At the risk of belaboring a point, one of the more fascinating business models is that of the humble middleman. Middlemen usually operate quietly, out of sight of consumers and the media, so they often go unnoticed by investors. And they can be tricky to analyze because often it’s not obvious why a business that […]

A few years ago, if I remember correctly, Netflix and Pandora occupied roughly similar places in Wall Street’s imagination, each in its respective industry. Pandora was the public play on the bright future of music streaming, and Netflix was the public play on the bright future of video streaming. Fast forward to 2015 and Netflix […]