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The Diff

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On Betting Against the Hong Kong Dollar

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"A Solution in Search of a Problem" is a Low-Rates Phenomenon

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Grab: Building a Bank the Hard Way

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Is $80 Trillion a Big Number or Not?

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Hot Potatoes

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The Uses of Friction

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GitLab, Tools, and Strategy

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Tech Industry Productivity is Relatively Overstated (Because It's More Easily Measured)

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Transformative Transactions

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Why Finance is Hard to Decentralize

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Ubiquiti and True Founder Control

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Kweichow Moutai and Corruption Bets

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What Part of the System Needs to be Smart?

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Is AI a Product or a Feature?

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Startup as War Economy

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The iMessage Strategy

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Money, Credit, Trust, and FTX

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What Can Startups Learn from the Grocery Business?

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The Instacart Equation

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FTX, RIP

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The Beloved Local Grocery Store Chain Model

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Kroger / Albertsons: Buying Data in Bulk

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Roblox: Checking in on the Current Metaverse

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Are There Any Cheap Options on Talent Left?

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How Do You Tax a Windfall, Anyway?

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