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) - Paradox Interactive, The Little Big Media Conglomerate (09:14) - Millennials: Not Poor, But Levered (10:32) - Vaccine Markets (12:09) - Only Chamath can go to the SEC Headquarters (13:33) - Reigning Over Big Tech in China (15:08) - Investme...

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 Pseudonymity (13:31) - Fungible Energy Jobs (14:48) - Robinhood's Other IPO News (16:00) - Financial Engineering in Home Improvement (16:31) - The Case for Steeply Progressive Ad Taxes (18:15) - Like OPEC In a Good Way

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 Parallel Financial Systems (11:46) - A Word From Our Sponsors (12:24) - Tethers and Dollars (15:08) - The Hotel Shortage (16:01) - The Credit Reopening (17:01) - Ransomware Acceleration (18:20) - Churn, Margins, and Habits

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) - Crypto as an Overheated Emerging Market (11:03) - Rolling Blackouts, Floating Power Plants (11:48) - Scalable Review Fraud (12:42) - The Risk of Writing Options (13:55) - Socially Responsible Hackers

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) - Stripe and Solid-State Economics (35:50) - Hulu's Regulatory Arbitrage (36:48) - Post-Archegos (38:07) - Patents (40:20) - Emissions: a Global Problem

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 2x2 Inflation Debate (08:20) - Valuementum (09:34) - Quants and Lumber (10:29) - Cheap Hacks (12:16) - Tax Adjustment

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) - Surviving a Combinatorial Explosion (07:29) - Sanctions, Cautiously (08:16) - Adtech Always Adds Layers (09:19) - Unfundable Mines (09:55) - Less Marginal Business

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) - Cloudflare's Intelligent Design (10:30) - A Word From Our Sponsors (11:11) - Travel Recovery (12:08) - Targeted Restrictions (13:05) - Another Retail Ad Product (13:40) - Semi-Public

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) - Decoupling, Digital Currency, and the Consumer of Last Resort (08:30) - A SPAC Modest Proposal (09:49) - Scraping for Profit (10:39) - Post-Cookie (12:06) - Best Buy Bundle (12:51) - Debt is Here (14:27) - The Short-Selling 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) - Partial Deregulation as an Antipattern (08:57) - China's Inflation Inflection (09:51) - The Next Amazon IPO (10:29) - The First Shopify Pivot (11:25) - The Other Two Supply Chains (12:34) - Non-Monolithic 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) - Electrocloud! (20:14) - IPO Demand Curves (20:54) - Blackout Insurance (21:56) - Theaters and the Streaming Option (22:32) - Easy Comps (23:28) - Permanent Shifts

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 Apple Can Own I/O (00:13) - The Great Inflation (00:54) - Two-Way API Businesses (01:46) - Zoom and Cities: The Five-Century-Old Case Study (02:48) - From ETrade to eToro (03:37) - Hardware-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) - The Value of Time Rounds to Either Zero or Infinity (07:36) - A Word From Our Sponsors (08:15) - Limits to Hardware-as-a-Service (09:29) - Shareholder Activism in Japan (10:34) - Flipping (pt 1) (12:20) - Flipping (pt 2) (13:03) - Better Di...

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 Salesforce is Selling (and Buying) (11:49) - A Word From Our Sponsors (12:21) - Multilateral Vaccine Diplomacy (13:18) - State Capacity Straussianism (14:02) - Bicameral Diplomacy (15:25) - Chip Insourcing, Slowly (16:44) - Password Pr...

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) - Understanding Coinbase (12:15) - Security (13:25) - Different Abstractions (15:15) - Facebook Futurism (16:13) - SPAC Apathy

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) - IBM: The Center of Gravity (15:47) - A Word From Our Sponsors (16:21) - Price Signals (17:28) - Texas Energy's Banking Crisis (18:43) - Greensill's Arbitrage(s) (20:05) - Which Long Run? (21:29) - The Supply-Side/Demand-Side Seesaw

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 Happened in Texas (19:38) - A Word From Our Sponsors (20:39) - Technology Prosthetics (21:47) - Brutal Coopetition (22:58) - From Quotation System to Market-Maker (24:29) - GameStop Risk (25:37) - The Bull Market in Conservation

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) - Three Bull Cases for Starlink (09:11) - A Word From Our Sponsors (09:49) - Distributed Business Clusters (10:27) - More on Texas (12:07) - The India Model (13:06) - Clean Shipping (13:40) - Price Discrimination

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 Did One Internet Subculture Spot Covid-19 So Early? (04:37) - Deep Freeze

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) - An Airline IPO? In This Economy? (08:17) - A Word From Our Sponsors (08:40) - Facebook vs Bullying (09:19) - Scale and AI (10:09) - Chip Shortage Updates (11:30) - Decarbonization (12:07) - Supermicro, Redux (13:35) - The Value of Safety: A...

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) - Four Refoundings (15:50) - A Word From Our Sponsors (16:03) - The Other Bitcoin Standard (17:16) - Carbon Updates (18:23) - Loyalty and Information (19:02) - The Chip Shortage (20:51) - Stimulus: How Much is Too Much?

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) - Messaging Wars, Round Two (08:38) - A Word From Our Sponsors (09:16) - GameStop (12:55) - Too Much of a Good Thing (14:48) - Controlled Boom (15:39) - Decarbonizing (16:11) - Taiwan and China (16:42) - Local News

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 Road Not Taken: Stripe, Ant, PayTM & Defi (21:26) - A Word From Our Sponsors (21:57) - Facebook's Outsourcing Moderation (22:47) - Amazon's Outsourced SEO (23:40) - Scarce and Free Resources (24:35) - Moderating Social (Pt 3) (25:28...

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 Technocrats' Recovery (06:51) - Big Tech Sees Like a State Update (08:08) - Why Don't Car Subscriptions Work? (08:53) - Taylorism-as-a-Service (09:53) - The Semiconductor Boom (10:38) - R&D and the Genius Problem

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) - Homesteading Mental Models (07:08) - A Word From Our Sponsors (07:47) - Robinhood's Plot to Make IPOs Less Exciting (09:03) - Momentum-Squared and Value-Squared (10:32) - Dollar-Weighted Returns (11:36) - Blocking Trump (13:00) - Meta-Bundl...