Learning path

Go pro (analysis)

I want to analyse companies and value them like a professional.

The analyst's toolkit: read the three financial statements, value a business with multiples and a DCF, judge quality and moats, and place it in the macro cycle.

1. 1 Valuing a stock beginner
2. 2 The income statement intermediate
3. 3 The balance sheet intermediate
4. 4 The cash flow statement intermediate
5. 5 Valuation multiples intermediate
6. 6 Growth vs value intermediate
7. 7 Sectors & the business cycle intermediate
8. 8 Discounted cash flow (DCF) advanced
9. 9 Quality & moats advanced
10. 10 Market mechanics advanced
11. 11 Risk & position sizing advanced
12. 12 Behavioral pitfalls & market efficiency advanced
13. 13 Interest rates & central banks beginner
14. 14 The business cycle beginner
15. 15 How macro moves markets beginner
16. 16 The yield curve beginner
17. 17 Credit risk & ratings beginner
18. 18 Duration & interest-rate sensitivity intermediate
19. 19 Credit spreads intermediate

Lessons are pulled from across the tracks in a sensible order. You can always jump around in all lessons — this is just a guided route. Education, not financial advice.