MD&A

Philo
Exploring frameworks for understanding economics, investing and finance.
Created 08 Jan 2020
19
Posts
34
Likes
4
Comments
21
Mentions
  • The Great American Coin Shortage
    19 Dec 2021 • 23 min read
    Patrick McKenzie links to a well-reported recent article in the Seattle Times chronicling the continued American coin shortage, now well into its second year: Thorsen speaks for many in the local coin...
  • Ride-Hailing: Is It Sustainable?
    28 Nov 2021 • 33 min read
    Here is an excerpt of a recent article in Mother Jones provocatively titled “The Man Who Called Bullshit on Uber”:1 [In November 2016], Hubert Horan, a little-known expert on the airline industry, wro...
  • Blame the Investors?
    31 Oct 2021 • 10 min read
    Byrne Hobart points us to an interesting tweetstorm by Flexport CEO Ryan Petersen, decrying the alleged obsession of modern finance with return on equity (ROE). Here are some excerpts (but it is worth...
  • Cartels
    17 Oct 2021 • 29 min read
    Competition is for losers. That is what Peter Thiel argued in Zero to One, and at least on the underlying economic logic, few would disagree. To illustrate, imagine you are the owner of United Widgets...
  • Where Are All The .400 Investors?
    12 Sep 2021 • 28 min read
    Warren Buffett is almost certainly the most studied investor in history. His annual letter to shareholders is probably the most widely read financial publication each year, tens of thousands attend th...
  • This Land is My Land
    04 Jul 2021 • 22 min read
    Last month, Glenn Kelman, CEO of the real estate broker Redfin, posted a viral Twitter thread with anecdotes about the unusual state of the housing market. His stories are familiar to anyone who has b...
  • Swinging for the Fences
    23 May 2021 • 14 min read
    A loyal reader1 points me to an interesting WSJ column about star money manager Cathie Wood. Wood is the founder and CEO of ARK Invest, which rose to fame with concentrated bets on leading tech compan...
  • Complements and Constraints
    16 May 2021 • 12 min read
    The Information recently published a pair of articles ($) covering how Stripe and Coinbase have built fairly prolific venture investing operations, despite being venture-backed companies themselves. T...
  • How People *Don't* Get Rich Now
    25 Apr 2021 • 5 min read • 2 0
    Paul Graham observes that in 1982, when Forbes started publishing a list of the richest Americans, the main sources of new wealth were oil and real estate development, and today the main source of new...
  • Success Theater
    04 Apr 2021 • 20 min read • 6 0
    For a long time, General Electric was number one. GE was the most valuable company in America for the majority of the period between 1993 and 2005, at least as evaluated by the stock market. It accumu...
  • View More on Substack »