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Analyst Academy
Welcome and Admin
Welcome Video (3:49)
Joining Instructions
Course Logistics Explained
Useful Resources
What's New
Requests
WEBINAR SCHEDULE
Module A1 - Getting Started
Introduction
Tenets of Benjamin Graham (3:41)
Value Investing (9:04)
Growth Investing (6:43)
Value vs Growth (6:26)
Great Investors (2:48)
Investment Books
Introduction Wrap-up
Homework 1
Introduction to Homework Section (1:44)
Introduction to Investment Philosophy Sections
Homework 1
Investment Philosophy 1
Module A2 - Introduction to Accounts I - Balance Sheet
1 Welcome Video (2:13)
2 Resources - Introduction to Accounts for Analysts
3 Structure of the Course (6:58)
4 First Things First - How to Approach the Accounts (3:40)
5 Audit Report (8:12)
6 Balance Sheet Introduction (3:49)
7 Balance Sheet - Fixed Assets (11:36)
8 Exercise - Fixed Assets
8A Exercise - Fixed Assets: Suggested SOLUTION
9 Operating Lease Capitalisation
10 Balance Sheet - Goodwill (5:15)
11 Balance Sheet - Other Long Term Assets (4:33)
12 Exercise - Intangibles
13 Exercise - Intangibles: Suggested SOLUTION
14 Balance Sheet - Current Assets (12:24)
15 Balance Sheet - Current Liabilities (5:17)
16 Balance Sheet - Longer Term Liabilities: Pensions (3:27)
17 Exercise: Pensions
18 Exercise - Pensions: Suggested SOLUTION (3:14)
19 Balance Sheet - Longer Term Liabilities (3:00)
20 Equity and Other Comprehensive Income Statement (2:19)
21 Balance Sheet Wrap-up (0:56)
22 Related Party Transactions (5:58)
23 Concluding Video (0:40)
Homework 2
Homework 2
Investment Philosophy 2
Module A3 Introduction to Accounts II - P&L
Welcome Video (0:54)
Module Introduction (0:45)
P&L - Revenue (6:22)
P&L - Gross Margin (2:52)
Exercise - Gross Margin
Exercise - Gross Margin: Suggested SOLUTION
P&L - Expenses (5:31)
P&L - Margins (2:56)
Exercise - Expenses and Margins
Exercise - Expenses and Margins: SOLUTION
P&L - Interest (3:57)
P&L - Other (2:37)
P&L- non-GAAP (3:02)
Stock Based Compensation
P&L - Wrap-up (0:46)
Concluding Video (0:33)
Homework 3
Homework 3
Investment Philosophy 3
Webinar Series: Module A - Accounts
Introduction to Webinars
Webinar 1 2/20C - Accounts Intro and Balance Sheet (80:40)
Webinar 1 6/20C - Accounts Intro and Balance Sheet (78:37)
Webinar 2 - P&L (100:01)
Webinar 3 - Cash Flow (90:00)
Webinar 4 - Accounting Policies (57:42)
Webinar 5 - Accounting Shenanigans (71:19)
Webinar 6 - Financial Ratios (104:20)
Webinar 13 - Intro for Feb '21 Cohort and Q&A (58:30)
Webinar 17 - Accounting Concepts re-explored (66:53)
Additional Webinars - Explanation
Webinar 31 - A First Look at Alphabet (68:03)
Webinar 32 - A look at Apple's Valuation (61:15)
Webinar 33 - AMA March 2022 (55:16)
Webinar 34 - Stock Pitch 1 April 10 2022 (83:35)
Webinar 35 - Stock Pitch 2 April 24 2022 (76:41)
Module A4 Introduction to Accounts III - Cash Flow
Welcome Video (1:01)
Introduction to the Cash Flow Statement (0:42)
Structure of Cash Flow Statement (2:37)
Operating Cash Flow - Ontex Example (6:06)
Exercise - Depreciation
Exercise - Depreciation: Suggested Solution
Cash from Investing (3:03)
Cash from Financing (4:05)
Buying Assets with Paper (4:38)
Amazon's Cash Flow - A Critical Review
Acquisitions in the Cash Flow - Worked Example (7:30)
Exercise - Cash Flow
Exercise - Cash Flow: Suggested Solution
Wrap up (0:53)
Concluding Video (1:05)
Homework 4
Homework 4
Investment Philosophy 4
Module A5 Introduction to Accounts - Accounting Policies
Welcome Video (1:15)
Introduction to Accounting Policies (4:28)
Accounting Policies 2 - Changes (16:38)
Accounting Policies 3 - FX Rates etc (5:15)
Accounting Policies 4 - Revenue Recognition etc (5:11)
Accounting Policies 5 - Other Issues and Materiality (2:18)
Accounting Policies 6 - APMs (2:06)
Accounting Policies 7 - Things to Watch Out For (1:26)
Accounting Policies 8 - Wrap-up (0:28)
Accounting Policies Exercise
Concluding Video (1:11)
Homework 5
Homework 5
Investment Philosophy 5
Module A6 Introduction to Accounts - Accounting Shenanigans
Welcome Video (0:50)
Introduction to Shenanigans (6:50)
Revenue Recognition Tricks (6:31)
Cash Flow Manipulation (4:20)
Tricks with Expenses (3:27)
Balance Sheet and Wrap-up (4:37)
Exercise - Samsonite
Exercise - Samsonite: Suggested Solution
Concluding Video (0:41)
Homework 6
Homework 6
Investment Philosophy 6
Module A7 - Financial Ratios
Welcome Video (0:59)
Resources
Introduction to Financial Ratios (2:19)
Approach to Ratios (3:52)
P&L Ratios (6:15)
Returns 1 - RoCE (6:33)
Returns 2 - ROIC (5:22)
Returns 3 - ROIC and CROCI (8:35)
Working Capital Ratios (2:00)
Liquidity Ratios (4:47)
Solvency Ratios (5:54)
Wrap-up on Ratios (0:51)
Exercise - Financial Ratios
Exercise - Financial Ratios: Solution
Concluding Video (0:32)
Homework 7
Homework 7
Philosophy 7
Module A8 - Introduction to Analysis
Welcome Video (1:03)
Introduction to Analysis, Ratios and Other Tools (1:41)
P&L - Internal and Revenue Analysis (2:51)
Gross and EBIT Margin Trends (4:17)
Margins vs Peers (4:49)
Adjusted Earnings (1:17)
Balance Sheet including Working Capital Ratios (5:11)
Returns (1:36)
Analytical Short Cuts (2:36)
Wrap-Up (1:23)
Closing Video (0:48)
Accounts Course Closing Video (1:19)
Homework 8
Reading etc 8
Investment Philosophy 8
Module B1 Analysis - Introduction: Finding The Ideas
Module Overview Video (4:20)
Finding Ideas Welcome Video (1:10)
Introduction to the Analysis Module (3:07)
Routes to Price Appreciation (6:43)
Finding Ideas Introduction and the Press (3:21)
Finding Ideas 2 Sell-SIde Research (5:17)
Finding Ideas 3 - Watch and Wait (4:02)
Finding Ideas 4 - Thematic Investing (3:58)
Finding Ideas 5 - Personal Observation (5:06)
Finding Ideas 6 - Laterals (4:06)
Finding Ideas 7 - Input Cost Changes (2:19)
Finding Ideas 8 - Other Investors (4:18)
Finding Ideas 9 - Personal Contacts and Screens (5:15)
Finding Ideas 10 -Instant Ideas (3:11)
Finding Ideas - Conclusions (1:04)
Finding Ideas - Wrap-up Video (0:48)
Resources
Homework 9
Reading and More 9
Investment Philosophy 9
Module B2 Analysis - Testing the Hypothesis
Welcome Video (0:56)
Introduction (2:36)
Initial Checks - Liquidity and Charts (5:58)
Estimates and Valuation (6:16)
Financial Parameters (2:30)
Shareholders and Brokers (6:21)
Broker Research (7:29)
Company IR Website (3:05)
Reviewing the Results (3:27)
Completing the Review (3:55)
Conclusions (0:37)
Closing Video (0:13)
Homework 10
Reading and More 10
Investment Philosophy 10
Module B3 - Quality
Welcome Video (1:23)
Introduction (1:56)
Good business and investors (2:14)
Practical Examples in One Sector (4:12)
How to Identify Quality (5:01)
Introduction to Moats (2:09)
Moats in Detail (14:56)
The Single Most Potent Quality Factor (4:54)
Economic Advantage Assets (3:50)
High Quality Revenue (2:41)
Gross Profitability (3:31)
Quality - Conclusions (1:20)
Concluding Video (0:39)
Additional Reading
Homework 11
Reading and More 11
Investment Philosophy 11
Webinars Module B - Analysis
Webinar 7 - Module B1 Finding Ideas (69:20)
Webinar 8 - Module B2 Testing the Hypothesis (39:07)
Webinar 9 - Module B3 Quality (81:20)
Webinar 10 - B4 Analysing the Industry (81:46)
Webinar 11 B5 Analysing the Company (84:25)
Webinar 12 B6 Management (68:19)
Module B4 - Analysing The Industry
Welcome Video (0:48)
1 Introduction (1:42)
2 Checklists (5:48)
3 Analysing the Industry (8:45)
4 Industry Quality (1:51)
5 Supply and Demand (5:29)
6 Sectoral Analysis (6:41)
7 Sector #1 or #2 (1:46)
8 Sector Case Study: Waste (4:37)
9 Sector Case Study: Using Company Data (2:33)
10 Sector Case Study: Using Broker Reports (2:51)
11 Using Porters 5 Forces Framework to Asssess Quality (5:21)
12 Conclusions (1:11)
Wrap-up Video (0:54)
Homework 12
Reading and More 12
Investment Philosophy 12
Module B5 - Analysing the Company
Welcome Video (3:22)
1 Introduction (3:51)
2 Segments (4:00)
3 Revenue Growth (5:11)
4 Base Rates (7:27)
5 Industry Concentration (2:21)
6 The Value Chain (4:10)
7 Detailed Analysis (7:47)
8 Data Collection (5:53)
9 Compounders (2:52)
10 Quality Stock Example (3:54)
11 Significance of Company History (2:06)
12 Sustainability (1:30)
13 Share Price History (2:27)
14 Shareholder Base (4:54)
15 Testing Understanding (1:36)
16 Conclusions (0:54)
17 Wrap-up Video (0:43)
Homework 13
Reading and More 13
Investment Philosophy 13
Module B6 - Management and Strategy
Welcome Video (1:37)
1 Introduction (1:47)
2 Evaluating Management (2:00)
3 Shareholder Letters (3:35)
4 Capital Allocation (10:11)
5 Management Incentives (8:48)
6 Board Composition (6:10)
7 Meeting Management (4:31)
8 Management Turnover (3:15)
9 Family Owned Businesses (5:54)
10 Strategy (8:02)
11 Good Acquisitions (1:26)
12 Bad Acquisitions (4:16)
13 Corporate Culture
14 Conclusions (0:33)
Wrap-up Video (0:21)
Additional Resources
Module Conclusions (1:27)
Homework 14
Reading and More 14
Investment Philosophy
C1 Introduction to Valuation: Theory Part 1
Course Welcome (3:09)
Module Welcome Video (0:46)
Course Introduction (2:30)
Two Approaches to Valuation (3:37)
3 Golden Rules of Valuation (2:15)
Introducing Damodaran (1:54)
Intrinsic Valuation 1 (1:49)
Intrinsic Valuation II (2:29)
Intrinsic Valuation III: Further Reading
History of The Science of Investing (7:43)
Wrap Up (0:42)
Homework 15
Reading and More 15
Investment Philosophy 15
Introducing Guess the Stock
C2 Introduction to Valuation: Theory Part 2
Welcome Video (0:59)
Introduction to Module
Central Concept - WACC
Modern Portfolio Theory I (5:02)
Modern Portfolio Theory II (6:08)
Evidence Against MPT I (8:32)
Evidence against MPT II (8:14)
DCF Valuation I (5:56)
DCF Valuation II (6:11)
DCF Exercise
Other Intrinsic Valuation Methods: DDM (2:47)
Other Intrinsic Valuation Methods: EVA (6:39)
CFROI (10:58)
Relative Valuation I (3:59)
Relative Valuation II (5:05)
Relative Valuation III (3:52)
Hybrid Methods (4:33)
Gordon Growth Model (2:05)
Conclusions (1:05)
Wrap Up (1:10)
Resources
Homework 16
Guess the Stock 1
GTS 1 Answer
C3 Enterprise Value: An Essential Building Block
1 Welcome Video (1:11)
2 Introduction (2:41)
3 Theory – An Aside
4 Why EV Based Measures are Useful (1:41)
5 Advantages of EV (1:24)
6 Calculating EV - I Basics (2:06)
7 Calculating EV II Associates (5:02)
8 Calculating EV III Minorities (4:10)
Exercise - Minority Valuations
Exercise Answer - Minority Valuations
9 Calculating EV IV Debt at Market Value (3:52)
10 Calculating EV V - Stock Options etc (1:53)
11 Calculating EV VI - Rolling forward the EV (1:44)
12 Applying EV - Using EV per Unit (1:57)
13 EV Wrap up (1:34)
14 EV ClosingVideo (1:39)
Valuation Webinars
Webinar 14 - C1 Valuation Theory I (62:25)
Webinar 15 - C2 Valuation Theory II (74:22)
Webinar 16 - C3 Calculating Enterprise Value (46:32)
Webinar 18 - C4 Stockmarket Multiples (62:02)
Webinar 19 - C5 Other Valuation Techniques (66:31)
Webinar 20 C6 More Sophisticated Valuation (93:08)
Homework 17
Guess the Stock 2
GTS 2 Answer
C4 Stockmarket Multiples
1 Welcome Video (1:28)
2 Introduction (2:50)
3 Overview of Multiples (2:07)
4 P/E I (3:54)
5 P/E II (3:51)
6 P/E III - Forward P/E (4:35)
7 P/E IV – Formulaic Approach to P/E Valuation (6:58)
8 P/E V – Conclusions on PE (2:09)
9 Price to Book (4:07)
10 PEG Ratio (2:46)
11 Cash flow multiples (3:55)
12 Dividend Yield (5:09)
13 Others including Price:Sales (3:46)
14 EV/EBITDA (5:08)
15 Other EV Based Measures (4:43)
16 EV:Sales I (3:08)
17 EV:Sales II: Applying it in Practice (5:11)
18 FCF Yield to EV (0:38)
19 Average P/E (1:39)
20 Wrap up (1:25)
21 Closing Video (0:48)
Homework 18
Guess the Stock 3
GTS 3 Answer
Module C5 - Other Valuation Techniques
1 Welcome Video (1:19)
2 Introduction (0:56)
3 DCF I (7:11)
4 DCF II (2:04)
5 DCF III - Mechanics (2:44)
6 Reverse DCF (2:23)
7 Sum of the Parts (6:58)
8 Comps Analysis (3:11)
9 Comparable Transaction Multiples (2:46)
10 Football Field Analysis
11 Wrap up (1:01)
12 Closing Video (0:44)
Valuation Exercise
Valuation Exercise Suggested Solution
Homework 19
Guess the Stock 4
GTS 4 Answer
C6 More Sophisticated Valuation Techniques
Welcome Video (4:03)
1 Module Overview (2:41)
2 Compounders I (4:56)
3 Compounders II (3:36)
4 Compounders III (3:18)
5 Case Study I - Microsoft (3:41)
6 Case Study II - Starbucks (1:17)
7 Case Study III - Coke (1:58)
8 Compounders – Conclusions (1:26)
9 Tying Multiples to Returns/Growth/Rates (3:40)
10 Sensitivity Analysis (3:12)
11 Sensitivity Analysis II (1:40)
12 Balance Sheet and Cash Flow Effects (3:26)
13 Common Valuation Misconceptions (3:33)
14 Balance Sheet Impact on Multiples I (2:53)
15 Balance Sheet Impact on Multiples II (2:04)
16 Balance Sheet Impact on Multiples III (2:48)
17 Sum of the Parts Revisited (6:38)
18 IPOs (3:52)
19 The Perils of Debt (3:18)
20 Value Traps (2:32)
21 Displaying Valuation Data (5:26)
22 LTV vs CAC I (6:42)
23 LTV vs CAC II (4:23)
24 LTV vs CAC III - Churn (2:43)
25 LTV vs CAC IV - Conclusions (2:08)
26 Sector Valuation (5:07)
27 Valuation of Markets (5:59)
28 Conclusions (2:04)
Valuation Exercise
Valuation Exercise Suggested Solution
29 Module Closing Video (1:13)
30 Course Closing Video (2:43)
Homework 20
Guess the Stock 5
GTS 5 Answer
Module D1 - Technical Analysis
1 Welcome Video (2:11)
2 Introduction - What is Technical Analysis? (3:05)
3 Technical Analysis Basics (8:16)
4 Three Useful Concepts (7:57)
5 Support and Resistance (5:43)
6 Relative Strength Indicator (2:06)
7 Concept of Breakaway and Exhaustion Gaps (1:16)
8 Candlesticks Explained (5:57)
9 Variations – Relative rotation graphs (4:31)
10 Elliott Wave
11 Using Technical Analysis on Markets
12 Wrap up (1:16)
13 Closing Video (0:56)
14 Further Reading (5:50)
Homework 21
Reading and More 21
Investment Philosophy 21
Module D2 - Final Decision
1 Welcome Video (1:21)
2 Introduction (2:17)
3 Checklists
4 Presenting the Idea - Retail Investor (4:42)
5 Presenting the Idea – Professional Investor I (4:59)
6 Presenting the Idea – Professional Investor II (6:42)
7 Peer Review and Decision (1:46)
8 Conclusions (1:25)
9 Wrap up Video (1:30)
10 Resources
11 A Checklist You can Use
Homework 22
Reading and More 22
Investment Philosophy 22
D3 Portfolio Construction
1 Introduction (1:33)
2 Reducing Risk by Diversifying (3:26)
3 Optimum Number of Stocks in a Portfolio (4:28)
4 Kelly Criterion (3:43)
5 Position Sizing
6 Diversifying Exposures (8:06)
7 Diversifying Exposures II (9:03)
8 Conclusions (1:37)
Module D Webinars
Webinar 21: D1 Technical Analysis (114:52)
Webinar 22 D2 Final Decision (62:28)
Webinar 23 D3 Portfolio Construction (80:36)
Webinar 24 D4 Risk Management (60:26)
Webinar 25 D5 Portfolio Maintenance (66:42)
Webinar 26 - D6 Macro (47:15)
Webinar 27 - D7 Disruption (49:52)
Webinar 28 - D8 Behavioural Finance (59:08)
Webinar 29 - D9 ESG (44:14)
Homework 23
Reading and More 23
Investment Philosophy 23
D4 Risk Management
1 Introduction (1:49)
2 Leverage (2:43)
3 Position Sizing I (6:21)
4 Position Sizing II (2:33)
5 Liquidity (5:42)
6 Other Risk Factors (5:55)
7 Summing Up Risk Factors (3:37)
8 Conclusions (2:05)
9 Resources
Homework 24
Reading and More 24
Investment Philosophy 24
D5 Portfolio Maintenance
1 Introduction (1:31)
2 Keeping Track of the Portfolio (6:20)
3 When to Sell (4:28)
4 Monitoring Company Results (5:36)
5 Watching Markets (3:23)
6 Monitoring Technicals (4:49)
7 Short Interest (2:55)
8 Buybacks (4:05)
9 Trading
10 Conclusions and Wrap-up (2:41)
11 Resources
Homework 25
Reading and More 25
Investment Philosophy 25
D6 The Macro - Economics and More
1 Welcome Video (1:54)
2 Introduction to Macro (5:04)
3 Why Macro is Important (4:43)
Peter Warburton (4:38)
4 Macro Signals (10:24)
5 Key Issues in Macro I (4:15)
6 Key Issues in Macro II (4:48)
7 Market Valuation I (6:15)
8 Market Valuation II
9 Market Timing (8:29)
10 Market Cycles (16:27)
Andrew Smith (9:18)
11 Styles (5:21)
12 Forecasting (6:30)
13 Credit Markets (4:30)
Savvas Savouri (8:56)
14 Politics (4:01)
15 Info Sources (2:10)
16 Central Banks – A Bubble? (5:06)
Russell Napier (3:30)
17 Conclusions (1:02)
18 Wrap-up (2:31)
19 Further Reading
20 Resources
21 Modern Monetary Theory
Homework 26
Reading and More 26
Investment Philosophy 26
D7 Disruption
1 Welcome Video (2:12)
2 Introduction (1:07)
3 What is Disruption (2:03)
4 How to Profit (4:33)
5 How to Protect Portfolios (7:25)
6 Looking to the Future
7 Sectoral Disruption
8 Valuing Disruptive Companies (5:16)
9 Conclusions (0:29)
Homework 27
Reading and More 27
Investment Philosophy 27
D8 Behavioural Finance
1 Welcome Video (1:23)
2 Introduction (1:30)
3 Being a Behavioural Investor (7:29)
5 How We Perceive Reality (2:46)
7 Confirmation Bias (7:35)
8 Prospect Theory (7:15)
9 Loss Aversion (4:20)
10 Action Bias (4:44)
25 Mitigating Actions - Developing Self-Awareness (5:54)
26 Conclusions and Wrap-up (1:31)
27 Further Reading
28 Further Reading: Books
Homework 28
Reading and More 28
Investment Philosophy 28
D9 ESG
Welcome Video (0:42)
1 Introduction to ESG (3:25)
2 Investment Community's Response to ESG (4:21)
3 Course Structure (0:43)
4 What is ESG? (1:52)
5 Importance of ESG to Asset Managers (2:41)
6 Application of ESG (5:49)
7 Benefits of ESG (3:00)
8 How ESG Affects Portfolios (2:18)
9 ESG Implementation Framework (1:37)
Wrap up (1:02)
Homework 29
Reading and More 29
Investment Philosophy 29
Module E Case Studies
Introduction
Case Study 1: The Short (12:54)
Case Study 2: Long Part 1
Case Study 2: Long Part 2
7 Concept of Breakaway and Exhaustion Gaps
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