Why and how I ran a search fund
93 4 Jul 31, 2023 by Adam Keesling
And what it means for your job
57 1 Apr 17, 2023 by Adam Keesling
It's getting kind of scary out there
55 Jun 14, 2022 by Adam Keesling
After a short break, Napkin Math returns with a new writer
60 đź”’ Apr 13, 2021 by Evan Armstrong and Adam Keesling
How product, marketing, and cost innovations create a massive opportunity
18 Jan 30, 2021 by Adam Keesling
Taking a look at the best companies deep dives of the past year, including posts on Fiverr/Upwork, Carta, Tyler Corporation, CostCo and more
30 Jan 7, 2021 by Adam Keesling
In China, livestreaming has changed eCommerce. Learn about how it works, what the hosts do during the steam, and how it could impact American eCommerce.
44 Dec 8, 2020 by Adam Keesling
A look inside the S-1 of Wish. Included is the background of Wish, a look at their margins, how the universal postal union is changing their cost structure, how their CAC is rising and if they are viable long-term.
107 3 Dec 1, 2020 by Adam Keesling
What is the Cash Conversion Cycle and why is it useful? In this post, we discuss the Cash Conversion Cycle formula, an example calculation, and a comparison of public retailer IPOs.
70 Nov 12, 2020 by Adam Keesling
Ant's IPO has been taken down. What happened, what do you need to know and what should we expect to see next?
22 Nov 6, 2020 by Adam Keesling
Polls and pundits don't do a good job of predicting election results. But what about prediction markets? In this post, we discuss what makes a good market and what could cause it to be wrong.
32 Nov 4, 2020 by Adam Keesling
The largest IPO in history is happening in China with Ant Financial. In this post, we discuss all the services Ant Financial provides and what to expect in the future from Ant.
108 Oct 30, 2020 by Adam Keesling
Nike just released their latest earnings report. We dive into their "Consumer Direct Offense" strategy, how they combined their brand marketing with technology.
38 Oct 8, 2020 by Adam Keesling
Substack can't decide if it's a CMS or a media brand. Neither could Medium. Their indecision will likely lead to similar outcomes.
221 Sep 26, 2020 by Adam Keesling
Chegg grew their stock price from under $10 to over $85. They did it by changing their business model from the ground up and investing in digital media content.
92 Sep 18, 2020 by Adam Keesling
Last week I pitched the idea of buying a school bus operator. This week I tell you how to do it.
23 Sep 9, 2020 by Adam Keesling
Many schools have closed, representing a unique opportunity to buy school bus operators. With a strong moat, now might be the right time to buy.
64 Sep 4, 2020 by Adam Keesling
What drivers think of AB 5, why it was written, and the pricing differences between services
37 Aug 28, 2020 by Adam Keesling
A history of stock market exchanges: from fragmentation to monopoly, monopoly to fragmentation and back again.
83 Aug 25, 2020 by Adam Keesling
The difference between a contractor and an employee, what Uber's existing business looks like and how AB5 will impact their financials.
101 Aug 20, 2020 by Adam Keesling
The history of cloud computing, how DevOps and Observability became so big, and the fate of Datadog
38 Aug 13, 2020 by Adam Keesling
A review of the Q2 earnings: growth in digital subscriptions, a fall in advertising, and a decline in APRU due to long-term investing.
23 Aug 7, 2020 by Adam Keesling
Book review of The End of Accounting: there are four problems with current financial statements and intangible assets are the biggest reason why.
54 Aug 5, 2020 by Adam Keesling
What GPT-3 is, GPT-3's capabilities, if GPT-3 will replace jobs, and how it affects social media.
44 Jul 30, 2020 by Adam Keesling
How Amazon Marketplace works, how Thrasio built a unicorn, the platform risk associated with the strategy, and regulation concerns.
57 Jul 23, 2020 by Adam Keesling
