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) - The Coming Carbon Short-Squeeze (09:37) - The Streaming Race (10:34) - Captive Banks (11:09) - Construction Credit (11:53) - Illiquidity Doesn't Always Pay (12:46) - Instacart Shifts Further Towards 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) - The Promise and Paradox of Decentralization (12:04) - Valuation Arbitrage (12:47) - Labor Liquidity (13:52) - Pricing Power

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's a Ponzi Scheme? What Isn't? (08:39) - A Word From Our Sponsors (09:14) - Meta (13:18) - ROE and CAPM (15:49) - Expensive Cheap Energy

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) - Blimps, Bots, and the Future of Cargo (07:45) - Bitcoin's Long March: Pensions (08:40) - Last Mile (09:20) - Google's Laffer-Style Tax Cut (10:38) - Sales

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) - FedEx: Two Bets on Network Effects (07:24) - Aging Into Owning the Metaverse (08:14) - Fake Reviews (08:47) - Ads and Addicts (09:53) - Coal

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) - Discourses on Big Tech (21:03) - A Word From Our Sponsors (22:06) - Sticky Wage Growth (23:04) - The Coal Boom (23:55) - Equity and Collateral (24:59) - Building an Apple Car vs Appleifying a Built Car

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) - Your Life is (Almost) a Call Option (09:29) - A Word From Our Sponsors (10:32) - Reactive Strategy (12:00) - Working it Out (13:30) - Standardizing the Metaverse (14:11) - Probability (14:39) - When Payments Work

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) - Identity and the Login: Who Owns "Who's That?" (08:28) - A Word From Our Sponsors (09:08) - Facebook Apologetics (11:13) - Food Delivery and Unit Economics (12:38) - More Air Taxis (13:11) - Business and China

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) - Yandex: Google Through the Looking Glass (10:42) - A Word From Our Sponsors (11:16) - Shifting the Curve (12:26) - Where Housing Demand Comes From (12:50) - Throughput (13:33) - Lobbying (14:38) - Customer Service-as-a-Service

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) - Modern Financial History Begins in 1998 (11:00) - Two Turnarounds (12:07) - Smart Glasses (13:23) - Credit Cards, Spending, and Splurging (14:03) - The Cyclical CEO Condition (15:07) - Permanent Pricing

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) - Globalized Talent and the Brand Grab (07:33) - Developing Vietnam (08:58) - Liquidity, Discount Rates, and Theft (09:41) - Shortages (11:05) - Pigs and OPEC (12:02) - Statistical Privacy

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) - Freshworks' Efficient Frontiers (06:07) - Ad Bugs (07:09) - A Money Market Modest Proposal (08:06) - Restructuring China Tech (08:58) - Shrinking Shrinkage (09:42) - Limits to Copying

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) - Warby Parker and EssilorLuxottica: Irresistible Force, Immovable Object (07:27) - A Word From Our Sponsors (08:11) - Cutting the Apple Tax (09:52) - Messaging (11:10) - China and Security (12:32) - Cyber Risk and Coordination (13:12) - CEO...

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 Dividend Futures Disaster Revisited: Anatomy of a Very Bad Trade (11:13) - A Word From Our Sponsors (11:52) - What's Big on Facebook (12:43) - OnlyClothed? (15:24) - Elite Overproduction as Risk Aversion (16:11) - A Second Cleantech Boo...

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) - Magalu: Inside Brazils' Omnichannel Powerhouse (06:34) - A Word From Our Sponsors (07:16) - The Privacy/Security/Centralization Axes (08:18) - Factors of Production (09:27) - VPNs and Streaming Price Discrimination (10:41) - The Belt and Ro...

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 And Your Investment Research (11:48) - A Word From Our Sponsors (12:26) - A Successful IPO from Robinhood (13:39) - Convergence (14:47) - Underinvestment (15:55) - Consumer-Friendly Defaults (17:08) - The Amazon Rollup Boom

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) - Taking Strategy Seriously (09:06) - Streaming as Instant Gratification (10:39) - Batteries (11:42) - Shrinking Analyst Teams (12:33) - Diffident Voters (13:28) - Oil, Recapitalized

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) - Newsletters Can Move Markets (10:34) - A Word From Our Sponsors (11:12) - "Real Men Have Fabs" (12:03) - Rollups (12:54) - Platform Control (13:46) - Outperformance (15:04) - Chips and China (16:27) - Double Zero

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) - Illumina: "View Source" for Life (10:17) - A Word From Our Sponsors (10:55) - The Balance Sheet-Constrained Bank (11:59) - The Global Kuznets Curve in Action (12:35) - Net Zero (13:30) - Real-Time (14:35) - Aviations Big Two (Plus One)

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 Robinhood Challenge (12:38) - Another Gulf Carrier? (13:37) - Air Buyout (14:06) - The AI Layer (14:50) - Didi and Information Asymmetry (15:53) - Strategic SPACs

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) - Chumboxes or Trust-Busters? Taboola and Outbrain (12:07) - Sticky Wages (12:46) - Robinhood! (13:53) - Search Engines (15:09) - 1-to-M-of-N Secret Sharing (16:02) - Housing

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) - We are All Buffettologists Now

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) - Shifting the Global Kuznets Curve: Why Climate Matters More (09:32) - Online-to-Offline (10:20) - Consolidation (11:10) - Unintended Consequences (12:02) - Supply Chains as Banking Systems (13:22) - International Software Nationalism

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 Normal Country? (27:18) - Negative-Marginal-Cost Billboards (28:17) - Spillovers (28:44) - Piecemeal Privatization (29:25) - Financial Protectionism

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) - Prediction Markets and Worse is Better (09:18) - A Word From Our Sponsors (09:56) - De-Dollarization on Paper (10:56) - The Amazon Bundle (12:05) - The Extension Market (13:10) - Zombie Airlines (14:03) - Supersonic (15:25) - Fractal Fraud