The Diff is a daily newsletter that aims to answer a simple question: "In a few centuries when historians reach a consensus on what was happening today, what will they believe?" Themes include Big Tech, Tiny Tech, and Finance. The Diff also touches on more time-sensitive trends, including COVID-19, public pensions, American universities, as well as the competition between the United States and China.
The core thesis here is that Blue Apron’s funding validated the market, prompting competitors to show up and go after their customers—which raised customer acquisition costs and churn, collapsing the CAC/LTV calculation that the business was predicated on. Blue Apron went public four months later and has since lost 98% of its value.