The hottest Finance Substack posts right now

And their main takeaways
Category
Top Business Topics

Same as ever.

Prime Future • 491 implied HN points • 15 Jan 24
💼 Business Finance
  1. Understanding the past can help us predict the future.
  2. Human psychology in finance and business remains consistent over time.
  3. Exploring what will not change about animal protein in the future is important.

Toys for Billionaires: Sports Franchises as Trophy Assets!

Musings on Markets • 879 implied HN points • 25 Aug 23
💼 Business Finance
  1. Sports franchises are now seen as trophy assets, where owners often care more about the prestige of ownership than making a profit. This trend makes buying teams feel more like collecting than investing.
  2. The prices for sports teams have skyrocketed in recent years, often without clear ties to their financial performance or success on the field. This disconnect means teams can be seen as overpriced compared to their actual value.
  3. As ownership of teams shifts to extremely wealthy individuals, the dynamics of sports may change. Owners might prioritize star players for their fame, reshaping how teams are built and how fans experience the games.

Breaking Into Crypto: Investment Analyst

DeFi Education • 599 implied HN points • 12 Dec 23
🔮 Crypto Finance
  1. Being a crypto analyst means staying updated on a lot of different tokens and doing a lot of research. It involves daily tasks like checking news, writing reports, and talking to project teams.
  2. The hiring process in crypto can be less structured than in traditional finance. Networking and showing your active interest in the industry can really help land a job.
  3. It's important to have a strong curiosity about crypto and a belief in its future. This helps you stay motivated during tough times, like bear markets, and succeed in your role.

The Snapshot has been taken

DeFi Education • 379 implied HN points • 17 Feb 24
🔮 Crypto Finance
  1. A snapshot means that important information has been recorded or captured.
  2. This post is specifically for paying subscribers, so not everyone can access it.
  3. Reading updates about this topic is meant for those already interested or engaged.

Black Gold: The Smithsonian Connection

ᴋʟᴀᵾs • 825 implied HN points • 08 Jul 23
🌍 World Politics Finance
  1. Smithsonian Institution was involved in covert operations such as hidden military and intelligence programs, despite its public image as a museum.
  2. The Smithsonian faced Congressional investigation for financial misconduct, including converting public funds into private money and secretive financial accounts.
  3. The institution's past connections to intelligence networks and illicit activities suggest a deep entanglement in hidden finance and corrupted power structures.
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VCs are the worst run businesses … they never take their own advice

Five Links (and three graphs) by Auren Hoffman • 446 implied HN points • 29 Jun 25
💼 Business Finance
  1. Venture capitalists often advise startups on management practices but don’t follow those rules themselves. For example, they say to have one CEO, yet their firms have multiple leaders.
  2. They encourage startups to go public and accept dilution, but many VCs avoid doing the same for themselves. They often take large salaries instead of low ones.
  3. While VCs tell founders to keep costs low and manage wisely, some of them spend on lavish expenses like private jets and high-end meals, showing a disconnect between their advice and actions.

Inside Red Bull: The Private Playbook That Built A Global Powerhouse

Huddle Up • 43 implied HN points • 09 Jan 26
💼 Business Finance
  1. Red Bull began when its founder discovered a Thai energy drink and struck a deal to adapt and sell it globally, with each partner investing $500,000 to launch the company.
  2. The business was built on strict financial conservatism — no debt, self-funded growth, and all expansion paid from profits rather than borrowed money.
  3. Leadership and control were tightly held and private: the founder gave very few interviews, and the original 49/49/2 ownership split kept decision-making concentrated and the Thai family with the decisive share.

Logista: Old Roots, Green Sprouts

Invariant • 491 implied HN points • 07 Jan 24
💼 Business Finance
  1. Quaking aspens have a unique way of growing, with all trees in a colony connected as part of the same single organism.
  2. Logista, a Spanish distribution company, is diversifying away from tobacco distribution and focusing more on next-generation nicotine products and pharmaceutical distribution.
  3. Logista is strategically growing through acquisitions, particularly in the pharmaceutical sector, aiming for inorganic growth to expand its reach.

🧑‍🏫 Business Model

Compounding Quality • 432 implied HN points • 25 Jan 24
💼 Business Finance
  1. Understanding a company's business model is essential before investing.
  2. A simple and attractive business model is preferable for investments.
  3. Mastercard's business model revolves around transaction fees and providing payment services worldwide.

The Difference Makers: Key Person(s) Value!

Musings on Markets • 579 implied HN points • 10 Dec 23
💼 Business Finance
  1. Key people can significantly impact a business's value, whether it's a small practice like a doctor or a large company like Tesla. Even at bigger companies, certain individuals can make a big difference in how the business performs.
  2. Understanding who key people are in a company is crucial. These can include founders, top management, or even important employees at different levels who contribute unique skills.
  3. Companies can take steps to manage the risks that come with relying on key people, like using insurance or succession planning. These strategies can help ensure that the loss of an important individual does not as heavily affect the business.

Tech Overload: Business Goes Under Water

Sector 6 | The Newsletter of AIM • 479 implied HN points • 08 Jan 24
💼 Business Finance
  1. OpenAI is expected to make $1.6 billion in revenue in 2024, which is a big jump from last year. This money comes mainly from subscriptions and API sales.
  2. Anthropic, another AI company, might make $850 million in 2024, up from just $100 million last year, showing huge growth in the AI market.
  3. Building advanced AI models is very expensive; for example, OpenAI spent $10 billion to develop its technologies, which highlights the massive investment needed in this field.

The Bear Cave #278

The Bear Cave • 466 implied HN points • 15 Jun 25
💼 Business Finance
  1. A new report revealed that Tenet Healthcare may have received overpayments from Medicare, suggesting possible financial troubles ahead.
  2. Several companies, including Avis Budget Group and Symbotic, are dealing with executive resignations amidst potential SEC investigations, indicating instability.
  3. Activist researchers are raising concerns about various companies, including Groupon and GRAIL, highlighting risks that could impact their future performance.

Why Insurance Companies Are Rationally Failing Their Social Purpose

Software Design: Tidy First? • 1391 implied HN points • 25 Oct 24
💼 Business Finance
  1. Insurance is meant to convert risks into opportunities, allowing people to buy homes and start businesses by protecting lenders against losses. But it's complicated when companies only want to insure low-risk customers.
  2. Insurance companies often cut back on the risks they cover to stay competitive and offer lower prices, which means they might not support those in need, like entrepreneurs with health issues.
  3. For insurance to work as it should, companies need to stop focusing solely on low-risk clients. They should start covering real people, including those who are a bit riskier, to provide the societal benefits that insurance was originally designed for.

Paying the SOC2 Screenshot Tax

Margins by Ranjan Roy and Can Duruk • 331 implied HN points • 31 Jul 25
💼 Business Finance
  1. SOC2 compliance can be seen as a necessary hurdle for small tech companies trying to build trust with larger clients, but it often feels like a tax rather than a true security upgrade.
  2. The process of obtaining SOC2 involves significant effort, including hiring auditors and filling out extensive spreadsheets, which can distract startups from product development.
  3. There's a growing call for a better compliance system that continuously monitors security rather than relying on periodic checks, as the current method can feel outdated and ineffective.

TBM 334: The Capacity Allocation Illusion

The Beautiful Mess • 1031 implied HN points • 19 Jan 25
💼 Business Finance
  1. Capacity in software development isn't just about how many hours people work. It's more complicated and depends on past investments and the overall work environment.
  2. Oversimplifying capacity can lead to poor decisions. You need to consider many factors, like team dynamics and the quality of work, rather than just time spent on tasks.
  3. When asked about spending, it's better to focus on how investments improve future capacity instead of just breaking down hours. Understanding the bigger picture is key.

Moving Mental Mountains

Software Design: Tidy First? • 1369 implied HN points • 28 Oct 24
💼 Business Finance
  1. Now it's easier and cheaper to explore data and insights, so we should be more curious and take the time to investigate our 'I wonder' moments.
  2. Emotional reactions often replace actual work, and we need to focus on doing the analytical tasks instead of just responding emotionally.
  3. When analyzing data, start small and make sure your findings are accurate. Sharing what you learn can help you grow and encourage collective knowledge.

A Business Upended: The Streaming Disruption of the Movie & Broadcasting Business

Musings on Markets • 759 implied HN points • 12 Sep 23
💼 Business Finance
  1. The rise of streaming services like Netflix has drastically changed how we consume movies and shows. Many people are moving away from cable TV and preferring the convenience of streaming platforms.
  2. The movie industry may face a fate similar to the music industry due to streaming disruptions. Just as music labels struggled to adapt, traditional movie companies might find it hard to survive without significant changes.
  3. Streaming has led to increased content production but also rising costs. While there's more choice for viewers, the quality can sometimes suffer, leaving many overwhelmed by the options available.

Edging Armageddon

The Dollar Endgame • 758 implied HN points • 30 May 23
🇺🇸 U.S. Politics Finance
  1. The debt ceiling is a legal cap on how much money the US government can borrow to pay for its expenses. It's a self-imposed limit to control borrowing.
  2. A US debt default would have severe global consequences like loss of confidence in US financial stability, spike in interest rates, and turmoil in financial markets.
  3. The recent debt limit deal promises two years of complete debt limit suspension until 2025, new spending caps, and potential removal of budgetary limits on government spending post-2025.

DeFi Education Q&A (November 2023)

DeFi Education • 639 implied HN points • 11 Nov 23
🔮 Crypto Finance
  1. Blackrock registered an iShares Ethereum Trust, which is similar to their previous move with a Bitcoin ETF.
  2. Ether's price surged by 7% after the news and is approaching its highest value this year.
  3. The registration of the Ethereum ETF could signal growing interest and investment in cryptocurrency markets.

Top Links 773 How a private equity titan became an insurance-backed quasi-bank. Narrating the AI boom & rethinking the "fall of Rome".

Chartbook • 443 implied HN points • 18 Jun 25
💼 Business Finance
  1. Apollo, a big player in private equity, became like a bank by adding insurance services to its business. This change was led by its CEO in 2009.
  2. The rise of artificial intelligence is a hot topic, drawing attention to its impact and potential in today's economy.
  3. There's a need to rethink historical perspectives, like the fall of Rome, to better understand how current events and trends affect us today.

AI and economic growth

In My Tribe • 394 implied HN points • 30 Jun 25
💼 Business Finance
  1. Some technologies improve productivity faster than demand, like food production, while in sectors like healthcare, demand often outpaces productivity.
  2. AI is seen as a general-purpose technology that could eventually boost productivity in areas like healthcare and education, but this might take a long time to happen.
  3. Economic comparisons between different eras can be tricky because the types of goods and services produced change a lot over time.

Some Current Things

In My Tribe • 394 implied HN points • 29 Jun 25
🇺🇸 U.S. Politics Finance
  1. There is growing leftism and anti-Israel sentiment within the Democratic Party. Winning elections seems to be shifting the party's beliefs more to the extreme.
  2. Instead of just banning technology in schools, some suggest completely rethinking the school system. Innovative projects can significantly cut down time students spend in traditional classrooms.
  3. Stablecoins are gaining importance in the economy. They are starting to play a role similar to cash, helping manage government debt and being linked to illegal activities.

The Bear Cave #275

The Bear Cave • 489 implied HN points • 25 May 25
💼 Business Finance
  1. Culper Research shared concerns about Archer Aviation, claiming they've misled investors about their eVTOL aircraft development. This raises questions about the company's trustworthiness.
  2. Recent executive resignations at several companies indicate potential instability and challenges within those organizations. This could affect their performance and investor confidence.
  3. Muddy Waters Research and other groups are highlighting issues in companies like Freedom Holding Corp and Marqeta, pointing out possible financial mismanagement and regulatory problems that could pose risks for investors.

Fruit Vendors & Market Makers

DeFi Education • 739 implied HN points • 20 Sep 23
🔮 Crypto Finance
  1. A good market maker, like the apple vendor, is always ready to buy and sell, which helps keep prices stable and customers happy. This reliability makes people trust them.
  2. Being a market maker comes with risks, such as buying too much stock or competitors entering the market. It's important to be aware of these challenges.
  3. Creating a fair and stable market is better for long-term success than using tricks to drive prices up. People will appreciate and trust a vendor who plays fair.

The Bear Cave #277

The Bear Cave • 443 implied HN points • 08 Jun 25
💼 Business Finance
  1. Recent research has raised serious concerns about several companies. For example, Abacus Global Management might be overstating the value of its assets.
  2. Many executives are leaving their positions, especially CFOs from companies like Hallador Energy and BigBear.ai. This could reflect instability in those companies.
  3. There are issues with how some companies report their user metrics and finances, such as Yalla Group and Sharplink Gaming, which might mislead investors.

How to Save a $70B Business We Don't Know What To Do With

The Ankler • 353 implied HN points • 06 Feb 24
💼 Business Finance
  1. The movie industry is facing challenges due to poor decision-making and leadership, which is threatening its survival.
  2. Hollywood should focus on creating hits to attract audiences and regain financial stability.
  3. Instead of blaming streamers, the film industry needs to adapt and overcome bad habits and thought patterns to thrive.

Meetings Are A Huge Drag

Points And Figures • 426 implied HN points • 25 Jun 25
💼 Business Finance
  1. Many people spend too much time in meetings, which takes away from productive work. It can be frustrating when meetings don't lead to real progress.
  2. Current meeting technology often just records discussions and doesn't improve how meetings run. This can lead to unproductive outcomes.
  3. Better meeting preparation can make meetings more effective, and new tools are being created to help automate this process. This can help reduce waste and improve productivity.

Microsoft: "Lead This New Era"

TSOH Investment Research Service • 353 implied HN points • 05 Feb 24
💼 Business Finance
  1. Focus on the quality of the management team in businesses to predict success.
  2. Microsoft's strategic decisions in cloud computing led to significant growth in revenues and profits.
  3. Investing heavily in AI is crucial for Microsoft's future, with a focus on ROI and capacity expansion.

Amazon, Dr. Gupta, Lilly and Other Thoughts

Martin’s Newsletter • 687 implied HN points • 10 May 23
💼 Business Finance
  1. Amazon has had negative free cash flow but is worth $1T, proving traditional valuation models may not apply.
  2. Dr. Gupta's AI healthcare system has received positive feedback with interest for nationwide deployment, highlighting the need for innovative healthcare solutions.
  3. Lilly's Mounjaro product showed impressive sales potential, indicating a shift in the pharmaceutical industry.

The Coming AI Assault

Lit Mag News Roundup • 687 implied HN points • 07 Sep 23
🎭️ Culture Finance
  1. AI chatbots in the literary world are causing a disruption with an influx of quickly-produced content that could change the industry.
  2. The tech industry, including AI, is reaching a peak with wealthy individuals and companies pushing for more innovation and profit.
  3. AI integration in creative fields like writing and art is facing resistance, with concerns about plagiarism, quality of content, and the future of human creativity.

Innovation Job Market Papers 2025 (2/2)

New Things Under the Sun • 48 implied HN points • 24 Dec 25
🕹 Technology Finance
  1. Innovation is highly geographically concentrated, and place-based policies like targeted R&D or industrial subsidies can raise growth, though the best approach depends on how technology interacts with local productivity and spillovers.
  2. The pace and pattern of technology diffusion hinge on human-capital and market frictions: worker mobility, training incentives, non-competes, and venture-capital funding shape how fast and widely new technologies spread.
  3. Institutions and regulations — including patent rules, exclusivity periods, financial development, and adaptive regulatory sandboxes — strongly shape firms’ incentives to innovate and the trade-off between protecting inventors and promoting broader technology diffusion.

Where is the Moat in AI?

In My Tribe • 258 implied HN points • 11 Aug 25
💼 Business Finance
  1. Intangible assets, like brand loyalty and know-how, can create lasting profits that are harder to compete against than physical resources like data centers.
  2. With AI, some jobs, especially mid-level roles in fields like finance and law, may decline in value as companies adopt technology to cut costs.
  3. Successful companies will be those that maintain strong relationships and moats now, as they navigate competition with AI model developers.

Cigna said to be going after Humana to buy its way into Medicare Advantage

HEALTH CARE un-covered • 519 implied HN points • 28 Nov 23
💼 Business Finance
  1. Cigna is looking to acquire Humana to strengthen its position in the Medicare Advantage market. This is important because Medicare Advantage is a growing and profitable area in health insurance.
  2. If the deal goes through, Cigna and Humana together would have around 30 million health plan enrollees in the U.S., but they would still be smaller than their main competitor, UnitedHealthcare.
  3. Cigna's focus on this acquisition shows that they see it as a strategic move to grow, especially since both companies are shifting away from their commercial insurance businesses.

❄️ 🛖🔌 Qui veut racheter Courtepaille ?

Snowball • 668 implied HN points • 12 Feb 23
💼 Business Finance
  1. Uber has successfully turned its business around after facing scandals and significant losses.
  2. Employers often prefer candidates with diplomas for hiring.
  3. Courtepaille is up for sale again, positioning itself as an opportunity by focusing on future needs like electric vehicle charging stations.

Letters to a Young Investor: Kirsten Green

The Generalist • 820 implied HN points • 06 Feb 25
💼 Business Finance
  1. Kirsten Green's journey to becoming a successful investor wasn't straightforward. It took her ten years of learning and failing before founding her own firm.
  2. She developed a unique way of looking at business opportunities by focusing on how a business model can enhance the customer's experience.
  3. Failures in her early investments taught Kirsten valuable lessons and shaped her approach to investing, helping her identify when to trust her instincts.