The Memo and the Multiples
Plus! Retail Media; Low-Multiple Consolidation; Housing is Slowing; Moving up the Value Chain; Negotiating Sanctions
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Buy Now, Pain Later?
Read this article →Plus! TikTok; Factors; Replacing Passwords, and a Big Tech Truce; Solve for the Disequilibrium
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What's (Far) Ahead for Energy
Unlock Premium to read this post →Plus! Hard-to-Scale Marketing; Monetary Policy in Gaming; Tweaking Moderation; Hardware/Software Convergence; Digital/Physical Convergence
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Adding Up Emissions
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The Surprising Durability of Google's Growth
Unlock Premium to read this post →Plus! The Browser Business Grows; Ads, Everywhere; The Not-Quite-Everything Store; LNGeopolitics; Negotiations
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Turo: How To Build a Hybrid Vehicle With Financial Engineering (Among Other Things)
Unlock Premium to read this post →Plus! Buy Now Pay Later; Sports Betting; Price Levels; Energy
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Cheniere: $33bn in Capital Expenditures, Some Facing the Wrong Direction
Unlock Premium to read this post →Plus! No Commitment to Ending Finsta; The Fraud Supply Chain; Family Firms in Japan; Tax Hikes are Hard; Nuclear!
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The Aircraft Leasing Business: Iron Condors, Asset Leashes, Travel Index Funds
Unlock Premium to read this post →Plus! Inventory; Ecosystem Acquisitions; Cannabis Capital; Bad Hedging; Finance and Distribution
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What's a Ponzi Scheme? What Isn't?
Read this article →Plus! Meta; ROE and CAPM; Expensive Cheap Energy
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FedEx: Two Bets on Network Effects
Read this article →Plus! Aging Into Owning the Metaverse; Fake Reviews; Ads and Addicts; Coal; Diff Jobs
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Connected TV Advertising and the 360° Turnaround
Unlock Premium to read this post →Plus! Local Shortages Globalize Markets; Junk Bonds as a CRM Business; Ad Attribution; Facebook's Pause; What Bitcoin Miners Sell
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Gitlab: Remote-First, First
Unlock Premium to read this post →Plus! Gas; Everything Turns Into Ads...; ...Or Attach Rates; Globalizing the China App Model; AI Safety in China