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) - Amazon: A New Kind of Antitrust Risk (15:55) - PPE Nationalism, Vaccine Internationalism (16:54) - A Macro Renaissance? (19:37) - Tech Sees Like a State: Parties, Fires (20:13) - Technology-Governance Fit (22:16) - China’s (Internal) Immigr...

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 and New Media Economics (12:05) - A Word From Our Sponsors (12:42) - Fortnite, Apple, and Platform Wars (15:06) - Apple's Other App Problem (15:43) - Theaters Restart the Two-Sided Network (16:18) - Singapore, Reconsidered (17:5...

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 in Public and the Economics of Free (08:33) - A Word From Our Sponsors (09:12) - Household Delevering (09:35) - More Alternative Lending (10:33) - It's Time to Build in Britain (11:22) - Pinduoduo (12:19) - Industrial Espionage in T...

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) - To Understand Jio, You Need To Understand Reliance (11:15) - Earnings (12:30) - Amazon Sees For the State (12:51) - Gerontocracy (13:56) - M&A in Kids YouTube (15:07) - Monopolists Still Compete (16:48) - China, Infrastructure, and Risk...

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 Bullwhip Effect (09:11) - A Word From Our Sponsors (09:48) - State Capacity Liquidationism (11:24) - Hong Kong: Still a Financial Center (11:48) - More of the Infrastructure Long Game (12:42) - Big Tech Plays Hardball With Big 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) - SPACs as a Call Option on Hype (10:26) - A Word From Our Sponsors (11:04) - More on the Twitter Hack (11:30) - Corruption, Liquor, and the China Bubble (12:25) - Q/Q^4 != Y/Y (13:11) - Wolf Warrior Diplomats to Puppydog Plenipotentiaries (1...

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 Hack: When Crime Pays Fractions of a Penny on the Dollar (08:52) - Jio! (09:21) - The Bans: Huawei Employees. Party Members? Dollars? (11:25) - Slacktivism at the New York Times (13:12) - Slackifying Gmail (13:30) - Micro PE vs Value Ca...

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 Depressing Bull Thesis for Rocket Mortgage (07:37) - China Equities: Not 2015 Yet (09:30) - Twitter by Subscription (10:02) - Oil as a Currency Area (11:10) - Decoupling (11:56) - Recoupling?

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 Hiring Based on Side Projects (08:53) - Companies as Narrative Arcs (09:21) - Live Data and Pandemic Stimulus (10:52) - Trucking Bailout (11:30) - "Did a Chinese Hack Kill Canada’s Greatest Tech Company?" (12:01) - Facebook on...

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, Full-Stack, and Sumo Startups (07:29) - A Word From Our Sponsors (08:33) - Google Paying Publishers (09:25) - National Champions (10:51) - Quant Crowding (11:45) - Compare and Contrast (12:30) - Working Capital (13:17) - Stimulus...

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) - Free Press vs Free Expression (10:27) - The Apocalypses That Weren't (11:20) - Bureaucracy APIs (12:16) - Big Tech Sees Like a State (13:01) - Facebook's Prediction Markets (13:53) - Outflanking Carta (14:22) - Japan and Corporate Espionage

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 Invention of Postwar Europe (06:20) - A Word From Our Sponsors (06:48) - Identity (pt 1) (07:49) - Identity (pt 2) (08:44) - Google Outsources the Ultra-Long-Tail (09:30) - YouTube and the Influencers (10:09) - Putin on Geopolitics (10:...

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) - Communications, Commerce, and Money as the High-Order Bit (07:29) - Levered Pensions (09:26) - Bankrupt Stocks: Not a Great Bet (10:03) - Chip Wars (11:29) - The Fame Market (12:10) - Inflation and Missing Prices

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) - Lemonade: Solving the Market for Lemons (11:55) - A Word From Our Sponsors (12:35) - Zoom Transpacific Problem (13:29) - Drawdowns (15:39) - Chris Cox Returns to Facebook (16:30) - Reopening and Stay-Opening (17:37) - Short Laws (18:11) - T...

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) - Incumbents, Not Startups, Are Regulatory Arbitrageurs (07:07) - Limits to Automation (08:22) - Silver Lake (09:58) - 1830, 1930, 2030 (10:35) - Google Dissolves the Webpage (11:11) - Globalizing Cybersecurity (11:58) - Private Equity in 401...

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 Bloomberg Terminal Shows How to Create Virtual Economic Cluster (06:13) - A Word From Our Sponsors (07:10) - Big Tech M&A (07:54) - Europe Reopens for Vacation Season (08:19) - Reverse Hong Kong (09:05) - Microsoft Subsidiary Disrup...

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 Learn From Good Businesses and Bad Trades (13:45) - A Word From Our Sponsors (14:31) - ByteDance (15:00) - Clubhouse (15:56) - What's China Up To? (17:25) - The Cloud (18:25) - Facebook Goes More Remote (19:04) - Italy's Financial Engin...

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) - Bretton Woods Revisited (10:37) - Facebook/Giphy (12:21) - Africa and Covid-19 (13:02) - China, Chips (13:38) - Italy Doesn't Plan to Miss Tourist Season (14:12) - Good Bubbles

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 Future of Remote Work is not That Remote (09:28) - A Word From Our Sponsors (10:06) - Multilateralism (11:01) - Unilatéralisme (11:58) - 51% of Ad Dollars Spent, Not Wasted (12:35) - Domestic Fabs (13:27) - Google Privatizes the Web (14...

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) - VC and Public Choice: Logo-Hunting and Optionality (07:11) - Negative Oil Futures: Almost Precedented (08:41) - Uber: Meet the New Boss (10:39) - Zoom Makes Progress (11:22) - California Approaches a 2009-Level Deficit (11:53) - Quantifying...

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) - V-Shaped Recovery for Me, L-Shaped Recovery for Thee: The Aftermath (07:29) - Supply Chains and Deflationary Bullwhip Effects (08:25) - Microsoft Commoditizes the Complement (09:25) - "I think this is the future" (09:57) - Apple's Demograph...

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, Fall, and Rebirth of Airline Fuel Hedges (09:23) - Amazon's Decentralization and Reputational Risk (10:37) - More Adpocalypse (11:30) - Tax Policy as Accidental Industrial Policy (12:47) - More Clever Policy Plans

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) - Sparta, LARPs, and Ivies (04:57) - Out-Aggregating Amazon (05:24) - YC Undoes Something That Doesn’t Scale