Industry Deep Dive: Theme Parks, Pre-Covid and Post-

Plus! Scaling Moderation, Theater Reopening, Software Slump, Fungibility of Crime, and more...

The world’s worst businesses have fixed upfront costs and variable revenues—mining, airlines, capital goods. On the other hand, the world’s best businesses do, too—media, software, payments.

The theme park business is a case study in the hazy difference between structurally good and structurally terrible businesses. It’s a timely one, too. Shares of …

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