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Intermediate · 9 chapters · 45 lessons

Fundamental analysis course: how to value a company

For people who know what a stock is: P/E, the balance sheet, cash flow, dividends and red flags, on real companies.

Chapter 1

What a stock is worth

  1. 1.1What is the P/E ratio and how to read it6 min
  2. 1.2Dividend yield and its traps6 min
  3. 1.3What is the fair value of a stock6 min
  4. 1.4How to compare a company with its sector5 min
  5. 1.5A company’s debt: when is it too much7 min
Chapter 2Subscription

How to read financial statements

  1. 2.1How to read an income statement6 min
  2. 2.2The balance sheet: what a company owns and owes6 min
  3. 2.3Cash flow: the money that actually comes in6 min
  4. 2.4Revenue, profit and cash flow: the difference6 min
  5. 2.5The annual report: where to look first6 min
Chapter 3Subscription

The quality of a business

  1. 3.1Profit margins: what they show7 min
  2. 3.2ROE and ROIC: how well a company uses its money7 min
  3. 3.3A company’s competitive advantage (moat)6 min
  4. 3.4Healthy growth in a company7 min
  5. 3.5When new technology replaces the leader7 min
Chapter 4Subscription

Dividends in depth

  1. 4.1The dividend payout ratio6 min
  2. 4.2Dividend history: what it tells you6 min
  3. 4.3Ex-dividend date and payment date6 min
  4. 4.4The high-dividend trap6 min
  5. 4.5Share buybacks6 min
Chapter 5Subscription

Red flags

  1. 5.1Profit without cash: the Enron case7 min
  2. 5.2Short-term debt: Lehman and Evergrande7 min
  3. 5.3The Altman Z-score: bankruptcy risk7 min
  4. 5.4The Piotroski score: financial health in 9 points7 min
  5. 5.5When even the audit fails you: Wirecard7 min
Chapter 6Subscription

Your portfolio

  1. 6.1Asset allocation7 min
  2. 6.2Rebalancing your portfolio7 min
  3. 6.3Currency risk6 min
  4. 6.4Too much home bias or too much America7 min
  5. 6.5How concentrated you can be7 min
Chapter 7Subscription

Markets and the economy

  1. 7.1Interest rates and the stock market7 min
  2. 7.2Inflation and stocks7 min
  3. 7.3Economic cycles7 min
  4. 7.4Market regimes6 min
  5. 7.5Stock market crashes: 2008, 2020, 20227 min
Chapter 8Subscription

Other markets: indices, commodities, currencies, bonds

  1. 8.1How to invest in a stock market index7 min
  2. 8.2Gold, oil and other commodities7 min
  3. 8.3The currency market explained7 min
  4. 8.4Bonds and their yield7 min
  5. 8.5Listed real estate (REITs)7 min
Chapter 9Subscription

Crypto without illusions

  1. 9.1What Bitcoin is and what it is not7 min
  2. 9.2Ethereum, stablecoins and the rest7 min
  3. 9.3Where to keep crypto: exchange or wallet7 min
  4. 9.4Returns too good to be true7 min
  5. 9.5How much to put into such a volatile asset7 min

Lessons are educational. They are not a recommendation to buy or sell. Investing involves risk and you can lose money.