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.

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!

Scale Economies Shared businesses have a flywheel because their competitive advantages increase as the business grows larger, making it harder and harder for competitors to offer as much value to customers.

Marketplace businesses offer one of the most durable competitive advantages available in the business world: network effects. The best marketplaces deliver value to all parties involved in the transaction (often creating Money Out

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.

The cloud is a great example of why it is often beneficial to turn your fixed costs into variable costs. Concurrently some players are emerging as scaled champions from having this be a fixed cost.