Capital Gains
Learn how to think about finance, economics, and corporate strategy.
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Rates matter, amortization matters, but the un-discounted sum of interest paid is never an input that should guide decisions
You can use clever structures to divvy up risks and returns, but you can't do much to change the magnitude of either
Transaction costs don't always push in the same direction
"Totally Wrong" Gets You to Right Faster
The upside to the degens
The inefficiencies you worry about within the system get solved outside it
A Low Cost of Capital is the Public Sector’s Secret Weapon; a Known Cost of Capital is the Private Sector’s
Nobody Knows the True Mix of Luck, Talent, and Effort
If You're Going to Back Decisions With Data, Use Real Data
It All Depends on What You Mean by "The Market"
What do you do When an Asset's Going up Makes the Asset go up?
Does Losing Hurt More Than Winning Helps?
