Newsletters Can Move Markets

Reshaping Competition looks at the Biden executive order from last week. In industries where the average company is well-run, reducing barriers to competition can lead to more concentration, because the best company has an easier time growing into its natural market share.

Weber and Traeger: two grill manufacturers filed to go public within a week of each other. These companies illustrate the shift from one-time transactions to continuous ones, and their relative performance highlights the importance of unit economics.

Nextdoor: Old Model, New Networks: social networks have network effects (it's right there in the name!), but as it turns out, there are many real-world networks and it's hard to optimize one service to cover all of them without creating uncomfortable overlaps.

Welcome to the weekly free edition of The Diff! This newsletter goes out to 23,207 subscribers, up 111 since last week. In this issue:

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