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Fundamental Analyst

Readers who want to read company filings, compute ratios and build valuation scenarios they can defend.

Read the three statements, compute ratios and free cash flow, avoid look-ahead in data, and build a documented DCF scenario.

New to markets? Start with Start Here first.

Start here

What a backtest can prove, and what it can't

A backtest shows how a precisely defined rule would have behaved on past data under stated assumptions. It cannot show the rule will behave that way again.

In the app: Quantitative testing (in development)

Foundations

  1. 1

    What fundamental analysis looks at

    What fundamental analysis looks at

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  2. 2

    The income statement in one picture

    Income statement layout

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  3. 3

    The balance sheet in one picture

    Balance sheet layout

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  4. 4

    The cash flow statement in one picture

    Cash flow statement layout

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  5. 5

    How the three statements connect

    How the three statements connect

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  6. 6

    Margins: what each layer of profit reveals

    Margins at each layer of profit

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  7. 7

    Earnings per share and the share count behind it

    EPS and the share count beneath it

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  8. 8

    Primary filings: where the real numbers live

    Primary filings as the source of truth

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  9. 9

    Financial statements cheat sheet

    One-page statements reference

    • Beginner
    • Cheat sheet
    • 2 min
    • Coming soon
  10. 10

    Discretionary vs rules-based research

    Rules-based research framing, needed for backtest lessons

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  11. 11

    From idea to tested rule

    From idea to tested rule

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  12. 12

    What a backtest can prove, and what it can't

    What a backtest can and cannot prove

    • Beginner
    • Explainer
    • 3 min
  13. 13

    Anatomy of a rule: entry, exit, size, filter

    Anatomy of a rule before building one

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  14. 14

    Your first visual strategy graph

    First strategy graph, needed for the first backtest

    • Beginner
    • Research recipe
    • 5 min
    • Coming soon
  15. 15

    Your first backtest, step by step

    First backtest, needed for the look-ahead lesson

    • Beginner
    • Research recipe
    • 5 min
    • Coming soon

Core

  1. 16

    Valuation multiples: P/E, P/S and EV/EBITDA

    Valuation multiples and their pairings

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  2. 17

    Enterprise value vs market cap

    Enterprise value across capital structures

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  3. 18

    ROE, ROA and ROIC: returns on what?

    Return ratios with matching denominators

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  4. 19

    Free cash flow: the number many analysts start with

    Free cash flow definitions reconciled

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  5. 20

    Working capital and the cash conversion cycle

    Working capital as a timing loop

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  6. 21

    Debt, liquidity and solvency ratios

    Liquidity versus solvency

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  7. 22

    Growth: organic, acquired and per share

    Separate organic, acquired and currency growth

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  8. 23

    Buybacks, issuance and dilution

    Buybacks and dilution in per-share figures

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  9. 24

    Adjusted earnings and their reconciliation

    Adjusted earnings and the reconciliation

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  10. 25

    Read the report: a fictional-company quiz

    Quiz: read a fictional company's report

    • Intermediate
    • Quiz or challenge
    • 3 min
    • Coming soon
  11. 26

    Look-ahead bias: the backtest that read tomorrow

    Look-ahead bias, needed for point-in-time data

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon

Advanced

  1. 27

    Earnings quality: accruals and red flags

    Earnings quality and the questions to raise

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  2. 28

    Point-in-time fundamentals: filing dates matter

    Point-in-time fundamentals: filing dates matter

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  3. 29
    Capstone

    A DCF in plain steps, with a fictional company

    Capstone: build a DCF scenario in plain steps

    • Advanced
    • Case study
    • 6 min
    • Coming soon
Optional reading: 10
  • Dividends: yield, payout ratio and key dates
  • Ratio calculator: from statement lines to metrics
  • Peer comparison done fairly
  • Segment reporting: businesses inside the business
  • Sector lenses: metrics that change by industry
  • Discount rates are assumptions, not facts
  • Terminal value: the number that dominates
  • Sensitivity tables: valuation as a range
  • Cheap on a multiple, expensive in reality
  • Fundamental screens and their data caveats

In the app

The Analess features these lessons use most. Availability is shown on each feature’s page.