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Reputation still plays a minuscule role in obtaining access to opportunities, and most access is still gated by one’s wallet value and ability to get in early.

- Work for 90% of the population.

What’s notably missing from the existing subscription bundle is financial services. As Neo Banks look to compete with incumbents they have talked about their lower cost structure, and cheaper customer acquisition cost, leading to shorter payback period.

When professional investors look at GameStop, they see a company trading at a price unjustified by its fundamentals. When retail investors do the same, they see the symbol of a social movement, part investment, part status symbol and part entertainment derived from “sticking it to the man”.

aggregation has been terrible for ad agencies for the same reason it has been bad for publishers: the more that advertising becomes centralized on Facebook and Google, whether on their sites or on programmatic exchanges, the fewer advertising dollars are available for the inventory that ad agencies used to abstract away for clients.

Facebook’s recent introduction of “frictionless sharing” is the newest development in a growing trend: data is being increasingly produced passively as individuals conduct their day-to-day activities. This is a trend that has grown both on and offline. We will focus on the former here; especially “frictionless” sharing that involves syncing Faceboo... See more

Again, DTC companies almost certainly have higher cost structures than a website, and do get some sort of returns from scale, but those returns are limited; this is where it seems Softbank specifically went wrong. Indeed, this is the broader takeaway from Softbank’s investments: what characterizes the Vision Fund’s mistakes in case after case is a ... See more