Explainer
Business
Understand companies through the decisions, numbers and people behind them — corporate strategy, earnings, capital allocation, funding, mergers and acquisitions, and the executives who answer for them.
Capital allocation is the least glamorous executive responsibility and the one that most reliably determines a company's decade.
Explainer
How Startup Funding Rounds Work, Stage by Stage
Pre-seed to Series C, and the mechanics underneath the letters: dilution, preferences, valuations that are not really valuations.
Explainer
Reading a Company's Cash Flow Statement
Profit is an opinion shaped by accounting choices. Cash is a fact. The statement that reconciles the two is the one worth reading first.
