A weekly newsletter on valuation, options, AI workflows, markets, and decision science - written for people who want finance to become usable, not mysterious.
Three structural failure modes I see in nine out of ten DCF models: terminal value handwaving, WACC theatre, and the forecasting horizon that's secretly a coin flip. Plus a one-page checklist that catches all three.
Read the issue →Why the put (venda) is more than downside insurance, and how delta, theta, and volatility change the trade before expiry.
A practical note on skew, term structure, and why a single volatility input is often too clean for a real options book.
A source-first workflow for using AI on filings, transcripts, and memos without letting fluent text outrun evidence.
How a trading desk can be hedged on paper and still be exposed to inventory, liquidity, and model error.
Why traditional statements can understate reinvestment in software companies, and what to adjust before comparing margins.
Loss aversion, framing, and thesis drift, translated into a checklist you can use before adding to a position.
The podcast shelf is planned, not published. These are the first audio topics worth producing once the written library is strong enough.
Follow the writing first