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Analyst Academy

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