Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

We Should All Want to Be Mitt Romney

What is the point of F U money if you never say F U?

3 Nov 9, 2023 by Evan Armstrong

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Crypto’s Prophet Speaks

A16z’s Chris Dixon hasn’t abandoned the faith with his new book, 'Read Write Own'

13 Feb 1, 2024 by Evan Armstrong

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Software is Eating the Individual

The Embedded Human

Jun 10, 2022 by Evan Armstrong

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The AI Writer

How tech is changing what it means to be an author

Sep 22, 2022 by Evan Armstrong

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Ads in the Age of AI

Weirder, different, and new

7 Mar 7, 2024 by Evan Armstrong

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Snap’s Probably Screwed (Again)

Maybe Elon should buy it

Jul 27, 2023 by Evan Armstrong

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Has Venture Lost Its Soul?

A Book Review of The Power Law

Jul 15, 2022 by Evan Armstrong

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Joe Rogan: The Platform-Proof Creator

Spotify’s No-Win Predicament

2 Feb 25, 2022 by Evan Armstrong

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What I Learned From Being Cancer Free

Seven Years of Freedom

Sep 8, 2022 by Evan Armstrong

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Cash—Kingmaker or Killer?

A examination of when cash can anoint a market winner

Apr 28, 2022 by Kyle Harrison

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Defense Tech Shouldn’t Be Sexy

Weapons are a necessary evil, not a hype-y consumer product

1 Sep 14, 2023 by Evan Armstrong

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Pinterest Has a Chance

The first full-stack shopping platform

Nov 10, 2022 by Evan Armstrong

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Shopping for AI Shovels: The MosaicML Acquisition

Why would Databricks spend $1.3B?

Jun 27, 2023 by Evan Armstrong

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The Impossibility of Being Charlie

RIP to nerd Jesus

3 Dec 7, 2023 by Evan Armstrong

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Why Polarity Pays

The complicated social and financial incentives at the heart of online publishing

5 Mar 21, 2024 by Evan Armstrong

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Investing on Instinct

Why the best deals are done with no data at all

1 Dec 1, 2021 by Evan Armstrong

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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

Mar 9, 2023 by Evan Armstrong

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7 Reasons Media Is a No-Good, Horrible, Rotten Business That I Love Anyways

Plus a few things that bring me hope

1 May 4, 2023 by Evan Armstrong

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Announcing Napkin Math Fiscal Year 2021

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

🔒 Apr 13, 2021 by Evan Armstrong and Adam Keesling

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NFT Projects are just MLMs for Tech Elites

A somewhat impartial review of current NFT business models

4 Sep 30, 2021 by Evan Armstrong

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The Investment Opportunity in School Bus Operators

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.

Sep 4, 2020 by Adam Keesling

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Why Software is More Profitable Than Content

Written by... a content company

Jun 24, 2020 by Adam Keesling

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How to Make Millions on Discord

A new distribution channel has opened

Mar 26, 2024 by Evan Armstrong

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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.

Nov 12, 2020 by Adam Keesling

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The Primary Trends I’m Investing In Next Year

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

Dec 8, 2022 by Evan Armstrong