Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

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

Napkin Math

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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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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Will Tokens Replace Equity?

The Weird Future Ahead

1 Jan 27, 2022 by Evan Armstrong

Napkin Math

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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The Race for New Payment Rails

Who is building the next Visa?

Apr 14, 2022 by Reggie Young

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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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Is Facebook Fixable

A Review of An Ugly Truth

3 Aug 13, 2021 by Evan Armstrong

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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

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Are We Really Addicted?

An interview with Nir Eyal

6 Jun 22, 2022 by Evan Armstrong

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Facebook’s Capitulation

Abandoning a Trillion Dollar Advantage

Jun 23, 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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Microsoft should buy Netflix

Netflix and Bill

1 Apr 21, 2022 by Evan Armstrong

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The Right Kind of Asshole

A founder’s personality can differentiate them—or destroy them

4 May 7, 2024 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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The Face That AI Built

My explorations in image generation

Oct 6, 2022 by Evan Armstrong

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The Books, Videos, Movies, and TV Shows That Changed Me Last Year

If you want to develop great taste, you must taste a lot of stuff

2 Jan 11, 2024 by Evan Armstrong

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Patreon Should Buy Substack to Save Creators

The solution to the problem of social media is to build something better

7 May 9, 2024 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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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

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AI and the Vision Pro Don’t Need a Killer App

Software that drives hardware adoption is rarer than you think

2 Feb 22, 2024 by Evan Armstrong

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AI Is Transforming the Nature of the Firm

By reducing transaction costs, AI will reshape how companies operate and interact

Jun 4, 2024 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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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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Spotify’s Quest to Own Your Ear

A Napkin Math and Trapital Production

Jan 31, 2022 by Evan Armstrong