Rigorous, practical thinking on markets and financial modelling — honestly explored in the age of AI.
Four layers, one $1.7 trillion capex cycle, and a value chain where returns concentrate almost perfectly by distance from the chip.
Read the EssayThe cash flows come from broadband. The valuation comes from Mars. The gap between those two truths is the entire investment question.
A real-world test using Claude and Titan Company. What AI gets right, where it falls short, and what remains the analyst's job.
A primer on the P&L, the Balance Sheet, and the Cash Flow Statement — and the wiring that holds them together.
The five pillars of a clean model — and the construction principles that hold them together.
Fin-Modeling is a publication on financial modelling, written by a practitioner under the pen name The Modeller.
The writing is rigorous, practical, and honest — about the companies and markets behind the numbers, and about where AI changes the craft of getting there.