Everything an investor needs to know.

The essential building blocks every investor needs to understand before anything else.

How markets function, how prices move, and how returns are generated over time.

The broader forces that shape markets, economies, and investment outcomes.

4 min read

Every listed company publishes three core financial statements. Together they tell the full story of a company's financial health, if you know how to read them.

5 min read

The same income statement looks completely different depending on the size of the company. Margins strip away size and let you compare any two companies, or a company against its own past, on equal footing.

7 min read

Margins tell you how profitable a company is. Ratios go one step further and tell you whether the stock price reflects that profitability fairly, generously, or not at all.

5 min read

Ratios fall into four categories, each answering a different question about a company. Knowing which category a ratio belongs to tells you what it is actually measuring, and what it cannot tell you.

4 min read

Beyond the four foundational ratio categories, there are three more that experienced investors use to assess how efficiently a company deploys its capital, uses its assets, and rewards its shareholders.

13 min read

A DCF does not predict the future, it makes your assumptions about a company's future cash flows explicit enough to question. Here is how the standard method, terminal value and all, actually fits together.

4 min read

Every number we use comes from somewhere. Here's exactly where to find it yourself, for free, without a Bloomberg terminal or a paid research subscription.

Revenue, expenses, and profit: how a company earns money.

Assets, liabilities, and equity: what a company owns and owes.

Where cash comes from and where it goes across three activities.

Project free cash flow, add a terminal value, and get a fair value per share.