Six years in, Net Interest has just passed 100,000 subscribers. A moment to reflect.

The honest lesson is that consistency matters more than brilliance. After 280+ issues, I still can't predict which ones will resonate and which will disappear. My most-read piece — a post-mortem on Silicon Valley Bank — has had 600,000 views. I had no idea it would perform like that when I wrote it.

The other thing nobody tells you about independent publishing: churn is brutal. I've had 124,500 subscribers over the duration. Paid churn is even higher. You're not building an audience once. You're rebuilding it continuously.

What keeps it going is that the readers who stay are the ones who matter.

Thank you to everyone who has stuck around, free and paid alike. On to the next 100,000.