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Circular References
Financial Modelling Principles
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Five Puzzles in Project Finance Models
Here are five areas of project finance models which always puzzle me: -
Let’s Talk About Circularity
I previously posted a circular reference survey: -
Why Does Timing Matter in Financial Models?
Because incorrect timing assumptions are the cause of many a financial modelling error. -
“The only certainty is that nothing is certain.” Pliny the Elder
It is January again, time for the annual round of predictions. Most headlines talk about what “will” happen. Whatever happened to the word “may”? In an age when we crave ... -
Please Join In: The Circular Reference Survey
Intrigued about circular references and why some modellers might include them? Or why some models are switched to iteration? Or why some models include copy paste iterative macros? I am. -
Why I Don’t Approve of Copy Paste Iterative Macros and Why It Matters
If you are a financial modeller who uses copy paste iterative macros to calculate, then please read on. -
Why I Don’t Approve of Iteration and Why It Matters
If you are a financial modeller who uses iteration to calculate your models, then please read on. -
“If I had an hour to solve a problem, I would spend 55 minutes thinking about the problem and five minutes thinking about solutions.” Albert Einstein
This is precisely why financial modellers need to take holidays. And on those holidays, they need to relax and let their minds wander and be able to indulge in the ... -
Do You Really Need Macros to Size Debt?
In my attempt to rid financial models of copy paste iterative macros, probably the biggest resistance I come across is on the subject of debt sizing, especially when sculpting is ... -
On Modelling Myths
Have you been told that interest is circular? -
Do your Models Include Circular References?
I have lost count of the number of times that I have been told that financial models should not include circular references, except for “special situations” caused by the complexity ... -
On Superforecasters and Uncertainty
With superforecasters in and out of 10 Downing Street and the imminent publication of “Radical Uncertainty” by economist John Kay and former governor of the Bank of England, Mervyn King, ... -
The Top New Year’s Resolution for Financial Modellers
What should be the top New Year’s resolution for financial modellers? -
On NPVs and IRRs
What are Net Present Values (NPVs) and Internal Rates of Return (IRRs)? Rather than reaching for complicated definitions, I prefer to explain them in terms of a loan schedule or ... -
On Forecasting
Think about the famous question of the bat and ball costing £1.10. The bat costs £1 more than the ball. How much does each cost? -
Circular References: The Facts
Circular references are the biggest challenge in financial modelling. Here’s a summary of the different types and common ways of dealing with them. -
Projections, Elections and Financial Models
Now that the American elections are over and once again the predictions made by the vast majority of pollsters have been shown to be inaccurate, it seems a good time ... -
Why should circular references and iterative macros not be used?
To me the most challenging (and interesting) aspect of financial modelling is the eradication of circular references. A circular reference is caused when a cell is calculated by looking at ...