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Protocols encode the rules of engagement that coordinate the exchange of a service between a global supplier and global consumer. The flatness with which a protocol treats everyone that interfaces with it is part of what drives its efficiency as a coordinator of exchange (no room for human corruption or capture).

Product advertising explains the product to me. Brand advertising explains me to me. (via John Bevins)

...loneliness levels have reached an all-time peak, 13% of Americans are on antidepressants, the U.S. suicide rate is at its highest since World War II, and polarization appears to be rising...

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are imp... See more

Meanwhile, Duolingo has ~70% gross margins, with app store fees being the main cost. Note that while content isn’t included in gross margins, it is likely <10% of revenue based on the employee mix Duolingo has highlighted.

In order to help children make the most of their education, parents must begin to relinquish control and focus on three goals: embracing opportunities to fail, finding ways to learn from that failure, and creating positive home-school relationships