THE DIFFThe Theory Behind "The Stock's Not Acting Right"
Plus! Another Pandemic Policy Reversal; State-Driven [App] Development; Capital Structure Arbitrage; Russian MMT Update; Housing
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The Business of Micro Rental
Plus! Every Business Turns Into an Ad Business; Financial Decoupling; Still Room to Scale; Pay-for-Inclusion; Amazon and Costco; Bitcoin: Made in America
TechOyo: the the Risk-Stays-on-the-Books Model
Plus! TSMC's Planned Economy; Apple and Gaming; AI Ethics in China; Treatments
FinanceSenseTime: Building the China Tech Stack
Plus! Networks of Networks; Inefficiencies; More Privacy; Measurement Error; Textbook Piracy
TechShifting the Curve: Why Climate Matters More
Plus! Online-to-Offline; Consolidation; Unintended Consequences; Supply Chains as Banking Systems; International Software Nationalism
EconomicsParadox Interactive, The Little Big Media Conglomerate
Plus! Millennials: Not Poor, But Levered; Vaccine Markets; Only Chamath can go to the SEC Headquarters; Reigning Over Big Tech in China; Investment Boom; Archegos and SPACs
EconomicsTwo Big Tech Approaches to Capital Allocation
Plus! Supply Chains; Building Better Metrics; Linkrot; Virtual Veblen; Digital Sovereignty; What Exactly is Inflation?
TechDigitalOcean's Information Arbitrage
Plus! Guidance; Auctioning Unicorn Status; 2021's Shortages; Greensill Pre-Mortem; Hybrid Office
TechDisney's Pivot
Plus! More Moderation; Social Competition; Carbon Updates; Abstract Prices, Concrete Supply Chains; Format Replacement
FinanceThree Bull Cases for Starlink
Plus! Distributed Business Clusters; More on Texas; The India Model; Clean Shipping; Price Discrimination
TechA Strange Cycle for Cyclical Stocks
Plus! Amazon's Full-Stack Advantage; Industrial Policy in the US and China; Vaccine Diplomacy; Privatization in India; Privatization in Nevada; Hysteresis; Carbon; Teslacoin
FinanceFour Refoundings
Plus! The Other Bitcoin Standard; Carbon Updates; Loyalty and Information; The Chip Shortage; Stimulus: How Much is Too Much?
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