Sometimes companies go down a path that significantly alters the structure of what they do and how they do it.
Sometimes they do it well, and sometimes they do it poorly.
In Dismantling an investment market: Patreon’s fees, I look at some basic info about how investing works (because working at Vanguard for 16 years did teach me a few things about the business, even if I am definitely not an investment advisor and you should talk to one of them before ever listening to me). I use the models of mutual funds and stocks to analyze what Patreon chose to do with their business (and then undo) and offer my own take on why it’s just a bad idea.