The Economics of Selling on the Internet
findthemoat Internet retailing has been a fascinating long-term case study in technology disruption where, two decades in, initial bullish expectations regarding the end-state unit economics of the industry have yet to…
The Xero Story (a 2023 update)
In early 2016, I published a piece on Xero where I posited that it was emerging as an exceptional capital compounding machine despite large headline losses. I suggested that its…