Hey all — if you’re looking for a talented junior analyst, I know someone I would highly recommend, so please reach out!
(i) Matt Levine: The Crypto Story
Pretty extraordinary work. Also see: Coatue: Fintech and the Pursuit of the Prize (Long PAGS 0.00%↑ )
(ii) Below the Line from Kevin LaBuz: #144 - Wayfair’s Lost Decade
Wayfair is like the Ur-Covid round-tripper: acceleration → reversal of secular e-commerce trend, over-inflated margins bc of artificially low customer acquisition costs → falling sales and high operating leverage with low purchase frequency, ridiculous equity valuation → perceived solvency risk, etc. etc. I feel like some omnichannel retailer should buy it (no skin in the game here though). Also in big-multiples.
(iii) Oversharing: "Be a bike angel, not a bike devil": an interview with Citi Bike's Laura Fox
Great interview all about history of Citi Bike, shared micromobility, Lyft’s non-ride-hailing business etc. Also see: How Cities are Deciding Where Electric Vehicle Chargers Should Go
(iv) The New Yorker: Prue Leith Can't Resist
The great Helen Rosner interviews the judge of GBBO. Also: UK politics is so fun!