The history of credit cards helps explain why Plaid is valuable to Visa, and how Visa can make it significantly better.
The beginning of technology was about the shift from batched computing in one place to continuous computing everywhere. That era of paradigm changes may be over, which means the real changes are only beginning.
The most popular and most important posts on Stratechery in 2019.
Understanding the differences between platforms and Aggregators is critical when it comes to considering regulation.
Data portability is friendly to consumers, but it has very little to do with encouraging competition, at least relative to interoperability.
Apple has won through integration, but integration combined with network effects and economies of scale can result in bad outcomes that look a lot like monopolies.
Google, the real Aggregator, is squeezing OTAs, which acted like Aggregators while depending on Google for demand. It’s easy to say Google is being unfair, but this may be better for consumers.
The First Amendment is not about a law, but rather a culture — specifically a culture of liberty. It is essential to tech, and in this context, Facebook is mostly right about political ads (but can still do better).
Mark Zuckerberg suggested that social media is a “Fifth Estate”; in fact, social media is a means by which the Third Estate — commoners — can seize political power. Here history matters.
Google presented a vision of ambient computing that goes beyond the smartphone. The company is well-placed, but faces challenges both in the marketplace and in the mirror.