Dell sold personal computers directly to customers, built to order, and used negative working capital to fund its growth before going private in 2013 and public again in 2018. Investors read it for inventory turns and the cash conversion cycle as sources of return. Direct from Dell is Michael Dell's own account of the first fifteen years.
Insider account of build-to-order, negative working capital and cutting the channel.
Recommended by: Mohnish Pabrai, Andrew Grove