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Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Investing on Instinct

Why the best deals are done with no data at all

50 πŸ”’ Dec 1, 2021 by Evan Armstrong

Napkin Math

Cash Conversion Cycle: Bridging the Gap Between Profitability & Cash Flow

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.

49 πŸ”’ Nov 12, 2020 by Adam Keesling

Napkin Math

Why Software is More Profitable Than Content

Written by... a content company

48 Jun 24, 2020 by Adam Keesling

Napkin Math

How Do You Compete with Free?

Notion: The Embattled Artist

48 πŸ”’ Nov 24, 2021 by Evan Armstrong

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.

47 Jul 23, 2020 by Adam Keesling

Napkin Math

Crypto Has A Use Case

How Braintrust Used Tokens to Kickstart a Market

47 πŸ”’ Jul 21, 2022 by Evan Armstrong

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The House of the Bloody Mouse

Where does Disney go from here?

46 Dec 1, 2022 by Evan Armstrong

Napkin Math

Recommendation Algorithms Are a Necessary Evil (Sort Of)

AI is about to remake our information ecosystem and it is past time for us to prepare

46 Mar 9, 2023 by Evan Armstrong

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What the hell is going on with Lambda School?

The complicated business of selling social good

44 πŸ”’ Jan 6, 2022 by Evan Armstrong

Napkin Math

Tech stocks’ favorite lie to investors

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

41 πŸ”’ Sep 9, 2021 by Evan Armstrong

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The Primary Trends I’m Investing In Next Year

China, boring AI, vertical SaaS, and Apple's power

39 Dec 8, 2022 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 πŸ”’ Mar 23, 2022 by Evan Armstrong

Napkin Math

Microsoft should buy Netflix

Netflix and Bill

35 πŸ”’ Apr 21, 2022 by Evan Armstrong

Napkin Math

Facebook’s Capitulation

Abandoning a Trillion Dollar Advantage

35 πŸ”’ Jun 23, 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 πŸ”’ 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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The Face That AI Built

My explorations in image generation

34 Oct 6, 2022 by Evan Armstrong

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Look On My Works, Ye Mighty, and Despair

I Have Some Thoughts To Share

34 πŸ”’ Jun 30, 2022 by Evan Armstrong

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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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Are We Really Addicted?

An interview with Nir Eyal

33 Jun 22, 2022 by Evan Armstrong

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Will Tokens Replace Equity?

The Weird Future Ahead

32 πŸ”’ Jan 27, 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 πŸ”’ Apr 22, 2021 by Evan Armstrong

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The Race for New Payment Rails

Who is building the next Visa?

31 πŸ”’ Apr 14, 2022 by Reggie Young

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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 πŸ”’ Oct 8, 2020 by Adam Keesling