sari

Investing is all about the long-term ownership of businesses. Speculation is precisely the opposite. It is all about the short-term trading, not long-term holding, of financial instruments—pieces of paper, not businesses—largely focused on the belief that their prices, as distinct from their intrinsic values, will rise.

Community can serve one of three purposes:

The old way to build a positive narrative was to tell a consistent story about yourself over time. The new way is to have other people tell your story for you, either directly or by association.

In some places, this has worked fairly well; Uniswap is worth $11bn, for example. But does it extend to the rest of the economy? Will we reach a point where we can do business mostly or entirely with companies that we're simultaneously investing in, so the next Zuckerberg won't be able to create nearly a trillion dollars in market value from our ca... See more

None of that is so surprising—it’s hard to earn four-fire-emoji status without having already built up a reputation within established institutions.

Several of these services offer premium subscription tiers that lead to free delivery and discounts. According to the Second Measure data in June, 17% of DoorDash's customers and 16% of Postmates' customers are subscribers, indicating lots of room to grow for frequent and loyal customers.

Spotify is great, but it’s primarily a single-player experience. Music, on the other hand, is an inherently social experience. Tiktok—originally, musical.ly—figured out how to make music social by licensing music, introducing viral “challenges,” and making user-generated content easier to create, even if they didn’t technically build a social graph... See more