The Modeller’s Miscellany #132

Chance favors the connected mind.” 

— Steven Johnson


Article

How to raise $2bn with a sloppy Excel spreadsheet

The downfall of the crypto exchange FTX has been widely reported over the past week. Founder Sam Bankman-Fried has already admitted to poor internal controls at the company. This Forbes article reports that the documents used to support rounds of fundraising were also of dubious quality. In particular, spreadsheets "are at times confusing and have inaccurate labels."

Article

Islandsbanki under-prices stake sales

The newest addition to Full Stack's financial modelling errors series explains how Islandsbanki sold off 22.5% (450 million) of its shares in March 2022 at too low a price. The Icelandic National Audit Office discovered that a spreadsheet formatting error led to the shares being undervalued. Read more about what caused the error and how it could have been avoided.

Work

Single-tasking - the power of focusing on one thing at a time

Psychiatrist Edward Hallowell defined multitasking as a “mythical activity in which people believe they can perform two or more tasks simultaneously as effectively as one”. Researchers Kevin Madore and Anthony Wagner investigated what happens to the brain when trying to handle more than one task at a time. They found that “the human mind and brain lack the architecture to perform two or more tasks simultaneously.” Read more about the myth of multitasking and what to do instead.

Data Vis

What is your personal information worth?

The thing we call "the internet" is only 10% of the total data that make up the World Wide Web.The rest of the web is hidden from plain sight and requires special access to view. It’s known as the Deep Web, and nestled far down in the depths of it is a dark, sometimes dangerous place, known as the darknet, or Dark Web

This graphic by Enrique Mendoza provides us a glimpse at this shrouded part of the internet, showing us some of the common items that are sold on there, and how much they typically cost.

Modeller’s Miscellany Jobs

If you have a financial modelling related position you’d like us to include, please email om.

Senior Financial Planning Analyst - The Ardonagh Group - UK (Remote)
FP&A Controlling Analyst - Atos - Sofia, Bulgaria (Remote)
Senior Financial Analyst - Solera, Inc. - India (Remote)
Senior Financial Operations Analyst - OpenTable - Melbourne, Australia (Remote)
Assistant Financial Analyst - AbbVie - Sydney, Australia (On Site)
Senior Analyst - Arrow Search Partners - New York, USA (On Site)
Senior Financial Analyst - Starbucks - Seattle, WA, USA (On Site)
Financial Analyst - The Clorox Company - Brampton, ON, Canada (Hybrid)
Senior Strategic Finance Analyst - Affirm - Charlotte, NC, USA (Remote)

And finally…

Thanks to Simon Proctor for sharing this Excel love poem. From Brian Bilston on Twitter.

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