The Art of Value Investing - Complete course

In this chapter we will gain a fundamental understanding of inflation and the change of money value over time. We will also gain a first understanding of how money is transformed from cash into assets and hopefully profits in a company.

This is a supplemental lecture that will explain you how to clearly go beyond theory and analyse the cash circulatory system by leveraging Vinley AI, the tool that we created first of all for ourselves being investors.

This lecture will explain in which investment universe a value investor has to navigate between venture capital, private equity, stocks or bonds. We will also present and discuss what a reasonable long-time yearly return % should be.

In this lecture, you will learn the different investments styles, categories of investment vehicles and the difference between common & preferred shares through concrete example on BMW, Alphabet and Richemont. On top of this other fundamental concepts for an investor like market capitalisation, primary vs secondary market, intrinsic value, margin of safety will be discussed a first time.

This lecture will help you getting familiar with financial statements. It includes a first set of examples using Nike & Nestle to train your eye on reading balance sheets, income statements and cash flow statements. The full balance sheets of Nike and Nestle are attached as downloadable PDFs to this lecture.

The final lecture of chapter 1 will teach you where to find important information and explain the importance of 10-K, 10-Q and 8-K reports. As a value investor, this lecture will also share the why looking at 13-F reports published by major investment funds like Berkshire Hathaway or Blackrock can be interesting.

In this lecture, we will discuss the rationale behind defining a circle of competence & investment universe which is key for any serious investor. I will walk you through the attributes to define your own investment universe and share my current investment universe.

This lecture will walk you through the 5 fundamental habits of an investor being courage, patience, humility, discipline & zero leverage. In this lecture I shall introduce the persona of Mr Market and also learnings from investor Peter Lynch about market prediction, bull & bear markets.

In this new lecture, I am introducing reliability of financials through the Beneish M-score as a fundamental metric and even the first metric that any serious investor should analyse.

The first lecture of the fundamental screens will explain why I look specifically at blue chips but more important define what a blue chip company is and how you can observe the moat/castle of blue chip companies.

In this lecture, I will be adding a second simple test but a tough one for a lot of companies, which is the earnings consistency test. We will practice by looking into a financial income statement how to interprete revenues and income related to the earnings consistency test.

In this lecture, we will discussing how Price to Earnings is interesting ratio to look into before investing in companies. More than the traditional definition of P/E, I will teach you how to do the right interpretation of Price to Earnings with examples like Amazon and Richemont.

This lecture is one of the most important ones as we will extensively discuss and practice how to evaluate return to shareholders, from cash dividends, through share buybacks up to a protection mechanism provided when following a buy-hold-reinvest strategy of dividends.

The content of this lecture is focused on estimating profitability of a company and being able to compare companies looking at profitability ratios like Return on Equity, Return on Invested Capital & Return on Net Tangible Assets. After this lesson you will be able to estimate by yourself how good or bad a company is at generating profits from its capital & assets.

This final lecture of the fundamental screens chapter will explain how to evaluate and interprete debt to equity & cash available to companies as a measure of solvency & financial health.

In this lab I will show you how to perform a fundamental analysis with VingeGPT and the prompts that can be used to support you in your investment process

This lecture is the first step in being able to valuate companies vs the current market share price. Determining the book value of a company is a fundamental valuation tool that any investor should be fluent with.

This lecture will teach you how the initial book value of a company can be adjusted by looking more in depth in the valuation of some assets of the company. We will practice this through the reevaluation the trademark of a company like Coca Cola and analyse how the adjustment of such an asset impacts the book value of a company.

For companies that pay out dividends either through cash or through share buybacks, this lecture will give you the tools to calculate the intrinsic value of one share using cash dividends and share buyback on a per share basis.

Further to understanding the dividend discount models & total shareholder yield including share buybacks, I wanted to add further clarity by showing a concrete example on share buybacks and treasury shares extinction happening in 2022 & 2023. The company is Germany's BASF, the largest chemical company in the world.

The final tools for determining the intrinsic value of a company are the discounted earnings & free cash flow models. In this lecture I will first explain the difference between both models and also why we discount the earnings & free cash flows.

3 complete examples of Level 1 analysis & Level 2 valuation will be performed with VingeGPT. The first example is a side-by-side comparison of Apple vs Chevron with a chain of thought prompt. The second example is a valuation of Sirius XM and the final example is a valuation of Ulta Beauty with a sequence of multiple prompts.

In this lecture, I will introduce moat metrics that will help you understand how a company is perceived by various stakeholders. I will start discussing brand valuation by brand institutes and how to compare this valuation with the current market capitalisation of the company. Then I will provide information how to gather information about customer sentiment and NPS related scores but also employee sentiment.

This company analysis is on L'Oréal, the global leader in the cosmetics industry. Whether you're a seasoned investor or just starting out, this video is packed with valuable insights to help you make informed investment decisions.

What You'll Discover in This Video:

- Financial Health: A detailed look at L'Oréal's latest financial performance and key metrics.

- Growth Strategies: How L'Oréal sustains its market dominance and drives continuous innovation.

- Investment Potential: An evaluation of L'Oréal's intrinsic value and its prospects for long-term growth.

This lecture concludes the training giving you the opportunity to perform a final assignment that I am willing to review. As becoming a good investor is like becoming a professional athlete this optional assignment allows you to consolidate and practice all learnings of this training.

In this appendix I will explain you how to improve your investment process with the power of VingeGPT - Value Investing Next Generation

In this video, I will be discussing the current market perception of Intel Corporation and if Intel is currently a good or bad investment opportunity. I will also give an update on the semiconductor industry

In this video, I will be applying the level 1 to level 3 tests to the company Stanley Black & Decker (SWK) and do a full valuation exercice.

Short introduction video to explain background and purpose of advanced chapter lectures

In this advanced optional lecture, I will explain how to understand company valuation for companies that have multiple share classes with similar par values and with diverging par values. We will discuss in depth Petrobras & Berkshire Hathaway examples.

In this advanced lecture, I will provide explanations about 2 supplemental optional ratios Cash to market cap & cash to debt ratio that are included in the IV calculation sheet attached to this course. Both ratios are very specific optional ratios I look into under very specific circumstances that I will explain in this advanced lecture