I’ve been trying to decide whether the recent AI dip was worth buying or not, so I’ve been researching around. 

I’ve been enjoying Rittenhouse Research’s stuff a lot. His latest piece on Anthropic’s S-1 is good, and he actually understands accounting and speaks a bit of my native language. I screenshotted one of his financial models for a CRWV video I did a while back - I can’t remember if I gave credit, but here it is if I didn’t. 

Junkbondinvestor is also been on my reading list in lieu of the AI credit crisis as of late.

If you invest in Neoclouds and want to understand how their debt structures work, I’d recommend either. And I’m not affiliated with or personally know either of them. 

It’s really hard to find institutional grade research out there that doesn’t cost 5-figures a year for a corporate subscription. And even at that, some of it is vanilla analysis.

EBITDA being a proxy for cash flow might swing for some. Same with opex being a percentage of revenue. More often than not, neither would swing with internal teams. 

Feel free to shoot over a recommendation if there’s anything good that you’d want to share 🙂