The Diff
Byrne Hobart
The Diff is a newsletter exploring the technologies, companies, and trends that are making the future high-variance. Posts range from in-depth company profiles, applied financial theory, strategy breakdowns and macroeconomics.
Episodes
Mentioned books
Mar 24, 2025 • 13min
There's More Than One Efficient Market Paradox
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - There's More Than One Efficient Market Paradox
(08:06) - Reciprocal Tariffs
(08:46) - AI Purgatory
(09:24) - Payments and Credit
(10:47) - LinkedInFluencers
(11:43) - Efficient Markets
Mar 17, 2025 • 16min
Klarna and the Two Pivots of 2022
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Klarna and the Two Pivots of 2022
(11:00) - Crypto Adoption
(12:26) - Art Margin Calls
(13:13) - Liquidations
(14:07) - Corporate Espionage
(15:26) - DeepSeek
Mar 10, 2025 • 12min
Text and Telos
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Text and Telos
(07:03) - Scaling
(07:49) - Retail Investors
(09:12) - Comparative Advantage
(09:47) - Transaction Costs and Corporate Structure
(10:58) - DeepSeek Governance
Oct 28, 2024 • 13min
Tools, Agents, Interfaces, and Synthetic Luck: AI Interaction Models
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Tools, Agents, Interfaces, and Synthetic Luck: AI Interaction Models
(06:40) - Lyft Got Fined For Telling the Truth and is Now Compelled to Lie to Drivers
(09:59) - Ozempic and Signaling
(10:41) - Wargaming and Pivots
Oct 21, 2024 • 10min
Tokenomics, Revisited
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Tokenomics, Revisited
(04:41) - AI and Education
(06:59) - Money Laundering
(07:54) - Agglomeration Economics
(08:49) - Threat Models
(09:24) - Universal Hardware
Oct 14, 2024 • 6min
Offshoring and AI Agents
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - And, elsewhere:
(00:01) - Capital Structure
(01:12) - Designer Brands and Transaction Costs
(02:45) - SMBs
(04:27) - Top-Down Market Reform
(05:10) - Chosen Obligations
Oct 7, 2024 • 11min
Money and Legitimacy
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Money and Legitimacy
(06:53) - Moats
(07:36) - Big Tech Sees Like a State
(08:43) - Shifting Costs
(09:31) - Managing Macro
(10:11) - Experimentation
Sep 30, 2024 • 11min
Auto-Paternalism
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Auto-Paternalism
(05:11) - Growth
(06:58) - AI Deployment
(08:06) - S-Curves and TV
(09:04) - Increasing the Asymptote
(10:00) - China
Sep 23, 2024 • 15min
Look for Boring First
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Look for Boring First
(07:27) - Moderation
(08:46) - ex-SBC
(10:26) - Platform Risk
(12:51) - Strategic Resources
(13:40) - Meta and AI
Sep 16, 2024 • 20min
Will The EU Choose to Compete?
This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week.
(00:00) - Will The EU Choose to Compete?
(13:45) - Unit Economics
(15:02) - Coreweave and Capital Structure Arbitrage
(15:57) - AI and the Distribution Problem
(17:10) - Markets and Narratives
(18:15) - Convergence
