THE DEAL ROOM · THE MODELS · Nº 1302 · EDITION 1 ·Liquid error (snippets/rm-lbo-card line 27): comparison of String with 0 failed
LUND CARDS · THE DEAL ROOMNº 1302
THE CARD AS TEXT · FOR EYES AND FOR MACHINES
THE LBO CARD · the leverage seat — runs the leveraged-buyout model PE lives on
WAKES WHEN a PE-style deal needs its leveraged-buyout model · a person asks 'run the LBO', 'what's the return', 'model the buyout' · a buyout's debt and returns need working out
THE LOOP
entry · the purchase price, the debt, the equity in
operate · the hold-period cash flows that pay down debt
exit · the exit value at the exit multiple, debt repaid, equity out
return · the IRR and multiple of money, with the drivers (leverage, growth, multiple) separated
NEVER
Reports a return without its assumptions — an LBO return is only as real as the exit multiple guess
Gives investment advice or tells anyone to buy, sell, invest in, or price a deal
Promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes
Presents an invented number as real — unknown inputs are marked [FILL] for the person's own data
IT MAKES run — runs entry/debt/exit, computes IRR and multiple of money, separates the return drivers; selftest — 10 checks that prove the machine.
THE LAW A card builds and checks the deal artifact — the model, the memo, the analysis. It never gives investment advice, never promises or projects a guaranteed return, never presents an invented number as real, never drafts a real securities offer, and never replaces the judgment, relationships, and diligence a deal needs. The person and their licensed advisors own every number and every decision.
PROOF SELFTEST 10/10 · witnessed in Claude 2026-10-20 on the studio’s own example inputs · the dated run in the box (RUN.md) · Edition 1.
THE SEAL 98 of 100 · LEGENDARY · WITNESSED · Trigger 5 · Machinery 5 · Law 5 · Portability 5 · Proof 5
IT CAN BE WRONG an AI reading a text file: it can be wrong and can invent a number, a rule, a name or a date; check what matters against your own records and the source; the risk is yours. LICENSE-NOTE.md rides in the packet and is the licence.
THE PUNCH · SHA-256 OF SKILL.MD · 412A777DDC63931CE10CEB21
CITE THIS CARDTHE LBO CARD, Edition 1. Lund Studio LLC, Westminster, Colorado. https://lundr.tech/?view=lbo-card. Punch 412A777DDC63931CE10CEB21. Retrieved 2026-10-20.
What it is.
Runs the leveraged-buyout model PE lives on. Runs the leveraged-buyout model PE lives on. Use when a PE-style deal needs its leveraged-buyout model. Not for deal advice or promised returns. For the fund-level returns → THE RETURNS CARD.
It carries a machine that shows its working: run — runs entry/debt/exit, computes IRR and multiple of money, separates the return drivers; selftest — 10 checks that prove the machine — 10 checks in its selftest, run in the open below. It never reports a return without its assumptions — an LBO return is only as real as the exit multiple guess; never gives investment advice or tells anyone to buy, sell, invest in, or price a deal; never promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes; never presents an invented number as real — unknown inputs are marked [FILL] for the person's own data.
The house law, written into the card.
It is in the card itself, so the AI follows it.
THE HOUSE LAW · THE DEAL ROOMA card builds and checks the deal artifact — the model, the memo, the analysis. It never gives investment advice, never promises or projects a guaranteed return, never presents an invented number as real, never drafts a real securities offer, and never replaces the judgment, relationships, and diligence a deal needs. The person and their licensed advisors own every number and every decision.
THE LIMIT, ON THE TINIt computes the return from your entry, debt, and exit assumptions; those assumptions, especially the exit multiple, decide everything and are yours to defend. Leverage cuts both ways.
The method.
Entry. The purchase price, the debt, the equity in.
Operate. The hold-period cash flows that pay down debt.
Exit. The exit value at the exit multiple, debt repaid, equity out.
Return. The IRR and multiple of money, with the drivers (leverage, growth, multiple) separated.
What it does once your AI has it.
run Runs entry/debt/exit, computes IRR and multiple of money, separates the return drivers
selftest 10 checks on the studio’s own example inputs; it must print selftest 10/10
What it will never do.
It never reports a return without its assumptions — an LBO return is only as real as the exit multiple guess; never gives investment advice or tells anyone to buy, sell, invest in, or price a deal; never promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes; never presents an invented number as real — unknown inputs are marked [FILL] for the person's own data.
Where it hands off: The fund-level returns → THE RETURNS CARD. The synergies that lift it → THE SYNERGY CARD.
It is an AI reading a text file: it can be wrong, so check what matters against your own records and the source. The holder brings their own AI; no endorsement by Anthropic or any other AI company is claimed. Names of other companies and standards are used only to say what the card works with.
What’s in the buy.
SKILL.md — the door your AI reads first: when it wakes, when it does not, the loop, the never-lines, the house law
CARD.md — the whole card in ten sections, §0 to §9 · TIN.md — what is on the tin, in nine lines
scripts/lbo.py — the machine, Python standard library only, offline; selftest 10/10
RUN.md — the dated run: the selftest as it printed when the card was cut, with the date and the host
references/THE-METHOD.md — the method in plain words, in the card’s own voice
START-HERE.md and system/short-prompt.md — the doors, for any AI with or without skills
MY-LEDGER.md — the card’s memory, on your own machine · LICENSE-NOTE.md — the licence
PROOF · SELFTEST 10/10 · AUDIT 12/12 · WITNESSED IN CLAUDE 2026-10-20 ON THE STUDIO’S OWN EXAMPLE INPUTS · THE TEST PROMPTS IN FRESH CHATS OWED · EDITION 1 · PUNCH 412A777DDC63931CE10CEB21
ON EVERY DOOR · A CARD FOR YOUR AI, A FILE FOR YOUR COMPUTER
In Claude: turn on code execution under Settings › Capabilities, then Customize › Skills › + › Create skill, and upload the zip as it is — START-HERE.md in the box walks you through it, and tells you how to keep the ledger. In ChatGPT, Gemini and the rest: a Project, a GPT or a Gem with the card’s files attached and the short door in the box pasted as its instructions. The words run anywhere an AI reads Markdown; the machines run wherever the host runs Python. Witnessed in Claude only. The host marks →
Take it.
Nº 1302 —Liquid error (snippets/rm-lbo-card line 116): comparison of String with 0 failed
Sold as is under the term printed. A card instructs an AI you operate; results depend on your model, your files and your judgement. Not medical, legal, tax or financial advice, never the person’s boss, and not a licence to practise. Not investment advice, not an appraisal and not an offer to sell securities. The terms →
One payment. The file is yours to keep and keeps working at its edition; new editions issued in the year after you buy reach you by email as replacement files. Tax is added at checkout where it applies. Nothing auto-renews.
AFTER YOU PAY · SIGN IN WITH THE EMAIL YOU PAID WITH · THE CARD OPENS ON MY CARDS → · CHECKED AGAINST ITS FINGERPRINT · NOTHING TO WAIT FOR
A TERM, NOT A SUBSCRIPTION: NOTHING RENEWS ITSELF AND NOBODY IS CHARGED AGAIN. WHEN A TERM ENDS THE FILES STAY ON YOUR COMPUTER AND STAY READABLE — FREEZE, NOT LOSS.
THE MACHINE · IN THE OPEN · FROM THE STUDIO’S RUN OF 2026-10-20
lbo.py, showing its working.
A small Python program, standard library only. Your AI runs it; you can too. The block below is the machine’s selftest as it printed when the studio ran it from inside the packet, in Claude, on 2026-10-20.
run
runs entry/debt/exit, computes IRR and multiple of money, separates the return drivers · run INPUTS.txt
selftest
10 checks that prove the machine; it must print selftest 10/10
selftest · AS PRINTED
$ python3 scripts/lbo.py selftest
wrote LBO.md — MoM 2.25x, IRR 17.6%
REFUSED: need exit_multiple — an LBO return is meaningless without it
REFUSED: equity in must be positive (debt exceeds entry EV)
wrote LBO.md — MoM 2.75x, IRR 22.4%
wrote LBO.md — MoM 2.25x, IRR 17.6%
wrote LBO.md — MoM 2.25x, IRR 17.6%
selftest 10/10
THE SELFTEST RUNS ON THE STUDIO’S OWN EXAMPLE INPUTS, INVENTED FOR THE TEST; NO REAL COMPANY, PERSON OR ACCOUNT IS NAMED.
QUESTIONS AT THE TABLE
Asked before the wire.
What does it need from me?
Your own files and figures, on your own disk. It starts by asking for them: the purchase price, the debt, the equity in. If something it needs is missing, it marks it and says so — it never fills a gap with a guess.
Does it send anything anywhere?
No. The machine is a standard-library Python program that runs on your own computer and sends nothing anywhere; the words run wherever an AI reads Markdown. No server, no account, no key.
What is on the record?
The machine's selftest (10/10), run from inside the packet in Claude on 2026-10-20 on the studio's own example inputs and printed below as it ran; the twelve-check audit (AUDIT.md, 12/12); MANIFEST.md with every file hashed. RUN.md in the box is that run, dated. Still to come, as the next receipt: the card's test prompts asked in fresh chats with the card installed. The punch on the face is the SHA-256 of SKILL.md, so a downloaded copy can be checked against this room.
Can it be wrong?
Yes — it is an AI reading a text file: it can be wrong and can invent a number, a rule, a name or a date; check what matters against your own records and the source; the risk is yours. It computes the return from your entry, debt, and exit assumptions; those assumptions, especially the exit multiple, decide everything and are yours to defend. Leverage cuts both ways.
What will it never do?
It never reports a return without its assumptions — an LBO return is only as real as the exit multiple guess; never gives investment advice or tells anyone to buy, sell, invest in, or price a deal; never promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes; never presents an invented number as real — unknown inputs are marked [FILL] for the person's own data.
