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) - Newsletter Economics in 2022 (15:35) - Dogfooding the Metaverse (17:27) - Distribution (18:12) - Rebundling (19:44) - Negative Yields (20:34) - The Labor Shortage Continues

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 Counterintuitive Economics of Hiring (13:44) - Smartphones and Distributed Law Enforcement (15:16) - Actors as IP (16:08) - Microtransactions (16:52) - Partnerships (18:16) - Streaming

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 Porsche IPO and Mass Luxury (07:00) - Growing Out of an Energy Deficit? (08:16) - Subscription Travel (09:03) - An ETF For Everything (10:32) - He Is More Machine Now Than Man (11:06) - Talent

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 Does Upwork Work? (12:53) - Captions (14:08) - Robotics (15:02) - Fixing Airports (16:03) - Capex (17:13) - YouTube Shorts

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 Other "MoviePass Economy" (09:59) - Economists (10:40) - Regulatory Outsourcing (11:10) - Come for the Network, Stay for the Tool (12:20) - Oil (13:08) - Covid and Social Mobility

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 Taxonomy of Drawdowns (13:18) - Watercooler Shows (14:26) - Smart Thermostats (15:08) - Substitutes and Complements (16:25) - Monetization (17:27) - Apple 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) - Turning Non-Tradables Into Tradables (10:43) - A Word From Our Sponsors (11:19) - Grills (12:30) - Ads (13:43) - Pricing (14:59) - Drops (15:54) - 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) - Hand-Crafted Artisanal Liquidity Provision (09:32) - Consolidation (10:14) - Shareholder Activism (11:17) - Cash Burn (12:24) - PE and Software Compete to Eat the World (13:19) - Reinsurer of Last Resort

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 Noncompetes (07:27) - Always a Bull Market Somewhere (09:03) - SPACs (09:45) - "Most-Hated Rally" (10:58) - Pricing (11:26) - Amazon and Seasonality

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) - Inventing Demand (08:18) - BNPL (09:20) - Coopetition (10:29) - Marketplaces and Ads (11:34) - Last Mile, Last Users (12:19) - Value and Rates

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) - Moderna's Bets: Moonshots and Platforms (12:38) - The China AI Stack (13:09) - Closing the Loop (13:50) - Ads and Addiction (15:02) - The Second-Order Costs of Inflation (15:58) - Fraud and Transaction Costs

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) - Tegus and the Research Stack (07:38) - Apple and Ads (08:26) - MetaBonds! (09:12) - Capex (10:18) - Distribution (11:00) - Expensive Executive Assistants

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 Jane Street (32:01) - Pensions (32:50) - Customer-Facing (33:18) - Use Cases (33:44) - Making a Market (34:09) - Reflexive Energy Politics

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 Everything Getting Old? (10:07) - Parity (11:36) - Work from Home (12:03) - Surgery (12:37) - Buffett and Energy (13:33) - Splinternet Update

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) - Correlations go to One, in Good Ways and Bad (10:32) - Network Effects, Pt. 1 (11:47) - Network Effects, Pt. 2 (12:28) - Rebalancing (13:29) - Leapfrogging (14:42) - Getting Funding

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 Perks of the Recent Keynesian Tech Boom (06:43) - Celsius (07:13) - The Uber Playbook (09:52) - Price Discrimination and Amortization (10:39) - Pricing Power (11:46) - Sanctions

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