Newsletters have a lower barrier to entry than they ever have thanks to Substack, Revue etc. My take: you don't have to outwit, you just need to outlast. Most will give up after 3,4,10 editions. As it goes with anything. If you consistently put in the effort and iterate based on data, you can still have a relevant newsletter and become the top 5%. Even more, with all the mediocre newsletters out there, it helps the better ones shine a little brighter. Newsletters are just getting started, but like with anything, consistency, persistence, and iteration will determine the payoff, fad or not.