In this episode of Run the Numbers, CJ sits down with Brian Neider of Lead Edge Capital, author of the viral “Hierarchy of Metrics Bullshit.” They cover how to spot misleading metrics, the difference between a good company and a good investment, and the worst EBITDA add-backs. They also look at how AI is changing software defensibility, and Brian tells the story of the giant Happy Gilmore check.

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SPONSORS:

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Abacum puts your actuals, forecasts, models, and business context in one place, so you can update the plan, run scenarios, and answer "why did this change?" without rebuilding the story from six spreadsheets and a Slack thread. Connect your source systems, keep models and assumptions aligned, and give leaders trusted answers while decisions are still being made.

Go to abacum.ai/mostly-metrics.

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EY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartups

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LINKS:

Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN

Lead Edge Capital: https://leadedge.com/

CJ: https://www.linkedin.com/in/cj-gustafson-13140948/

Mostly metrics: https://www.mostlymetrics.com

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TIMESTAMPS:

0:00 Cold Open

2:37 Origin of the Hierarchy of Metrics

4:37 Token Maxing: Today’s Page Views

5:29 What CEOs Get Cagey About