Research

Research & Publications

Equity research, quantitative models, and open-source analysis for the investment community.

Featured

The DCF Trap: Why Terminal Value Makes Your Model a Fiction

Terminal value typically accounts for 70–90% of a DCF output. That single fact should terrify anyone who relies on discounted cash flow to value businesses.

Apr 8, 2026·8 min read·4.8k views

Tool Guide · LBO

The DCF Trap: Why Terminal Value Makes Your Model a Fiction

Terminal value typically accounts for 70–90% of a DCF output. That single fact should terrify anyone who relies on discounted cash flow to value businesses.

Apr 8, 2026·8 min read·4.8k views

Tool Guide · LBOFeatured

Introducing the LBO Model

A step-by-step walkthrough of the Equity.Finance leveraged buyout model — what it does, how to use it, and what the numbers mean.

Apr 1, 2026·5 min read·5.7k views

Macro · Rates

Reading the Yield Curve in 2026

The curve is talking again. After eighteen months of inversion, then steepening, then whipsaw, here is how to interpret its shape — and what it is telling investors about the next twelve months.

Apr 1, 2026·8 min read·5.2k views

Private Equity · LBOPremium

Inside a $2B LBO: A Forensic Walkthrough

A synthetic but realistic walkthrough of a mid-market leveraged buyout — from sourcing through exit, with the sources and uses, debt schedule, base-case model, and sensitivity work that actually drives the IRR.

Mar 20, 2026·9 min read·5.9k views

Sector Analysis · TechnologyFeatured

AI Infrastructure: The Picks & Shovels Play

As AI capex reaches $200B+, the real winners may not be the model builders.

Mar 15, 2026·4 min read·6.6k views

Strategy · QuantPremium

Sector Rotation: A Quantitative Playbook

A working playbook for quantitative sector rotation — from signal design to portfolio construction — with the tradeoffs that determine whether the strategy survives out of sample.

Mar 10, 2026·9 min read·6.1k views

Education · TradingFeatured

How to Read a Backtest: A Practitioner's Guide

Backtests look convincing until you know what to look for. A guide to interpreting — and challenging — historical strategy results.

Mar 1, 2026·5 min read·6.8k views

Portfolio · RiskPremium

Monte Carlo for Real Portfolios

Most retail Monte Carlo tools are broken in subtle and important ways. A practical guide to building a real-portfolio simulation that respects fat tails, sequence risk, and the ways markets actually behave.

Feb 25, 2026·9 min read·7.0k views

Thematic · US EquitiesFeatured

The Magnificent 7 Derating: What the Multiples Tell Us

EV/EBITDA compression from 2021 peaks signals a regime change in how markets value big tech.

Feb 20, 2026·4 min read·7.2k views

Sector Analysis · IndustrialsFeatured

European Defense: A Generational Spending Cycle

NATO's 2% GDP commitment is reshaping European defense budgets. The investment implications are structural.

Jan 10, 2026·4 min read·8.7k views

PE · LBO

Building an LBO Model from Scratch

A step-by-step walkthrough of building a leveraged buyout model — from deal thesis through sources & uses, operating model, debt schedule, and returns analysis.

Nov 15, 2025·6 min read·11.3k views

Private Markets · PE

Private Equity in 2025-2026: Dry Powder Meets Reality

Record dry powder levels collide with compressed deal flow and an uncertain exit environment.

Nov 15, 2025·5 min read·11.4k views

Macro · Fixed Income

Rate Cuts and Duration: Fixed Income in Transition

What the rate environment in 2025-2026 means for duration risk, DCF valuations, and portfolio construction.

Sep 20, 2025·4 min read·13.2k views

Credit · Markets

The Rise of Private Credit: Why Banks Lost the Middle Market

Private credit has gone from a niche corner of asset management to a $1.7 trillion behemoth in roughly fifteen years. This is the story of how banks were regulated out of middle-market lending and what that means for borrowers, investors, and the next downturn.

Sep 15, 2025·8 min read·13.8k views

Quant · Portfolio

Factor Investing: Value, Momentum, Quality, Size

The four equity factors that explain most of the cross-section of stock returns — what they are, why they work, and how to implement them.

Aug 1, 2025·6 min read·15.5k views

Macro · Rates

Decoding the Fed's Dot Plot: A Practitioner's Guide

The dot plot is the most-watched and least-understood document the Fed publishes. This is how to actually read it, what the dispersion is telling you, and where the market typically gets it wrong.

Jun 2, 2025·9 min read·18.0k views

VC · Alternatives

Venture Capital Returns: Power Law and the J-Curve

Why venture capital returns follow a power law, what the J-curve means for fund investors, and why the median VC fund underperforms public markets.

Apr 20, 2025·6 min read·20.0k views

Equity · Fundamentals

How to Read a 10-K in 30 Minutes

A practical approach to extracting what actually matters from an annual report — the sections that drive investment decisions, and the ones you can safely skim past.

Feb 10, 2025·9 min read·20.2k views

Practical over theoretical.

Every article is built with real data, interactive models, and designed for actual investment workflows.