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Brand finance, capital, and growth.
Ben Tregoe on brand finance: capital strategy, inventory, margins, cash flow, and building consumer brands that generate cash.
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15 posts on Equity
May 1, 2026 · Data, Margins
Latest Elephant Herd Index
Latest Elephant Herd Index
March 6, 2026 · Capital Efficiency, Fundraising
Judge Capital By Growth Enabled
How much growth does this capital enable?
March 2, 2026 · Capital Efficiency, Strategy
How You Think of Capital is Wrong
“What’s the APR? What’s the rate?”
May 6, 2024 · Capital Efficiency, Margins
Capital, Cash and Growth. Tuning the Machine.
How well do I use my capital to generate sales?
April 30, 2024 · Equity, Exits
Buy Meta ads or the stock?
Of all the money ‘invested’ in Meta ads by DTC brands, would they have been better off just buying Meta stock?
April 25, 2024 · Equity, Exits
The folly of multi-brand fashion online?
“Selling fashion online from a multi-brand platform is a bad business, as the disastrous experience of Farfetch demonstrates,” Bernstein Analyst Luca Solca (LinkedIn, @LucaSolca)
April 16, 2024 · Margins, Capital Efficiency
Lessons from a Retail Legend
Has there been a more influential CFO in retail than Richard Galanti from Costco?
April 2, 2024 · Data, Margins
How close to insolvency are you? The Altman Z-Score
A quick scan of this list and the negative scores might give you a clue as to what the table means. Not good.
March 13, 2024 · Exits, Equity
Are you building a brand or an ad arb business?
Are you building a brand or an ad arbitrage business?
February 27, 2024 · Margins, Capital Efficiency
3 lessons for brand leaders: ELF
e.l.f. has returned an incredible 651% in the past 2 years with its share price rising from $27 to $200.
February 21, 2024 · Margins, Capital Efficiency
Hermes v The World
The numbers are staggering. When you look at the financial performance of Hermes versus its luxury peers, the numbers are simply staggering.
February 8, 2024 · Data, Margins
The Unhappy 13: Lessons from poor performance
These are the 13 companies in the Elephant Herd Index that had both (a) negative 12 month returns and (b) 3 month returns below the S&P 500 which makes for unhappy investors.
February 7, 2024 · Equity, Margins
The Elite 5 and Return on Capital
5 ecommerce and retail brands have more than doubled the S&P 500 return over the past 12 months.
January 30, 2024 · Fundraising, Equity
Multiples!
This morning I caught up with an investment banker focused exclusively on emerging consumer brands. You would be familiar with the logos on their page.
January 4, 2024 · Margins, Capital Efficiency
The Payoff Playbook
Will this be worth it?
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