barriers to entry NYT Write-Up For the first time in years, investors have become pessimistic on the main drivers of NYT’s business model – its digital news subscriber potential & its digital news pricing power. This write-up examines base rates for both of these drivers.
cohort retention curves Featured Unit Economics & Cohort Retention Curves Churn cannot be reduced to a single number because customer retention is a curve, not a constant.
Valuation What's Priced In? Stock prices are the clearest and most reliable signal of the market’s expectations for a business’s future performance. Ignore them at your peril!
Investing What Makes Stocks Go Up? If you read the title of this and are hoping for a magic formula that mints money, then read no further. You’re not going to find what you’re looking for in here. Both stock prices and changes in stock prices can be deconstructed into simple mathematical terms. In
Investing Featured The Nature of Content: New York Times vs Netflix How does the nature of content impact long-term margins at media businesses? All else equal, the more durable your content, the less you need to continually spend on content creation. Let's explore that.
Investing Featured The Seven Deadly Sins at Tinder and PokerStars Investors want to know why customers use a company’s products/services. Often this is referred to as the ‘customer value proposition’ or the ‘customer ROI’. The Seven Deadly Sins helps us understand situations where that value proposition isn't entirely rational.
