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) - Risk: Too Much, Too Little, the Wrong Kind, or the Wrong Measure? (05:55) - OpenAI's Oops D'Etat (11:05) - Meta (12:10) - Unit Economics and the Japanese Labor Force (13:15) - Cruise (13:50) - Growth and Corruption

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 Do Proof-of-Work and Proof-of-Stake Really Prove? (05:12) - Social Network Nuances (06:02) - The Cost of Dropping Ads (07:03) - Credit Outlook (08:10) - Investment Niches (08:51) - Wages

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) - LLMs and Communicating in More Dimensions (04:58) - Cruise's Asymptotes (07:02) - Shrinkage (08:12) - Open Source Economics (09:12) - Derivatives and the Underlying (09:53) - Shorting

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 Long, Long View of Interest Rates (10:46) - Insiders (13:12) - Threads (14:09) - Where the Pandemic Didn't Happen (14:49) - Leftovers (15:19) - Opportunity Cost

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 Startup Swag (05:18) - Trappings of Success (06:27) - Globalization and the Movies (07:29) - AI & IP (08:46) - AI & Religion (09:48) - Innovator's Dilemma Epicycles

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 Bull Market in Facts; A Bear Market in Narratives (06:09) - The Decline of Meme Stocks (07:16) - Volatility (08:12) - Lobbying as a Competitive Advantage (09:09) - Goldman (10:16) - "Name and Shame"

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) - Predicting, and Knowing What to Predict (07:27) - FTX Addenda (10:41) - Slack and M&A Integration (11:41) - The Global Meme Stock Rally (12:57) - Shrinkage (13:33) - The Coasian Border in Ridesharing

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) - Paradoxes of Productivity Growth (08:11) - New FTX (10:08) - Apple Search (11:16) - The IPO Window (12:04) - Markets in Everyone (12:55) - The Dollar

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) - "Capital Light" is a Trait of the Cycle as well as the Industry (06:21) - Individual Bets and Risk Premia (07:50) - Tinder's Price Discrimination (08:38) - Smartphone Competition (09:26) - The Partner-With-AI Arms Race (10:29) - Mediocre Su...

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) - Making A Match (11:49) - Instacart: Ahead of the IPO (13:47) - Movie Clips and the Piracy Equilibrium (15:00) - EVs and Public Choice Theory (16:39) - Banks Retrench (17:32) - China's Lost Decade?

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) - Price-First or Thesis-First Research? (08:35) - Aging Up (09:31) - Housing (10:33) - Virality (12:05) - LLM Arms Races (13:26) - The Uber of X

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 Supply Chains of Bits and Atoms (08:21) - 7nm (09:20) - New Yahoo (10:39) - Red Teams and AI Unit Economics (11:52) - Horizontal Expansion (12:57) - Private Markets

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) - Instacart is the Best and Worst Grocery Business Imaginable (14:47) - New Cities (15:21) - Scraping (16:19) - Klaviyo (17:03) - Crowdfunding (17:36) - Maturity Matching

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 We Expect Valuations to Mean-Revert Over Time? (11:48) - Sushi (12:40) - Modeling Demand (13:35) - China's Debt (14:24) - Coevolution and Pulling Up the Ladder (15:21) - The Venn Diagram Career

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) - Inside the Decline of Stack Exchange (11:20) - The Other X (13:14) - Refinancing China (14:06) - The Activist Short Death Spiral (15:10) - Rebundling (16:05) - Fitness Bands

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) - Information as a Universal Complement and Universal Substitute (09:14) - Making a Market (10:25) - Financial Innovation (11:02) - IRL (12:10) - Open-Ended Liabilities (13:19) - Meme Stock Relapse

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) - You Hate The Products You're An Early Adopter Of Because of Invisible Base Rates and Anthropic Bias (06:54) - The Big Tech Cycle (08:00) - Chinese Consumer Internet Competition With American Characteristics (08:32) - Reallocating (09:38) -...

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) - Don't Get Addicted to Fantasy Economics (07:04) - Exporting Clean Energy (07:48) - Reverse Turing Tests (08:56) - Syndicate Economics (09:51) - Integration (10:38) - 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) - It's Hard to Build a Durable Business Selling Durable Goods (13:02) - Wrappers and Layoffs (13:53) - The Movies (15:38) - Evaporating Sanctions (16:09) - Bonds (16:52) - Errors in Translation

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) - Was it Worth it for Facebook to Become Meta? (09:38) - Carbon Accounting (10:48) - Social Mobility (11:23) - To Replicate or To Replicate (13:06) - Energy Transitions (14:04) - Financing

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 Turns UGC into a PVP Zone (07:04) - Goldman (08:17) - ETFs (09:02) - Dispersion (10:09) - Softbank (11:20) - Contrarianism

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 Engineering Blogs (08:27) - Art Exchange (09:51) - Fraud (10:56) - Airlines (11:44) - The Long Tail (12:29) - Chinese IPOs

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) - Reddit and Platform Politics (09:12) - The Boomer Market (10:18) - Network Effects (11:20) - Direct to Retail (12:08) - Strategic Investing (13:05) - ByteDance and AI

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 Does Stripe Go From Here? (10:43) - Deal Flow (11:32) - Proprietary Data (12:31) - Beyoncéflation (13:09) - Pricing and Local Maxima (14:28) - Funds and Spoils

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) - Unavoidable Drawdowns (06:45) - Dumb Money (08:08) - Adversarial Environments (09:04) - Coasian Bargains in Immigration (10:05) - Asset Allocation (11:23) - Lock-In