On this week's episode of The Riff, Erik and Byrne talk about how to apply Costco's business model in other industries, the risky business of Martingale strategies, usage as a potential barrier to AI model development, and more. Get Harmonic: Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo. --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. --- SPONSORS: Harmonic | beehiiv Harmonic: Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine during your demo. beehiiv: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months --- RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836 --- LINKS: Byrne’s writing: https://thediff.co --- TIMESTAMPS: (00:00) Intro (00:21) Unpacking the Hunter Book Model: A New Approach to Monetizing News (07:30) Aligning Media and Investing: Conflicts and Confluences of Interest (12:41) Sponsor: Harmonic | Beehiiv (15:09) The Benefits of Public Markets and Short Selling Insights (18:09) Martingale Beliefs and Betting Strategies in Finance (23:31) The Martingale Thesis and Market Making (27:17) Unlocking the Potential of AI with Usage-Based Lock-In (31:45) Exploring the Costco Business Model and Its Applications (37:46) The Case for GDP-Linked Bonds: A Financial Innovation (40:06) Vertical Software Companies Acquiring Operating Companies (44:37) The Intersection of Media and Tech Companies (46:40) Wrap --- X / TWITTER: https://twitter.com/eriktorenberg (Erik) https://twitter.com/ByrneHobart (Byrne) https://twitter.com/TurpentineMedia (Turpentine) --- For guest or sponsorship inquiries please contact [email protected]