Topics
3 pieces across 6 topics.
Accounting
1 piece2025
Reading a 10-K for the numbers that aren't on the income statement
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.
Company analysis
1 piece2025
Reading a 10-K for the numbers that aren't on the income statement
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.
DCF
1 piece2026
How much of a DCF is just the 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.
LBO
1 piece2026
Where an LBO's return actually comes from
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.
Private equity
1 piece2026
Where an LBO's return actually comes from
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.
Valuation
1 piece2026
How much of a DCF is just the 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.