Capital Gains logo
Capital Gains
Subscribe
  • Capital Gains
  • Authors
  • Byrne Hobart
Byrne Hobart

Byrne Hobart

Cyclical Into Secular and Vice-Versa
14 hours ago

Cyclical Into Secular and Vice-Versa

Who's Tied to the Economic Cycle, and How?

Byrne Hobart
Byrne Hobart
The Concept of Costs
Jun 25, 2025

The Concept of Costs

Dollars, Time, Uncertainty, Inconvenience

Byrne Hobart
Byrne Hobart
High Margins and Bad Habits
Jun 18, 2025

High Margins and Bad Habits

Having more margin of error is great, unless it leads to lots of errors

Byrne Hobart
Byrne Hobart
The Varieties of Synergy
Jun 11, 2025

The Varieties of Synergy

M&A is fundamentally imprecise enough that 1 + 1 can't quite equal 2

Byrne Hobart
Byrne Hobart
Secondaries
Jun 04, 2025

Secondaries

When you can trade something you're supposed to buy-and-hold

Byrne Hobart
Byrne Hobart
Why Most Things Don't Trade on a Market (and Why Markets are Often Near Ports)
May 28, 2025

Why Most Things Don't Trade on a Market (and Why Markets are Often Near Ports)

You can buy shares of Apple more easily than you can trade futures on bushels of apples, and there's a reason for this

Byrne Hobart
Byrne Hobart
1.5 Sided Markets
May 21, 2025

1.5 Sided Markets

A temporarily very important concept

Byrne Hobart
Byrne Hobart
There's Never Just One North-Star Metric
May 14, 2025

There's Never Just One North-Star Metric

Organizations need to measure their success, but there's a limit to how well they can compress this

Byrne Hobart
Byrne Hobart
Who's in Charge Here?
May 07, 2025

Who's in Charge Here?

The Rules and the Process of Corporate Control

Byrne Hobart
Byrne Hobart
The Favor-Trading Economy
Apr 30, 2025

The Favor-Trading Economy

Why some of the ruthlessly capitalist parts of the economy operate on tacit assumptions and default friendliness

Byrne Hobart
Byrne Hobart
Learn how to think about finance, economics, and corporate strategy.

Capital Gains

Learn how to think about finance, economics, and corporate strategy.

Home

Posts

Authors

© 2025 The Diff.

Privacy policy

Terms of use

Powered by beehiiv