Block: Square, Cash App, and Economic Access

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[00:02:52] - [First question] - What is Block and what it does as a business

[00:04:58] - How is Block organized, their scale, and how many merchants they serve

[00:08:03] - Their founding story and the insight that lead to creating Block

[00:10:49] - Major milestones in the last decade after releasing their card reader

[00:13:47] - The story behind their Cash App and what it is

[00:18:59] - What Afterpay is and how it creates connections for merchants

[00:21:23] - Overview of the payment ecosystem and where Block fits into it

[00:25:03] - The P&L of Square, its blended gross margin, and customer acquisition strategy

[00:30:42] - How Cash App makes money and its P&L

[00:35:54] - The balance sheet of Block and how they’ve stood out in a competitive space

[00:38:31] - The ways their product organization allows them to move at a rapid pace

[00:40:30] - How they avoid fraud that’s seemingly everywhere in financial service businesses

[00:42:01] - His thoughts on the competitive environment and how they’re succeeding

[00:47:56] - Highlights of M&A and how they reconcile them with their overall strategy

[00:54:44] - Their view on Bitcoin and crypto and how it plays into Block’s business

[00:59:09] - Things that could happen in a macro environment to aid their future growth

[01:01:30] - What could go wrong in the future and the macro environment’s impact

[01:03:49] - Lessons for builders and investors when studying Block’s story

[01:06:20] - Places to go to learn more about Block