Inside Note
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Editorial breakdowns on what actually works in business, and what only looks like it does.
AI without hype. Systems. Incentives. The hidden logic behind why companies and markets really win or fail.
New videos every Tuesday and Friday.
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You've probably heard the membership fee is all of Costco's profit. Not quite — and the truth is better. The whole retail operation earned about $5.06 billion last year. The fee brought in $5.32 billion. 51% of operating profit, from a $65 card with nothing to manufacture and nothing to ship. And when Costco raised that fee in September 2024, 92.3% of members renewed anyway. #costco #business #economics #membership #businessexplained
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American Express paid Delta 8.2 billion dollars last year. Delta's operating profit — every flight, every route, every continent — was 5.8 billion. One partner sent more money than the airline earned running itself. And it covers about 84% of Delta's entire fuel bill. There's another 9.2 billion sitting on the balance sheet that Delta has already been paid for and hasn't delivered yet. #delta #airlines #creditcard #economics #businessexplained
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