Napkin Math

Profit and power in technology.

Jul 11, 2024

Searching for Signal

When building a startup gets hard, where should we turn?

Sep 4, 2020

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.

Mar 26, 2024

How to Make Millions on Discord

A new distribution channel has opened

Nov 12, 2020

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.

Feb 25, 2022

Joe Rogan: The Platform-Proof Creator

Spotify’s No-Win Predicament

Sep 22, 2022

The AI Writer

How tech is changing what it means to be an author

Feb 6, 2024

Profit, Power, and the Vision Pro

Will Apple’s new headset change everything?

Dec 1, 2021

Investing on Instinct

Why the best deals are done with no data at all

Dec 5, 2024

The Religion of Ramp

How the fintech became one of the fastest-growing startups—ever

Jun 24, 2020

Why Software is More Profitable Than Content

Written by... a content company

Dec 1, 2022

The House of the Bloody Mouse

Where does Disney go from here?

Sep 19, 2024

Live Fuller, Not Bigger

You must escape the shallow joy of more

Apr 16, 2024

Distribution Is King

What video games can teach us about building billion-dollar companies

Aug 5, 2020

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.

Nov 24, 2021

How Do You Compete with Free?

Notion: The Embattled Artist

Jun 27, 2023

Shopping for AI Shovels: The MosaicML Acquisition

Why would Databricks spend $1.3B?

Jul 20, 2023

Of Course You Can Beat the Market

Free your mind from the Efficient Market Hypothesis

Jul 22, 2021

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

Jul 9, 2024

Paramount’s Dilemma: Content Isn’t King—Distribution Is

Half a century removed from its glory days, the Hollywood giant has a new rescue plan

Nov 16, 2023

COGS: How I Bankrupted MoviePass

An intuitive explainer for how to lose money and win anyway

Jan 6, 2022

What the hell is going on with Lambda School?

The complicated business of selling social good

Dec 7, 2023

The Impossibility of Being Charlie

RIP to nerd Jesus

Jul 16, 2021

How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

Aug 24, 2023

A TikTok Competitor Is About to IPO—And It’s Deeply Suspicious

Triller's S1 raises questions about its numbers