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Ferrari: The Inefficiency Premium
Plus! Coal and Spinoffs; Build-Your-Own-Amazon; Oil; Two Risks, One Risk Premium; Snap
FinanceDrone Delivery: Accelerating to Inevitable
Plus! Media/Software Synthesis; The Working Capital Accelerant; Klarna Fills in the Gaps; Younger SPAC Targets; Consumer-Facing DeFi
TechDefensive Monopolies
Plus! Supply Chain Disruption and Retail Membership Programs; Evergrande and Unlimited Liability; Alameda Goes Direct; Off-Brand; State-sponsored VC
EconomicsOn Jargon
Plus! Annual Subscriptions as Startup Capital; Pigovian Benefits; Covid and Knowledge Diffusion; LinkedIn and Incentives; Lithium
JargonThe Coming Carbon Short-Squeeze
Plus! The Streaming Race; Captive Banks; Construction Credit; Illiquidity Doesn't Always Pay; Instacart Shifts Further Towards Ads
TechFinance is a Large Share of GDP, but "Finance" is not Necessarily Finance
Plus! More Mir; China and Gaming; Solo VC; A Natural Experiment for Indexing; The Clickbait Efficient Frontier
FinanceThe Superhuman Formula
Plus! Identity; Extending Logistics; Strategy Decay; Instacart and Ads; Burning Abstractions
TechSquare and Afterpay: Payments, not Credit
Plus! Data Leaks; Invisible Put Option Exercised; Another Company Goes Subscription; The Greenwashing/Credit Spreads Arbitrage; Greenflation
FinanceAmazonifying the Un-Amazonable
Plus! Etsy/Depop: Networks Are Made of People (With Birthdays); AMC's Popcorn; Amazon, Regulator; Rollups and the Mid-Platform; Bubble as Hedge
TechWho Amazon Grows With
Plus! Transparency Two-Step; Red Flags; Liquidity and Comps; Big Tech Sees Like a State: Vaccination Edition; ARPA and Better Research Models
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