[sl8r]

Interestingly, they’re actually used all the time in LBO models. Because the default is to sweep all FCF to pay down debt, but then the interest expense is dependent on FCF, which depends on the interest expense… Sort of a trivial example b/c you could solve it by being more granular with time periods, but in practice people just use the circular ref.

[DwnVoteHoneyPot]

I've also seen it basterdize into running a loop for a monte carlo sim instead of using a VBA macro. Genius and stupid all at the same time.