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) - 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

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) - Keeping Options Open: The Equity Compensation Story (09:10) - Prime Elasticity (10:22) - Labor Arbitrage (11:08) - Location Arbitrage (12:07) - Legal Accessibility

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) - Facial Recognition as a Pareto Technology (09:43) - Aligned Incentives (10:40) - Lord, Make Me Low-Emissions—But Not Yet (11:33) - Elasticity (12:32) - Google/TikTok Coopetition (13:14) - The Remittance Economy

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) - Daloopa: Data-to-Information Accelerant (10:12) - Covid Zero vs Ο-Variant (10:50) - Covid Hormesis (11:54) - Life on Planet Baumol (12:45) - The Right Amount of Fraud (14:03) - Selective Disclosure

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) - AndCo Remixes Commercial Real Estate (09:07) - Privatizing Emissions (10:04) - The Put-Seller of Last Resort (10:55) - Prayer-as-a-Service (11:37) - (Voluntary) Crypto Regulation (12:19) - Grinchbots

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 Liberty Complex: Cash Flow Today, Taxes Eventually (21:22) - A Word From Our Sponsors (21:59) - Portal and Technology Prosthetics (22:54) - Browsers as a Shopping Tool (23:37) - BNPL Rules (24:25) - John Kelly and YOLO Stocks (25:56) -...

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) - Drone Delivery: Accelerating to Inevitable (09:18) - A Word From Our Sponsors (09:56) - Media/Software Synthesis (10:54) - The Working Capital Accelerant (11:57) - Klarna Fills in the Gaps (12:28) - Younger SPAC Targets (13:24) - Consumer-F...

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) - BuzzFeed and the Platform Squeeze (07:37) - A Word From Our Sponsors (08:16) - The Great Unclogging (08:49) - The First-Party Data Gold Rush (09:31) - Open Data (10:12) - Bitcoin Loans (10:55) - The Arms Race

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 to all the Diamonds in the Rough? (08:59) - A Word From Our Sponsors (10:20) - A Different EV Network Effect (11:16) - Supply Chain KPIs (11:45) - The Underwriter's Loop and Cyber Risk Insurance (12:40) - Pro-Regulation Tech (...

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) - Defensive Monopolies (07:42) - A Word From Our Sponsors (09:15) - Supply Chain Disruption and Retail Membership Programs (10:14) - Evergrande and Unlimited Liability (11:14) - Alameda Goes Direct (12:02) - Off-Brand (12:43) - State-sponsore...