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) - Taking Strategy Seriously (09:06) - Streaming as Instant Gratification (10:39) - Batteries (11:42) - Shrinking Analyst Teams (12:33) - Diffident Voters (13:28) - Oil, Recapitalized

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 Can Move Markets (10:34) - A Word From Our Sponsors (11:12) - "Real Men Have Fabs" (12:03) - Rollups (12:54) - Platform Control (13:46) - Outperformance (15:04) - Chips and China (16:27) - Double Zero

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) - Illumina: "View Source" for Life (10:17) - A Word From Our Sponsors (10:55) - The Balance Sheet-Constrained Bank (11:59) - The Global Kuznets Curve in Action (12:35) - Net Zero (13:30) - Real-Time (14:35) - Aviations Big Two (Plus One)

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 Robinhood Challenge (12:38) - Another Gulf Carrier? (13:37) - Air Buyout (14:06) - The AI Layer (14:50) - Didi and Information Asymmetry (15:53) - Strategic SPACs

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) - Chumboxes or Trust-Busters? Taboola and Outbrain (12:07) - Sticky Wages (12:46) - Robinhood! (13:53) - Search Engines (15:09) - 1-to-M-of-N Secret Sharing (16:02) - Housing

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) - We are All Buffettologists Now

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) - Shifting the Global Kuznets Curve: Why Climate Matters More (09:32) - Online-to-Offline (10:20) - Consolidation (11:10) - Unintended Consequences (12:02) - Supply Chains as Banking Systems (13:22) - International Software Nationalism

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 Normal Country? (27:18) - Negative-Marginal-Cost Billboards (28:17) - Spillovers (28:44) - Piecemeal Privatization (29:25) - Financial Protectionism

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) - Prediction Markets and Worse is Better (09:18) - A Word From Our Sponsors (09:56) - De-Dollarization on Paper (10:56) - The Amazon Bundle (12:05) - The Extension Market (13:10) - Zombie Airlines (14:03) - Supersonic (15:25) - Fractal Fraud

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) - Paradox Interactive, The Little Big Media Conglomerate (09:14) - Millennials: Not Poor, But Levered (10:32) - Vaccine Markets (12:09) - Only Chamath can go to the SEC Headquarters (13:33) - Reigning Over Big Tech in China (15:08) - Investme...

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 Pseudonymity (13:31) - Fungible Energy Jobs (14:48) - Robinhood's Other IPO News (16:00) - Financial Engineering in Home Improvement (16:31) - The Case for Steeply Progressive Ad Taxes (18:15) - Like OPEC In a Good Way

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 Parallel Financial Systems (11:46) - A Word From Our Sponsors (12:24) - Tethers and Dollars (15:08) - The Hotel Shortage (16:01) - The Credit Reopening (17:01) - Ransomware Acceleration (18:20) - Churn, Margins, and Habits

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) - Crypto as an Overheated Emerging Market (11:03) - Rolling Blackouts, Floating Power Plants (11:48) - Scalable Review Fraud (12:42) - The Risk of Writing Options (13:55) - Socially Responsible Hackers

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) - Stripe and Solid-State Economics (35:50) - Hulu's Regulatory Arbitrage (36:48) - Post-Archegos (38:07) - Patents (40:20) - Emissions: a Global Problem

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 2x2 Inflation Debate (08:20) - Valuementum (09:34) - Quants and Lumber (10:29) - Cheap Hacks (12:16) - Tax Adjustment

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) - Surviving a Combinatorial Explosion (07:29) - Sanctions, Cautiously (08:16) - Adtech Always Adds Layers (09:19) - Unfundable Mines (09:55) - Less Marginal Business

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) - Cloudflare's Intelligent Design (10:30) - A Word From Our Sponsors (11:11) - Travel Recovery (12:08) - Targeted Restrictions (13:05) - Another Retail Ad Product (13:40) - Semi-Public

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) - Decoupling, Digital Currency, and the Consumer of Last Resort (08:30) - A SPAC Modest Proposal (09:49) - Scraping for Profit (10:39) - Post-Cookie (12:06) - Best Buy Bundle (12:51) - Debt is Here (14:27) - The Short-Selling 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) - Partial Deregulation as an Antipattern (08:57) - China's Inflation Inflection (09:51) - The Next Amazon IPO (10:29) - The First Shopify Pivot (11:25) - The Other Two Supply Chains (12:34) - Non-Monolithic China

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) - Electrocloud! (20:14) - IPO Demand Curves (20:54) - Blackout Insurance (21:56) - Theaters and the Streaming Option (22:32) - Easy Comps (23:28) - Permanent Shifts

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) - Where Apple Can Own I/O (00:13) - The Great Inflation (00:54) - Two-Way API Businesses (01:46) - Zoom and Cities: The Five-Century-Old Case Study (02:48) - From ETrade to eToro (03:37) - Hardware-as-a-Service

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 Value of Time Rounds to Either Zero or Infinity (07:36) - A Word From Our Sponsors (08:15) - Limits to Hardware-as-a-Service (09:29) - Shareholder Activism in Japan (10:34) - Flipping (pt 1) (12:20) - Flipping (pt 2) (13:03) - Better Di...

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 Salesforce is Selling (and Buying) (11:49) - A Word From Our Sponsors (12:21) - Multilateral Vaccine Diplomacy (13:18) - State Capacity Straussianism (14:02) - Bicameral Diplomacy (15:25) - Chip Insourcing, Slowly (16:44) - Password Pr...

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 Coinbase (12:15) - Security (13:25) - Different Abstractions (15:15) - Facebook Futurism (16:13) - SPAC Apathy

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) - IBM: The Center of Gravity (15:47) - A Word From Our Sponsors (16:21) - Price Signals (17:28) - Texas Energy's Banking Crisis (18:43) - Greensill's Arbitrage(s) (20:05) - Which Long Run? (21:29) - The Supply-Side/Demand-Side Seesaw