学习路径
基本面分析师
希望阅读公司财务文件、计算比率，并构建可以论证其合理性的估值情景的读者。
阅读三大财务报表，计算比率与自由现金流，避免数据中的前视偏差，并构建有文档记录的 DCF 情景。
- 29 节课程
- 113 分钟阅读
- 初学者
- 中级
- 高级
初次接触市场？请先学习入门路径。
从这里开始
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.
应用内：量化测试（开发中）
基础
- 1
What fundamental analysis looks at
What fundamental analysis looks at
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 2
The income statement in one picture
Income statement layout
- 初学者
- 可视化指南
- 3 分钟
- 即将推出
- 3
The balance sheet in one picture
Balance sheet layout
- 初学者
- 可视化指南
- 3 分钟
- 即将推出
- 4
The cash flow statement in one picture
Cash flow statement layout
- 初学者
- 可视化指南
- 3 分钟
- 即将推出
- 5
How the three statements connect
How the three statements connect
- 初学者
- 可视化指南
- 3 分钟
- 即将推出
- 6
Margins: what each layer of profit reveals
Margins at each layer of profit
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 7
Earnings per share and the share count behind it
EPS and the share count beneath it
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 8
Primary filings: where the real numbers live
Primary filings as the source of truth
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 9
Financial statements cheat sheet
One-page statements reference
- 初学者
- 速查表
- 2 分钟
- 即将推出
- 10
Discretionary vs rules-based research
Rules-based research framing, needed for backtest lessons
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 11
From idea to tested rule
From idea to tested rule
- 初学者
- 讲解
- 3 分钟
- 即将推出
- 12
- 13
Anatomy of a rule: entry, exit, size, filter
Anatomy of a rule before building one
- 初学者
- 可视化指南
- 3 分钟
- 即将推出
- 14
Your first visual strategy graph
First strategy graph, needed for the first backtest
- 初学者
- 研究步骤
- 5 分钟
- 即将推出
- 15
Your first backtest, step by step
First backtest, needed for the look-ahead lesson
- 初学者
- 研究步骤
- 5 分钟
- 即将推出
核心
- 16
Valuation multiples: P/E, P/S and EV/EBITDA
Valuation multiples and their pairings
- 中级
- 可视化指南
- 3 分钟
- 即将推出
- 17
Enterprise value vs market cap
Enterprise value across capital structures
- 中级
- 可视化指南
- 3 分钟
- 即将推出
- 18
ROE, ROA and ROIC: returns on what?
Return ratios with matching denominators
- 中级
- 讲解
- 5 分钟
- 即将推出
- 19
Free cash flow: the number many analysts start with
Free cash flow definitions reconciled
- 中级
- 讲解
- 5 分钟
- 即将推出
- 20
Working capital and the cash conversion cycle
Working capital as a timing loop
- 中级
- 可视化指南
- 3 分钟
- 即将推出
- 21
Debt, liquidity and solvency ratios
Liquidity versus solvency
- 中级
- 讲解
- 5 分钟
- 即将推出
- 22
Growth: organic, acquired and per share
Separate organic, acquired and currency growth
- 中级
- 讲解
- 5 分钟
- 即将推出
- 23
Buybacks, issuance and dilution
Buybacks and dilution in per-share figures
- 中级
- 讲解
- 5 分钟
- 即将推出
- 24
Adjusted earnings and their reconciliation
Adjusted earnings and the reconciliation
- 中级
- 讲解
- 5 分钟
- 即将推出
- 25
Read the report: a fictional-company quiz
Quiz: read a fictional company's report
- 中级
- 测验或挑战
- 3 分钟
- 即将推出
- 26
Look-ahead bias: the backtest that read tomorrow
Look-ahead bias, needed for point-in-time data
- 中级
- 讲解
- 5 分钟
- 即将推出
高级
- 27
Earnings quality: accruals and red flags
Earnings quality and the questions to raise
- 高级
- 讲解
- 6 分钟
- 即将推出
- 28
Point-in-time fundamentals: filing dates matter
Point-in-time fundamentals: filing dates matter
- 高级
- 讲解
- 6 分钟
- 即将推出
- 29综合项目
A DCF in plain steps, with a fictional company
Capstone: build a DCF scenario in plain steps
- 高级
- 案例研究
- 6 分钟
- 即将推出
选读：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
应用内
这些课程最常用的 Analess 功能。各功能页面注明了其可用性。