Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Gross Margin: An Indicator of Market Power

What America's Oldest Jeweler Can Teach Us About the Value of Bling

21 Apr 29, 2021 by Evan Armstrong

Napkin Math

My Favorite Company Deep Dives of 2020

Taking a look at the best companies deep dives of the past year, including posts on Fiverr/Upwork, Carta, Tyler Corporation, CostCo and more

21 Jan 7, 2021 by Adam Keesling

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In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

21 May 13, 2021 by Evan Armstrong

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First Steps to Buy A School Bus Company

Last week I pitched the idea of buying a school bus operator. This week I tell you how to do it.

18 🔒 Sep 9, 2020 by Adam Keesling

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Can Political Betting Markets Predict Election Outcomes?

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.

17 Nov 4, 2020 by Adam Keesling

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Announcing Napkin Math Fiscal Year 2021

After a short break, Napkin Math returns with a new writer

14 🔒 Apr 13, 2021 by Evan Armstrong and Adam Keesling

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Crash: Pitch a Company, Get a Job

Candidates earn jobs by putting in more work than their competition

14 Jun 10, 2020 by Adam Keesling

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Sometimes You’re The Datadog, Sometimes You’re The Hydrant

The history of cloud computing, how DevOps and Observability became so big, and the fate of Datadog

12 🔒 Aug 13, 2020 by Adam Keesling

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Your Uncle Is Still Your Uncle: Ant Pulls Its IPO

Ant's IPO has been taken down. What happened, what do you need to know and what should we expect to see next?

12 🔒 Nov 6, 2020 by Adam Keesling

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The Jet.com Obituary

The brand couldn’t compete against Amazon, but the acquihire was worth it for Walmart

10 May 29, 2020 by Adam Keesling

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New York Times: Investing In The Long Term

A review of the Q2 earnings: growth in digital subscriptions, a fall in advertising, and a decline in APRU due to long-term investing.

9 🔒 Aug 7, 2020 by Adam Keesling

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A Local News Revival

How product, marketing, and cost innovations create a massive opportunity

8 🔒 Jan 30, 2021 by Adam Keesling

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Curated: Expert Shopping Advice, Online

A three-sided marketplace to bring specialty retail to the internet

7 Jun 3, 2020 by Adam Keesling

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Why Finance Doesn’t Make Sense Anymore

Net Income and the Refactoring of Our Financial Ideology

3 🔒 Jun 17, 2021 by Evan Armstrong