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) - 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

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) - Death Spirals (05:19) - Ads! (06:10) - Healthcare and Insurance (07:01) - Transition Economics (07:46) - Volatility (08:49) - Strategic Investments

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) - Should You Hedge It All? (07:22) - Apple Car (08:35) - State-Directed Investment (09:26) - Flywheels and Bubbles (10:28) - Inflation Impacts (11:42) - Vertical Integration

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) - Exposed! Your Torrid Love Affair With Airline Fees (08:43) - Malicious Compliance (11:01) - Sanctions and Third Countries (12:00) - Bing and BATNAs (13:19) - Celebrity Endorsements and Binary Outcomes (14:10) - Supply/Demand Balance

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 for Power Users (10:16) - Adtech and "Sky Bridges" (11:04) - SuperMicro! (12:57) - GDP YoY (13:43) - Black Boxes (14:43) - Pods and 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) - Antithesis: Debugging Debugging (12:59) - Rebooting (13:40) - AI, UGC, and Communities (14:18) - Land Rushes (15:21) - AI and Share Shift (16:20) - Nirvana

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-Based Disinformation Will Not Be An Especially Big Deal in the 2024 Election (06:10) - Discount Pods (07:22) - China and Real Estate (08:26) - Microcaps (09:30) - Unraveling (10:14) - Market Structure

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 "Social" an Enduring Category or Just a Phase? (07:13) - The Carbon Discount Rate (08:43) - Alternative Data (10:16) - Transitory Lessons (11:17) - App Economics (12:15) - Where Does the Basis Trade Come From?

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) - Being Not-a-Tech-Company (08:52) - Media (10:41) - News: Supply and Demand (11:56) - Preferred Habitats (12:49) - Liquidation (14:12) - The Activism 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) - Momentum, Intellectual Humility, and Missing Pieces of the Model (06:57) - War Finance Meets Green Finance (08:03) - AI-Assisted Creativity (08:56) - Property Rights and Mortal Institutions (09:41) - Complements (10:25) - Hedge Funds

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 Theory of Grift (08:40) - Buy The Change You Wish to See in the World (10:27) - Schmuck Insurance (11:22) - Uncertainty (12:23) - Block Trading (14:59) - 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) - Why Does Any Company Own its Corporate Headquarters? (09:36) - The Noise Election (11:04) - Automation (12:03) - Complementary Businesses (14:26) - Talent Cycles (15:22) - The Mechanics of Regulatory Moats

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 Many Trillion-Dollar Companies Should There Be? (09:57) - Choice (11:09) - Durables (12:01) - Lobbying (12:55) - The China Model (13:37) - Training 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) - How Should Higher Education Be Financed? (10:28) - Accredited Investors (11:54) - Gambling on Gambling (12:41) - Price Discrimination (13:25) - In Play (14:19) - Even More Product Convergence

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) - Graduating to Parallelized Strategies (07:16) - AAI (08:13) - OpenAI (10:36) - Twitter (11:31) - Pod Shop Math (12:22) - Privacy, Security, and Monopoly

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 Investing, and in Life, The More Timeless the Discovery the More It's a One-Off Gain (08:01) - Airlines (09:21) - Deflation (10:07) - VC (10:32) - Automation (11:13) - Vertical Integration

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) - Can Argentina Dollarize? Should They? (07:06) - 0DTEs (08:57) - Corporate Politics (09:45) - Ads and Sports (11:15) - AI Creating Jobs (11:48) - Marketing Real Estate