Accountant

The direct method forecasts actual cash transactions as they hit the bank. Opening cash + receipts – payments = closing cash. It’s simple, tangible, and intuitive. Anyone can follow it.

The indirect method is derived from the P&L and balance sheet. It starts with a definition of profit. Many use net income (I prefer EBITDA or EBIT), adjust for

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I think about interest rate hedges the same way I do about commodity prices: it’s about risk management.

Unless you’re a macro hedge fund that speculates on rates for a living, making a gain on interest rates is luck, not genius. I’ve seen plenty of CEOs and CFOs call one interest rate or oil price correctly and suddenly believe they’re the next

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