"The Riff" with Byrne Hobart and Erik Torenberg

On this week's episode of The Riff, Erik and Byrne discuss Elon Musk's and Yann Lecun's Tweets, what we can learn from Google's API decumentation leaks, how Apple is planning on improving Siri, and more. beehiiv: Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS:BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/MOZ.BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---TIMESTAMPS:(00:00) Intro(00:21) Elon Musk's and Yann Lecun's Twitter exchange(02:26) Institutional decay(07:54) Activist campaign against Texas Instruments(16:36) Sponsors: Babbel | beehiiv(19:10) Poorly executed fraud from Getty investor(27:41) What we can learn from the Google API documentation leak(35:07) Apple's planned improvements for Siri(40:12) Wrap---LINKS:Byrne’s writing: https://thediff.co---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne talk about xAI's fundraising round, Vivek Ramaswamy's investment in BuzzFeed, and the dynamics of using ads to monetize AI. beehiiv: Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: beehiivHead to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---Timestamps:(00:00) Intro(00:21) xAI fundraising(12:11) Vivek Ramaswamy's majority stake in BuzzFeed & dynamics of media acquisitions(16:15) Sponsor: beehiiv(30:03) Changes in private equity(35:44) Does AI hurt wordcels or shape rotators?(39:21) Looking at new FTX documents(44:58) Will AI be monetized mostly through ads?(53:04) Against trusting dystopian science fiction stories(57:11) Wrap---LINKS:Byrne’s writing: https://thediff.co---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne talk about meme stocks, the nature of reserve currencies, and why you should consider not owning a home in America. beehiiv: Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: beehiivHead to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836Timestamps:(00:00) Intro(00:27) The case against home ownership(06:07) The U.S. Dollar as a reserve currency(17:49) Sponsor: beehiiv(18:59) Colluding in the oil industry(24:57) Meme stocks(27:40) Why it's hard to copy Renaissance Technologies(36:40) The shutdown of Weiss Multi-Strategy(40:16) Alternative financial histories(45:46) How NewBank attracts talent(49:46) App store dynamics(52:17) Optimal financial education(56:59) Investing in people(01:01:28) Wrap---LINKS:Byrne’s writing: https://thediff.co---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne talk about Amazon’s potential to buy a passenger airline, hidden economic gains, equities, and more. beehiiv: Head to https://Beehiiv.com and use code "MOZ" for 20% off your first three months.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: beehiivbeehiiv: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months--- RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---TIMESTAMPS:(00:00) Intro(00:20) Amazon's Unique Business Model and Expansion Strategy(03:11) The Intricacies of the Airline Business Model(05:58) Amazon's Long-Term Strategy and Customer Focus(10:01) Potential for Amazon to Disrupt the Airline Industry(17:27) Sponsor: Beehiiv(18:33) Blackstone's Real Estate Ventures and Market Dynamics(28:26) Understanding Financial Planning and Investment Strategies(29:01) Exploring the Nuances of Preferred vs. Common Stock(31:03) The Impact of Unions on Company Profits and Shareholder Value(35:38) The Role and Evolution of Unions in Balancing Labor and Capital(41:50) Analyzing the New York Times' Adaptation to Digital Media Trends(51:21) The Invisible Efficiencies of Technological Advancements(57:12) Wrap---LINKS:Byrne’s writing: https://thediff.co---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne talk about how to apply Costco's business model in other industries, the risky business of Martingale strategies, usage as a potential barrier to AI model development, and more. Get Harmonic: Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: Harmonic | beehiivHarmonic: Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.beehiiv: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---LINKS:Byrne’s writing: https://thediff.co---TIMESTAMPS:(00:00) Intro(00:21) Unpacking the Hunter Book Model: A New Approach to Monetizing News(07:30) Aligning Media and Investing: Conflicts and Confluences of Interest(12:41) Sponsor: Harmonic | Beehiiv(15:09) The Benefits of Public Markets and Short Selling Insights(18:09) Martingale Beliefs and Betting Strategies in Finance(23:31) The Martingale Thesis and Market Making(27:17) Unlocking the Potential of AI with Usage-Based Lock-In(31:45) Exploring the Costco Business Model and Its Applications(37:46) The Case for GDP-Linked Bonds: A Financial Innovation(40:06) Vertical Software Companies Acquiring Operating Companies(44:37) The Intersection of Media and Tech Companies(46:40) Wrap---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss AI & education, Stripe's shift towards unbundling, and the possibility of 24 hour markets. Get Harmonic: Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: Harmonic | beehiiv Harmonic: Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo. beehiiv: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months ---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836--- LINKS: Byrne’s writing: https://thediff.co--- X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss income sharing agreements, the privacy/security/usability efficient frontier, and how Meta ended up with all their GPUs. Get Harmonic: Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSORS: Harmonic | BeeHiivHarmonic: Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.BeeHiiv: Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://Beehiiv.com and use code "MOZ" for 20% off your first three months---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---TIMESTAMPS:(00:00) Intro(00:26) Exploring Income Share Agreements and Lambda School(08:01) The Controversy and Potential of Lambda School(18:46) Sponsor: Harmonic | Beehiiv(21:17) The Bear Case on Income Share Agreements(24:31) Barriers and Threats of Selling New Financial Products(29:51) Innovative Financial Models and Crypto's Role(30:50) Exploring Personal Prediction Markets and Startups(32:51) The Impact of AI on Content Creation and Social Interactions(35:54) Navigating the Continuum of Human and AI Interaction(38:59) Meta's Strategic Shift Towards Generative AI(48:02) The Evolution of Privacy, Security, and Usability in Tech(52:21) Debunking Myths Around Index Funds(1:01:58) Adapting Investment Strategies in an Efficient Market(1:03:40) Wrap---LINKS:Byrne’s writing: https://thediff.coErik’s post on income sharing agreements: https://eriktorenberg.substack.com/p/life-capital---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss the acquisition landscape, how to write great business memos, and why it's hard to monetize a successful ChatGPT wrapper. Get Harmonic: Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSOR: Harmonic Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo.---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---Timestamps:(00:00) Intro(00:20) Negative reputation of acquisitive companies(11:50) Sponsors: Harmonic | Turpentine(13:39) Importance of research and its competitive edge(21:37) Exploring the dynamics of unions and corporate strategies(26:11) How to write a great memo(32:49) Challenge of monetizing AI services(37:49) AI's impact on education and standardized testing(43:44) Evolution and future of Ghost Kitchens(52:19) Lessons from '50 Years in Wall Street'(56:53) Insights from Managing a Sovereign Wealth Fund(1:00:00) Wrap--- Byrne’s writing: https://thediff.co---X / TWITTER:https://twitter.com/eriktorenberg (Erik)https://twitter.com/ByrneHobart (Byrne)https://twitter.com/TurpentineMedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss pivots in hard tech, cybersecurity and privacy, and the considerations in how often to enforce the law.For listeners watching the video, please note that Erik’s video recording dropped out towards the end of the episode. We hope you enjoy the conversation nonetheless.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---Timestamps:(00:00) Intro(00:29) Hard tech pivots(04:55) Software changes the shape of innovation(08:19) Open source and closed source security models(16:14) AI regulation predictions(18:34) Google's AI monetization(24:24) Why did tech hedge funds invest in a potato company?(28:07) Good customer service is a negative signal for a country’s economic status(34:48) The data business at three resolutions(41:31) Crime prevention and surveillance(44:57) Should we fully enforce the law?(53:49) Wrap---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne delve into corporate espionage, algorithmic collusion, and the lifecycle of companies amidst technological changes.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---Timestamps:(00:00) Intro(00:26) Corporate Espionage: The Secret World of Competitive Intelligence(01:30) Facebook's Competitor Analysis(07:15) The Ethical Quandaries of Corporate Spying(15:40) Sponsor: Turpentine(16:29) Outsourcing and the East Asian Economic Boom(22:19)  Companies Aging Gracefully in the Business World(25:42) Exploring Business Strategies and Apple's Success(28:56) Evolution of Employment in the AI Era(31:31) AI-Based Coding Tools and Job Creation(33:53) Navigating the Future of Work and AI's Role(39:39) Algorithmic Collusion: A New Frontier in Antitrust(55:29) Wrap---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss Austin real estate, why Duolingo has remained strong post-pandemic, and how to identify spurious correlations during data analysis.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSOR: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---Timestamps:(00:00) Intro(00:20) Generative AI and Its Impact on Platforms(04:44) The Future of Personalized Media Consumption(08:27) The Evolution of Media Distribution and Content Creation(14:36) Austin's Housing Market(28:54) Identifying False Positives in Data-Driven Decision Making(37:32) Apple's Antitrust Case(50:51) Why Duolingo Hasn’t Crashed(57:25) The Reddit IPO(1:03:03) Wrap---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

In this episode, Byrne Hobart and Erik Torenberg discuss how technological changes influence markets and business adaptability. They explore the dynamics and challenges of e-commerce roll-ups, the unique economic incentives of large platforms like Facebook and Google, the complexities of content moderation on social media platforms, and social securities' future liabilities and taxes.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---SPONSOR: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS:(00:00) Intro(00:23) Exploring E-Commerce Roll-Ups and the Amazon Model(07:13) Big Platforms and User Dynamics(10:52) Sponsor: Turpentine | Brave(12:41) The Never-Ending Challenge of Content Moderation(20:33) How AI Could Transform Advertising(29:53) Decoding the Economics of Facebook Marketplace(36:47) Understanding Shrinkflation and Its Impact on Inflation Measurement(45:46) The Future of Social Security: A Mark-to-Market Proposal(55:11) Wrap This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On today’s episode, Byrne Hobart delves into the intricacies of technology-induced market shifts, hedge fund dynamics, Byrne’s post on outage economics, and the evolving landscape of open source and proprietary AI models.---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.---RECOMMENDED PODCAST: by Molly O'SheaSourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian.Spotify & YouTube---SPONSOR: TURPENTINE | BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS:(00:00) Intro(00:20) Exploring Hedge Fund Dynamics: Is Alpha for Sale?(01:52) Hedge Funds and Investment Strategies(10:24) VC Insights on Scaling and Performance Metrics(16:59) Sponsor - Turpentine | Brave(19:37) Advantages Multi-Manager Hedge Funds(23:17) Personal Finance and Hedging Strategies(31:56) Outage Economics(45:09) Search Engines and Data Feedback Loops(47:40) Future Implications pf the Intersection of AI and Search Engines(54:20) Open Source AI: Balancing Innovation, Security, and Business Models(01:03:02) Wrap This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss lessons about Tiger Global from Carrie Sun’s book Private Equity, the role of alternative data in investing, and why it’s hard to make a good dating app.---The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore.Watch and Subscribe on Substack: Request for Startups---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS:(00:00) Intro(00:27) What makes Tiger Global tick?(03:36) Assistants make the world go round(08:02) The evolution of executive roles(13:15) Sponsor - Brave(14:17) Scaling deals and the Tiger strategy(24:13) On outsourcing knowledge retrieval(26:05) Leveraging alternative data in investment(34:13) The intersection of journalism and investment(37:53) Research in investment decisions(47:48) Data companies for private markets(55:11) Complexities of the dating app market(1:02:13) Wrap---For guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

Byrne and Erik discuss company valuations, short selling, company earnings guidance, market predictions, and the behavior of companies and investors in financial markets. The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co---Check out Erik's new show featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. Watch and Subscribe on Substack: Requestforstartups.substack.com---Thanks to our sponsor: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS:(00:00) Intro(00:44) Understanding Mispricing in Public Companies(03:28) Case Study: Boeing's Business Value(06:29) The Role of Professional and Retail Investors(12:07) Why Some Investors Matter More Than Others(18:49) Sponsor: Brave(19:51) Unpacking Risk in Investment(25:42) Gold and Bitcoin in Investment(28:54) On Yield, Buybacks, and Dividends(39:11) Short Selling in Financial Markets(51:15) Earnings Guidance and Corporate Communication(56:17) Wrap This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss the fertility crisis, how Walmart is a tool of upward mobility, AI as the last interface, and more.The Riff is sponsored by Brave. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity.* Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks* Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822* Spotify: https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne’s writing: thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS:(00:00) Intro(00:21) Discussion on fertility and economics(04:50) Anti-natalist aspects of monetary and fiscal policy(09:18) Would women having kids mean less GDP?(13:30) Discounted cash flow analysis(18:34) Sponsor - Brave(26:50) Walmart as a tool of upward mobility(34:06) White collar work(36:37) AI as the last interface(42:01) Sam Zemurray, America’s banana king(46:23) Wrap---The Riff is a production from TurpentineProducer: Sam KaufmanEditor: Seven MorrisFor guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne sit down with Brad Hargreaves, founder of General Assembly and Common and editor at real estate publication Thesis Driven. They do a deep dive on everything real estate, from investing to housing policy to urbanism.The Riff is sponsored by Brave. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co---Check out Brad's new podcast Leader Series where he interviews the leading voices at the intersection of real estate, cities, innovation and technology. Guests include innovators like Zillow founder Spencer Rascoff, the renowned East Coast developer MaryAnne Gilmartin, AOL founder and real estate visionary Steve Case and many more top change makers in real estate. Leader Series is part of the Turpentine podcast network. Substack: https://www.thesisdriven.com/podcastApple: https://podcasts.apple.com/us/podcast/thesis-driven-leader-series/id1724813949Spotify: https://open.spotify.com/show/2HY9OJ7WvoDzPaodgaHw6A---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.---LINKS:Byrne's writing: thediff.coSubscribe to Thesis Driven on Substack: https://www.thesisdriven.com/podcast---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS---The Riff is a production from TurpentineProducer: Sam KaufmanEditor: Seven MorrisFor guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne do a deep dive on the history of media, how technology is impacting the media landscape, and how to build the next media empire.The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.---The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivityWatch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checksApple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822Spotify: https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---Thanks to our sponsor: SHOPIFYShopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---LINKS:Byrne's writing: https://thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS(00:00) Intro(00:40) How media was a great business and what changed(12:54) How media fortunes are made(18:22) When content becomes valuable again - BuzzFeed versus the New York Times(20:09) Streaming distribution - Netflix's current evolution(24:27) The decline in the level of journalism layoffs and why AI has something to do with it(29:18) Sponsor | Shopify(31:20) If you want to do investigative reporting, you need to like billionaires(36:22) On Byrne's approach to building a media empire(49:10) Why tech journalism struggled in the last decade(52:22) Reconciling history and the changing nature of fame(57:31) The business cadence case against every company is a tech company(1:04:57) Wrap---The Riff is a production from TurpentineProducer: Sam KaufmanEditor: Seven MorrisFor guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss the mortality of corporations, why momentum investing works, and when to learn from extreme events.The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.---The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivityWatch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checksApple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---Thanks to our sponsor: SHOPIFYShopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---LINKS:Byrne's writing: https://thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS(00:00) Intro(00:44) Corporate mortality(10:16) The persistence of social class(16:42) Sponsor | Shopify(18:17) Learning from Extreme Events(25:43) Understanding momentum investing(36:06) What to learn from the economics of trade magazines(43:25) Brainstorming Turpentine & how to build a media business(52:15) Wrap---The Riff is a production from TurpentineProducer: Sam KaufmanEditor: Seven MorrisFor guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com

On this week's episode of The Riff, Erik and Byrne discuss factor netural hedge funds, the trend of Silicon Valley becoming more financially literate, the opportunity cost of features, and more.The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.---The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivityWatch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checksApple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---Thanks to our sponsor: SHOPIFYShopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---LINKS:Byrne's writing: https://thediff.co---X / TWITTER:@eriktorenberg (Erik)@byrnehobart (Byrne)@turpentinemedia (Turpentine)---TIMESTAMPS(00:00) Introduction to the Riff(00:43) Increasing overlap between tech and finance(08:25) Factor neutral hedge funds(18:00) Sponsor | Shopify(19:30) VC is a compensation scheme masquerading as an asset class(33:30) Understanding generalists(40:07) The opportunity cost of features(45:30) Why grocery stores are like tech companies---The Riff is a production from TurpentineProducer: Sam KaufmanEditor: Seven MorrisFor guest or sponsorship inquiries please contact Sam@turpentine.co This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theriffpodcast.substack.com