Liberty's Highlights Interview with David Kim a.k.a. Scuttleblurb (2026) 📈📉📊💰💸
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Feb 13, 2026 David Kim (Scuttleblurb), an independent equity researcher and paid-newsletter author, reflects on running a long-form research business and the tactics that revived his work. He discusses 2025’s lopsided market outcomes, AI’s rotation into SaaS and data providers, forensic breakdowns like Shift4’s organic-growth math, blurring industry moats, and the risks and rewards of using AI in research.
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Thematic Consistency Drives Retention
- Thematic consistency matters because readers cluster by industry or style and don't want wide topic hopping.
- Broad generalist coverage forces subscribers to cherry-pick and cancel after reading a single piece.
Higher Cadence Reversed Subscriber Decline
- After raising publishing cadence, David's subscriber trend reversed and Substack revenue grew faster than WordPress.
- He observed Substack churn is higher, possibly because easier signups attract less committed subscribers.
Price Increases Can Be Absorbed
- Raise prices if subscriber base is professional and the marginal cost to them is trivial.
- Expect some churn but test — David increased annual price from $240 to $320 with no noticeable churn spike.