Founder and author of Stratechery, an independent publication analyzing technology strategy, business models and the economics of digital platforms.
Booking.com has delivered superior shareholder returns versus Google over two decades due to its powerful aggregation model and excellent execution, yet remains underappreciated by the market.
GTA 6 represents the peak of pre-AI AAA game development with years of craftsmanship, giving Rockstar immense pricing power that the market underestimates at current $80 price point.
The sovereign writer model — direct paid subscriptions, global reach via Stripe, minimal fixed costs — unlocks a massive long tail of viable media businesses; the internet enables infinite 'ponds' where creators can be the big fish, and AI further lowers production costs.