The valuation is a classic bet on potential vs reality, as Substack’s execution has been spotty. We unpack the bet on creating an OnlyFans-like network, presumably with less risqué content. Plus: the mini-pivot to livestreams, AI's brand problem with Gen Z, Google Discover gets compressed, the power shift to golf YouTube, and AI coming for Excel jockeys because nothing is sacred.

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Chapters:

* 00:00 Open

* 01:01 Welcome

* 07:49 Substack

* 16:28 OnlyFans

* 23:12 Free Press

* 30:01 Google Discover

* 34:31 Rufuss

* 36:09 TITV

* 43:31 AI Spreadsheet Maker

* 51:54 AI Slop

* 59:53 Good Product

* 01:05:52 Outro

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