The best Stratechery content from the week of December 1, 2025, including what the Times missed in its David Sacks story, Atlassian's history and near future, and Code Red at OpenAI. View in browser...
Money Stuff This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss corporate holiday parties, shareholder meetings, the Podcast This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss...
Money Stuff ADIC, DEFT, N3XT, DOGE, PDT. View in browser Continuation fund If you run a private equity fund, and you buy a company for $2 billion, and you do a good job sprucing it up and you sell it for $3 billion, then you get paid. Customarily you...
Money Stuff Coops, borrow, puzzles, Wrapped. View in browser Cooperation Here is my schematic description of modern “ liability management exercises ”: * A company borrows $1,000 in good times from a bunch of lenders. * It runs into bad times, can’t...
Money Stuff AI, MSTR, EQT, repo, maps. View in browser SCONE-bench I wrote yesterday about the generic artificial intelligence business model, which is (1) build an artificial superintelligence, (2) ask it how to make money and (3) do that. I...
NO. 620 FREE EDITION SUNDAY 20 DEC 2025 SPONSORED BY LINEAR https://ben- evans.us6.list- manage.com/track/click?u=b98e2de85f03865f1d38de74f&id;=24350bea5d&e;=0646444dc3 Meet the coordination layer for human and AI product development...
We need to confront honestly the issue of scale. Bigness has a charm and a drama that are seductive, especially to politicians and financiers; but bigness promotes greed, indifference, and damage, and often bigness is not necessary. – WENDELL BERRY...
Money Stuff AI, USS, URL, cat bonds, buffers, soup. View in browser Circular AI rollup We have talked before about the business model that Sam Altman proposed for OpenAI in 2019, which was (1) build an artificial superintelligence, (2) ask it how to...
OpenAI and Nvidia are both under threat from Google; I like OpenAI's chances best, but they need an advertising model to beat Google as an Aggregator. View in browser (...
View this post on the web at https://nathanbenaich.substack.com/p/state-of-ai- december-2025-newsletter Dear readers, Welcome to the latest issue of the State of AI, an editorialized newsletter that covers the key developments in AI policy, research,...
View this post on the web at https://nathanbenaich.substack.com/p/state-of-ai- december-2025-newsletter Dear readers, Welcome to the latest issue of the State of AI, an editorialized newsletter that covers the key developments in AI policy, research,...
View this post on the web at https://theoilbandit.substack.com/p/blindspot Nothing can rock this boat, not a supply gut, not a peace deal or taking out Maduro. Striking a couple of tankers in the Black Sea? 50 cents a barrel. I was convinced this was...
********* Commoncog ********* a newsletter on accelerating business expertise \------------------- Commoncog This Week \------------------- This week's Commoncog piece is free; next week's piece will be members-only. ​The Shape of the Game We Play (...
Money Stuff MSCI, bets, hedges, passwords, Napster, Grok. View in browser Programming note: Money Stuff is off the rest of the week. Happy Thanksgiving! Crypto in indexes For a while, you could sell $1 of crypto on the US stock marketfor $2 . You...
NO. 619 FREE EDITION SUNDAY 23 NOV 2025 SPONSORED BY ATTIO https://ben- evans.us6.list- manage.com/track/click?u=b98e2de85f03865f1d38de74f&id;=02f7458b03&e;=0646444dc3 AI-native CRM...
Money is everywhere but so is poetry. What we lack are the poets. – FEDERICO FELLINI Featured artist: Tuomas Kärkkäinen [1] [Dense Discovery] [2] [Dense Discovery] [2] WELCOME TO ISSUE 366! View/share online [3] → Frank Chimero has long been one of my...
Money Stuff Yap, LGFVs, innovation, GSEs, Epstein. View in browser Underground gold Gold is shiny and can be made into jewelry. For this and other reasons it is valuable and has been used as money for millennia. First there were gold coins, and later...
The best Stratechery content from the week of November 17, 2025, including the arrival of Gemini, the most takeable companies in tech, and China's unhappiness with Japan's new Prime Minister. View in browser...
Money Stuff This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss Batman, Labubu binary options, sneaker manipulation, Podcast This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss...
Money Stuff NFTs, legal fees, carry, Crooked. View in browser Everything exchange We talked yesterday about a partnership between Kalshi Inc., the prediction market, and StockX, the sneaker market, to offer prediction markets on sneakers and other...
Money Stuff Sneakers, BDCs, NAV loans, crypto, 6 7. View in browser Sneaker derivatives Farmers grow wheat and sell it to millers who use it to make flour. Sometimes a farmer wants to lock in a price for her wheat before the harvest, so she will sell...
Money Stuff 14a-8, GSEs, k-level, 690,420, Birkins. View in browser Shareholder proposals When I was starting out as a young corporate lawyer, I worked on several 14a-8 shareholder proposals. I did this because I was very junior and nobody else wanted...
NO. 618 FREE EDITION SUNDAY 16 NOV 2025 SPONSORED BY ATTIO https://ben- evans.us6.list- manage.com/track/click?u=b98e2de85f03865f1d38de74f&id;=1211f7bfb4&e;=0646444dc3 AI-native CRM...
********* Commoncog ********* a newsletter on accelerating business expertise \------------------- Commoncog This Week \------------------- This week's Commoncog case is members-only, though the following post is free; next week's piece will be free....
Robotaxis are poised to further close the delta between suburbs and the city; the city (and Uber) might never recover. View in browser...