Blog
Notes on modelling and AI
105 articles from the podcast, covering project finance, valuation, AI in finance, Excel, Python and the tools behind better models.
Browse by topic: Coffee, Data analytics, Financial Modelling, Fintech, M&A, Project Finance, Recommendations
Raiders of Wall Street: an LBO you can lose your shirt on
Play Raiders of Wall Street, a free LBO game set in 1984. Eight deals explore EBITDA multiples, leverage, bankruptcy risk and IRR versus money multiples.
31 October 2026 · 6 min read
Even financial modellers need time to reset
A break from debt sculpting and late-night spreadsheets: Matthew Bernath introduces The Idle Hour, his book of short pieces for reading away from work.
25 October 2026 · 4 min read
Modelling BESS and Hybrid PV Revenue Stacks
How to model battery storage and hybrid solar revenue, accounting for dispatch priorities, shared grid limits, degradation and lender debt sizing.
24 October 2026 · 8 min read
Interest on Average Debt: Macro, Iteration or Algebra
When to use opening debt, a copy-paste macro, iterative calculation or algebra to model interest, with VBA examples and Excel formulas for construction funding.
18 October 2026 · 5 min read
Sculpting Debt to a Target DSCR Without a Macro
Size project finance debt to a target DSCR without a macro, using backward algebra, a tax shield adjustment and practical Excel formulas.
17 October 2026 · 7 min read
Anatomy of a Project Finance Model
A sheet by sheet look at an illustrative wind farm model, covering inputs, construction funding, debt sizing, the cash flow waterfall and equity returns.
11 October 2026 · 7 min read
The AI Ecosystem Explained: Ten Layers from Sand to Shops
A high-level map of the AI economy in ten layers, from chips and power to models, apps and the rules that govern them, and where the money actually flows. Explore the full interactive version at aiecosystem.academy.
31 August 2026 · 6 min read
Financial Modelling with Claude
A lot has changed since we first wrote about using Claude for financial modelling. Back then, it was a clever chatbot you could paste formulas into. Now it lives inside your spreadsheet. Here's what that means for your workflow.
12 February 2026 · 5 min read
Visualise Your Model: Introducing the Formula Map Tool
The Formula Map Tool gives you a powerful visual overview of your Excel model. Instantly spot formulas, hardcodes, and complexity, making auditing, reviewing, and explaining your model faster and easier than ever.
30 July 2025 · 1 min read
Revolutionize Your Financial Models: Introducing the Grey Beards Excel Workbook Performance Analyzer
In the world of financial modelling, time is money. Whether you're racing to prepare for a client meeting, finalizing quarterly projections, or updating valuation models, nothing derails productivity like a sluggish Excel workbook.
27 February 2025 · 3 min read
Python for Excel: Supercharging Financial Modelling
The integration of Python into Excel is a game-changer. Financial modellers can now combine the intuitiveness of Excel with the power of Python, making models more robust, scalable, and insightful.
17 February 2025 · 2 min read
Essential Tools for Financial Modelling Success
My latest must-have products that can transform your financial modelling experience.
16 February 2025 · 3 min read