Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Want to Become a Unicorn? Buy it, Don’t Build it

How Amazon Marketplace works, how Thrasio built a unicorn, the platform risk associated with the strategy, and regulation concerns.

46 Jul 23, 2020 by Adam Keesling

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What the hell is going on with Lambda School?

The complicated business of selling social good

44 🔒 Jan 6, 2022 by Evan Armstrong

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Tech stocks’ favorite lie to investors

How the LTV/CAC ratio is manipulated to take advantage of retail investors

41 🔒 Sep 9, 2021 by Evan Armstrong

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The Future of Fitness: lululemon Buys Mirror

Why subscription hardware is better than hardware, the cross-selling opportunity, how Mirror could lead to a connected home, and why Mirror is a call option for Lululemon.

37 Jul 8, 2020 by Adam Keesling

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BIG announcement incoming

I'm going full time on Napkin Math

36 🔒 Mar 23, 2022 by Evan Armstrong

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Microsoft should buy Netflix

Netflix and Bill

35 🔒 Apr 21, 2022 by Evan Armstrong

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Twitter’s Shot at Becoming a Meme Stock

It’s Musk's world and we’re just tweeting in it

34 🔒 Apr 5, 2022 by Evan Armstrong

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Intangible Assets: The Invisible Value Driver

Book review of The End of Accounting: there are four problems with current financial statements and intangible assets are the biggest reason why.

34 Aug 5, 2020 by Adam Keesling

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How To Get Leverage On Your Ideas

The Power Output Equation

33 Mar 10, 2022 by Evan Armstrong

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Am I getting ripped off writing at Every?

Screenshots of my contract and the financial model I used to decide

31 🔒 Apr 22, 2021 by Evan Armstrong

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Will Tokens Replace Equity?

The Weird Future Ahead

31 🔒 Jan 27, 2022 by Evan Armstrong

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Nike: Direct Relationships & Digital Penetration

Nike just released their latest earnings report. We dive into their "Consumer Direct Offense" strategy, how they combined their brand marketing with technology.

31 🔒 Oct 8, 2020 by Adam Keesling

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How Live-streaming Ecommerce Works in China

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.

30 Dec 8, 2020 by Adam Keesling

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Spotify’s Quest to Own Your Ear

A Napkin Math and Trapital Production

29 🔒 Jan 31, 2022 by Evan Armstrong

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The Race for New Payment Rails

Who is building the next Visa?

29 🔒 Apr 14, 2022 by Reggie Young

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Snowflake: How a Revenue Retention Behemoth was Built

TL;DRThis is the second post on a deep dive in GTM metrics with a focus today on Revenue RetentionSnowflake is a software Dracula. It latche

29 Jul 22, 2021 by Evan Armstrong

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Uber and Lyft Live Once Again

What drivers think of AB 5, why it was written, and the pricing differences between services

28 🔒 Aug 28, 2020 by Adam Keesling

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GPT-3 Will Accelerate The Privatization of Internet Communities

What GPT-3 is, GPT-3's capabilities, if GPT-3 will replace jobs, and how it affects social media.

27 Jul 30, 2020 by Adam Keesling

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Explaining the Hertz Situation

A layman’s guide to bankruptcy

26 Jun 18, 2020 by Adam Keesling

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Planet of the Billion Dollar Bored Apes

Is Bored Ape Yacht Club a Decentralized Disney?

24 🔒 Mar 24, 2022 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

23 🔒 May 28, 2021 by Evan Armstrong

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Is Facebook Fixable

A Review of An Ugly Truth

23 Aug 13, 2021 by Evan Armstrong

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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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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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How a Climate Tech Startup Closed 5+ Enterprise Deals Before Even Launching

Remora, The Bureaucracy Buster

20 Aug 20, 2021 by Evan Armstrong