sari

The value chain for any given consumer market is divided into three parts: suppliers, distributors, and consumers/users. The best way to make outsize profits in any of these markets is to either gain a horizontal monopoly in one of the three parts or to integrate two of the parts such that you have a competitive advantage in delivering a vertical... See more

Cross River Bank is an interesting example; a major line of their business is originating loans for fintechs which are then largely sold to funding sources that the fintech has lined up (such as investors looking for yield in a low interest environment). This gives CRB an interesting cross section of credit risk across the U.S. footprint of their... See more

This is not to just be a “things were better in the old days” rant. But I do think in the era of growth teams running wild with machine learning algorithms, we accelerated distribution incentives to drive engagement before we really knew what incentives were being created in the internet economy. And now the larger social networks are grappling... See more

One unexpected emergent property of the technium is that most inventions and innovations are co-invented multiple times, simultaneously and independently. That is, more than one person will honestly invent the next new thing about the same time. This means that the popular image of the lone mad inventor or heroic scientist is just wrong. For

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