Finance & investing,
learn at your own pace.
Lessons attached to live SEC filings, ten-year financials, and credit data — the same primary sources the professionals read. From understanding what a stock is to reading a 10-K end-to-end. Every lesson is interactive, AI-assisted, and free to start — no account required.
Hit a term you don’t know? Every lesson defines its terms inline; the glossary is the full reference.
Curated journeys
Sequenced paths through the catalog — pick a journey and go.
Understand what your stocks are doing
beginnerFirst-principles literacy on what a ticker page is showing — price, fundamentals, filings, news.
Reading a 10-K
intermediateIncome statement → balance sheet → cash flow → MD&A → notes → auditor's report. The annual report, demystified.
Build your first portfolio
beginnerAsset allocation, diversification, dollar-cost averaging, and the behavioral guardrails that keep you in the game.
Personal-finance journey
beginnerFoundations → tax basics → retirement vehicles → the bridge from saving to investing.
Reading beyond charts
intermediateValue investing as a discipline — moats, cash flows, DCF, margin of safety. Treat businesses as businesses, not tickers.
From zero to options
intermediateStocks → derivatives basics → Greeks → covered calls → spreads → advanced strategies.
Bonds and credit
intermediateYield curve → coupon mechanics → credit risk → BDC structure → distressed and restructuring.
The deal-maker's path
advancedValuation → DCF → LBO mechanics → M&A analysis → special situations. The mechanics behind every transaction.
Starter courses
No prior knowledge required. Start here if you're new to investing.
13 courses · 180 lessons
Understand what stocks are, how markets work, and the basic mechanics of buying and selling shares.
01What Is a Stock?›02How Stock Exchanges Work›03Sectors: How the Stock Market Is Organized›04Market Cap: Small, Mid, and Large›05Dilution: When Your Slice of the Company Shrinks›06What Moves Stock Prices?›07Dividends: Getting Paid to Own Stocks›08Bulls, Bears, and Market Cycles›09Reading a Stock Chart›10Order Books and Price-Time Priority›11Market, Limit, and Stop Orders -- and Slippage›12Short Selling, Locate, and Failure to Deliver›13Corporate Actions: Splits, Spin-Offs, DRIPs, and Special Dividends›14IPO Mechanics and Lockup Expiration›
Learn to read the three financial statements that every public company must file with the SEC.
01The Income Statement: How Much Did They Earn?›02The Balance Sheet: What Do They Own and Owe?›03Liquidity: How Easily You Can Reach Your Cash›04Cash Flow: Follow the Money›05EBITDA: What It Is and Isn't›06The Working Capital Walk: Where Cash Hides in Plain Sight›07Income Statement Quality Flags›08The Cash Flow Walk: What Each Section Is Telling You›09Deferred Revenue: When a Liability Is Actually Good News›10Stock-Based Compensation: The Non-Cash Expense That Costs You Real Money›11Segment Reporting and the MD&A: Reading What Management Did Not Say›
Master the essential ratios that analysts use to evaluate profitability, efficiency, leverage, and liquidity.
Prerequisite: Reading Financial Statements
01Profitability Ratios: How Much Does the Company Keep?›02Return on Equity: Shareholder Efficiency›03ROIC: The Truth About Business Quality›04Liquidity Ratios: Can They Pay Their Bills?›05Leverage Ratios: How Much Debt Is Too Much?›06Efficiency Ratios: How Well Does Management Run the Business?›07Cash Conversion Cycle: Who Funds Whom?›
Learn how to tell if a stock is expensive or cheap using the metrics professionals use.
01What is a P/E Ratio?›02EV/EBITDA: The Professional's Metric›03Price-to-Book: Asset Value›04Cost of Capital: What Discount Rate to Use›05Buybacks: When Returning Cash Beats Reinvesting It›06DCF: What Is a Company Really Worth?›07Putting It Together: Is This Stock Cheap?›08Mr. Market: Graham's Core Insight›09Circle of Competence: Buffett's Risk Framework›10Earnings Quality: Why Coca-Cola Trades at a Premium›11Earnings Predictability›12Capital Allocation: The CEO's Five Choices›13PEG Ratio: P/E Adjusted for Growth›14Choosing the Right Valuation Method›
A focused single-module course on setting target weights and keeping them through disciplined rebalancing. For the full…
The bridge from understanding money to actually being invested. Learn asset allocation, the three-fund portfolio, target-date funds,…
Prerequisite: Personal Finance Foundations
01Asset Allocation by Time Horizon›02Stocks vs Bonds vs Cash: The Numbers›03The Three-Fund Portfolio›04Target-Date Funds and Glide Paths›05Opening a Brokerage Account›06Funding Your Account and Your First Buy›07Dollar-Cost Averaging vs Lump-Sum›08Rebalancing Rules: Calendar vs Threshold›09Asset Location: Which Account Holds What›10Tax-Loss Harvesting -- The Mechanics›11I-Bonds and TreasuryDirect›12Sequence-of-Returns Risk›13Equity Compensation as Concentrated Risk›14The 5 / 10 / 30-Year Checkup›
Learn how ETFs work, how to evaluate them, and how to compare funds for your portfolio.
01What Is an ETF?›02Expense Ratios: The Silent Return Killer›03Reading ETF Holdings and Sector Exposure›04NAV, Premiums, and Discounts›05Comparing ETFs: Making the Right Choice›06Smart-Beta, Factor & Thematic ETFs›07Creation, Redemption, and the Arbitrage That Holds an ETF Together›08Tracking Error: Why Your Index Fund Does Not Exactly Match the Index›09ETF Tax Efficiency: How the In-Kind Mechanism Saves You Money Over Decades›10Active, Passive, and Smart-Beta: Three Flavors, One Fee Spectrum›11Thematic and Leveraged ETFs: Where the Wrapper Stops Helping You›
Learn how bonds work, why they matter, and how professionals use them to manage risk and generate income.
01What Is a Bond?›02Price vs Yield: The Seesaw Relationship›03SOFR: The Rate That Replaced LIBOR›04Duration: Measuring Interest Rate Risk›05Credit Spreads: Pricing Default Risk›06Capital Structure: Who Gets Paid First?›07Reading a Bond Quote: YTM vs Current Yield vs Coupon›08Bond Ratings and Credit Migration›09Duration and Convexity: Intuition for Retail Investors›10MBS, Agency, and Muni: Bond Literacy Beyond Treasuries and Corporates›11Bond ETFs vs Individual Bonds: When Each Makes Sense›
Learn how the economy affects markets — inflation, interest rates, the Fed’s toolkit, GDP components, fiscal policy, trade flows, business…
01Inflation: What It Is and Why It Matters›02The Fed and Interest Rates: How Policy Moves Markets›03The Yield Curve, in Plain English›04GDP: What the Economy Actually Produces›05The Business Cycle: Timing the Economic Seasons›06Fiscal Policy: Government Spending, Taxes, and Deficits›07The Fed’s Advanced Toolkit: QE, QT, and Forward Guidance›08Trade, Exchange Rates, and the Dollar›09Financial Crises: How Economies Break Down›10How the Federal Reserve Actually Works›11How Banks Create Money (and Why Reserves No Longer Bind)›12Reading a Bank Income Statement›13Bank Capital, Tier 1 Ratios, and Stress Tests›14Yield Curve Shape and Bank Net Interest Margin›15How a Modern Bank Run Unfolds›16National Income Identities: Why S = I (and Y = C + I + G + NX)›17Current Account = Capital Account: Why Trade Deficits Are Capital Inflows›18Fiscal Multiplier Mechanics: Why $1 of Spending Becomes $0.50-$2 of GDP›19Exchange Rate Regimes and the Impossible Trinity›20Capital Flows and Sudden Stops: Why EM Crises Look Alike›
Learn the economic forces behind stock prices, competitive moats, and business profitability. These concepts power the analysis Wall Street…
01Supply, Demand & Market Prices›02Elasticity: Why Some Companies Have Pricing Power›03Opportunity Cost: The Hidden Price of Every Investment›04Costs of Production: Reading a Company's Margin Structure›05Perfect Competition: Why Commodity Businesses Struggle›06Monopoly Power: The Economics Behind Competitive Moats›07Monopolistic Competition: Brand Value and Differentiation›08Time Value of Money: Why a Dollar Today Beats a Dollar Tomorrow›09Externalities: ESG Risks and Regulatory Costs›10From Economics to Stock Analysis›11Industry Structure as Valuation Anchor›12Scarcity, PPF, and Opportunity Cost›13Marginal Analysis: How Disciplined Investors Decide›14Consumer and Producer Surplus: The Geometry of Value Capture›15Price Discrimination: First, Second, and Third Degree›16Game Theory and the Prisoner's Dilemma›17Externalities and Public Goods›18Comparative Advantage: Why Specialization Compounds›19Behavioral Economics for Investors›
Build a solid financial foundation before investing. Covers emergency funds, compound interest, tax-advantaged accounts, index investing,…
01Emergency Fund: Your Financial Foundation›02Compound Interest: The Eighth Wonder of the World›03Inflation: Why Your Cash Quietly Loses Value›04Tax-Advantaged Accounts: The Match You Might Be Missing›05Index Funds: Why Most Active Funds Underperform›06Debt Management: Good Debt vs. Bad Debt›07Insurance: Protecting What You’ve Built›08Reading Your First Pay Stub›09Total Compensation: Base, Bonus, RSU, ESPP, and Match›10Health Insurance Without Confusing Yourself›11Roth IRA Income Limits and the Backdoor›12Renting vs. Buying — The Real Math at Today's Rates›13Credit Score Mechanics — All Five Factors›14Estate Basics for 22-Year-Olds›15Open Your First Account (Parent Helping)›16Student Loans: Federal vs Private, IDR, PSLF›17Your First Apartment›18Filing Your First Tax Return›19529 Plans: Saving for Education the Tax-Smart Way›20Spending It Down: Decumulation and the 4% Rule›21Retirement Accounts When You Work for Yourself›
A four-phase journey from managing your first paycheck to reading a balance sheet like a business owner. Covers cash-flow mechanics, debt…
01The Mechanics of Cash Flow›02Debt Defense and Credit Building›03The Student SWAN Fund›04Mastering Opportunity Cost›05Drawing the Time Line: Before Any Formula›06The Time Value of Money›07The Discount Rate Is Your Opportunity Cost›08Annuities: Streams of Equal Cash Flows›09Perpetuities, Gordon Growth, and Uneven NPV›10The Math of Compounding›11Inflation and the Cost of Holding Cash›12Businesses, Not Tickers›13Intrinsic Value vs. Price›14Meet Mr. Market›15Margin of Safety›16Index Funds as Baseline›17Reading Financial Statements›18Economic Moats›19Valuation Metrics: P/E, P/B, and FCF Yield›20Margin of Safety: The Master Concept›21Why Falling Markets Help the Accumulator›22Graham's Defensive vs Enterprising Investor›23Graham's Quantitative Margin-of-Safety Test›24Net-Net Stocks and Cigar-Butt Investing›25Catalysts and Asymmetric Payoff Structures›26Second-Level Thinking: Reading the Consensus›27Rank-Screening on ROIC and Earnings Yield›28Buffett-Munger Quality-over-Cheapness Evolution›29Diversification: Don't Put All Eggs in One Basket›
Understand what options are, how they're priced, and how investors use them for income, speculation, and hedging.
Prerequisite: Stock Market Fundamentals
01Calls and Puts: The Building Blocks›02Options P&L: Calculating Profit and Breakeven›03Moneyness, and Reading Delta as Probability›04The Four Greeks: Delta, Theta, Gamma, and Vega›05Implied Volatility: The Options Market's Forecast›06Covered Calls, Cash-Secured Puts, and Protective Puts›07Intrinsic vs Time Value: The Two Halves of Every Premium›08Assignment, Exercise, and the Early-Exercise Surprise›
Build a discipline
Assumes familiarity with stocks and basic financial concepts.
17 courses · 152 lessons
Understand how the financial system actually works — from Treasury auctions to repo markets to the mechanics of the 2008 crisis. This path…
Prerequisites: Understanding Bonds and Fixed Income and Stock Market Fundamentals
Learn what accountants actually do, how financial statements are built, and how to spot earnings quality issues. Covers accrual accounting,…
01Accrual vs Cash Accounting›02Depreciation: Spreading the Cost of Assets›03Stock-Based Compensation: The Hidden Cost›04Adjusting Entries: Why Period-End Matters›05Revenue Recognition: The ASC 606 Five-Step Model›06Bad Debts: When Customers Don't Pay›07Inventory: FIFO vs. LIFO and Why It Matters›08PP&E Deep Dive: Four Depreciation Methods and Asset Disposal›09The Cash Flow Statement: Follow the Actual Money›10DuPont Analysis: Decomposing Return on Equity›11EPS and Dilution: The Most Watched Number on Wall Street›12Deferred Taxes: Why Tax Expense Differs from Taxes Paid›13Lease Accounting: The Hidden Debt That Isn't So Hidden Anymore›
Go beyond the basics and master the accounting topics that separate surface-level readers from analysts who catch what others miss. Covers…
Prerequisite: Financial Accounting
01Earnings Quality: Measuring What Management Won't Tell You›02Intangible Assets & Goodwill: The Invisible Balance Sheet›03Fair Value Measurement: The Three-Level Hierarchy›04Investment Securities: Trading, AFS, and HTM (Debt)›05US GAAP vs. IFRS: Key Differences That Move Numbers›06Equity Method Investments & Variable Interest Entities›07Accounting Changes, Errors & Restatements: Reading Between the Lines›08Pension Footnotes: Where Hidden Leverage Lives›
Learn to evaluate the reliability of financial statements through the lens of auditing. Understand audit opinions, fraud red flags,…
Prerequisite: Financial Accounting
01Reading an Audit Opinion: The First Page That Matters›02Going Concern Warnings: When Survival Is in Question›03Financial Statement Red Flags: What Auditors Look For›04Internal Controls and SOX Section 404›05Materiality: When Does an Error Actually Matter?›06Auditor Changes: The Silent Alarm›07Putting It Together: The Investor's Audit Checklist›
Build a complete discounted cash flow model from scratch. Learn to project cash flows, select discount rates, and stress-test your…
Prerequisites: Understanding Valuation and Reading Financial Statements
01The DCF Framework: From Theory to Model›02Projecting Free Cash Flow›03WACC: The Discount Rate That Makes or Breaks Your Model›04Terminal Value: The Elephant in the Room›05Sensitivity Analysis: Stress-Testing Your DCF›06Free Cash Flow: The Five Definitions That Matter›07The Four IRR Pitfalls: Why NPV Wins for Owners›08Reverse DCF: What Does the Market Price Imply?›09WACC Construction (Practitioner Depth)›
Learn to value companies by comparing them to similar peers -- the most widely used valuation method on Wall Street.
Prerequisite: Understanding Valuation
01Selecting the Right Peer Group›02Key Valuation Multiples for Comps›03Adjusting for Differences: Why No Two Companies Are Identical›04Precedent Transactions: What Did Buyers Pay?›05The Football Field: Presenting Your Valuation›06Comparable Selection Criteria (Practitioner)›07Precedent Transaction Sourcing and Adjustments›
Learn to evaluate a company's creditworthiness like a bond analyst. Assess default risk, recovery, and credit deterioration signals.
Prerequisites: Reading Financial Statements and Understanding Bonds and Fixed Income
01The Five Cs of Credit Analysis›02Key Credit Metrics: Leverage, Coverage, and Liquidity›03Credit Deterioration: The Warning Signs›04Recovery Analysis: What Do You Get If They Default?›05Altman Z-Score: Quantifying Bankruptcy Risk›06Covenant Taxonomy: Reading an Indenture by Purpose›07Credit Default Swaps: Pricing the Insurance›
Understand how real estate is valued, financed, and traded — from cap rates and REIT metrics to mortgage math and leverage. Essential for…
Prerequisites: Understanding Valuation and Reading Financial Statements
01Cap Rates and Property Valuation›02REIT Metrics: FFO, AFFO, and NAV›03Mortgage Mechanics for Investors›04Leverage in Real Estate›05Real Estate Cycles and the Broader Market›06REITs vs. Direct Ownership›07Building a Real Estate Allocation›08Development Cycle and Overbuilding›09Retail: Anchors and Traffic Generators›10NNN vs Gross Leases (and Modified Gross)›11Cap Rate Decomposition (Yield + Growth + Risk)›121031 Exchange Mechanics and Limits›
Business Development Companies (BDCs) are publicly traded private credit lenders. Learn how to read a BDC portfolio, evaluate dividend…
Prerequisite: Credit Analysis Fundamentals
Understand how venture capital works from fund formation to exit. Learn the economics of VC funds, how startups are valued before they have…
Prerequisites: Understanding Valuation and Stock Market Fundamentals
01How Venture Capital Funds Work›02Pre-Money, Post-Money, and the Math of Ownership›03Term Sheets: What Founders Give Up and Investors Demand›04Preferred Stock, Dilution, and Cap Table Dynamics›05The VC Valuation Method: Pricing Companies Without Earnings›06The IPO Process: From Private to Public›07Evaluating Recently-IPO'd VC-Backed Companies›
Move beyond basic risk metrics to master VaR methodologies, stress testing, portfolio risk decomposition, hedging decisions, and the…
Prerequisite: Stock Market Fundamentals
01Value at Risk: Three Ways to Measure Worst-Case Losses›02Adverse Selection and Market Unraveling›03Beyond VaR: Expected Shortfall and Tail Risk›04Portfolio Risk Decomposition: Where Is Your Risk Coming From?›05Stress Testing and Scenario Analysis›06Hedging Strategy Selection: When, What, and How to Hedge›07Risk-Adjusted Returns: Measuring What Matters›08Behavioral Risk Biases: The Investor's Worst Enemy›09Jensen's Inequality and Precautionary Saving›10Stochastic Dominance and Ranking Risky Payoffs›11The Two-Period Consumption-Savings Model›12Adverse Selection: Pooling and Separating Equilibria›13Moral Hazard and Agency Costs›14Knightian Uncertainty and Ambiguity Aversion›15Risk Metrics: Sharpe, Beta, and Drawdown›
Understand the systematic psychological biases that cause investors to make irrational decisions. Learn to recognize anchoring, loss…
Prerequisite: Stock Market Fundamentals
01Anchoring: The Number That Hijacks Your Judgment›02Confirmation Bias: Seeing What You Want to See›03Loss Aversion: Why Losses Hurt Twice as Much›04Herd Behavior: Following the Crowd Off a Cliff›05Overconfidence: The Most Dangerous Bias›06Recency Bias: The Tyranny of Recent Events›07Sunk Cost Fallacy: Throwing Good Money After Bad›08Mental Accounting: The Invisible Buckets›09Home Bias: The Provincial Portfolio›10Narrative Fallacy: When Stories Beat Statistics›11Disposition Effect: Selling Winners, Holding Losers›12Naive Diversification: The 1/N Trap›13Tax-Loss Harvesting Psychology: When the Math Beats the Brain›
Turn the concepts you have learned into the outputs serious investors actually produce. Build a falsifiable thesis, sharpen a…
Prerequisites: Understanding Valuation, Reading Financial Statements, and Key Financial Ratios
01Anatomy of an Investment Thesis›02Building Differentiated Views›03Items for Further Diligence: Intellectual Humility as a Tool›04Risk / Reward and Sizing: From View to Position›05From Concept to Pitch: The Workflow Most Analysts Actually Use›06Model-Output Discipline: Models That Explore vs Models That Defend›07Sensitivity Tables That Actually Inform›08Sourcing and Deal-Flow Hygiene for Retail›09Portfolio-Fit Screen vs Idea Screen›10The Pre-Mortem Template›
The companies you invest in tell you what they actually believe in their filings — but only if you know where to look. Learn the…
Prerequisites: Reading Financial Statements and Stock Market Fundamentals
01The 10-K: A Field Guide to the Annual Report›02Reading 13D, 13G, and Form 4: Tracking Institutional Holdings›03The 10-Q: What Changed Since the 10-K›048-K: The Material Event Disclosure›05The S-1: Reading the IPO Prospectus›06DEF 14A: Reading the Proxy Statement›0713F: How Institutional Investors Disclose Holdings›
What 'alts' are, why institutions hold them, and how the market-agnostic hedge-fund mandate works. This path is the conceptual…
Prerequisite: Understanding Valuation
01What Alternative Investments Are›02Hedge Funds: The Market-Agnostic Mandate›03Commodities and Futures: The Storage-Cost Asset Class›04Infrastructure: The Long-Duration Real-Asset Class›05Art and Collectibles: The Illiquidity-Premium Asset Class›06Crypto as an Alternative Asset Class›07Portfolio Construction with Alternatives: Sizing the Allocation›
What it means to put a client first, how conflicts of interest distort advice, and why trading on secret information is illegal. This path…
01Fiduciary Duty: The Client Comes First›02Conflicts of Interest and Fair Dealing›03Material Nonpublic Information and the Insider-Trading Line›04Reading a Track Record Without Being Fooled›05Ethics in Practice: Calling the Hard Cases›06Independence and Objectivity: Reading Research from a Conflicted Source›
What actually happens when you open an account with an adviser -- Know Your Client, Anti-Money-Laundering checks, the Investment Policy…
Prerequisite: Professional Ethics: How Investment Professionals Are Supposed to Behave
01Know Your Client (KYC): The First Conversation an Adviser Should Have With You›02Anti-Money Laundering (AML): The Checks Behind Every Account You Open›03The Investment Policy Statement (IPS): The Contract With Yourself›04The Onboarding Workflow: What Happens From First Call to Funded Account›05Annual Reviews and Portfolio Drift Monitoring›06Difficult Client Conversations: Drawdowns, Risk Reassessment, Lifecycle›07Long-form Investment Memo Structure›08Catalysts and Downside Cases›09Valuation Triangulation›10Brainteasers and Quant Reasoning›
Go deeper
For readers who want to push past the fundamentals into the deep cuts.
10 courses · 101 lessons
Go beyond the textbook WACC formula. Learn to estimate cost of equity using multiple methods, handle complex capital structures, and…
Prerequisites: DCF Valuation in Practice and Credit Analysis Fundamentals
01Cost of Equity: Beyond Textbook CAPM›02Cost of Debt: What Lenders Actually Charge›03How Leverage Changes Everything: The Modigliani-Miller Framework›04Unlevering and Relevering Beta›05Capital Structure Optimization: Finding the Sweet Spot›06Pecking-Order Theory: Why Companies Hate Issuing Equity›07Dividend Irrelevance and the Signaling Counter›08The Payout Mix Shift: Buybacks Since 2003›09Unlevered/Re-Levered Beta Walk: The Full Mechanics›10Size Premium and the Fama-French Alternative›11Sector Cost-of-Equity Conventions: Banks, Insurance, REITs, Utilities›12Private-Company Illiquidity Discount Mechanics›
Master the valuation tools that separate senior analysts from juniors: APV for changing capital structures, real options for strategic…
Prerequisites: DCF Valuation in Practice and Cost of Capital Mastery
01APV: When WACC Falls Apart›02Continuing Value: The Value Driver Approach›03Excess Earnings Method: Valuing Intangible-Heavy Businesses›04Real Options: Valuing Strategic Flexibility›05Financial Modeling Discipline: Building Models That Earn Trust›06The ROIC-WACC Spread: When a Business Creates Value›07Decomposing ROIC: The Value-Driver Tree›08Economic Profit: NOPAT Minus Capital Charge›09Sanity-Checking a DCF (Exit Multiples, ROIC Convergence)›10Fade-Period Assumptions in DCF›
Understand how private equity firms use debt to amplify returns. Learn LBO mechanics, returns math, and how to think about a company…
Prerequisites: DCF Valuation in Practice and Cost of Capital Mastery
01LBO Mechanics: How Financial Sponsors Create Returns›02LBO Return Decomposition: IRR Drill›03Debt Structure in LBOs: Layers of the Capital Stack›04IRR Math: What PE Firms Actually Target›05What Makes a Good LBO Candidate?›06LBO Sensitivity and Exit Analysis›07Sponsor Returns Structure›08Cash Sweep Mechanics: How FCF Routes to Debt Paydown›09PIK Toggles and Equity Kickers: Deal-Stress Signals›10MoIC vs IRR: Drivers of Divergence and Choosing the Right Metric›11Sponsor Fee Waterfall: Management, Transaction, and Monitoring Fees›
Master the full M&A lifecycle: strategic rationale, deal structure and payment forms, synergy valuation, due diligence and purchase…
Prerequisites: DCF Valuation in Practice and Comparable Company Analysis
01Strategic Rationale: Why Companies Merge›02Accretion/Dilution: Does the Deal Help or Hurt EPS?›03Deal Structure: Cash, Stock, or Both?›04Merger Arbitrage: Profiting from Deal Spreads›05Post-Merger Integration: Where Deals Succeed or Fail›06Hostile Takeovers and Defense Mechanisms›07Synergy Valuation and the Control Premium›08Due Diligence and Purchase Agreement Mechanics›09Spin-Offs and Corporate Divestitures›10Regulatory and Antitrust Considerations›11M&A Auction Process›12Negotiated M&A and Topping-Bid Dynamics›
Go beyond basic options to understand futures, forwards, swaps, put-call parity, and the Greeks in practice. These instruments drive…
Prerequisite: Options Fundamentals
01Forwards and Futures: Locking In a Price›02Futures Mechanics: Margin, Mark-to-Market, and Basis›03Put-Call Parity: The Pricing Anchor›04The Greeks in Practice: Gamma, Vega, and Rho›05Interest Rate Swaps: The World's Largest Derivatives Market›06Credit Default Swaps: Insurance on Bonds›07Delta Hedging: How Market Makers Stay Neutral›08Volatility as an Asset Class›09Greeks Beyond Delta: Why a Delta-Hedged Position Still Bleeds›10The Volatility Surface: Smile, Skew, and Term Structure›11Variance Swaps and the VIX Curve: Why Long-Vol Products Bleed›12Exotic Options: Barriers, Lookbacks, Asians, Digitals, and Baskets›13Interest-Rate Options: Caps, Floors, and Swaptions›14Volatility Trading Strategies: Long Gamma, Long Vega, and Vol-Curve Trades›
Master multi-leg strategies, volatility trading, and risk management techniques used by professional options traders.
Prerequisite: Options Fundamentals
01Vertical Spreads: Defined Risk Directional Bets›02Iron Condors: Profiting from Range-Bound Markets›03Straddles and Strangles: Trading Volatility›04Calendar Spreads and Diagonal Spreads›05Options Risk Management: Position Sizing and Portfolio Greeks›06The Volatility Surface and Skew: What Each Strike's IV Tells You›07Risk-Reversals and Butterflies: Building Direct Bets on Skew and Convexity›08Dispersion Trades: Index Vol vs Single-Name Vol and the Correlation Bet›09Gamma Flip and Dealer Gamma: Reading Market Commentary About Options Positioning›
Deep dive into bond math, curve strategies, structured credit, and the mechanics of the global fixed income market.
Prerequisites: Understanding Bonds and Fixed Income and Credit Analysis Fundamentals
01Convexity: When Duration Is Not Enough›02Yield Curve Strategies: Bullets, Barbells, and Ladders›03Credit Default Swaps: Insurance on Bonds›04Structured Credit: CLOs, MBS, and ABS›05Distressed Debt Investing›06Option-Adjusted Spread (OAS): Stripping Embedded Options From Yield›07Key-Rate Duration: Decomposing Curve Risk by Maturity›08Yield-Curve Steepeners: Long Short-End, Short Long-End›09Yield-Curve Flatteners and the Inverted-Curve Signal›10Butterfly Trades on the Yield Curve: Trading Curvature Directly›11Inflation Breakevens and TIPS Pricing: Reading the Real-vs-Nominal Spread›
How companies reorganize when they cannot pay their debts, and how investors profit from the process. Covers Chapter 11 mechanics from an…
Prerequisites: Credit Analysis Fundamentals and Advanced Fixed Income
01Beyond the Z-Score: Multi-Signal Distress Detection›02Chapter 11 Mechanics for Investors›03DIP Financing: Lending to Bankrupt Companies›04Section 363 Sales: Buying Assets Out of Bankruptcy›05Liquidation Analysis: The Floor Value›06Reorganization Plans and Fulcrum Security Analysis›07Loan-to-Own: Engineering Control Through Credit›08The Empty Creditor: When CDS Holders Vote Against Workouts›
The capstone integration layer. Walk through full end-to-end case workflows that fold industry analysis, financial-statement reading,…
Prerequisites: Practitioner Toolkit: From Concept to Thesis, DCF Valuation in Practice, Portfolio Risk Management, and Behavioral Finance: The Investor's Mind
01Full-Case Workflow: From Industry Scan to Sized Position›02Thesis-Drift Checks: Broken Thesis vs Disagreeing Market›03Decision-Quality Logging: The Calibration Loop›04Position-Sizing as Risk Management: Kelly, Fractional Kelly, and the Middle Path›05Exit Discipline: Thesis-Completion vs Thesis-Broken›06Navigation and Wrap-Up: Where to Go From Here›
Most of the market is efficient most of the time. Special situations are the corners where it stops being so — spin-offs where index funds…
Prerequisites: M&A Analysis, Understanding Valuation, and Comparable Company Analysis
01Spin-Offs: The Forced-Selling Mispricing›02Capital Structure Arbitrage›03Short Selling Mechanics and the Squeeze›04Merger Arbitrage: Spread Capture in Announced Deals›05Stub Trading: Equity Slivers After Cash-Out Events›06Post-Reorganization Equity: Fresh-Start Accounting and the Emergence Trade›07Busted IPOs: Capturing the Lockup-Expiry Bottom›08Tracking Stocks: The Synthetic-Subsidiary Asset Class›