The Diff

Doing Business in the Dark Forest

October 19, 2026·13 min
Episode Description from the Publisher

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Doing Business in the Dark Forest (06:30) - Stock-Based Compensation (07:53) - Infra (08:58) - Balance Sheets (10:46) - An Ownership Society (12:15) - The Sonic Boom of Trust

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