Explainer
Reading a Company Properly
What separates a business that compounds from one that merely grows. Capital allocation, the funding rounds that shape ownership, and the statement that is hardest to dress up.
Capital allocation is the least glamorous executive responsibility and the one that most reliably determines a company's decade.
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.
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.
