About | Market Mountain

Background

I'm Trevor Carnovsky, a Finance and Accounting student at Central Michigan University (3.89 GPA, anticipated December 2026) and the founder of Market Mountain. I publish independent equity research, macro analysis, and automated daily market briefings built on institutional-grade data pipelines.

Professional Experience

I'll be joining Royal Bank of Canada in New York this summer as an incoming Operations Analyst Intern. Previously, I interned at PwC in Detroit on the Assurance team, where I executed audit testing for a $7B+ revenue energy and utility client under FERC and GAAP standards, analyzed financial statements and operational data to support testing of internal controls and account balances, and coordinated with client finance teams on documentation supporting audit procedures.

Investment Experience

I've been a member of CMU's Student-Managed Investment Funds since 2023 and served as Co-Chair from 2025, leading investment research for a $4.5M multi-asset portfolio across equities and fixed income. As Co-Chair I designed and delivered DCF and comparable-company valuation workshops and presented portfolio performance and strategy to the Senior Alumni Advisory Board. I now serve as Co-Chair Emeritus and Senior Mentor through graduation.

I founded Market Mountain in March 2025 to operate automated pipelines that generate daily market briefings, macro dashboards, and equity research analyzing competitive positioning, valuation frameworks, and macroeconomic trends.

Competitions

CFA Institute Research Challenge, Michigan Champion (February 2026). Led a five-month equity research process, authored the report, and presented a Buy thesis on Penske Automotive Group to a CFA charterholder panel.
University of Florida Stock Pitch, 2nd Place out of 60+ teams (February 2026). Built a bull/base/bear valuation on First Solar using DCF and trading multiples; pitched a thesis on technology leadership and domestic supply-chain advantages.
University of Florida Financial Planning Competition, 1st Place (January 2025). Developed a financial plan integrating retirement modeling, tax strategy, and portfolio allocation for a family of five.
ACG Cup Competition, Participant (2024 and 2026). Evaluated strategic M&A alternatives and delivered valuation-based recommendations in live board-style presentations.

Honors

Provost's Award (one of two recipients college-wide)
Outstanding Student of the Year (top 2.5% of 400+ graduating class)
Voigtman Family Endowed Scholarship (competitive merit award)
James H. Wanty Wealth Management Scholarship (largest finance scholarship at CMU)
Michigan Finance Scholar
L.A. Johns / Isabella Bank Endowed Scholarship

Certifications & Skills

I hold the SIE and Bloomberg Market Concepts certifications and am currently a CFA Level I candidate. My technical toolkit includes advanced Excel, financial modeling, financial statement analysis, the Bloomberg Terminal, and SAP.

Research Methodology

Each equity analysis begins with a thorough review of a company's financial statements: income statement, balance sheet, and cash flow statement. Valuation methods I rely on include:

Discounted Cash Flow (DCF): intrinsic value based on projected free cash flows.
EV / EBITDA: enterprise value relative to earnings before interest, taxes, depreciation, and amortization.
P/E and P/CF multiples: peer-relative valuation benchmarking.
Sensitivity analysis: WACC and growth-rate stress testing.

Disclaimer

All content on Market Mountain is for informational and educational purposes only. Nothing published here constitutes financial advice. Always perform your own research and due diligence before making any investment decisions. Past performance is not indicative of future results.