About | Market Mountain

Background

I'm Trevor Carnovsky, an equity researcher and investment analyst with experience across capital markets, audit, and portfolio management. I founded Market Mountain to publish independent equity research, macro analysis, and automated daily market briefings built on institutional-grade data pipelines.

My professional experience spans Royal Bank of Canada (Capital Markets operations) and PwC (assurance), where I executed audit testing for a $7B+ revenue energy and utility client under FERC and GAAP standards. I also co-chair a $4M student-managed investment fund, leading investment research across equities and fixed income and presenting strategy to the Senior Alumni Advisory Board.

Investment Research

My research has been recognized in national competition. I led the CFA Institute Research Challenge team that won the Michigan championship, authoring a five-month equity research report on Penske Automotive Group and presenting a Buy thesis to a CFA charterholder panel. I also placed 2nd out of 60+ teams at the University of Florida Stock Pitch Competition, building a bull/base/bear valuation on First Solar using DCF and trading multiples.

I hold the SIE and Bloomberg Market Concepts certifications and am currently pursuing CFA Level I.

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 used 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.