THE DIFFThe Value of Time Rounds to Either Zero or Infinity
Plus! Limits to Hardware-as-a-Service; Shareholder Activism in Japan; Flipping (pt 1); Flipping (pt 2); Better Disclosure
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The Indelible Stamp of a Lowly Origin
Plus! How the Chip Shortage Happened; New York Real Estate: More Data Points; Chronic and Acute Labor Shortages; Extrapolation; Texas and Trading
FinanceWinner-Take-Some Platforms
Plus! Shorting startups; Google Commoditizes the Complement in Travel; The Apple Roadmap; Uber’s Financial Engineering; Microstrategy’s Financial Engineering; Equal Representation
TechHow Investing Got Institutional
Plus! Garden-Path E-Commerce; Micro-PE in Amazon Retail; The Post-Covid Setup; Singles Day
FinanceMoonshots, Uncertainty, and Certainty
Plus! Huawei Hedge, Covid tax Arb, Only Azar Can Go to Taiwan, Twitter/TikTok, more...
TechThe Hack: When Crime Pays Fractions of a Penny on the Dollar
Plus! Jio, Bans, Slacktivism, Slackifying, Micro PE, Airbnb
FinanceThe Equity Risk Premium at 0% Interest
Plus! The China Rally, In Context; Delivery Apps; Airline Collateral; Oil Elasticity; Tech Nationalism, Tech Internationalism
FinanceIncumbents, Not Startups, Are Regulatory Arbitrageurs
Plus! Limits to Automation, Silver Lake, 1830, 1930, 2030, Globalizing Cybersecurity
RegulationA Golden Age for Individual Investors
Plus! Bearish Berkshire, Cloud, Unlockdown, Luckin, Adpocalypse, Big Tech Political Realignment, Healthcare Fintech
FinanceThe V/L Recovery: PE/VC Take a Leg Down, Then Up-and-to-the-Right
Plus! Earnings, Adpocalypse Updates, Cloud Updates, Loans, Supply Chains, Theater Mismatch, Commoditized Complements, More...
FinanceV-Shaped Recovery for Me, L-Shaped Recovery for Thee
Plus! Shopify, Japan, Mechanical Turk, eSports, Zoom, Everyone-But-Zoom, Clubhouse
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