Moving CurveMoving Curve is an independent notebook of investment analysis: long-form writing and financial models on valuation, M&A, leveraged finance, credit and the companies behind the numbers. Written to compound.https://movingcurve.online/How much of a DCF is just the terminal value?https://movingcurve.online/writing/dcf-terminal-value/https://movingcurve.online/writing/dcf-terminal-value/In a plain five-year model, roughly three quarters of enterprise value sits in one cell. Here is the arithmetic, the sensitivity, and what it means for how much to trust the answer.Tue, 20 Oct 2026 00:00:00 GMTValuationDCFWhere an LBO's return actually comes fromhttps://movingcurve.online/writing/lbo-returns-attribution/https://movingcurve.online/writing/lbo-returns-attribution/A simple buyout, taken apart into the three engines of private equity returns. Debt paydown does more work than most people expect, and multiple expansion less.Mon, 28 Sep 2026 00:00:00 GMTLBOPrivate equityReading a 10-K for the numbers that aren't on the income statementhttps://movingcurve.online/writing/reading-a-10k/https://movingcurve.online/writing/reading-a-10k/Segment notes, lease schedules and the cash flow statement say more about a business than its headline earnings. A short field guide, with an example of each.Tue, 18 Nov 2025 00:00:00 GMTAccountingCompany analysis