When the pandemic began, we bought 16% of our things online. Now, we buy nearly 34% of our things online. That’s the kind of hockey stick growth investors like to see, and the ecommerce infrastructure companies’ valuations are skyrocketing accordingly.

By making Direct-to-Consumer (“DTC”) easier, software like Shopify increases entropy and lowers the probability that any specific company will generate sustained profits.

When we look back over the past 100 years, traditional commerce (and the culture it indirectly endorsed) was primarily curated by a single person’s point-of-view. Even when commerce moved online, to places like Amazon or Farfetch, retailers still controlled the types of things consumers purchased. Online commerce didn’t innovate a new shopping expe... See more