Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Will Tokens Replace Equity?

The Weird Future Ahead

1 Jan 27, 2022 by Evan Armstrong

Napkin Math

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.

Dec 8, 2020 by Adam Keesling

Napkin Math

Spotify’s Quest to Own Your Ear

A Napkin Math and Trapital Production

Jan 31, 2022 by Evan Armstrong

Napkin Math

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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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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Am I getting ripped off writing at Every?

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

Apr 22, 2021 by Evan Armstrong

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Planet of the Billion Dollar Bored Apes

Is Bored Ape Yacht Club a Decentralized Disney?

1 Mar 24, 2022 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

Aug 28, 2020 by Adam Keesling

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Explaining the Hertz Situation

A layman’s guide to bankruptcy

Jun 18, 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.

Jul 30, 2020 by Adam Keesling

Napkin Math

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

If you want to win, you gotta spike

2 Sep 28, 2023 by Evan Armstrong

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Finance is Narrative Not Numbers

The Subtle Art of Manipulating CFOs

2 Aug 25, 2022 by Evan Armstrong

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Is Facebook Fixable

A Review of An Ugly Truth

3 Aug 13, 2021 by Evan Armstrong

Napkin Math

What is an Asset?

Plus a new course from Napkin Math!

Aug 18, 2022 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

1 May 28, 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

Jan 7, 2021 by Adam Keesling

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Twilio’s Second Act

Twilio rode its API to a $66B valuation. Now it’s trying to become the Universal Switchboard for the internet.

Jul 28, 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

1 May 13, 2021 by Evan Armstrong

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

Remora, The Bureaucracy Buster

Aug 20, 2021 by Evan Armstrong

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Is YC the Monopoly It Thinks It Is?

The Pricing Power Flex

Feb 10, 2022 by Evan Armstrong

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How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

Jul 16, 2021 by Evan Armstrong

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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

Aug 13, 2020 by Adam Keesling

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Gross Margin: An Indicator of Market Power

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

1 Apr 29, 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.

Sep 9, 2020 by Adam Keesling

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Curated: Expert Shopping Advice, Online

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

1 Jun 3, 2020 by Adam Keesling