Money Stuff Bilt, indexes, Kalshi, Bitcoin. View in browser Bilt A helpful rule of thumb is: “You always find product market fit when your product is giving away money.” [1] <> We talked last month about “the MoviePass economy,” the glorious period...
Money Stuff DAT, IPO, GSE, predictions, groceries. View in browser DAT activism For a while, you could sell $1 of Bitcoin for $2 on the stock exchange. If you had a pot of $100 million of Bitcoin, you could pop that into a public company, and the...
Money Stuff SpaceXAI, SaaS, binaries, float. View in browser SpaceXAI Here’s how it used to work, say a decade ago. Google was a website. (Still is.) You could go to the website and type in a question and Google would give you a good answer. This was...
NO. 628 FREE EDITION SUNDAY 1 FEB 2026 SPONSORED BY LINEAR https://ben- evans.us6.list- manage.com/track/click?u=b98e2de85f03865f1d38de74f&id;=a63bca7d6d&e;=0646444dc3 Product teams at OpenAI, Coinbase, and Automattic switched to...
Microsoft got hammered on Wall Street for capacity allocation decisions that were the right ones: the software that wins will use AI to usurp other software. View in browser (...
Once we discard the heroic scientist model and the myth of tech inevitability, the course of technological and scientific advancement looks less like a railroad track and more like foliage. It has roots and branches that extend in the direction of the...
Money Stuff Killer AI fraud, CFTC sports, art. View in browser SpaceXAI Why would you shoot rockets into space? There are some classic answers. “To slip thesurly bonds of earth and touch the face of God.” “Toboldly go where no man has gone before.”...
View this post on the web at https://jamescrabtree.substack.com/p/the-end-of- the-post-modern-world Greetings from London, where I just got back from an intense but fun week in smoggy new Delhi. Reflections on all that below, along with the usual...
View this post on the web at https://theoilbandit.substack.com/p/wiplash While we wait for the outcomes in the Middle East, oil decided to jump on the precious metals bandwagon, which, under the convenient excuse of geopolitical risk managed to...
The best Stratechery content from the week of January 26, 2026, including tech's looming chip problem, what Meta is doing and why, and disappearing PLA generals and "De-Risking". View in browser (...
Money Stuff This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss Morgan’s Pub, SpaceX/xAI merger talks, a $1.5 trilli Podcast This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss...
Money Stuff AI cat bonds, SpaceX, clubs. View in browser First Brands Modern trade finance comes in two basic flavors, accounts receivable financing and accounts payable financing. Accounts receivable financing — “factoring” — is the traditional...
Money Stuff Astrology, ADM, M&A;, AI. View in browser Planetary alignment One occasional interest of mine is whether people should make investment decisions using astrology. The first-order analysis is: “Making investment decisions using astrology is...
********* 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. ​“This One Can Make Money Or Not?”...
Money Stuff M&A;, Hntrbrk, K&E;, predictions, memes. View in browser Fake M&A;? We talked last week about fake mergers and acquisitions. That is, we talked about situations in which a big company might pretend to want to buy another company — might...
NO. 627 FREE EDITION SUNDAY 25 JAN 2026 SPONSORED BY INCOGNI https://ben- evans.us6.list- manage.com/track/click?u=b98e2de85f03865f1d38de74f&id;=d3dc6f8441&e;=0646444dc3 Unknown number calling? It’s not random…...
Isolation is, as it were, pretotalitarian; its hallmark is impotence insofar as power always comes from men acting together; isolated men are powerless by definition. – HANNAH ARENDT Artwork by GOSTI [1] [Dense Discovery] [2] [Dense Discovery] [2]...
Money Stuff Marks, debanking, gold, Magic. View in browser Private credit markdown What does this tell you about stock market efficiency? A BlackRock Inc. private debt fund plunged the most in almost six years after it disclosed writedowns across a...
If hyperscalers and chip companies don't build up a TSMC competitor they are set to forego billions of dollars in revenue and stunt the AI revolution. View in browser (...
View this post on the web at https://theoilbandit.substack.com/p/carte-blanche Another weekend of endless possibilities, a third consecutive week of gains in oil prices, the Brent curve steepened into deeper backwardation, differentials on fire...
The best Stratechery content from the week of January 19, 2025, including Netflix questions, what TSMC means to AI, and some basketball View in browser (...
Money Stuff This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss the weather, Jamie Dimon’s whereabouts, Guinness lat Podcast This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss...
Money Stuff FTX, 401(k), 10b5-1, TML, E'MH. View in browser “The” vs. “a” Remember FTX? It was wild. FTX was a crypto exchange that collapsed in bankruptcy and fraud charges in late 2022. Before that, though, it was a wildly lucrative business, run...
Money Stuff Bleebzorx, Planet, AI. View in browser Moonshots The point of executive pay is to create incentives. Public companies should structure their chief executive officers’ pay packages to encourage the CEOs to act the way the companies want....
Money Stuff Gas, 24/7 trading, LinkedIn, GLP-1s. View in browser $GAS Bags A genuine, important and irritating innovation of crypto is that it created a new way to finance companies, or eventwo new ways to finance companies. Traditionally, if you...