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) - What, Exactly are we Trying to Tax? (11:40) - Correlations (12:33) - Reorganization (13:57) - Dating Copilots (15:24) - Thematic Investing (16:42) - Bid Density

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) - Mission and Variance (05:37) - Transitory, After All (07:38) - The Amazon Model (08:46) - Contextual Ads (09:57) - The PE and Sports Transition (11:24) - Credit and Insurance

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 the Oracles (07:07) - Price Discrimination in Media (07:53) - AI-Generated Propaganda (08:54) - War Economies, Redux (09:40) - Unbundling and Rebundling (10:26) - Attrition

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) - Our Surprisingly Capital-Abundant World (05:58) - Audience Capture at Two Levels (06:58) - Does Crypto Add Value to Financial Markets? (09:21) - Continuation Funds, Club Deals, and the New Equity Market (11:07) - Implementation Details (12:...

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) - P&L Beta: How Much You Keep out of How Much You Make (06:51) - A Word From Our Sponsors (07:25) - Narratives and Volatility (08:14) - The New Acqui-hire Model (10:34) - A Good Trade (11:55) - Terms (12:57) - Celebrity AI Economics

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) - Meta's Open-Source AI Economics, Re-Revisited (08:26) - A Word From Our Sponsors (08:29) - The Quantum Gambit (09:33) - Monetizing Volatility (10:45) - Banking and Credit (12:03) - How Long is the Long Game? (13:26) - Sticky Expectations

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) - Software is the new Hardware (07:18) - Vendor Risk (08:19) - Hardware and Software (09:44) - Compounding (10:41) - AI as an Interface (11:38) - Rotation

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 Quality Factor (05:21) - Predictions (07:03) - The 4Chan of Crypto (07:54) - Adverse Selection (08:57) - AI and Ads (09:59) - Algorithmic Collusion

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) - “Bullshit Jobs” is a Terrible, Curiosity-Killing Concept (17:48) - A Word From Our Sponsors (18:30) - Sanction Economics (20:00) - Exiting (21:19) - Building Complements (22:18) - Shares and Votes (24:00) - Quality Problems

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 Chain of Talent (07:36) - Getting the Cycle Right (08:55) - Regulatory Arbitrage in E-Commerce (10:04) - Dry Powder and Meta-Stability (11:11) - The Split Market (12:00) - Transmission Mechanisms

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) - Fertilizer and Toxins (07:50) - Margins (08:41) - A Better, Costlier Alexa (09:30) - Elasticity (11:08) - Counterparty Risk, Served Two Ways (12:20) - The Universal Denominator

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) - "Nobody Knows Anything": Backtests are Hard (06:59) - The Economics of Hacking (07:43) - Lead Generation (09:30) - Adverse Selection (10:58) - Tip Economics (12:36) - First and Last Resort

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 Bid Ask View of Who Gets to Raise and What Gets Traded (06:40) - A Word From Our Sponsors (07:38) - Privacy and Insurance (08:59) - AI Fragmentation (09:40) - Too Central to Fail? (10:45) - Meritocracy (11:54) - 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) - Details! (08:53) - A Word From Our Sponsors (09:48) - The Google Feedback Loop (10:42) - Fees on What? (12:41) - The Micro Meta Turnaround (14:34) - Yes, We're Doing the Meme Stock Thing Again (15:39) - Diverisification

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) - Get Used to a More Hallucinatory Search Experience (09:19) - Cap Structure Arbitrage and Elon Musk (10:51) - Active, Passive, and Risk (12:57) - Convergent Evolution (14:09) - Market Timing (15:01) - It's All 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) - One Edge or Many? Reflections on Renaissance Technologies (11:22) - Retention (12:24) - Training Data (13:20) - Social Networking Primitives and Local Maxima (14:33) - Renting (15:02) - 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) - Invisible Efficiencies (06:49) - Making a Market (07:53) - Outsourcing (09:35) - Multicloud (10:53) - Can Frackers Collude? (12:37) - Infrastructure (13:25) - Area Man Tweets

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) - Martingale Beliefs (07:18) - Country Equity (08:25) - Costs and Benefits (09:38) - Continuation Funds (10:36) - Deepfaking the Dead and the Last Generation of Celebrities (11:47) - Mature Financial Systems

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 Ruins Education the way Pulleys Ruin Powerlifting (12:38) - The Other Kind of Bank Unwind (13:30) - AI Asset Plays (14:15) - Retail Rides Again (14:59) - Single-Family Rentals (16:21) - AI Math

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) - Who's Afraid of Index Funds? (10:25) - The Market for Data (11:52) - Crowded Careers (12:42) - Black Boxes, Everywhere (13:32) - Externalities (14:45) - Intra-Elite Conflict

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) - Most Market Phenomena are Older than they Look (06:58) - Labor Arbitrage (07:40) - Reddit and Search (09:23) - On-Prem (10:21) - Audience of One (11:07) - Ads Everywhere

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 Data Business, At Three Resolutions (08:45) - The Instagram Numbers (09:57) - Trader Pay (11:08) - The Distribution of Near-Misses (12:54) - Benefits (13:34) - Funding 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) - Algorithmic Collusion (08:38) - Operationalizing Secrecy (09:36) - Product Convergence (10:00) - Black Box Update (10:49) - Data Scarcity (11:41) - Cash Management

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 Duolingo Disaster That Wasn't (07:34) - Chatbots (08:31) - Alpha Capture (09:45) - Coreweave (10:58) - Preannouncements (11:41) - AI's ROI

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 Case for Marking More to Market (06:47) - Petrodollar Recycling (07:44) - Importing Talent (08:19) - Self-Regulation (09:38) - Apple/Google (10:39) - Exits