Understanding LLMs
What language models are and how they actually work.
Build a practical understanding of modern AI concepts and learn how they apply to institutional finance.
A comprehensive introduction to modern AI, covering the concepts, terminology and technologies investment professionals should understand.
Beginner · 28 min read · Updated Aug 2026
Short explainers for the ideas that keep showing up in institutional AI work.
A beginner-friendly guide to the machinery behind ChatGPT, Claude, Gemini, and Llama.
Read guide →A practical guide to steering large language models.
Read guide →How grounding language models in external knowledge reduces hallucination and keeps responses current.
Read guide →How language models move from answering questions to pursuing goals, using tools, and completing multi-step tasks.
Read guide →How much text a language model can hold in mind at once, why bigger is not always better, and what happens when you run out of room.
Read guide →How structured relationships between entities give AI systems grounded, queryable knowledge that goes beyond text retrieval.
Read guide →Why language models make things up, what causes confident but wrong output, and the techniques that reduce it.
Read guide →How test-time compute lets language models think through hard problems, and what the trade-offs look like.
Read guide →How text becomes numbers, why similarity in vector space mirrors similarity in meaning, and the infrastructure that makes retrieval possible.
Read guide →The open standard for connecting AI models to external tools, data sources, and services through a universal interface.
Read guide →How AI is applied across research, due diligence, modelling and investment workflows.
Coming soonBrowse tested prompts for institutional finance.
Coming soonExplore AI terminology through an A–Z reference.
Coming soonCompare models, performance and evaluation methodologies.
Coming soonLearn directly from the Pascal team through live workshops.
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