Layer?
Read this article →Plus! The Next Conflicts; Decentralization as a Liability; Decentralization as an Asset; Reopening; Succession Problems; Diff Jobs
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The Idea-Swapping/Login-Swapping Credit System
Unlock Premium to read this post →Plus! Information Sharing; Hackers and Trust; Banking Divergence; Quitting Coal; Real-Time Data; Privacy Tradeoffs
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Shimano: What a Stable Durables Business Looks Like
Unlock Premium to read this post →Plus! More Apple Tax Evasion; TradFi, DeFi, and Competitive Moats; Single Points of Failure; A Less Independent Central Bank; Vaccine Mandates
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Defensive Monopolies
Read this article →Plus! Supply Chain Disruption and Retail Membership Programs; Evergrande and Unlimited Liability; Alameda Goes Direct; Off-Brand; State-sponsored VC
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What Do You Do With a Variant View?
Unlock Premium to read this post →Plus! Liquid Assets; Carbon and Gresham's Law; Fleets; Crypto and the Banks; Optimizing for Less Engagement
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The Great Depression in a Major Key
Unlock Premium to read this post →Plus! Egress; Last-Foot Delivery; Shadow Banking; Great Quarter; Reducing the Variance in China Tech
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The Controlled Demolition of China Evergrande
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