Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Death of a Flywheel

Amazon and Berkshire Hathaway got really big. Here’s why it might kill them.

Dec 5, 2023 by Evan Armstrong

Napkin Math

Of Course You Can Beat the Market

Free your mind from the Efficient Market Hypothesis

1 Jul 20, 2023 by Evan Armstrong

Napkin Math

What the hell is going on with Lambda School?

The complicated business of selling social good

2 Jan 6, 2022 by Evan Armstrong

Napkin Math

COGS: How I Bankrupted MoviePass

An intuitive explainer for how to lose money and win anyway

4 Nov 16, 2023 by Evan Armstrong

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How To Get Leverage On Your Ideas

The Power Output Equation

Mar 10, 2022 by Evan Armstrong

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The Double Bind Theory—Or Why Sensationalism (Unfortunately) Works

If you want to win, you gotta spike

4 Sep 28, 2023 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

1 Sep 9, 2021 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

Apr 5, 2022 by Evan Armstrong

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Are We Really Addicted?

An interview with Nir Eyal

6 Jun 22, 2022 by Evan Armstrong

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The Race for New Payment Rails

Who is building the next Visa?

Apr 14, 2022 by Reggie Young

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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.

Aug 5, 2020 by Adam Keesling

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Microsoft should buy Netflix

Netflix and Bill

1 Apr 21, 2022 by Evan Armstrong

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OpenAI’s Code Interpreter Is About to Remake Finance

Get in, loser—we’re disrupting Oracle

Jul 13, 2023 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.

Jul 8, 2020 by Adam Keesling

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Facebook’s Capitulation

Abandoning a Trillion Dollar Advantage

Jun 23, 2022 by Evan Armstrong

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Is Facebook Fixable

A Review of An Ugly Truth

3 Aug 13, 2021 by Evan Armstrong

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Look On My Works, Ye Mighty, and Despair

I Have Some Thoughts To Share

1 Jun 30, 2022 by Evan Armstrong

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BIG announcement incoming

I'm going full time on Napkin Math

3 🔒 Mar 23, 2022 by Evan Armstrong

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The Face That AI Built

My explorations in image generation

Oct 6, 2022 by Evan Armstrong

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Profit, Power, and the Vision Pro

Will Apple’s new headset change everything?

5 Feb 6, 2024 by Evan Armstrong

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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

1 Jul 22, 2021 by Evan Armstrong

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What is an Asset?

Plus a new course from Napkin Math!

Aug 18, 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.

Oct 8, 2020 by Adam Keesling

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Spotify’s Quest to Own Your Ear

A Napkin Math and Trapital Production

Jan 31, 2022 by Evan Armstrong

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Will Tokens Replace Equity?

The Weird Future Ahead

1 Jan 27, 2022 by Evan Armstrong