Napkin Math

Profit and power in technology, every Tuesday and Thursday.

Sep 14, 2023

Defense Tech Shouldn’t Be Sexy

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

Dec 7, 2023

The Impossibility of Being Charlie

RIP to nerd Jesus

Jul 11, 2024

Searching for Signal

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

Jun 27, 2023

Shopping for AI Shovels: The MosaicML Acquisition

Why would Databricks spend $1.3B?

Jul 15, 2022

Has Venture Lost Its Soul?

A Book Review of The Power Law

Sep 22, 2022

The AI Writer

How tech is changing what it means to be an author

Nov 24, 2021

How Do You Compete with Free?

Notion: The Embattled Artist

Mar 26, 2024

How to Make Millions on Discord

A new distribution channel has opened

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.

Jun 24, 2020

Why Software is More Profitable Than Content

Written by... a content company

Jul 20, 2023

Of Course You Can Beat the Market

Free your mind from the Efficient Market Hypothesis

Jul 18, 2024

A New Book of the Startup Bible

It’s the rare business book that you should actually read

Dec 1, 2021

Investing on Instinct

Why the best deals are done with no data at all

Nov 16, 2023

COGS: How I Bankrupted MoviePass

An intuitive explainer for how to lose money and win anyway

Apr 16, 2024

Distribution Is King

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

Mar 10, 2022

How To Get Leverage On Your Ideas

The Power Output Equation

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

Dec 8, 2022

The Primary Trends I’m Investing In Next Year

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

Apr 13, 2021

Announcing Napkin Math Fiscal Year 2021

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

Jul 23, 2020

Want to Become a Unicorn? Buy it, Don’t Build it

How Amazon Marketplace works, how Thrasio built a unicorn, the platform risk associated with the strategy, and regulation concerns.

Dec 5, 2023

Death of a Flywheel

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

Feb 27, 2024

What the Media Is Getting Wrong About AI

The future must be built on truth

Jan 6, 2022

What the hell is going on with Lambda School?

The complicated business of selling social good

Dec 1, 2022

The House of the Bloody Mouse

Where does Disney go from here?