The hottest Finance Substack posts right now

And their main takeaways
Category
Top Business Topics

Figma S-1 Breakdown

Tanay’s Newsletter • 195 implied HN points • 15 Jul 25
💼 Business Finance
  1. Figma took its time, focusing on building a great product before pushing for profits. This approach paid off as it grew into a major player in design tools.
  2. Figma has successfully expanded beyond just design, offering multiple tools for the entire product development process. Many of its users are now benefiting from various products within the platform.
  3. While Figma is doing well financially, there are concerns about how AI will change the design landscape. The company sees both risks and opportunities with AI, aiming to integrate it effectively into their tools.

More data center spending and an IPO!

Alex's Personal Blog • 65 implied HN points • 11 Nov 25
💼 Business Finance
  1. Companies are investing heavily in data centers, indicating strong demand for AI technology. This spending shows that businesses see long-term value in cloud infrastructure.
  2. Two AI companies, OpenAI and Anthropic, are taking different paths in their growth strategies. OpenAI is focusing on consumer and enterprise markets, while Anthropic is targeting mostly business customers.
  3. Klook, a travel and experience booking service, is planning to go public in the US after recovering from the pandemic. Its profitability and growth in gross transaction value make it an interesting investment opportunity.

L.E. Memo | The End of Thrift

Lewis Enterprises • 393 implied HN points • 07 May 23
💼 Business Finance
  1. Public markets offer an egalitarian opportunity for individuals to invest in top companies.
  2. Private capital is dominating the economy post-2000, offering advantages like less governance and disclosure.
  3. The growth of private equity has led to a decline in public market assets, impacting savers and increasing challenges for individual investors.

a horror story in four words

Dan Davies - "Back of Mind" • 393 implied HN points • 16 Jun 23
💼 Business Finance
  1. The concept of 'change of valuation basis' in business can indicate stress and financial strain
  2. Valuing buildings can vary depending on the purpose, whether it's for selling, lending, or immediate sale
  3. Understanding 'change of valuation basis' sheds light on liquidity, solvency, and the socially constructed nature of financial reality
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Import AI 323: AI researcher warns about AI; BloombergGPT; and an open source Flamingo

Import AI • 519 implied HN points • 03 Apr 23
🕹 Technology Finance
  1. Bloomberg has developed BloombergGPT, a powerful language model trained on proprietary financial data with significant performance improvements on financial tasks.
  2. AI researcher Dan Hendrycks warns about future AI systems potentially out-competing humans due to natural selection favoring AI traits that may not align with human interests.
  3. Open source initiatives like OpenFlamingo and Cerebras-GPT show how companies and collectives are replicating and releasing advanced AI models, presenting a trend in the industry towards open collaboration and competition.

When should you cross-sell?

Startup Real Talk • 291 implied HN points • 21 May 25
💼 Business Finance
  1. Don't rush to cross-sell. In the beginning, most customers may not buy extra products from you, so it's better to focus on growing your customer base first.
  2. Avoid getting distracted by cross-selling. Stick to what you do best to keep your business moving forward.
  3. Wait until your customer count is larger before cross-selling. The more customers you have, the better the chances of successfully selling additional products.

The Bear Cave #250

The Bear Cave • 606 implied HN points • 01 Dec 24
💼 Business Finance
  1. The Bear Cave focuses on finding problems in companies that are often ignored by the mainstream. This helps identify potential short selling opportunities.
  2. The publication has tracked executive resignations and has shown that many companies with leadership changes tend to underperform in the market.
  3. Over the past few years, the companies highlighted by The Bear Cave have consistently lagged behind the S&P 500, hinting at serious issues that investors should consider.

SITREP

THREE SEVEN MAFIA • 899 implied HN points • 24 Mar 23
💼 Business Finance
  1. Frogpackages have been well received by recipients.
  2. Efforts are being made to ensure budget needs are met by next week.
  3. Less focus on social media as the project is in a growth and transition phase.

DeFi Education Q&A (August Q&A)

DeFi Education • 459 implied HN points • 16 Aug 23
🔮 Crypto Finance
  1. The Q&A sessions provide expert insights from professionals in finance and software. It's a chance to learn from people who know a lot about these topics.
  2. These sessions are held monthly, giving subscribers the opportunity to ask questions and get answers regularly.
  3. Participation requires a paid subscription, which ensures that the information shared is valuable and exclusive.

Crypto is chain-letter technology

In My Tribe • 470 implied HN points • 26 Jan 25
🔮 Crypto Finance
  1. Cryptocurrencies like Bitcoin can be compared to chain letters, where early participants may make money while later ones might lose everything. It only works as long as new buyers keep joining in.
  2. The American dollar, being a fiat currency, also operates like a chain letter. It's based on trust and belief rather than a physical backing, and its value can decline over time.
  3. Some people view Bitcoin as a safe way to protect against inflation, but switching from the US dollar to Bitcoin may not solve the fundamental issues with trust and value in these systems.

Bitcoin Tech Talk #381

jimmysong • 196 implied HN points • 29 Jan 24
🔮 Crypto Finance
  1. The Marshmallow Test may measure compliance more than self-restraint.
  2. Declining fertility rates worldwide are prompting statist solutions.
  3. Chemists found artificial sweeteners by accidentally tasting chemicals.

Judicial Notice (02.03.24): Musk’s Money Troubles

Original Jurisdiction • 219 implied HN points • 04 Feb 24
📰 News Finance
  1. Elon Musk's $56 billion pay package was ruined by lawyers, led by Greg Varallo, Jeroen van Kwawegen, and David Tejtel.
  2. Litigation boutiques like Lehotsky Keller Cohn are achieving significant wins in cases like FedEx's punitive damages.
  3. ChatGPT's suggestion of non-existent legal cases highlights the need for caution when using AI in legal research.

💥Back to BustedSPACs💥

PETITION • 373 implied HN points • 07 Jun 23
💼 Business Finance
  1. Cyxtera Technologies Inc., Codiak BioSciences Inc., and Virgin Orbit Holdings Inc. are discussed in the article.
  2. Starboard Value Acquisition Corp.'s target, Cyxtera Technologies Inc., filed for chapter 11 bankruptcy.
  3. The bankruptcy filing affected the market on Monday.

Apple

Business Breakdowns • 373 implied HN points • 11 Apr 23
💼 Business Finance
  1. Apple's revenue is divided into five segments: iPhone, Mac, iPad, Wearables, Home and Accessories, and Services.
  2. Apple's Services segment has high margins and benefits from the large installed base of iPhone, Mac, and iPad users.
  3. Apple has a negative cash conversion cycle, giving the company leverage over its suppliers and improving working capital.

A Trust Issue.

News Items • 373 implied HN points • 05 Sep 23
💼 Business Finance
  1. John Ellis discusses corruption in America's courts and the pursuit of reform.
  2. Jay Alix alleges McKinsey consulting firm has been breaking the law in bankruptcy courts.
  3. Consider subscribing to News Items for more insightful content on legal issues.

Gymshark part 2: co-founder exits, billionaire tax planning, securing the bag, and cash crunches

Net Income • 373 implied HN points • 13 Jul 23
💼 Business Finance
  1. Co-founder disagreements in growing businesses are common and it might be necessary to part ways if visions differ.
  2. Smart tax planning strategies can help wealthy individuals protect assets and leave a financial legacy for future generations.
  3. Managing cash flow in a rapidly growing business, especially with inventory-based models, is crucial for long-term success.

💥"Position Enhancing Transactions"💥

PETITION • 373 implied HN points • 21 May 23
💼 Business Finance
  1. Banks changed behavior post-GFC, leading to aggressive borrower actions.
  2. PE shops have more cash post-GFC and less concern about lenders.
  3. Liability management transactions like PETs are popular due to bankruptcy outcomes and accommodative judges.

Beyond the carbon buzz

Topsoil • 373 implied HN points • 22 Aug 23
🌞 Climate & Environment Finance
  1. Agriculture has a significant impact on the environment, beyond just carbon sequestration.
  2. Sustainability in agriculture requires real changes on farms, operational support for farmers, and financial incentives.
  3. Financing and risk-sharing across the agricultural value chain are crucial for accelerating adoption of sustainable practices.

Marketing for a fundraise (like, the VC kind)

Mehdeeka • 5 implied HN points • 10 Feb 26
💼 Business Finance
  1. During a fundraise the target audience for marketing shifts from customers to investors, so focus on clear messaging, founder thought leadership, and visible social proof like PR and case studies.
  2. Investors care about evidence of product-market fit and disciplined spend — they prefer real customer pull, clear unit economics, and honest testimonials over glossy rebrands or theatrical marketing.
  3. Marketers should be plugged into fundraising strategy early to reallocate budgets toward measurable proof (case studies, PR, targeted events) and cut wasteful spend that won’t convince investors.

Hovnanian 4Q 2025 Results

Erdmann Housing Tracker • 42 implied HN points • 05 Dec 25
💼 Business Finance
  1. Hovnanian reported their fourth-quarter earnings and mostly met their expectations. However, there were challenges like refinancing and losses from land sales.
  2. The stock market reacted negatively, with Hovnanian's stock falling about 20% in one day.
  3. Investors were likely disappointed due to the mixed results and the unexpected losses, which affected their confidence in the company.

The Bear Cave #248

The Bear Cave • 583 implied HN points • 17 Nov 24
💼 Business Finance
  1. Culper Research claims Zeta Global Holdings is involved in shady practices, including false data and deceptive websites to gather consumer information. They think Zeta's stock price is too high and expect it to drop soon.
  2. There have been several high-profile resignations among executives in various companies, highlighting instability in leadership. It's concerning when CFOs and CEOs leave, especially in such quick succession.
  3. Recent reports have raised concerns about financial discrepancies in VusionGroup, which may indicate larger issues within the company. The connection with a major Chinese partner raises further questions about its operations.

Samsara

Business Breakdowns • 353 implied HN points • 25 Jul 23
💼 Business Finance
  1. Samsara is focused on revolutionizing industrial operations through IoT technology.
  2. The company offers a diverse portfolio of IoT devices and solutions beyond just fleet management.
  3. Samsara's business model involves bundling hardware costs with subscriptions and focusing on digitizing industrial companies.

The Bear Cave #261

The Bear Cave • 396 implied HN points • 16 Feb 25
💼 Business Finance
  1. There's been some concern about AppLovin, a mobile app company. A researcher claims they are using a scheme that makes it look like users are rewarded for in-app purchases, which might not be genuine.
  2. Multiple company executives have recently resigned, including CEOs and CFOs from several firms. This shows instability in some companies and could affect their future performance.
  3. Some activists are raising issues about well-known companies, like Coca-Cola, and their social policies. This highlights ongoing debates around corporate responsibility and public perception.

The Bear Cave #254

The Bear Cave • 489 implied HN points • 29 Dec 24
💼 Business Finance
  1. A blogger raised concerns about SoundHound AI, saying it may be losing clients to cheaper and better technology. This could mean big changes for the company.
  2. There have been several high-profile resignations at major companies like Fastenal and Arhaus. These leadership changes could affect their future performance.
  3. The weekly tweets section highlights some interesting social media discussions related to these companies. It's a good way to see what people are saying online.

Office Armageddon

Diane Francis • 639 implied HN points • 30 Mar 23
💼 Business Finance
  1. Many big city offices are empty now because a lot of people are working from home. This change is hurting banks and city budgets as tax revenues drop.
  2. Cities are losing population for the first time in decades, which is causing more vacant shops and offices. This could lead to financial trouble for local governments.
  3. Turning empty office buildings into homes could be a solution, but it’s complicated and expensive. Cities need to rethink their spaces and invest in community facilities to attract people back.

DeFi Education Q&A (May 2023)

DeFi Education • 599 implied HN points • 16 May 23
🔮 Crypto Finance
  1. The Q&A sessions provide expert insights from experienced professionals in finance and crypto. This helps you stay informed and make smarter choices.
  2. You can also ask for research topics, and the team will either answer your questions right away or write a detailed post about it later.
  3. These sessions are a great way to connect with other crypto enthusiasts. You can share ideas and discuss trends with like-minded people.

The VC Corner 📰 #6

The VC Corner • 219 implied HN points • 30 Dec 23
💼 Business Finance
  1. This newsletter provides valuable news and resources for people in the startup and venture capital world. It's great for both experienced investors and beginners.
  2. By subscribing, you get access to weekly insights that can help you stay informed about the latest trends and developments in startups.
  3. There's a free trial option available, so you can explore the content without any initial commitment.

Priced‑In Flaws: from cars to colleagues to couples

Five Links (and three graphs) by Auren Hoffman • 170 implied HN points • 13 Jul 25
💼 Business Finance
  1. When you buy something, like a car, you need to accept its flaws. If you choose an orange car, complaining that it's not blue isn't fair because you knew it was orange all along.
  2. This idea applies to people too. If you hire someone who is great but struggles with deadlines, you can’t blame them for that flaw if you knew about it first.
  3. In relationships, if you accept someone's weaknesses, like being late, you shouldn't complain later. You chose to be with them knowing those flaws were part of the package.

The Bear Cave #253

The Bear Cave • 489 implied HN points • 22 Dec 24
💼 Business Finance
  1. There are serious concerns about Aegon's sales tactics, which some say look like a multi-level marketing scheme.
  2. Recent investigations show JOYY's app Bigo Live is facing major issues after being removed by Google and Apple due to child abuse allegations.
  3. Multiple companies have seen rapid executive turnover, with several CEOs and CFOs resigning or being replaced in just a short time.

UFFICI E CASE VUOTE

ANDREA CECCHI Newsletter • 176 implied HN points • 30 Jan 24
💼 Business Finance
  1. The real estate sector is facing a crisis, especially in the residential and commercial areas.
  2. The financial aspect of real estate, like mortgages, is directly linked to demographic factors like birth rates and migration.
  3. Many commercial spaces and offices are remaining empty due to technological automation and remote work trends.

The Bear Cave #251

The Bear Cave • 513 implied HN points • 08 Dec 24
💼 Business Finance
  1. There are significant legal troubles for companies like LendingTree, which could face lawsuits costing hundreds of millions of dollars. This could affect their financial stability and future operations.
  2. Recent executive resignations in several companies, including Intel, suggest instability at the management level. Frequent leadership changes can indicate underlying issues within a company.
  3. Research reports from different groups are highlighting possible problems in companies like Serve Robotics and Plug Power. These findings could impact investor confidence and stock prices.

The Disruptive Potential of On-chain Reputations

DeFi Education • 619 implied HN points • 28 Apr 23
🔮 Crypto Finance
  1. On-chain reputation helps build trust by tracking the behavior and reliability of users in a blockchain network. This way, people can make informed decisions when interacting or transacting.
  2. On-chain identity is a unique digital representation of a person or entity, different from traditional IDs. It allows for privacy while providing a way to establish trustworthiness within decentralized systems.
  3. Using on-chain reputation might allow individuals from underbanked communities to access financial services, which they often struggle to obtain through traditional methods. It promotes inclusion in the financial system.

Resilience Series Part 3: Bakkafrost

Business Breakdowns • 334 implied HN points • 26 Sep 23
💼 Business Finance
  1. Bakkafrost is a family-run salmon farming company with extensive vertical integration.
  2. The company owns every part of the operation, from fish eggs to processing, creating a resilient ecosystem.
  3. Despite challenges like a new 20% salmon tax, Bakkafrost remains focused on expansion and diversification for long-term growth.

Letter #84: Sam Zell (1976)

A Letter a Day • 334 implied HN points • 20 May 23
💼 Business Finance
  1. Sam Zell was a successful real estate mogul, starting his career in property management before building a massive real estate empire.
  2. In his 1976 essay, Zell discussed the opportunities in distressed properties, emphasizing the importance of initial investment analysis and financial restructuring.
  3. Investors in distressed properties are motivated by the potential for equity value appreciation and long-term asset value growth, despite initial cash-flow challenges.

Alphabet

Business Breakdowns • 334 implied HN points • 25 Apr 23
💼 Business Finance
  1. Alphabet, parent company of Google, mainly focuses on search advertising revenue.
  2. Google's search business maintains high margins despite paying a significant amount to ensure default search engine status.
  3. AI advancements, like Microsoft's ChatGPT, pose a potential threat to Google's dominance in search.