Monday, May 11, 2026

3 hints the smartest email marketers are using right now

Small shifts, big results. Read this before your next campaign  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

This is way too long, but you need it

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Nowadays on the right, even among otherwise sensible people, it's fashionable to hear things like:

We need to move past the outdated and childish idea that everything the state touches turns rotten. There are some very important things the state can do, and it's time to leave Ayn Rand's fantasies behind. (They always bring up Rand for some reason.)

These people are more sophisticated than you and I are, you see: we're blinded by our juvenile ideology, while they examine the evidence on a case-by-case basis.


An old clip of Rand on monopolies, in which she says they always have some government privilege behind them if you really look, have sent these people into apoplexy.

(You'd think the Covid fiasco, in which the lockdown policies were all but designed to favor larger firms over smaller ones, would have opened their minds to Rand's point of view on this.)

One such person took the opportunity to resurrect the old "predatory pricing" chestnut: a big business can drive its competitors out of business by lowering its prices to levels the smaller firms can't match, and then, once they're all driven out, the dominant firm enjoys "monopoly profits."

Now I know it's tempting to believe something like that, but it's nonsensical; Chicago economist George Stigler observed that the theory had fallen into disfavor among professionals even in his day, such that "it would be embarrassing" to encounter it today. For that matter, Dominick Armentano, retired economics professor who specialized in this area, examined all the antitrust cases in which a firm was accused of such behavior and found no clear, successful instances.

The strategy is economically suicidal. A dominant firm (e.g., with 90 percent market share) would suffer losses nine times greater than a small rival with 10 percent. Even if it does manage to drive out competitors, it must then somehow raise its prices without attracting new entrants drawn by the high profits it's now earning. Good luck with that!

The dominant firm also faces the problem that new firms can buy bankrupt rivals’ assets cheaply at fire sales, and then enter as competitors with a significant cost advantage. Meanwhile, consumers have been stocking up on the goods in question during the low-price period, and that in turn delays the dominant firm's ability to recoup its losses.

A common variant involves chain stores using profits from other markets to fund predation in a new one. Consider “MegaMart,” a nationwide grocery chain with 1,000 stores and $1 billion in capital ($1 million per store). Even granting (for argument’s sake) that it could eliminate local competitors and deter future entry, the math fails.

Thus George Reisman notes that any “premium” profits from monopoly pricing in one location would be modest -- perhaps $300,000 extra per year. At a normal 10 percent return on capital, this justifies risking only about $3 million, not the firm’s full resources. Larger investments would yield below-average returns. Consequently, many investors with just $1-5 million could compete for those gains, undermining any unique advantage for giant firms.

Don Boudreaux, in turn, makes this argument: suppose Walmart tried predatory pricing on consumer electronics (such as flat-screen TVs) to monopolize that category. Suppliers like Samsung would suffer from reduced sales once Walmart raised prices afterward (per the law of demand). Samsung is obviously not going to take that lying down.

Samsung could prevent this through resale price maintenance contracts: minimum-resale-price agreements block below-cost selling upfront (the first stage of predatory pricing), while maximum-resale-price agreements cap post-predation price hikes (the second stage of predatory pricing). Firms at every production stage have strong incentives to block any single player from extracting monopoly profits that reduce overall output and their own revenues.


I have a chapter on the subject in my 2014 book Real Dissent that goes into more detail. I have to say I was rather pleased to hear from a professor at a pontifical university in Rome who had a hand in one of Pope Benedict XVI's social encyclicals, who wrote to tell me it had completely changed his mind!

The guy also argued that patents drove the Industrial Revolution, and that a strong state was necessary to enforce them, but even here he's wrong: 


Filing and enforcement were expensive and cumbersome in the eighteenth century, and enforcement was patchy before the 1830s. Many patents were evaded, litigated unsuccessfully, or simply ignored. Hargreaves' spinning jenny patent was largely ineffective at stopping copies.

James Watt's broad and extended steam-engine patent may actually have inhibited progress by slowing adoption of high-pressure engines and rotary improvements until it expired around 1800, after which steam power truly boomed and spread more widely.

Historian Joel Mokyr speaks of the "Industrial Enlightenment," a cultural shift toward open dissemination of knowledge through societies, publications, and cultural norms treating knowledge as a public good. Along those lines, many innovators, like Humphry Davy and Michael Faraday, refused patents on principle.


Our views on things are often counterintuitive. It sure seems, for example, as if a centrally planned economy should work better and be less chaotic than a free one, doesn't it? So we often find ourselves arguing with people who simply adopt the intuitive answer without even considering the possibility that there's a huge literature on it and that there's another side to the story.

So that's what you have ol' Woods for.

Meanwhile, at last Friday's presentation I delivered on my promise: you did audibly gasp at what you were seeing on your screen.

And we gave you a free 17-page PDF with every last detail so you can do exactly the same things we showed you.

We walked through how my good friend and business partner Paul Counts (seventh great-grandson of Patrick Henry, by the way) researches markets, creates content, and automates repetitive marketing work without sounding robotic or generic.

If you run a business, write online, or frankly just feel buried under administrative drudgery, you'll find this surprisingly worthwhile, and I promise you will audibly gasp as you see what Paul does on his screen.

I consider it a good thing for people in Woods world to have advantages other people don't know about.

It'll be up for free for 48 hours, and then after that I'll probably put it in the members' area of one of my paid programs, so by all means make the time to watch, because with just that PDF you can do 90 percent of what a marketing agency will do, and since half of them are clueless anyway, good riddance to them:

 

Tom Woods




 






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Tom Woods · PO Box 701447 · Saint Cloud, FL 34770 · USA

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