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) - Making A Match (11:49) - Instacart: Ahead of the IPO (13:47) - Movie Clips and the Piracy Equilibrium (15:00) - EVs and Public Choice Theory (16:39) - Banks Retrench (17:32) - China's Lost Decade?

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) - Price-First or Thesis-First Research? (08:35) - Aging Up (09:31) - Housing (10:33) - Virality (12:05) - LLM Arms Races (13:26) - The Uber of X

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 Supply Chains of Bits and Atoms (08:21) - 7nm (09:20) - New Yahoo (10:39) - Red Teams and AI Unit Economics (11:52) - Horizontal Expansion (12:57) - Private Markets

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) - Instacart is the Best and Worst Grocery Business Imaginable (14:47) - New Cities (15:21) - Scraping (16:19) - Klaviyo (17:03) - Crowdfunding (17:36) - Maturity Matching

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 We Expect Valuations to Mean-Revert Over Time? (11:48) - Sushi (12:40) - Modeling Demand (13:35) - China's Debt (14:24) - Coevolution and Pulling Up the Ladder (15:21) - The Venn Diagram Career

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) - Inside the Decline of Stack Exchange (11:20) - The Other X (13:14) - Refinancing China (14:06) - The Activist Short Death Spiral (15:10) - Rebundling (16:05) - Fitness Bands

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) - Information as a Universal Complement and Universal Substitute (09:14) - Making a Market (10:25) - Financial Innovation (11:02) - IRL (12:10) - Open-Ended Liabilities (13:19) - Meme Stock Relapse

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) - You Hate The Products You're An Early Adopter Of Because of Invisible Base Rates and Anthropic Bias (06:54) - The Big Tech Cycle (08:00) - Chinese Consumer Internet Competition With American Characteristics (08:32) - Reallocating (09:38) -...

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) - Don't Get Addicted to Fantasy Economics (07:04) - Exporting Clean Energy (07:48) - Reverse Turing Tests (08:56) - Syndicate Economics (09:51) - Integration (10:38) - 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) - It's Hard to Build a Durable Business Selling Durable Goods (13:02) - Wrappers and Layoffs (13:53) - The Movies (15:38) - Evaporating Sanctions (16:09) - Bonds (16:52) - Errors in Translation

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) - Was it Worth it for Facebook to Become Meta? (09:38) - Carbon Accounting (10:48) - Social Mobility (11:23) - To Replicate or To Replicate (13:06) - Energy Transitions (14:04) - Financing

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 Turns UGC into a PVP Zone (07:04) - Goldman (08:17) - ETFs (09:02) - Dispersion (10:09) - Softbank (11:20) - Contrarianism

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 Engineering Blogs (08:27) - Art Exchange (09:51) - Fraud (10:56) - Airlines (11:44) - The Long Tail (12:29) - Chinese IPOs

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) - Reddit and Platform Politics (09:12) - The Boomer Market (10:18) - Network Effects (11:20) - Direct to Retail (12:08) - Strategic Investing (13:05) - ByteDance and AI

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) - Where Does Stripe Go From Here? (10:43) - Deal Flow (11:32) - Proprietary Data (12:31) - Beyoncéflation (13:09) - Pricing and Local Maxima (14:28) - Funds and Spoils

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) - Unavoidable Drawdowns (06:45) - Dumb Money (08:08) - Adversarial Environments (09:04) - Coasian Bargains in Immigration (10:05) - Asset Allocation (11:23) - Lock-In

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 Defense of Made-Up Metrics (07:32) - Scaling the Non-Scalable (09:49) - VR and Platform Ownership (11:15) - What is a Bank? (12:19) - The Non-Recession Recession, in One Graph (13:23) - Going Direct

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) - Data, Prices, and Central Planning (09:02) - Japan Remains Cheap (10:08) - Tipping and Price Discrimination (11:10) - Bad News is Good News (12:26) - Black Markets (13:08) - Jobs

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) - Cava: One Brand, Many Channels (07:41) - AI and Incumbents (08:51) - Buying Reputation (09:40) - Restaurant Pricing (10:35) - Debt, Prices, and the Pull-Forward Effect (11:46) - Assets and Distribution

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 Do Equities Build So Much Wealth? (07:36) - Efficient Markets (08:15) - Logistics (09:28) - Markups (10:02) - The New Geography (10:34) - Marking to Market

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 Relationship-Transactional-Relationship Business Cycle (07:46) - Metrics at Twitter (09:04) - Workarounds (09:49) - Generative Ads (10:14) - Elsewhere in AI (10:55) - Banking

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) - SVB in Retrospect (09:01) - And in Other Banking News (10:05) - States See Like Big Tech (11:17) - Aggressive Competition (12:12) - Agglomeration and Sports (13:02) - The Narrow Rally

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 The Answer Is So Often Ads (07:33) - Strategic Shutdowns (08:11) - Verification, Ads, and Membership (08:49) - The China Cap Table (09:28) - Very Long-Term Investing (10:46) - Branding a Bank

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) - Working with a Copilot (11:59) - Catching Up (14:09) - Private Capital (15:35) - AI Regulation (17:17) - AI Stocks (19:04) - Cars and Interfaces

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) - Dueling Over Platforms (09:46) - De-Googling (10:17) - Reshoring (11:53) - Attribution (12:49) - Volatility (13:18) - The State of AI Workers