Siddhant Shah

About

I explain hard things about money.

Accounting rules, unit economics, valuation, derivatives — and what all of that looks like once it moves onchain. Plus whatever else I happen to be pulling apart: lap times, a fertility register, the software I spend all day inside. Not everything worth writing down is work.

I'm an equity research associate. The day job is working out what a business is actually worth: reading the filings closely, building the model, and being honest about which assumptions are carrying the answer. The method is the constant — build the dataset before you have a view, name the mechanism you think explains it, then try hard to falsify it.

This site is where I think out loud about that.Disclosure: not investment advice It is not investment advice, and it isn't my firm's research — that work belongs to them and stays there. What's here is the part I'd explain to a curious friend over coffee: why an accounting rule made a profitable company post a $667 million loss, what a stablecoin's balance sheet is really doing, why composability is the most important word nobody uses.

I came at this from the other side. Before markets it was Bayesian inference, ensemble methods and statistical modelling — a research assistantship in Boston University's Department of Computer Science, systematic strategies, portfolio construction. That is still the toolkit; the subject just changed. Almost everything I have written since the start of 2026 is either about how a business actually earns — the accounting rule, the take rate, the contract renewal nobody modelled — or about the same questions asked of onchain markets, where the disclosure is worse and the mechanics are stranger. Every so often the method gets pointed at Formula 1 telemetry or an IVF register instead. And some of what goes here will not be work at all — side quests, things I am learning in public, whatever currently has my attention. That is the point of having my own site rather than only a byline.

The detail

The full version of each, rather than a wall of bullets here.

Teaching

I coach students for the International Junior Science Olympiad and have taught introductory options and financial mathematics at STEMS. Teaching is the fastest way I know to find out whether you actually understand something.

Elsewhere