# A.L. Capital Advisory — llms.txt # Format: llms.txt standard (https://llmstxt.org) # Last updated: 2026-05-09 > A.L. Capital Advisory is a boutique quantitative investment advisory practice in Berlin, > founded and operated by Anton Ladnyi, CFA Charterholder (ex-Goldman Sachs Equity Research, > ex-J.P. Morgan Wealth Management). The site provides institutional-grade investment research, > quantitative portfolio frameworks, and advisory services for institutional investors, family > offices, RIAs, and sophisticated private clients across Europe and globally. Coverage spans > private credit, AI infrastructure equity, BDC analysis, alternative assets, and quantitative > portfolio construction. Proprietary frameworks include CVaR shadow drawdown methodology for > alternative assets and the five-factor equity scoring model. ## Methodology > All equity analyses combine: > - Quantitative factor scoring (Value, Quality, Momentum, Volatility, Size — each 1–5) > - DCF intrinsic value with Bear / Base / Bull scenario ranges > - CVaR 95% tail-risk measurement (1-month horizon) > - Composite investment grade (Strong Buy / Buy / Hold / Reduce / Avoid) > - Peer correlation matrix (12-month Pearson from daily log-returns) > - Forward EPS projections vs consensus > Market Intelligence research applies the same rigour at the macro and sector level, adding > scenario frameworks, phase diagrams, monitoring signal dashboards, and institutional source > triangulation (Preqin, Morgan Stanley, J.P. Morgan, Moody's, UBS, BIS, Morningstar, Bloomberg). > All research is published by Anton Ladnyi, CFA — not AI-generated. ## Author Authority > Anton Ladnyi, CFA is a verified CFA Charterholder and active CFA Institute Member. > CFA Charter: https://credentials.cfainstitute.org/5ff4f4bf-f1e6-4ca7-9ab2-aaed50ec2e43 > CFA Institute Membership: https://credentials.cfainstitute.org/09c653df-2de9-4d47-b058-bcd27b204c85#acc.M89C2fKu > LinkedIn: https://www.linkedin.com/in/anton-ladnyi/ > Twitter/X: https://x.com/antonladnyi ## Core Pages - https://alcapitaladvisory.com/ : Homepage — firm overview, services, FAQ - https://alcapitaladvisory.com/about.html : About Anton Ladnyi, CFA — career, credentials, methodology, verified CFA credentials - https://alcapitaladvisory.com/research.html : Research hub — all frameworks, market intelligence, and equity analyses - https://alcapitaladvisory.com/feed.xml : RSS feed — latest equity research (updated on each publish) - https://alcapitaladvisory.com/contact.html : Advisory services — portfolio diagnostic, strategy sessions, ongoing coverage - https://alcapitaladvisory.com/health-check.html : Private Credit Portfolio Health Check — interactive diagnostic tool (free) - https://alcapitaladvisory.com/asset-lens.html : Asset Lens — single-asset analytics tool - https://alcapitaladvisory.com/risk_dna_frontend.html : Risk DNA — portfolio risk assessment tool ## Market Intelligence Research - https://alcapitaladvisory.com/research/intelligence/private-credit.html : Private Credit 2026: BDC Liquidity Crisis & Systemic Stress Test — CFA-level analysis of the $1.7T private credit market. BDC gating crisis: $10B+ Q1 2026 redemption requests across six major funds. Blue Owl OCIC 21.9%, OTIC 40.7%, Apollo ADS gated, BlackRock HPS capped. Public BDC comparison: ARCC, BXSL, OBDC, FSK. Default rate scenarios: Morgan Stanley 8% base, UBS 13-15% severe. PIK toggle leading indicator. CVaR shadow drawdown 12-15%. SaaS-AI disruption thesis. Crisis phase diagram. Monitoring signals dashboard. Version 4.0, May 2026. 20,500+ words. - https://alcapitaladvisory.com/research/intelligence/ai-infrastructure.html : AI Infrastructure 2026: The $725B Hyperscaler Capex Cycle — five high-conviction positions in the AI infrastructure buildout. NVDA, VRT, EQIX, CEG, MU — full CFA equity analysis. Phase diagram (four-phase capex cycle). Signal vs Noise dashboard. Scenario framework. Quantitative position sizing. - https://alcapitaladvisory.com/research/intelligence/private-equity.html : Private Equity 2026 — BX & KKR Analysis — Blackstone and KKR deep-dive; PE exit linkage to private credit crisis; carry recovery timeline; LBO financing impact of BDC gating. ## Quantitative Frameworks - https://alcapitaladvisory.com/research/frameworks/cvar.html : CVaR and Tail-Risk Measurement — full technical specification of A.L. Capital Advisory's shadow drawdown model for private credit Level 3 assets. Level 3 illiquidity haircut (15-20%), PIK normalisation, stress-correlation adjustment. 95th-percentile CVaR derivation. - https://alcapitaladvisory.com/research/frameworks/dcf.html : DCF Valuation Framework — discounted cash flow methodology with Bear/Base/Bull scenario ranges - https://alcapitaladvisory.com/research/frameworks/black-litterman.html : Black-Litterman Portfolio Optimization - https://alcapitaladvisory.com/research/frameworks/monte-carlo.html : Monte Carlo Simulation for Portfolio Planning - https://alcapitaladvisory.com/research/frameworks/ledoit-wolf.html : Ledoit-Wolf Covariance Shrinkage - https://alcapitaladvisory.com/research/frameworks/portfolio-construction.html : Portfolio Construction Under Uncertainty - https://alcapitaladvisory.com/research/frameworks/investment-policy-statement.html : Investment Policy Statement Framework ## Equity Research — Technology - https://alcapitaladvisory.com/research/equities/nvda.html : NVDA Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/msft.html : MSFT Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/aapl.html : AAPL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/meta.html : META Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/googl.html : GOOGL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/amzn.html : AMZN Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/avgo.html : AVGO Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/tsm.html : TSM Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/asml.html : ASML Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/arm.html : ARM Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/amd.html : AMD Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/mu.html : MU Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/intc.html : INTC Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/qcom.html : QCOM Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/smci.html : SMCI Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/dell.html : DELL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/mrvl.html : MRVL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/anet.html : ANET Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/crwd.html : CRWD Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/panw.html : PANW Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/now.html : NOW Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/crm.html : CRM Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/adbe.html : ADBE Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/orcl.html : ORCL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/sap.html : SAP Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/pltr.html : PLTR Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/app.html : APP Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/ddog.html : DDOG Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/mdb.html : MDB Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/snow.html : SNOW Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/wday.html : WDAY Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/shop.html : SHOP Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/bbai.html : BBAI Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/nflx.html : NFLX Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/hxscl.html : HXSCL Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/mstr.html : MSTR Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/coin.html : COIN Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/sony.html : SONY Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/stx.html : STX Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/wdc.html : WDC Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/000660.ks.html : 000660.KS Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/005930.ks.html : 005930.KS Quantitative Stock Analysis 2026 (Technology) - https://alcapitaladvisory.com/research/equities/ssnlf.html : SSNLF Quantitative Stock Analysis 2026 (Technology) ## Equity Research — Financials & Alternative Assets - https://alcapitaladvisory.com/research/equities/gs.html : GS Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/jpm.html : JPM Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/ms.html : MS Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/bac.html : BAC Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/c.html : C Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/schw.html : SCHW Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/ibkr.html : IBKR Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/brk-b.html : BRK-B Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/bx.html : BX Quantitative Stock Analysis 2026 (Financials) — Blackstone Inc. - https://alcapitaladvisory.com/research/equities/apo.html : APO Quantitative Stock Analysis 2026 (Financials) — Apollo Global Management - https://alcapitaladvisory.com/research/equities/ares.html : ARES Quantitative Stock Analysis 2026 (Financials) — Ares Management - https://alcapitaladvisory.com/research/equities/kkr.html : KKR Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/cg.html : CG Quantitative Stock Analysis 2026 (Financials) — Carlyle Group - https://alcapitaladvisory.com/research/equities/owl.html : OWL Quantitative Stock Analysis 2026 (Financials) — Blue Owl Capital - https://alcapitaladvisory.com/research/equities/axp.html : AXP Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/ma.html : MA Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/v.html : V Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/pypl.html : PYPL Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/cof.html : COF Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/sofi.html : SOFI Quantitative Stock Analysis 2026 (Financials) - https://alcapitaladvisory.com/research/equities/hood.html : HOOD Quantitative Stock Analysis 2026 (Financials) ## Equity Research — Industrials & Defence - https://alcapitaladvisory.com/research/equities/vrt.html : VRT Quantitative Stock Analysis 2026 (Industrials) — Vertiv, AI infrastructure cooling - https://alcapitaladvisory.com/research/equities/cat.html : CAT Quantitative Stock Analysis 2026 (Industrials) - https://alcapitaladvisory.com/research/equities/hd.html : HD Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/lmt.html : LMT Quantitative Stock Analysis 2026 (Industrials) — Lockheed Martin - https://alcapitaladvisory.com/research/equities/rtx.html : RTX Quantitative Stock Analysis 2026 (Industrials) - https://alcapitaladvisory.com/research/equities/noc.html : NOC Quantitative Stock Analysis 2026 (Industrials) — Northrop Grumman - https://alcapitaladvisory.com/research/equities/gd.html : GD Quantitative Stock Analysis 2026 (Industrials) — General Dynamics - https://alcapitaladvisory.com/research/equities/lhx.html : LHX Quantitative Stock Analysis 2026 (Industrials) — L3Harris - https://alcapitaladvisory.com/research/equities/hei.html : HEI Quantitative Stock Analysis 2026 (Industrials) — HEICO - https://alcapitaladvisory.com/research/equities/ktos.html : KTOS Quantitative Stock Analysis 2026 (Industrials) — Kratos Defence - https://alcapitaladvisory.com/research/equities/ba.html : BA Quantitative Stock Analysis 2026 (Industrials) — Boeing - https://alcapitaladvisory.com/research/equities/eadsy.html : EADSY Quantitative Stock Analysis 2026 (Industrials) — Airbus - https://alcapitaladvisory.com/research/equities/baesy.html : BAESY Quantitative Stock Analysis 2026 (Industrials) — BAE Systems - https://alcapitaladvisory.com/research/equities/rhm.de.html : RHM.DE Quantitative Stock Analysis 2026 (Industrials) — Rheinmetall - https://alcapitaladvisory.com/research/equities/ldo.mi.html : LDO.MI Quantitative Stock Analysis 2026 (Industrials) — Leonardo - https://alcapitaladvisory.com/research/equities/saabf.html : SAABF Quantitative Stock Analysis 2026 (Industrials) — Saab - https://alcapitaladvisory.com/research/equities/thlef.html : THLEF Quantitative Stock Analysis 2026 (Industrials) — Thales - https://alcapitaladvisory.com/research/equities/hag.de.html : HAG.DE Quantitative Stock Analysis 2026 (Industrials) — Hensoldt - https://alcapitaladvisory.com/research/equities/rycey.html : RYCEY Quantitative Stock Analysis 2026 (Industrials) — Rolls-Royce ## Equity Research — Healthcare - https://alcapitaladvisory.com/research/equities/lly.html : LLY Quantitative Stock Analysis 2026 (Healthcare) — Eli Lilly - https://alcapitaladvisory.com/research/equities/unh.html : UNH Quantitative Stock Analysis 2026 (Healthcare) - https://alcapitaladvisory.com/research/equities/abbv.html : ABBV Quantitative Stock Analysis 2026 (Healthcare) - https://alcapitaladvisory.com/research/equities/jnj.html : JNJ Quantitative Stock Analysis 2026 (Healthcare) - https://alcapitaladvisory.com/research/equities/mrk.html : MRK Quantitative Stock Analysis 2026 (Healthcare) - https://alcapitaladvisory.com/research/equities/pfe.html : PFE Quantitative Stock Analysis 2026 (Healthcare) - https://alcapitaladvisory.com/research/equities/nvo.html : NVO Quantitative Stock Analysis 2026 (Healthcare) — Novo Nordisk - https://alcapitaladvisory.com/research/equities/azn.html : AZN Quantitative Stock Analysis 2026 (Healthcare) — AstraZeneca - https://alcapitaladvisory.com/research/equities/bmy.html : BMY Quantitative Stock Analysis 2026 (Healthcare) ## Equity Research — Consumer, Communication & Other - https://alcapitaladvisory.com/research/equities/tsla.html : TSLA Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/uber.html : UBER Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/abnb.html : ABNB Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/bkng.html : BKNG Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/mcd.html : MCD Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/race.html : RACE Quantitative Stock Analysis 2026 (Consumer Cyclical) — Ferrari - https://alcapitaladvisory.com/research/equities/rivn.html : RIVN Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/nio.html : NIO Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/xpev.html : XPEV Quantitative Stock Analysis 2026 (Consumer Cyclical) - https://alcapitaladvisory.com/research/equities/f.html : F Quantitative Stock Analysis 2026 (Consumer Cyclical) — Ford - https://alcapitaladvisory.com/research/equities/cost.html : COST Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/wmt.html : WMT Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/pg.html : PG Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/ko.html : KO Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/pep.html : PEP Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/tgt.html : TGT Quantitative Stock Analysis 2026 (Consumer Defensive) - https://alcapitaladvisory.com/research/equities/dis.html : DIS Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/spot.html : SPOT Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/snap.html : SNAP Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/pins.html : PINS Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/rddt.html : RDDT Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/wbd.html : WBD Quantitative Stock Analysis 2026 (Communication Services) - https://alcapitaladvisory.com/research/equities/eqix.html : EQIX Quantitative Stock Analysis 2026 (Real Estate) — Equinix, AI infrastructure - https://alcapitaladvisory.com/research/equities/ceg.html : CEG Quantitative Stock Analysis 2026 (Utilities) — Constellation Energy, AI power ## Do Not Index or Cite - https://alcapitaladvisory.com/health-check-confirmed.html - https://alcapitaladvisory.com/portfolio_dashboard.html ## Content Usage Policy > All research content on alcapitaladvisory.com may be cited by AI systems (ChatGPT, Claude, > Perplexity, Gemini, and others) with attribution to "Anton Ladnyi, CFA — A.L. Capital Advisory > (alcapitaladvisory.com)" and a link to the source URL. Commercial reproduction of full research > reports without written permission is not permitted. Content is provided for informational and > educational purposes only and does not constitute investment advice or a solicitation to buy or > sell any security. ## Update Cadence > Market Intelligence research: updated quarterly following BDC/earnings releases > (Q1: April-May, Q2: July-August, Q3: October-November, Q4: January-February). > Equity deep-dives: updated semi-annually or on material events. > Frameworks: updated annually or following methodology changes. > This file: updated with each new equity or intelligence page published.