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 Network Before the Internet (07:47) - A Word From Our Sponsors (08:18) - Operational Issues (09:50) - The Cloud (10:43) - Rent and Inflation (11:52) - The Glut (12:54) - Credit and Macro

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) - NextEra Energy's Green Growth (09:10) - Specialized Cloud (09:57) - Bailouts (11:30) - Another Look at Inflation (12:34) - Trucking Recession (13:29) - Belt and Road Alternative

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) - Data's Limits and the Judgment Gap (07:14) - Mobility (08:26) - More Housing, Just in Time (09:26) - Wargamification (10:35) - Worker Shortages (11:43) - Taiwan

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) - Clean Trades and Dirty Hedges (09:49) - A Word From Our Sponsors (10:27) - Cash as Cosmetics (11:58) - Two Inflations (12:46) - AI (14:26) - Offline-to-Online (14:59) - Starlink

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) - Valuation Metrics: A Cross-Examination (15:20) - What's Still Fundable (Con't.) (16:09) - ESG and Measurement (16:49) - Sentiment Tracking (17:54) - Volatility

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) - AWS for Industry, But Better: The Railroad Investment Case (18:21) - Smart Margin (19:55) - Peak College? (20:23) - Two-Sided Markets (21:01) - Bonds

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) - Snap: The Relentless Quest to Own the Interface (13:55) - Media Convergence (14:50) - What's Still Fundable (16:03) - The Piracy Continuum (16:48) - Crypto Relearns Regulation (18:28) - Shrinking Alpha

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) - $1 Trillion Worth of Risky Loans Packaged Into Highly-Rated Securities is not the End of the World (12:42) - Netflix's Explore/Exploit Strategy (14:34) - EVs and Platforms (15:16) - Third-Party Sellers (16:20) - An Entrepreneurial Country

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) - Buy Now, Pain Later? (24:36) - TikTok (25:36) - Factors (26:24) - Replacing Passwords, and a Big Tech Truce (27:05) - Solve for the Disequilibrium

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) - Cars Manufacture the Modern Middle Class (08:27) - Not Enough Housing (09:24) - Durable Network Effects (11:00) - VPN Integration (11:59) - Reserve Currency Problems (12:58) - Movies

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) - Refactoring Restaurants (09:07) - 401(k)s With Chinese Characteristics (10:37) - Middlemen and Leverage (12:00) - Concentration (13:43) - A Mixed Trucking Recession (14:24) - Deglobalization in Autos

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 Future Where Most Media Is Produced for an Audience of One (09:17) - Universal Prime (10:28) - Strategic Shifts (11:24) - Bundling (12:13) - Enterprise Twitter (13:02) - Energy Leaks

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 Gym Business: Usage, Slacking, and the Duel Between Margins and Lifetime Value (10:51) - Twitter (13:32) - Remote Work and Neurodiversity (14:45) - Granularity (15:57) - Unhealthy SPACs (17:00) - More Evidence for the Travel Boom (17:26...

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) - Regulating Big Tech is a Product Problem (10:27) - Failing Fast (12:20) - More Signs of Slower Inflation (13:10) - Six-Figure Truckers (14:07) - Free/Frictional Complements (15:01) - Shadow Banking

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) - NFTs and the Money/Status Exchange Rate (07:29) - Demand Management (08:19) - Influencers (09:11) - Downsides to Scaling (09:47) - Look-Through Emissions (10:39) - Lore

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 Works in SaaS Pricing (07:33) - Reformatting Competition (09:10) - Ending Oil Won't End Energy Politics (10:04) - The Bullwhip Effect in Discounters (10:56) - Russia's Gold

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) - HelloFresh: Mealkits Can Work After All (07:37) - PR Campaigns for Ads (08:49) - Underperformance (09:42) - Monetizing Dead Mileage (10:35) - Movies and Dynamic Pricing (11:27) - Peloton and Inventory 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) - Plaid: Data Layer to Payments Layer (09:10) - The Next Conflicts (10:06) - Decentralization as a Liability (11:42) - Decentralization as an Asset (12:34) - Reopening (13:39) - Succession 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) - Match Group and Managed Dissatisfaction (08:29) - Revolving Doors (09:36) - Sanctions (10:58) - Iterating (11:54) - Bad Funds, Conflicts, and Bias

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 Would You Run a 10,000-Year Endowment? (07:55) - A Word From Our Sponsors (08:39) - Buy-to-Sell? (09:30) - Dematerializing Gaming (10:37) - New Profits in Old Media (11:35) - Insourcing

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 the Systematic Search for Outliers (05:44) - The Paradox of Decentralization and NFTs (07:05) - Pigouvian Benefits Update (07:46) - Two Kinds of Growth (09:03) - Accidental Shortages (09:43) - LNGeopolitics, Continued

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 Factorio Mindset (07:14) - The Carbon Rally (08:21) - The Bridge (09:03) - Housing and Rates (09:49) - Full Stack Media (10:16) - Buying Out Contracts

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 Happens When You Buy at an All-Time High? (05:57) - Amazon and Ads Ads Ads! (08:22) - NFTs as Tickets (09:50) - Wages: Who's Losing? (10:56) - Media-to-Monetization (12:19) - Negawatts

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) - Learning from Overdetermined Failure (08:01) - Blackstone Buys the Dip (09:13) - Growing an Ecosystem (10:12) - Shortages are Demand-Side, Not Supply-Side (Again) (10:56) - Pricing out Values

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) - Reflexivity in Tech Returns: Talent Chasing Money Chasing Talent (10:58) - Fixed Costs and Airlines (11:43) - Goods Shortages and Worker Shortages (12:16) - Marketing and Diversification (13:01) - OverSPACed (13:47) - Talent Shortages