FoundationsStocksStart here
Foundations of Stock Investing
Read a financial statement, judge business quality, and set a price you are willing to pay. The prerequisite for everything else here.
24 lessons8h 10m5 modules
What the course covers
Module 1What you are actually buying4 lessons · 1h 0m
A share is a claim on a business, not a ticker that moves. This module sets up everything after it.
- 1Ownership, not tradingFree preview14m
- 2Where returns actually come fromFree preview18m
- 3Why price and value separate16m
- 4The only three things you control12m
Module 2Reading the three statements5 lessons · 1h 59m
Income statement, balance sheet, cash flow — what each one hides and what it reveals.
- 1Income statement, line by line26m
- 2Balance sheet: what the company owes24m
- 3Cash flow: the statement most people skip28m
- 4How the three connect19m
- 5Five red flags across the statements22m
Module 3Judging business quality5 lessons · 1h 46m
Separating a good business from a business that happened to have a good year.
- 1Margins and what moves them21m
- 2Return on invested capital24m
- 3Competitive advantage, concretely20m
- 4Capital allocation: where the cash goes23m
- 5Debt: how much is too much18m
Module 4Setting a price you will pay5 lessons · 1h 57m
From judgement about a business to a number you can act on.
- 1Multiples and their limits22m
- 2Projecting forward without fooling yourself25m
- 3Discounting to today20m
- 4Margin of safety in practice18m
- 5Building your first full valuation32m
Module 5Owning it5 lessons · 1h 28m
The part that decides returns, and the part almost nobody teaches.
- 1Writing the thesis down16m
- 2Position sizing without a formula19m
- 3What to do in a drawdown21m
- 4The three reasons to sell17m
- 5Reviewing your own decisions15m