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) - Bet-the-Company Ideas (08:48) - The Universal Second Language (09:31) - Asset and Liability Management in Sports (10:37) - Light Contagion (11:20) - Buying Status (11:50) - Shutting Down Banks

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 Short 100-Question Diligence Checklist (17:51) - Bank Capital (18:34) - Where Venture Funding is Squeezed (19:13) - Free Shipping and Marginal Costs (20:21) - Chinese Apps and Data Advantages (21:21) - Many Funnels

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 Banks: What's Next? (09:27) - SVB's Incentives (10:22) - Cross-Disciplines (11:57) - Cable's Evolution (12:29) - Training Your Replacement (13:26) - Resources

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) - Financial Institutions and Franchise Value (09:03) - SVB Updates (13:19) - Hit Economics (13:56) - AI Costs (14:44) - Lending Against Regulatory Uncertainty (16:42) - AI Assistants

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) - Airlines: Unit Economics, Served Four Ways (23:44) - High-Variance (25:40) - Deadweight Loss (26:17) - Managing Cash Flow (27:06) - Twitter Shrinks (27:30) - Generative 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) - Empiricism Disappears into the Black Box (09:22) - Back to Normal (10:18) - Theoretical Profits (11:04) - Ukraine and US Energy (11:50) - "Altasia" (12:32) - Rebirth of the Author

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) - Internal Software as a Competitive Advantage (11:48) - Copying (13:08) - Performance (14:18) - Un-IPO (16:06) - Back to the Office (16:51) - Why Private Equity?

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) - History Begins Again for Big Tech (09:03) - Yachts, Taxes (10:20) - Bad Ads (10:52) - Investor Relations (12:11) - Market Signals (13:37) - More AI-in-the-Browser

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) - Companies and Entropy (07:51) - Frontends All The Way Down (09:13) - Alternative Data (10:08) - Competition (10:44) - Network Effects and IPO Listings (11:44) - Decentralizing Twitter Revenue

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) - Equity as an Option on Future Reinvestment (10:44) - Apple AR (12:06) - Car Loans and Non-Stationary Distributions (12:55) - Shorting (14:04) - Working Capital (14:43) - Acceleration

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 Fraud Lives and Why (07:21) - Segmented Markets (08:33) - Apple the Outlier (09:28) - Outsourcing (10:26) - Working as Intended (11:10) - Headcount

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 a Stable Career Track, Where Does the Risk Go? (09:05) - A Word From Our Sponsors (09:48) - AI Lobbying (10:34) - Fraud and Credit (11:36) - How Markets Clear (12:35) - Deglobalization in Miniature (13:08) - Crypto Exchanges and Airdrops

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 AI More VBA or Steel? (15:12) - Formalizing an Economy (16:02) - Shoplifting (16:51) - Plane Shortage (17:54) - Mastodon Metrics (19:02) - The Mystery of the UAE Holding Company

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) - Closing Industry Frontiers (07:23) - A Word From Our Sponsors (07:38) - The Slow Move to Subscriptions (08:58) - TINA Trades (11:03) - Geoengineering (11:58) - Warning Signs (13:07) - Elasticity in Electricity

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 Companies Think About Layoffs (14:15) - Moderation (17:48) - Understanding TikTok (19:19) - Reputational Bank Runs (20:13) - Coal (21:02) - Disney

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 Solution in Search of a Problem" is a Low-Rates Phenomenon (09:38) - Money and Equilibria (11:50) - eSports (13:03) - The Price of Liquidity (13:43) - Plausible Deniability (14:30) - The Illiquidity Premium, Continued

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 Uses of Friction (07:37) - Market-Making (09:19) - Poaching and Equity Currency (10:44) - China's Covid Economy (11:31) - The Cost of AI (11:55) - Friendshoring

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 Finance is Hard to Decentralize (09:40) - Why They Don't Drill (11:26) - Shorting (12:30) - Crypto Liquidity (13:24) - Food Convergence (14:29) - Crypto Transparency

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 Part of the System Needs to be Smart? (05:44) - Redemptions (07:05) - FTX, Continued (07:51) - Single-Celebrity Companies (09:00) - Unretiring (10:56) - Activism

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) - Money, Credit, Trust, and FTX (24:40) - Alternatives (25:44) - Where Inflation Hits (26:09) - The Best Job In Tech (26:59) - Sitting it Out (27:56) - LNG

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 Beloved Regional Grocery Store Chain Model (07:15) - The Microcap Manipulation Boom Continues (08:41) - Persistence (09:58) - Bad Hedges (11:12) - Repurposing Assets (12:18) - Comebacks

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) - Kroger / Albertsons: Buying Data in Bulk (06:10) - Meme Shorts in Crypto (08:48) - Unfiring (09:52) - Will Expensive Food Cause Expensive Food? (10:25) - The Outrage Cycle (11:24) - Stability and Financial Repression

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 Mental Math Part of the Current Meta? (07:15) - Diseconomies of Scale (08:58) - Licensing (10:06) - Inflation (10:52) - Normalization (11:41) - Ads: Content and Context

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) - Snowflake Revisited (15:28) - A Word From Our Sponsors (16:11) - Microsoft's Antitrust Edge (16:47) - The Free Time Dividend (17:28) - Feedback Loops (18:32) - The News Business (19:50) - Ending the Traffic Jam

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 Rise of Single-Result Search Products (09:54) - Mango Manipulation (13:10) - The Other Emerging Labor Shortage (14:23) - China's Labor Shortage (15:10) - Unspinning (16:14) - Bad News