Trust Is the Moat
On structure, patience, and why trust is the only durable advantage.
Ride-sharing & Delivery Consolidation
Uber should buy struggling one-market delivery apps; DoorDash should sell software.
How GE Turned RCA Into a Crown-Jewel Acquisition
The greatest acquisition nobody discusses, and what it still teaches about M&A.
Why Middle-Market Strategies Get Stuck
Why the middle of the market is where good companies go to die.
Why Disney+ Struggles to Monetize Its Content
The studios licensed their way into Netflix’s scale, and Disney+ paid for it.
Uber in an Autonomous-Vehicle Future
Why Uber worked, and whether the AV era rewards the vertically integrated.
Bending Spoons and the Capital Cycle
Bending Spoons as a candidate for the next great capital allocator.
OpenAI’s Consumer Opportunity and Management Struggle
OpenAI’s consumer opportunity, and the management problem in front of it.
Stripe as a Technology Consolidator
Stripe’s quiet consolidation of enterprise software.
Why Apple Has the Lowest Disruption Risk
Brand, lock-in, and why Apple’s profits are hard to disrupt.
The Capital Cycle: Fiber Then, Data Centers Now
Fiber in the nineties, data centers today: how capital cycles repeat.
How Marketplaces Like Airbnb Monetize Attention
Advertising is monetized attention, and marketplaces are its best home.
Why OpenRouter Could Become a Great Platform
One flat fee for every model: OpenRouter’s aggregation play.
Nintendo’s Transition Into a Media Company
Nintendo’s under-monetized IP, and the media company it could become.
Xbox, Game Pass, Aggregators, and Free-to-Play
Game Pass made sense on paper; games are not music.
Why Dropbox Is an Obvious Private-Equity Target
Dropbox was a feature, not a product, and that makes it a PE target.
Snapchat’s Shift From Advertising to Subscriptions
Snap’s quiet shift from advertising to subscriptions.
UnitedHealth: Value Trap or Undervalued Compounder?
UnitedHealth at a discount: value trap or steady compounder?
When Investing Heuristics Become a Problem
Munger, Sleep, and the shortcuts that replace homework.