Fix the Pitch

How to craft compelling, dazzling pitchbooks. Thoughts, ideas, and inspiration to help construct advanced financial analysis, build stunning data visualizations and tips for mastering client meetings.

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The case against terminal multiples

When building a discounted cashflow model, both common modeling approaches are wrong. But one happens to be useful. “Essentially, all models are wrong, but some are useful” George E. P. Box, British mathemati…

Jamie BallingallJamie Ballingall

September in Review

Updating share price charts, how to land a summer job at Goldman Sachs, why bankers should hold after-action reviews, pitchbook content inspiration and more. September at Pellucid. There are less than 40 days…

Team PellucidTeam Pellucid

When to exclude a subject company from an analysis. And when to not

When bankers should exclude the subject company's data from an analysis. From time to time, I disagree with some standard banking analytical practice or other. Ok, quite a few standard banking analytical prac…

Jamie BallingallJamie Ballingall

When to use positive-negative in financial modeling

The pros and cons of positive-positive and positive-negative in financial modeling. In finance, it’s often meekly agreed upon that everyone is right. “Well yes, of course, circumstance dependent, both approac…

Jamie BallingallJamie Ballingall

Is your risk management strategy imaginary?

A lot of time is spent on risk modeling, but more time needs to be spent on the underlying correlation assumptions. If you’re a homeowner, and you want to be well-diversified against the risk of nowhere to li…

Adrian CrockettAdrian Crockett

Comps analysis: The missing harmony of summary statistics

Answering the question, “How is the company performing?” by using smarter summary stats. A comps analysis has two chief purposes. The first is to look at individual company performance and the second is to b…

Jamie BallingallJamie Ballingall

Dear P/E, it’s not me. It’s definitely you

As a comparison ratio, price/earnings is confusing, results in non-meaningful data, and is not intuitive. Here is something much better. I don’t know why, but there is a surprising lack of coverage on why pr…

Jamie BallingallJamie Ballingall

Stop confusing clients with weighted averages

When spreading comp ratios, use an aggregate instead of a weighted average to account for company size. Occasionally in client meetings, something happens that I like to call “Sudden Onset Confusion Syndrome”…

Jamie BallingallJamie Ballingall