The Diff

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Death Spirals (05:19) - Ads! (06:10) - Healthcare and Insurance (07:01) - Transition Economics (07:46) - Volatility (08:49) - Strategic Investments

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Should You Hedge It All? (07:22) - Apple Car (08:35) - State-Directed Investment (09:26) - Flywheels and Bubbles (10:28) - Inflation Impacts (11:42) - Vertical Integration

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Exposed! Your Torrid Love Affair With Airline Fees (08:43) - Malicious Compliance (11:01) - Sanctions and Third Countries (12:00) - Bing and BATNAs (13:19) - Celebrity Endorsements and Binary Outcomes (14:10) - Supply/Demand Balance

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Building for Power Users (10:16) - Adtech and "Sky Bridges" (11:04) - SuperMicro! (12:57) - GDP YoY (13:43) - Black Boxes (14:43) - Pods and Cycles

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Antithesis: Debugging Debugging (12:59) - Rebooting (13:40) - AI, UGC, and Communities (14:18) - Land Rushes (15:21) - AI and Share Shift (16:20) - Nirvana

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - AI-Based Disinformation Will Not Be An Especially Big Deal in the 2024 Election (06:10) - Discount Pods (07:22) - China and Real Estate (08:26) - Microcaps (09:30) - Unraveling (10:14) - Market Structure

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Is "Social" an Enduring Category or Just a Phase? (07:13) - The Carbon Discount Rate (08:43) - Alternative Data (10:16) - Transitory Lessons (11:17) - App Economics (12:15) - Where Does the Basis Trade Come From?

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Being Not-a-Tech-Company (08:52) - Media (10:41) - News: Supply and Demand (11:56) - Preferred Habitats (12:49) - Liquidation (14:12) - The Activism Cycle

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Momentum, Intellectual Humility, and Missing Pieces of the Model (06:57) - War Finance Meets Green Finance (08:03) - AI-Assisted Creativity (08:56) - Property Rights and Mortal Institutions (09:41) - Complements (10:25) - Hedge Funds

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - A Theory of Grift (08:40) - Buy The Change You Wish to See in the World (10:27) - Schmuck Insurance (11:22) - Uncertainty (12:23) - Block Trading (14:59) - Ads

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Why Does Any Company Own its Corporate Headquarters? (09:36) - The Noise Election (11:04) - Automation (12:03) - Complementary Businesses (14:26) - Talent Cycles (15:22) - The Mechanics of Regulatory Moats

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - How Many Trillion-Dollar Companies Should There Be? (09:57) - Choice (11:09) - Durables (12:01) - Lobbying (12:55) - The China Model (13:37) - Training Data

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - How Should Higher Education Be Financed? (10:28) - Accredited Investors (11:54) - Gambling on Gambling (12:41) - Price Discrimination (13:25) - In Play (14:19) - Even More Product Convergence

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Graduating to Parallelized Strategies (07:16) - AAI (08:13) - OpenAI (10:36) - Twitter (11:31) - Pod Shop Math (12:22) - Privacy, Security, and Monopoly

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - In Investing, and in Life, The More Timeless the Discovery the More It's a One-Off Gain (08:01) - Airlines (09:21) - Deflation (10:07) - VC (10:32) - Automation (11:13) - Vertical Integration

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Can Argentina Dollarize? Should They? (07:06) - 0DTEs (08:57) - Corporate Politics (09:45) - Ads and Sports (11:15) - AI Creating Jobs (11:48) - Marketing Real Estate

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Risk: Too Much, Too Little, the Wrong Kind, or the Wrong Measure? (05:55) - OpenAI's Oops D'Etat (11:05) - Meta (12:10) - Unit Economics and the Japanese Labor Force (13:15) - Cruise (13:50) - Growth and Corruption

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - What Do Proof-of-Work and Proof-of-Stake Really Prove? (05:12) - Social Network Nuances (06:02) - The Cost of Dropping Ads (07:03) - Credit Outlook (08:10) - Investment Niches (08:51) - Wages

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - LLMs and Communicating in More Dimensions (04:58) - Cruise's Asymptotes (07:02) - Shrinkage (08:12) - Open Source Economics (09:12) - Derivatives and the Underlying (09:53) - Shorting

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Long, Long View of Interest Rates (10:46) - Insiders (13:12) - Threads (14:09) - Where the Pandemic Didn't Happen (14:49) - Leftovers (15:19) - Opportunity Cost

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Economics of Startup Swag (05:18) - Trappings of Success (06:27) - Globalization and the Movies (07:29) - AI & IP (08:46) - AI & Religion (09:48) - Innovator's Dilemma Epicycles

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - A Bull Market in Facts; A Bear Market in Narratives (06:09) - The Decline of Meme Stocks (07:16) - Volatility (08:12) - Lobbying as a Competitive Advantage (09:09) - Goldman (10:16) - "Name and Shame"

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Predicting, and Knowing What to Predict (07:27) - FTX Addenda (10:41) - Slack and M&A Integration (11:41) - The Global Meme Stock Rally (12:57) - Shrinkage (13:33) - The Coasian Border in Ridesharing

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Paradoxes of Productivity Growth (08:11) - New FTX (10:08) - Apple Search (11:16) - The IPO Window (12:04) - Markets in Everyone (12:55) - The Dollar

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - "Capital Light" is a Trait of the Cycle as well as the Industry (06:21) - Individual Bets and Risk Premia (07:50) - Tinder's Price Discrimination (08:38) - Smartphone Competition (09:26) - The Partner-With-AI Arms Race (10:29) - Mediocre Su...