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stratechery.com
Amazon’s Durability

Amazon, more than any other company, actually operates with decade-long timeframes, consistently making real-world investments at massive scale that (1) convert their marginal costs into capital costs and (2) gain leverage on those capital costs by selling them to other businesses.

— Ben Thompson
2w ago

The best thing a company can do is compound capital efficiently over a long period of time. Everything else is details.

2w ago
stratechery.com
2026.18: Long-term, Peripheral & Myopic Visions

Amazon — whether through vision or good fortune — was positioning itself well for a world defined by inference (given that their inference chip is called "Trainium", I'm going with a little bit of column A and a little bit of column B).

2w ago

The best thing a company can do is compound capital efficiently over a long period of time. That's what creates shareholder value. Most companies don't do it because they're distracted by quarterly earnings, acquisitions that destroy value, or just bad capital allocation decisions.

2w ago

The best thing a company can do is compound capital efficiently over decades. Everything else is noise.

3w ago
dwarkesh.com
Blog prize for the big questions about AI

Compelling answers about the big questions about AI can inform the most important economic and foreign policy decisions that will ever be made, the deployment of (at least) hundreds of billions of philanthropic dollars, and the training and governance of superintelligences.

3w ago

The best thing a company can do is to be a wonderful place to work and to create products and services that genuinely improve people's lives. Most companies optimize for the wrong thing—they optimize for quarterly earnings instead of for the long-term health of the business and the satisfaction of their customers.

4w ago

The task of the excellent teacher is to stimulate 'apparently ordinary' people to unusual effort over many years.

1mo ago

The big difference between what I do and what a lot of people in the hedge fund world do is that I actually think about the economics of the business, whereas a lot of people are just trying to make a quick buck.

2mo ago

Underscored — save the words that stop you in your tracks.

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