Investors come for the magic and stay for the math.

The motivating story is the charismatic leader’s charm. Magic is in demand when everything is moving up and to the right.

But magic can’t rescue a company or a product from the math. To provide and capture value with steady y/y growth rates is a math that develops its own magic over time.

It’s easy to fantasise how much more successful our businesses/products might be with a little more magic.

But that’s short-sighted. The magic is the personality and the math is the character. Personality opens doors, but character keeps them open.

Magic opens the door, maths keeps them open.

Great products open the door, profitable products keep them open.

So, if we were to invest in one thing, let it be math. Without the math, the magic is not sustainable.

Know your numbers, if you don’t know your numbers you don’t know your business.