Neither and New Follow-Up, Adam Neumann Forced Out, Peloton IPOs

Why Neither/New companies are different than traditional marketplaces, how Vision Fund’s flaws led to Adam Neumann being forced out, and why Peloton has a big opportunity it might not see.

Tech Companies and Hardware, The Cost of Low Margins

Software-differentiated hardware companies are tech companies, but be careful about low margins leading to a destructive cycle where marketing costs drown a company.

What Is a Tech Company?

The question of “What is a tech company” comes down to how much software and its unique characteristics affects the company’s core business.