Why some acquisitions look insane from the outside and obvious from the inside. Every few months a big company buys a small one for a number that makes the internet laugh. Forty times revenue for a thing with no profit. A billion dollars for an app your group chat used twice. The peanut gallery calls […]

Two columns on a napkin that should have changed your roadmap a year ago. Everyone says “build versus buy” like it’s a real comparison they ran. Almost nobody runs it. They feel their way to “build,” because building is the default and defaults don’t have to be defended. So let’s actually do the napkin, because

The cheapest distribution you will ever acquire is the kind that already exists. Most founders think about acquisition exactly once, at the end, as the thing that happens to them. Someone bigger shows up, waves a number, and they either take it or don’t. The idea that they could be the one doing the buying,