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 Uses of Friction (07:37) - Market-Making (09:19) - Poaching and Equity Currency (10:44) - China's Covid Economy (11:31) - The Cost of AI (11:55) - Friendshoring

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) - Why Finance is Hard to Decentralize (09:40) - Why They Don't Drill (11:26) - Shorting (12:30) - Crypto Liquidity (13:24) - Food Convergence (14:29) - Crypto Transparency

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 Part of the System Needs to be Smart? (05:44) - Redemptions (07:05) - FTX, Continued (07:51) - Single-Celebrity Companies (09:00) - Unretiring (10:56) - Activism

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) - Money, Credit, Trust, and FTX (24:40) - Alternatives (25:44) - Where Inflation Hits (26:09) - The Best Job In Tech (26:59) - Sitting it Out (27:56) - LNG

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 Beloved Regional Grocery Store Chain Model (07:15) - The Microcap Manipulation Boom Continues (08:41) - Persistence (09:58) - Bad Hedges (11:12) - Repurposing Assets (12:18) - Comebacks

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) - Kroger / Albertsons: Buying Data in Bulk (06:10) - Meme Shorts in Crypto (08:48) - Unfiring (09:52) - Will Expensive Food Cause Expensive Food? (10:25) - The Outrage Cycle (11:24) - Stability and Financial Repression

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 Mental Math Part of the Current Meta? (07:15) - Diseconomies of Scale (08:58) - Licensing (10:06) - Inflation (10:52) - Normalization (11:41) - Ads: Content and Context

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) - Snowflake Revisited (15:28) - A Word From Our Sponsors (16:11) - Microsoft's Antitrust Edge (16:47) - The Free Time Dividend (17:28) - Feedback Loops (18:32) - The News Business (19:50) - Ending the Traffic Jam

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 Rise of Single-Result Search Products (09:54) - Mango Manipulation (13:10) - The Other Emerging Labor Shortage (14:23) - China's Labor Shortage (15:10) - Unspinning (16:14) - Bad News

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