Turning non-tradables into tradables
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Moderna's Bets: Moonshots and Platforms
Read this article →Plus! The China AI Stack; Closing the Loop; Ads and Addiction; The Second-Order Costs of Inflation; Fraud and Transaction Costs
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Assuming Efficient Markets to Exploit Market Inefficiencies
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The Economics of Gas Stations
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The Network Before the Internet
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NextEra Energy's Green Growth
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Populism and Product Sense
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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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In (Partial) Defense of Discounted Cash Flow Guesswork
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Clean Trades and Dirty Hedges
Read this article →Plus! Cash as Cosmetics; Two Inflations; AI; Offline-to-Online; Starlink; Diff Jobs
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It's Hard to Know Brokers' Long-Term Economics, But Easy to Guess Badly
Unlock Premium to read this post →Plus! Who's Hit by Inflation?; Slow Return to the Office; Stock-Based Comp; Cat-and-Mouse; Scale
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Synchrony Financial: A Bank Growth Investors Could Learn to Love
Unlock Premium to read this post →Plus! Unstablecoins; Oil and Gas; Transitory at Last (At Least a Bit); Glorious Food; Meanwhile, in China