Why Are Toys Such a Bad Business?

This is the once-a-week free edition of The Diff, the newsletter about inflections in finance and technology. The free edition goes out to 8,221 subscribers, up 211 week-over-week. This week’s subscribers-only posts:

  • The UK as a Science Hub is an update on Boris Johnson’s plan (or, if you prefer, Dominic Cumming’s scheme) to make Britain a scientific powerhouse. The outlines of the plan aren’t new, but the opportunity is.
  • The Equity Risk Premium at 0% Interest looks at the implications of low real rates for tech companies. In equilibrium, low