Sublime

In the short run, this cash-flow stimulated the Chinese economy and pumped up valuations. But the long-term legacy of this movement is the data environment it created. By enrolling the vendors, processing the orders, delivering the food, and taking in the payments, China’s O2O champions began amassing a wealth of real-world data on the consumption

in terms of depth and breadth.

In my opinion, this highlights the importance of the hiring channel. When employers want to shrink their workforce (or at least slow its growth), they use hiring as their primary lever; and when it’s time to expand/accelerate, they pull the same lever. Ergo, young people are highly levered to sectoral, occupational or economy-wide cycles, something

The point is that underlying technologies change, but, after a point, technology market shares don’t change and so they’re highly predictable.

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