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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...
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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...
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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...
1 min read Free

The Operator's Long Game — Series Index

The Operator& 39;s Long Game is a 6 part series. Use this index as the table of contents and read the posts in order. Read the series in order The...
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The Operator's Long Game Series #6: The Long-Game Operating System

Operators like plans because plans reduce anxiety. They create sequence, ownership, and the feeling that ambiguity has been contained. But in uncertain...
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The Operator's Long Game Series #5: Trust Is the Right to Keep Playing

Trust is often described as a cultural virtue. Operators should treat it as an operating asset. Trust is the right to keep playing. It is what lets a...
3 min read Free

The Operator's Long Game Series #4: Capacity Is the Infinite Game Asset

Long game language gets vague quickly. People talk about purpose, resilience, culture, and patience. Those things can matter, but operators need a more...
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