The Diff - Longreads + Open Thread
Welcome to the weekly longreads roundup and open thread from The Diff! If you're an accredited investor interested in early-stage startups, you're welcome to apply for our AngelList syndicate here. Our first deal is live now. Longreads
Books
Open Thread
Reader FeedbackFrom ksdale in last week's open thread: some thoughts on industrial policy for poorer countries:
One part of growth is just having enough savings, and some level of either secure property rights or a strong state, such that it's worth it to build any kind of productive asset. When a country can invest the surplus from agriculture in rich-world assets, they see lots of easy gains (electricity, phones, running water, ports, roads between population centers, etc. all have high returns when they were absent before). The challenge, and one part of escaping the middle income trap, is figuring out what to do when the obvious choices have all already been made. A Word From Our SponsorsTegus is the first port of call for M&A professionals and institutional investors ramping up on an industry or company. Get access to a database of 35,000+ expert call transcripts, spanning 5+ years, or schedule expert calls through the platform for a fraction of the usual cost. When thousands of research analysts are pooling their expert calls into an on-demand database, using Tegus is table stakes. It's the leading platform for due diligence and primary research. See the power of a Tegus subscription, and get up to data parity with your competitors, with a two week free trial through the Diff. Diff JobsCompanies in the Diff network are actively seeking talent! If you're interested in exploring growth opportunities at unique companies, please reach out. Some top current roles:
If you’re looking for talent, we should talk! Diff Jobs works with companies across fintech, hard tech, consumer software, enterprise software, and other areas—any company where finding unusually effective people is a top priority. 1 This is not at all a knock on financial academics, who are very valuable to me and who do in practice have some overlap with practitioners. It's just a statement about where their skills are most applicable: if the anomalies are real, they represent an inefficiency in asset prices and thus capital allocation, and that's a social problem that can be fixed by exploiting the anomalies rather than publishing on them. 2 This newsletter has noted before that one common kind of ancient finance, in which politicians borrowed money to party and bribe their way to influential positions, and then used that influence to launch wars whose loot could pay back the loans, does look a bit like venture debt. But invading Gaul doesn't quite fit the mold of a productive investment. You’re a free subscriber to The Diff. For the full experience, become a paying subscriber. |
Key phrases
Older messages
The Uses of Friction
Monday, December 5, 2022
Plus! Market-Making; Poaching and Equity Currency; China's Covid Economy; The Cost of AI; Friendshoring; Diff Jobs
Longreads + Open Thread
Saturday, December 3, 2022
Cardboard; Walkman; Shorting; Railroads; Computing; Accidental Gods
Why Finance is Hard to Decentralize
Monday, November 28, 2022
Plus! Why They Don't Drill; Shorting; Crypto Liquidity; Food Convergence; Crypto Transparency; Diff Jobs
Longreads + Open Thread
Saturday, November 26, 2022
Mergers; SAFEs; Twitter; Hacks; Cells; MF Global; Diff Jobs
What Part of the System Needs to be Smart?
Monday, November 21, 2022
Plus! Redemptions; FTX, Continued; Single-Celebrity Companies; Unretiring; Activism; Diff Jobs
You Might Also Like
Sleep Training: "A Symptom Of Capitalism"?
Tuesday, April 23, 2024
The raging debate over how to juggle kids and work. View this email online Planet Money Happy To Be Back, But Drowsy by Greg Rosalsky Well, I'm back. After a lengthy parental leave, when
Buy The New TSLA Before It Skyrockets [Here's Our Recommendation]
Tuesday, April 23, 2024
The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. Today, we ask one simple question: What if you could buy the next
Earnings bulls
Monday, April 22, 2024
Bloomberg Evening Briefing View in browser Bloomberg Robust earnings from corporate America will pull the S&P 500 Index out of its latest morass, despite rising concerns about a significant jump in
👀 Inside the weight-loss drug boom
Monday, April 22, 2024
Buyers saw money in music | Finance's best-kept secret let a little slip | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 23rd in 3:12 minutes. ☕️ Finimized over a
Who's Afraid of Index Funds?
Monday, April 22, 2024
Plus! Diff Jobs; The Market for Data; Crowded Careers; Black Boxes, Everywhere; Externalities; Intra-Elite Conflict Who's Afraid of Index Funds? By Byrne Hobart • 22 Apr 2024 View in browser View
Rodney's Take 4-22-24 Get Shorties
Monday, April 22, 2024
A Yen for Lower Rates ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
📓 A test for the US economy
Sunday, April 21, 2024
Plus, everything you need to know for the week ahead | Finimize Hi Reader. We've revamped your weekly briefing to give you what you need to know for the week ahead and a recap of the past week. Let
Now’s a good time to diversify your retirement nest egg
Sunday, April 21, 2024
Here's how you could beat inflation and market volatility. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Longreads + Open Thread
Saturday, April 20, 2024
Dennett, Datacenters, Killer Apps, Anthropic, Reading, Thermostats, M&A, Rollups Longreads + Open Thread By Byrne Hobart • 20 Apr 2024 View in browser View in browser Longreads Daniel Dennett has
It’s a great time to make your savings grow
Saturday, April 20, 2024
CDs are making a comeback. Are you coming or what? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏