Blog
Banking, finance, and modelling articles. New posts weekly.
- How to Calculate Mid-Year Discounting in a DCF Model
End-of-year discounting under-discounts cash flows by half a year of WACC. Mid-year discounting fixes this. Here's the formula, the Excel implementation, and the common mistakes.
Published 2026-04-21 - Deposit Beta in Bank ALM Models: 2022-2025 Calibration
Most US bank ALM models use deposit beta from the 2014-2019 cycle. Actual betas in 2022-2025 ran 2-3x higher. The recalibration framework, by tier, with EVE/NII shock implications.
Published 2026-04-21 - INDIRECT() in Excel: Why You Should Stop Using It
INDIRECT() is the most overused finance modelling function. Three specific problems and four alternatives by use case.
Published 2026-04-21