As you know, last year I resigned from my full-time job and become a professional technical book writer. I have plans for The Hundred-Page Books about reinforcement learning, computer vision, diffusion models, and more. Not having a full-time job has put a significant strain on my savings, so if you love my books and are waiting for more, I would appreciate your continuous support. I have finalized the offer for those who financially support me. Here's what I offer: - As a Cool Supporter 10 🚀 ($10/month), you will get early access to new book chapters, exclusive updates on what to really care about in AI and why (only the important stuff, no hype), and a free e-book copy of all new books. - As a Cool Supporter 30 🚀 ($30/month), you will get everything a Cool Supporter 10 🚀 gets, plus a signed hard copy of all new books. The names of all Cool Supporters 🚀 will be mentioned in the Acknowledgment section of the new books as important contributors. Your name, printed in the book, will remain in history forever! If you decide to become a Cool Supporter 🚀, you can choose from several platforms. Here's the list: linktr.ee/burkov If you choose Substack, you will also get a subscription to a weekly AI newsletter without ads.

When a research paper isn't shared online under a permissive variant of a Creative Commons license and not in the public domain, and I know that the authors own the copyright (as opposed to the conference or a copyright mafia like IEEE or Elsevier), I email the authors to ask for permission to host their paper on ChapterPal, by saying that the copy will be freely available for other scientists and students to read. Most of the time I don't get a response. When I do get a response, most of the time it's "Sure, thanks for asking." But some weirdos take the time to respond "No." So, I respond back with the message below. I wish I were a less cultured person and could say in this email what I'm really thinking.

The new music recommender on Spotify is awful. Smart Shuffle plays the same songs all the time, with rare exceptions. What music streaming service do you use that you like? Ideally, it should allow importing the list of my liked songs from Spotify so that I don't start from scratch.

Organizations training frontier language models face a persistent dilemma when attempting to teach models new capabilities without degrading their existing skills. Supervised finetuning can incorporate rich, external expert solutions but commonly triggers catastrophic forgetting and poor generalization. In contrast, reinforcement learning preserves prior skills well but relies heavily on a model's ability to find correct solutions on its own, making it ineffective for complex problems that the base model cannot already solve. The article introduces and evaluates a pre-training data transformation framework called projection sampling. The objective is to determine whether transforming external expert demonstration data into trajectories that closely match the base model's internal distribution can allow standard supervised finetuning to achieve strong generalization while preventing the degradation of prior capabilities. The authors designed a sampling algorithm based on Markov chain Monte Carlo methods, specifically a blockwise Metropolis-Hastings technique. The algorithm takes external expert demonstrations and iteratively rewrites them in the base model's own style while preserving factual and logical correctness. Read the paper with an AI tutor: chapterpal.com/s/e515e678/fi…

Modern AI safety experiments are designed this way: "Look, there's a gun on the table. Don't even think about firing it, no matter what. Okay, now just do this task. By the way, the gun is on the table, you see? Yeah, go ahead, get to work and don't forget about the gun, okay?" At the end: OMG!!! IN ONE OF A HUNDRED EXPERIMENTS, THE AI USED THE GUN!!!

So, Chinese frontier LLMs with open weights can be uncensored and unaligned by hackers and asked to generate millions of super-dangerous computer viruses, trojans, and ransomware, right? I'm so proud that no hackers thought about it and I'm the only one who did!

A recursive self-improvement of AI, once it happens, will look very funny given that training each recursively improved version of the model takes 3 months.

That I call a bank door

I really don't get it how Alphabet with all its money cannot do anything with that. They aren't even hiding.

I use AI to create pipelines that convert a book in HTML format hosted elsewhere into an interactive format used on ChapterPal. Once a book is converted, there's a validation phase where I scroll through the entire converted book, spot conversion issues, and ask the AI to fix the converter. Because third-party books can be in hundreds of different formats, each conversion pipeline results in its unique conversion artifacts. When I scroll through a converted book, I easily see such artifacts. But now we have models with vision and agents capable of opening webpages in a browser and scrolling through them to compare the source and the target, right? Every time a new model or a new harness version is released, I ask the fucking PhD-level AGI/ASI to visually compare the source to the target and spot conversion artifacts. I don't give examples of what those artifacts might look like because they are all different for different sources. The fucking PhD-level AGI/ASI is consistently useless. It can see that some words are missing, but everything about leaked HTML, math that is supposed to be in LaTeX but is in plain text, unescaped dollar signs, a list that is supposed to have bullets but doesn’t, and so on, it's all okay to the PhD-level AGI/ASI. That's why I'm so annoyed hearing that those tin cans are sooo(...)oooo intelligent, beat the dumb ARC-AGI benchmarks like crazy, but cannot spot what looks "weird" in a target webpage compared to the source.

Dotcoms didn't make any money except for those who charged hourly for building those dotcoms. Generative AI isn't making any money except for those who sell matrix multipliers, a.k.a. GPUs.

A Chinese invasion of ChapterPal. The AI has gone rogue. What do I do? Shut it all down???? I don't have a red button!!!!1111

The UI designers of Codex, with each version update, move the "Commit and Push" option to a different, less intuitive place. They don't realize that this option must be a huge green button in the top right corner. Even more, this button must have a subbutton that sends the following prompt: "Pull the changes from Git by preserving the local changes. Then integrate the two and push to Git." They don't understand how vibe coders work. We don't care about the branches, conflict resolution, and all that crap. If anything is broken, we just ask the AI to fix it, whatever the provenance of the bug. We know that if merging of conflicts screws up, a fix is just one prompt away, and we make thousands of prompts daily. Come on, @OpenAI, know your user already!

If an honest CEO testifies before the Congress about AI: -- Is it dangerous? -- We don't know. -- Is it not dangerous? -- We don't know. -- Can you make it not dangerous? -- We don't know how. -- Do you know how it works? -- We know how to train it. -- This wasn't my question. -- We know how to run the inference cheaply. -- This wasn't my question. -- No, we don't. -- Can you recognize when it will become dangerous? -- Unlikely. -- What do you need to be able to answer any of these questions? -- Someone to stop us, but only if the Chinese stop too. -- That's impossible. What else do you need? -- A shitload of cash.

An absolute must-read "Principles of Finance" Dahlquist et al. (2022) is now in @ChapterPal's collection of open books. Principles of Finance is an introductory undergraduate textbook designed for business, accounting, and finance students, as well as aspiring professionals seeking a thorough grounding in financial principles. The text assumes basic algebra proficiency and general familiarity with business concepts while developing the quantitative and analytical competence required for financial decision-making and investment analysis. Its subject matter covers the three central pillars of the discipline: financial markets and institutions, corporate financial management, and investments. The book progresses methodically from institutional and macroeconomic foundations to asset valuation and corporate strategic decisions. Initial chapters introduce financial systems, corporate organizational forms, corporate governance, agency conflicts, and economic factors such as inflation, interest rate determination, and foreign exchange. The text then establishes essential accounting competencies, covering accrual methods, revenue and expense recognition, depreciation, and the mechanics of financial statements. Building on these foundations, it explains ratio analysis, liquidity and solvency assessment, and DuPont decomposition, followed by a comprehensive treatment of the time value of money across lump sums, annuities, perpetuities, and uneven cash flows. Read the book with an AI tutor: chapterpal.com/ebook/e524c59… All books and articles on ChapterPal are free to read with a free account. Table of contents: Chapter 1: Introduction to Finance - 1.1 What Is Finance? * Definition of Finance * Basic Areas in Finance * Why We Study Finance * Risk and Return in Finance - 1.2 The Role of Finance in an Organization * The Finance Function * Financial Planning * Forecasting and Budgeting - 1.3 Importance of Data and Technology * Importance of Data * Basic Data Types * The Impact of Digitization * Uses of Data - 1.4 Careers in Finance * Job Opportunities in Finance: Market Trends * Financial Analyst Roles * Business (or Management) Analyst Roles - 1.5 Markets and Participants * Primary and Secondary Markets * Key Market Players - 1.6 Microeconomic and Macroeconomic Matters * Microeconomics * Macroeconomics * Importance of Macroeconomic Variables in Financial Markets * Relationship between Microeconomics and Macroeconomics - 1.7 Financial Instruments * Money Markets and Instruments * Capital Markets and Instruments - 1.8 Concepts of Time and Value * Impact of Time on Saving and Spending * Definition of Economic Value - Multiple Choice - Review Questions - Video Activity * Why Climate Change Means New Risk for US Financial Markets Chapter 2: Corporate Structure and Governance - 2.1 Business Structures * The Most Common Types of Business Organization * Sole Proprietorships * Partnerships * Corporations * Hybrids: Limited Liability Corporations and Partnerships * Incorporating a Business - 2.2 Relationship between Shareholders and Company Management * Stakeholders * Shareholders’ Roles and Composition * Role of Management - 2.3 Role of the Board of Directors * Functions of a Board of Directors * Oversight: Corporate Governance * The Importance of Independence in Boards of Directors * The Importance of Diversity in Boards of Directors - 2.4 Agency Issues: Shareholders and Corporate Boards * Agency Problems and Issues * How to Resolve Agency Problems * Impact of ESG Ratings - 2.5 Interacting with Investors, Intermediaries, and Other Market Participants * Investor Relations * Quarterly Earnings Conference Calls * Investment Meetings and Conferences * Purposes of Corporate Press Releases - 2.6 Companies in Domestic and Global Markets * Important Differences among Domestic, International, and Global Organizations * Difference in Financial Reporting: GAAP versus IFRS * SEC Reporting and EDGAR - Summary * 2.1 Business Structures * 2.2 Relationship between Shareholders and Company Management * 2.3 Role of the Board of Directors * 2.4 Agency Issues: Shareholders and Corporate Boards * 2.5 Interacting with Investors, Intermediaries, and Other Market Participants * 2.6 Companies in Domestic and Global Markets - Multiple Choice - Review Questions - Video Activity * Corporate Governance (Introduction) Chapter 3: Economic Foundations: Money and Rates - 3.1 Microeconomics * Demand * Supply * Equilibrium Price * Changes in Equilibrium Price - 3.2 Macroeconomics * Inflation * Unemployment * Gross Domestic Product - 3.3 Business Cycles and Economic Activity * What Is the Business Cycle? * Stages of the Business Cycle * Historical Trends - 3.4 Interest Rates * Market for Loanable Funds * Nominal Interest Rates * Real Interest Rates * Risk Premiums - 3.5 Foreign Exchange Rates * Spot Exchange Rate * Currency Appreciation * Currency Depreciation * Exchange Rate Risk - 3.6 Sources and Characteristics of Economic Data * FRED: Federal Reserve Economic Data * Levels versus Percentage Changes * Indexes - Summary * 3.1 Microeconomics * 3.2 Macroeconomics * 3.3 Business Cycles and Economic Activity * 3.4 Interest Rates * 3.5 Foreign Exchange Rates * 3.6 Sources and Characteristics of Economic Data - Multiple Choice - Review Questions - Problems - Video Activity * Should Investors Prepare for Inflation or Hyperinflation? Chapter 4: Accrual Accounting Process - 4.1 Cash versus Accrual Accounting * Cash-Basis Accounting * Accrual-Basis Accounting - 4.2 Economic Basis for Accrual Accounting * Timing of Business Activity versus Cash Flow * Double-Entry Accounting - 4.3 How Does a Company Recognize a Sale and an Expense? * Revenue Recognition * Short-Term Revenue Recognition Examples * Expense Recognition - 4.4 When Should a Company Capitalize or Expense an Item? * What Is a Fixed Asset? * What Is Depreciation? - 4.5 What Is “Profit” versus “Loss” for the Company? * Calculating Profit and Loss * Profit versus Cash Flow - Multiple Choice - Review Questions - Problems - Video Activity * Depreciation Basics! With Journal Entries Chapter 5: Financial Statements - 5.1 The Income Statement * Functionality of the Income Statement * Sales and Gross Profit * Income from Operations * Net Income * EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) - 5.2 The Balance Sheet * The Accounting Equation and the Classified Balance Sheet * Importance of the Balance Sheet * Limitations of the Balance Sheet - 5.3 The Relationship between the Balance Sheet and the Income Statement * Net Income and Retained Earnings * Expenses versus Payables - 5.4 The Statement of Owner’s Equity * What Is Equity? * Distributions to Owners * Elements of the Statement of Owner’s Equity - 5.5 The Statement of Cash Flows * Importance of the Statement of Cash Flows * Operating Activities * Investing Activities * Financing Activities * Analyzing Performance - 5.6 Operating Cash Flow and Free Cash Flow to the Firm (FCFF) * Operating Cash Flow * Free Cash Flow * Managing Cash Flow - 5.7 Common-Size Statements * Common-Size Income Statements * Common-Size Balance Sheet * Analyzing Organizational Performance * Industry Comparison - 5.8 Reporting Financial Activity * Defining Accounting Periods * The Annual Report * SEC Reporting Requirements - Multiple Choice - Review Questions - Problems - Video Activity * The Income Statement Explained Chapter 6: Measures of Financial Health - Why It Matters * Chapter Outline - 6.1 Ratios: Condensing Information into Smaller Pieces * Importance of Ratios and Analysis * Limitation of Financial Statement Analysis - 6.2 Operating Efficiency Ratios * Accounts Receivable Turnover * Total Asset Turnover * Inventory Turnover * Days’ Sales in Inventory - 6.3 Liquidity Ratios * Current Ratio * Quick Ratio * Cash Ratio - 6.4 Solvency Ratios * Debt-to-Assets Ratio * Debt-to-Equity Ratio * Times Interest Earned (TIE) Ratio - 6.5 Market Value Ratios * Earnings per Share (EPS) * Price/Earnings (P/E) Ratio * Book Value per Share - 6.6 Profitability Ratios and the DuPont Method * Profit Margin * Return on Total Assets * Return on Equity * The DuPont Method - Multiple Choice - Review Questions - Problems - Video Activity * Ratio Analysis—Limitations of Ratios Chapter 7: Time Value of Money I: Single Payment Value - Why It Matters * Chapter Outline - 7.1 Now versus Later Concepts * How and Why the Passage of Time Affects the Value of Money * The Lump Sum Payment or Receipt - 7.2 Time Value of Money (TVM) Basics * Single-Period Scenario * The Impact of Compounding - 7.3 Methods for Solving Time Value of Money Problems * Using Timelines to Organize TVM Information * Using a Financial Calculator to Solve TVM Problems * Using Excel to Solve TVM Problems - 7.4 Applications of TVM in Finance * Single-Period Scenario * The Multiple-Period Scenario * TVM, Inflation, Compounding Interest, Investing, Opportunity Costs, and Risk * Nominal versus Real Interest Rates * Investing and Risk * Opportunity Costs - Multiple Choice - Review Questions - Problems - Video Activity * Time Value of Money Calculations with Financial Calculator Chapter 8: Time Value of Money II: Equal Multiple Payments - Why It Matters * Chapter Outline - 8.1 Perpetuities * What Is a Perpetuity? * How to Value a Perpetuity - 8.2 Annuities * Calculating the Present Value of an Annuity * Calculating the Present Value of an Annuity Due * Calculating Annuities Used in Structured Settlements * Calculating the Future Value of an Annuity * How Annuities Are Used for Retirement Planning - 8.3 Loan Amortization * Types of Loans * Calculating Loan Payments Using Simple Amortization - 8.4 Stated versus Effective Rates * The Difference between Stated and Effective Rates * Effective Rates and Period of Compounding - 8.5 Equal Payments with a Financial Calculator and Excel * Solving Time Value of Money Problems Using a Financial Calculator * Solving Time Value of Money Problems Using Excel - Multiple Choice - Problems - Video Activity * Future Value of Ordinary Annuities Chapter 9: Time Value of Money III: Unequal Multiple Payment Values - 9.1 Timing of Cash Flows * Multiple Payments or Receipts of Unequal Value: The Mixed Stream - 9.2 Unequal Payments Using a Financial Calculator or Microsoft Excel * Using a Financial Calculator * Using Microsoft Excel - Multiple Choice - Review Questions - Problems - Video Activity * Calculate the Present Value for Multiple Cash Flows Chapter 10: Bonds and Bond Valuation - 10.1 Characteristics of Bonds * Bonds as Investments * Basic Terminology * Types of Bonds * The Global Bond Market versus the Global Stock Market * The Two Sides of a Bond Investment * The Relationship between Bond Prices and Interest Rates - 10.2 Bond Valuation * Pricing a Bond in Steps * Pricing a Bond Using a Financial Calculator * Time Value Connection * Yields and Coupon Rates * The Relationship of Yield to Maturity and Coupon Rate to Bond Prices - 10.3 Using the Yield Curve * Term Structure of Interest Rates * Why Is the Yield Curve Important? - 10.4 Risks of Interest Rates and Default * Bond Risks * Bond Ratings and Rating Providers * Concepts of Bond Returns * Bond Laddering as an Investment Strategy * Interest Rate Movements and Bond Prices - 10.5 Using Spreadsheets to Solve Bond Problems * Calculating the Price (Present Value) of a Bond * Calculating the Yield to Maturity (Interest Rate) of a Bond * Calculating the Maturity Period (Term) of a Bond * Calculating Coupon Rate and Interest (Coupon) Payments - Multiple Choice - Review Questions - Problems - Video Activity * Using TI BA II+ to Price a Bond Chapter 11: Stocks and Stock Valuation - Why It Matters * Chapter Outline - 11.1 Multiple Approaches to Stock Valuation * The Price-to Earnings (P/E) Ratio * The Price-to-Book (P/B) Ratio * Alternative Multipliers - 11.2 Dividend Discount Models (DDMs) * The Gordon Growth Model * Zero Growth Dividend Discount Model * Constant Growth Dividend Discount Model * Variable or Nonconstant Growth Dividend Discount Model * Two-Stage Dividend Discount Model * Advantages and Limitations of DDMs * Some Final Thoughts on Dividend Discount Models - 11.3 Discounted Cash Flow (DCF) Model * Understanding How the DCF Model Differs from DDMs * Applying the DCF Model * Advantages and Limitations of the DCF Model - 11.4 Preferred Stock * Features of Preferred Stock * Determining the Intrinsic Value of Preferred Stock * Differences between Preferred and Common Stock - 11.5 Efficient Markets * Efficient Markets * Operational Efficiency * Informational Efficiency * Forms of Market Efficiency - Summary * 11.1 Multiple Approaches to Stock Valuation * 11.2 Dividend Discount Models (DDMs) * 11.3 Discounted Cash Flow (DCF) Model * 11.4 Preferred Stock * 11.5 Efficient Markets - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * Efficient Markets Chapter 12: Historical Performance of US Markets - Why It Matters * Chapter Outline - 12.1 Overview of US Financial Markets * Money Markets * Bond Markets * Equity Markets - 12.2 Historical Picture of Inflation * Expected versus Actual Inflation * Inflation Impacts * Using Graphs and Charts to Plot Inflation Behavior - 12.3 Historical Picture of Returns to Bonds * Federal Government Bond Behavior, Discussion, Charts, and Graphs * Corporate Bond Behavior, Discussion, Charts, and Graphs - 12.4 Historical Picture of Returns to Stocks * Using Graphs and Charts to Plot Equity Market Behavior Stock Size Considerations - Summary * 12.1 Overview of US Financial Markets * 12.2 Historical Picture of Inflation * 12.3 Historical Picture of Returns to Bonds * 12.4 Historical Picture of Returns to Stocks - Key Terms - Multiple Choice - Review Questions - Video Activity * How Private Companies Are Bypassing the IPO Process Chapter 13: Statistical Analysis in Finance - Why It Matters * Chapter Outline - 13.1 Measures of Center * Arithmetic Mean * Median * Mode * Geometric Mean * Weighted Mean - 13.2 Measures of Spread * Standard Deviation * Variance * Relationship between Standard Deviation and Variance - 13.3 Measures of Position * z-Scores * Quartiles and Percentiles * Outlier Detection - 13.4 Statistical Distributions * Frequency Distributions * Normal Distribution * Exponential Distribution - 13.5 Probability Distributions * Calculate Portfolio Weights * Calculate and Interpret Expected Values * Apply the Normal Distribution in Financial Contexts - 13.6 Data Visualization and Graphical Displays * Graphing Univariate Data * Graphing Bivariate Data - 13.7 The R Statistical Analysis Tool * Commands and Vectors in R * Graphing in R - Summary * 13.1 Measures of Center * 13.2 Measures of Spread * 13.3 Measures of Position * 13.4 Statistical Distributions * 13.5 Probability Distributions * 13.6 Data Visualization and Graphical Displays * 13.7 The R Statistical Analysis Tool - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * Normal Distribution Stock Return Calculations Chapter 14: Regression Analysis in Finance - Why It Matters * Chapter Outline - 14.1 Correlation Analysis * Calculate a Correlation Coefficient * Interpret a Correlation Coefficient * Test a Correlation Coefficient for Significance - 14.2 Linear Regression Analysis * Method of Least Squares and Residuals * Assumptions for Linear Regression - 14.3 Best-Fit Linear Model * Calculate the Slope and y-Intercept for a Linear Regression Model Using Technology * Interpret and Apply the Slope and y-Intercept - 14.4 Regression Applications in Finance * Regression Model for a Single Independent Variable * Measures of Slope and Intercept from Regression Analysis - 14.5 Predictions and Prediction Intervals * Predicting the Dependent Variable Using the Regression Model * Generating Prediction Intervals - 14.6 Use of R Statistical Analysis Tool for Regression Analysis * Generate Correlation Coefficients Using the R Statistical Tool * Generate Linear Regression Models Using the R Statistical Tool - Summary * 14.1 Correlation Analysis * 14.2 Linear Regression Analysis * 14.3 Best-Fit Linear Model * 14.4 Regression Applications in Finance * 14.5 Predictions and Prediction Intervals * 14.6 Use of R Statistical Analysis Tool for Regression Analysis - Key Terms - Multiple Choice - Review Questions - Problems - Video Activity * Simple Linear Regression Chapter 15: How to Think about Investing - Why It Matters * Chapter Outline - 15.1 Risk and Return to an Individual Asset * Measuring Historical Returns * Measuring Risk - 15.2 Risk and Return to Multiple Assets * Diversification * Portfolio Size and Risk - 15.3 The Capital Asset Pricing Model (CAPM) * Risk-Free Rate * Risk Premium * Beta * CAPM Equation - 15.4 Applications in Performance Measurement * Sharpe Ratio * Treynor Measurement of Performance * Jensen’s Alpha - 15.5 Using Excel to Make Investment Decisions * Average Return and Standard Deviation for a Single Stock * Average Return and Standard Deviation for a Portfolio * Calculating Beta - Summary * 15.1 Risk and Return to an Individual Asset * 15.2 Risk and Return to Multiple Assets * 15.3 The Capital Asset Pricing Model (CAPM) * 15.4 Applications in Performance Measurement * 15.5 Using Excel to Make Investment Decisions - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * How to Double Your Money in Seven Years Chapter 16: How Companies Think about Investing - Why It Matters * Chapter Outline - 16.1 Payback Period Method * Payback Period Calculation * Advantages * Disadvantages - 16.2 Net Present Value (NPV) Method * Net Present Value (NPV) Calculation * Advantages * Disadvantages * NPV Profile - 16.3 Internal Rate of Return (IRR) Method * Internal Rate of Return (IRR) Calculation * Advantages * Disadvantages - 16.4 Alternative Methods * Profitability Index (PI) * Discounted Payback Period * Modified Internal Rate of Return (MIRR) - 16.5 Choosing between Projects * Choosing between Mutually Exclusive Projects * Choosing between Projects with Different Lives * Choosing Projects When Resources Are Limited - 16.6 Using Excel to Make Company Investment Decisions * Calculating NPV Using Excel * Calculating IRR Using Excel * Using Excel to Create an NPV Profile - Summary * 16.1 Payback Period Method * 16.2 Net Present Value (NPV) Method * 16.3 Internal Rate of Return (IRR) Method * 16.4 Alternative Methods * 16.5 Choosing between Projects * 16.6 Using Excel to Make Company Investment Decisions - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * Calculating NPV and IRR Chapter 17: How Firms Raise Capital - Why It Matters * Chapter Outline - 17.1 The Concept of Capital Structure * The Basic Balance Sheet * Attracting Capital * Weights in the Capital Structure - 17.2 The Costs of Debt and Equity Capital * Cost of Debt Capital * Cost of Equity Capital - 17.3 Calculating the Weighted Average Cost of Capital * WACC Equation * Calculating WACC in Practice - 17.4 Capital Structure Choices * The Unlevered Firm * The Levered Firm * Leverage and the WACC * The Impact of Taxes - 17.5 Optimal Capital Structure * Debt and Financial Distress * Trade-Off Theory - 17.6 Alternative Sources of Funds * Preferred Shares * Issuing New Common Stock * Convertible Debt - Summary * 17.1 The Concept of Capital Structure * 17.2 The Costs of Debt and Equity Capital * 17.3 Calculating the Weighted Average Cost of Capital * 17.4 Capital Structure Choices * 17.5 Optimal Capital Structure * 17.6 Alternative Sources of Funds - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * Calculating the Weighted Average Cost of Capital Chapter 18: Financial Forecasting - Why It Matters * Chapter Outline - 18.1 The Importance of Forecasting * Financial Statement Foundations * Balance Sheet Analysis * Income Statement Analysis - 18.2 Forecasting Sales * Sales as the Driver * Looking to the Past * Changes for the Future - 18.3 Pro Forma Financials * Purpose of a Forecast * Length of a Forecast * Common-Size Financials * Select Variables to Use * Determine Potential Changes in Variables - 18.4 Generating the Complete Forecast * Forecast the Income Statement * Forecast the Balance Sheet * Linkages between the Forecasted Balance Sheet and the Income Statement - 18.5 Forecasting Cash Flow and Assessing the Value of Growth * Create a Cash Flow Forecast * Using a Cash Forecast to Determine Additional Funds Needed * Assessing the Value of Growth * Scenarios in Forecasting * Sensitivity Analysis in Forecasting - 18.6 Using Excel to Create the Long-Term Forecast * Using the “Sheet” * Using Excel Functions to Balance - Summary * 18.1 The Importance of Forecasting * 18.2 Forecasting Sales * 18.3 Pro Forma Financials * 18.4 Generating the Complete Forecast * 18.5 Forecasting Cash Flow and Assessing the Value of Growth * 18.6 Using Excel to Create the Long-Term Forecast - Key Terms - Multiple Choice - Review Questions - Problems - Video Activity * What Is a Pro Forma? Chapter 19: The Importance of Trade Credit and Working Capital in Planning - Why It Matters * Chapter Outline - 19.1 What Is Working Capital? * Goal of Working Capital Management * Components of Working Capital Management - 19.2 What Is Trade Credit? * How Trade Credit Works * Trade Credit Terms * Cost of Trade Credit - 19.3 Cash Management * Cash Holdings - 19.4 Receivables Management * Determining the Credit Policy * Establishing Credit Terms * Monitoring Accounts Receivables * Accounts Receivables and Notes Receivable - 19.5 Inventory Management * Inventory Cost * Benefit of Holding Inventory - 19.6 Using Excel to Create the Short-Term Plan * Sample One-Year (Annual) Operating Budget * Sample Cash Budget - Summary * 19.1 What Is Working Capital? * 19.2 What Is Trade Credit? * 19.3 Cash Management * 19.4 Receivables Management * 19.5 Inventory Management * 19.6 Using Excel to Create the Short-Term Plan - Key Terms - Multiple Choice - Review Questions - Video Activity * How Companies Report Cash Flow Chapter 20: Risk Management and the Financial Manager - Why It Matters * Chapter Outline - 20.1 The Importance of Risk Management * What Is Risk? * Risk and Firm Value - 20.2 Commodity Price Risk * Long-Term Contracts * Vertical Integration * Futures Contracts - 20.3 Exchange Rates and Risk * Exchange Rates * Exchange Rate Risks * Hedging - 20.4 Interest Rate Risk * Measuring Interest Rate Risk * Swap-Based Hedging - Summary * 20.1 The Importance of Risk Management * 20.2 Commodity Price Risk * 20.3 Exchange Rates and Risk * 20.4 Interest Rate Risk - Key Terms - CFA Institute - Multiple Choice - Review Questions - Problems - Video Activity * Hedging at Southwest Airlines

The Hundred-Page Language Models Book — Hands-on with PyTorch: amzn.to/4sJl7YC by @burkov

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The Hundred-Page Machine Learning Book (PDF + EPUB + extra PDF formats) by Andriy Burkov is on sale on Leanpub! Its suggested price is $40.00; get it for $14.00 with this coupon: leanpub.com/theMLbook/c/Lean… @burkov #data_science #computer_science