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) - 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...

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 Coming Carbon Short-Squeeze (09:37) - The Streaming Race (10:34) - Captive Banks (11:09) - Construction Credit (11:53) - Illiquidity Doesn't Always Pay (12:46) - Instacart Shifts Further Towards 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) - The Promise and Paradox of Decentralization (12:04) - Valuation Arbitrage (12:47) - Labor Liquidity (13:52) - Pricing Power

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's a Ponzi Scheme? What Isn't? (08:39) - A Word From Our Sponsors (09:14) - Meta (13:18) - ROE and CAPM (15:49) - Expensive Cheap Energy

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) - Blimps, Bots, and the Future of Cargo (07:45) - Bitcoin's Long March: Pensions (08:40) - Last Mile (09:20) - Google's Laffer-Style Tax Cut (10:38) - Sales

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) - FedEx: Two Bets on Network Effects (07:24) - Aging Into Owning the Metaverse (08:14) - Fake Reviews (08:47) - Ads and Addicts (09:53) - Coal

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) - Discourses on Big Tech (21:03) - A Word From Our Sponsors (22:06) - Sticky Wage Growth (23:04) - The Coal Boom (23:55) - Equity and Collateral (24:59) - Building an Apple Car vs Appleifying a Built Car

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) - Your Life is (Almost) a Call Option (09:29) - A Word From Our Sponsors (10:32) - Reactive Strategy (12:00) - Working it Out (13:30) - Standardizing the Metaverse (14:11) - Probability (14:39) - When Payments Work

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) - Identity and the Login: Who Owns "Who's That?" (08:28) - A Word From Our Sponsors (09:08) - Facebook Apologetics (11:13) - Food Delivery and Unit Economics (12:38) - More Air Taxis (13:11) - Business and 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) - Yandex: Google Through the Looking Glass (10:42) - A Word From Our Sponsors (11:16) - Shifting the Curve (12:26) - Where Housing Demand Comes From (12:50) - Throughput (13:33) - Lobbying (14:38) - Customer Service-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) - Modern Financial History Begins in 1998 (11:00) - Two Turnarounds (12:07) - Smart Glasses (13:23) - Credit Cards, Spending, and Splurging (14:03) - The Cyclical CEO Condition (15:07) - Permanent Pricing

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) - Globalized Talent and the Brand Grab (07:33) - Developing Vietnam (08:58) - Liquidity, Discount Rates, and Theft (09:41) - Shortages (11:05) - Pigs and OPEC (12:02) - Statistical Privacy

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) - Freshworks' Efficient Frontiers (06:07) - Ad Bugs (07:09) - A Money Market Modest Proposal (08:06) - Restructuring China Tech (08:58) - Shrinking Shrinkage (09:42) - Limits to Copying

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) - Warby Parker and EssilorLuxottica: Irresistible Force, Immovable Object (07:27) - A Word From Our Sponsors (08:11) - Cutting the Apple Tax (09:52) - Messaging (11:10) - China and Security (12:32) - Cyber Risk and Coordination (13:12) - CEO...

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 Dividend Futures Disaster Revisited: Anatomy of a Very Bad Trade (11:13) - A Word From Our Sponsors (11:52) - What's Big on Facebook (12:43) - OnlyClothed? (15:24) - Elite Overproduction as Risk Aversion (16:11) - A Second Cleantech Boo...

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) - Magalu: Inside Brazils' Omnichannel Powerhouse (06:34) - A Word From Our Sponsors (07:16) - The Privacy/Security/Centralization Axes (08:18) - Factors of Production (09:27) - VPNs and Streaming Price Discrimination (10:41) - The Belt and Ro...

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 And Your Investment Research (11:48) - A Word From Our Sponsors (12:26) - A Successful IPO from Robinhood (13:39) - Convergence (14:47) - Underinvestment (15:55) - Consumer-Friendly Defaults (17:08) - The Amazon Rollup Boom