Author
Antoine Buteau

Antoine Buteau

4 min read Free

The Capital Allocation Theory of Growth Series #8: When Payback Is Not Enough

Payback is useful because it disciplines growth around cash recovery. But it is not sufficient. A company that optimizes only for short payback can become...
3 min read Free

The Capital Allocation Theory of Growth Series #7: The CFO Theory of Growth

The productive tension between growth and finance is not a bug. Growth wants more shots on goal. Finance wants to know when the cash comes back. A healthy...
3 min read Free

The Capital Allocation Theory of Growth Series #6: The Metric Stack for Growth Operators

Growth metrics sit in layers. The lower layers are not useless, but they are easier to game and easier to misunderstand. The higher layers are harder to...
4 min read Free

The Capital Allocation Theory of Growth Series #5: Attribution Is Not Incrementality

Attribution systems are useful, but they are not truth machines. They tell the company which touchpoints appeared near a conversion. They do not...
3 min read Free

The Capital Allocation Theory of Growth Series #4: The Next Dollar Is the Only Dollar That Matters

Growth teams often defend a channel by pointing to its historical performance. The average CAC is attractive. The blended payback is acceptable. The...
3 min read Free

The Capital Allocation Theory of Growth Series #3: Gross Growth vs Net Growth

Gross growth is the version of growth that looks good before the business has paid the full bill. It counts revenue, customers, signups, pipeline, or...
4 min read Free

The Capital Allocation Theory of Growth Series #2: There Is No Universal Growth Metric

A bad growth review starts with universal metrics. CAC, LTV, ROAS, payback, retention, NRR, conversion rate, and activation all sound precise until they...
4 min read Free

The Capital Allocation Theory of Growth Series #1: LTV:CAC Is a Story, Payback Is a Constraint

Growth teams like LTV:CAC because it turns a messy business into a clean ratio. The numerator tells a story about future customer value. The denominator...
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