Stock Market Investing Demystified

I explain what we are going to cover in this introduction to the Stock Market.

These are topics:

• What is the Stock Market

• What we mean by Capital Markets

• What we mean by Equity Capital Markets

• How the Stock Market works

• The main functions of the Stock Market

• The main participants in the Stock Market

  
  

A PDF of the Slide Deck is available to download from the Resources Section of this lecture.

Next I will explain what is meant by a Stock Market and the difference between a Stock Market and a Stock Exchange.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture.

The term "Capital Markets" is frequently used and we need to understand which markets it refers to. Note as well that when referring to these markets we are speaking in conceptual terms rather than referring to a specific location as we would when speaking about the London Stock Exchange.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture.

The Equity Capital Markets refer to a range of different equity related financial instruments. As an investor in common stocks or ordinary shares (the terms are interchangeable), you are unlikely to make investments in most of these instruments but you should understand what they are. This is explained in this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture.

It this lecture we explain how the Stock Market enables companies to raise capital from investors through an IPO in the Primary Market. We also describe the Secondary Market where shares can be traded after the IPO has been completed. Finally we explain the importance of the Stock Market as an information conduit between the listed companies and investors.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture.

In this lecture we walk through the main functions of a stock market in order to understand how these relate to all the participants in the market. This sheds light on the complexity of the operations of the Stock Market and highlights that the functions go way beyond just facilitating stock transactions.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture explains the main roles of the principle market participants in the Stock Market. Although this course is primarily focused on you, the Stock Market Investor, it is important that you understand who the other players are.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture summarises what we have covered in our review of the Stock Market. We will be focusing on Stocks and Shares in this course and it is important that you understand the market structure and functions of the Equity Stock Markets, particularly those for common stocks (ordinary shares).

Remember that as an investor in stocks and shares you are buying a part ownership in large companies for a significant period of time.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

Attached to this lecture are foreign language transcripts of the quizzes in this section. The next lecture has the transcripts of the quizzes including the answers.

The Quiz answers are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

In this section we are going to discuss five essential stock market investing principles:

The Power of Compounding and the Rule of 72

Why is Liquidity important?

What do we mean by Volatility?

Why is Diversification important?

The Time Value of Money

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture we explain the importance of compounding, a mathematical principle which Einstein called the 8th wonder of the world. Using two examples we demonstrate the impact that compounding and exponential growth can have on your investment returns and how Warren Buffett came to be worth $18 billion.

The answer by the way is a combination of the power of compounding and time.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This is a very easy to use technique for estimating the time it takes for an investment to double in value. We explain how to use it in this lecture. Tuck this away in your investing tool box and bring it out when considering your investment strategies.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Liquidity is a critical principle in finance and investing. It applies to Stock Markets, Company Accounts and your own personal finance as we shall explain in this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Volatility is a measure of the amount by which the price of a security fluctuates compared to movements in the market. It is frequently used as a measure of risk; the more volatile the stock price, the higher the company’s risk. We discuss the applicability of volatility to risk and introduce the Capital Asset Pricing Model, beta, which is used to measure volatility and equates to a measurement of risk in the model.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Diversification is a risk management technique for reducing risk while potentially improving returns. We discuss different types of diversification and explain both its benefits and drawbacks to the Stock Market investor in this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

The Time Value of Money concept is at the core of finance and is critical to Stock Market Investing. We explain why a dollar today is worth more to you than a dollar tomorrow and show you how to calculate both future values and present values using the concept of discounting. This is an introduction and we will be exploring time value and discounting in more detail in future lectures.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture summarises the main learning points in this lecture. These are the foundation stones of becoming a successful long term Stock Market investor and it is important that you understand these before moving on.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

Attached to this lecture are foreign language transcripts of the quizzes in this section. The next lecture has the transcripts of the quizzes including the answers.

The Quiz answers are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

We are going to discuss some key issues to establish whether you are ready to become a Stock Market investor. These include:

• The difference between speculation and investment

• Greed and Fear

• Is the Stock Market efficient?

• Intrinsic vs Market value

• The trouble with Bubbles and Scams

• Why you should ask "Cui Bono?"

• Why you should invest in the Stock Market

Its a lot to cover but this is important ground work before we start to delve deeper in to stocks, shares, valuation and investing.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

What sort of investor do you want to be? Do you know the difference between speculators and investors. If you are new to Stock Market investing, you may not and you may be speculating when you think you are investing. Investing can get all very exciting but if you don't know what you are doing, you are probably speculating. This course is completely focused on investing and not speculating so we had better explain the difference.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

These are the two most important emotions that affect the behaviour of stock market investors and it is as well to understand them. Fore warned is fore armed. I also introduce you to an Index which measures this and which you can use on a daily basis to understand the predominant mood in the market.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

The Efficient Market Hypothesis ("EMH") argues that markets are 100% efficient. This is a cornerstone of Modern Portfolio Theory which is important but must not be accepted uncritically. We discuss the implications for you as an investor if EMH is correct and what the appropriate steps you can take as an investor to find out for your self whether the market is pricing any particular stock correctly.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Intrinsic Value and Market Value are very different as we explain in this lecture. As a serious long term investor it is important to focus on the former and not be distracted by the latter. We will look more closely at how to calculate intrinsic value later in this course but for now it is sufficient to draw a distinction between them.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Bubbles and Scams are the curse of the Stock Market investor. We all know that they exist and yet we still, all too easily, get swept up by them. Just think about the excitement about Bitcoin if you want an example. I am not saying whether its a bubble or a scam, thats for you to decide. This lecture discusses why we are vulnerable to both of these curses and provides some advice on how to avoid them.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

As you ready yourself to become an investor, I want to caution you to be careful about anyone involved in financial product sales. I explain why both "Cui Bono?" and "Caveat Emptor" applies in any stock market dealings. You need to be on your guard against slick salesmen who will certainly gain from the transaction they are proposing, while it is not at all obvious that you will.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture I want to try to pull together some of the threads of this section and ask why you should invest in the stock market. I myself am convinced that this is a very sensible way to grow your wealth if you understand what you are doing (hence this course) and I hope that, having watched this lecture, you agree with me.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture we summarise everything we have covered in this section and hopefully you have concluded that you are ready to start Stock Market investing.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

Attached to this lecture are foreign language transcripts of the quizzes in this section. The next lecture has the transcripts of the quizzes including the answers.

The Quiz answers are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

In this lecture we briefly summarise what we are going to be covering in this part of the course:

• What is a Common Stock?

• What do we mean by Nominal Share Value?

• What is Share Capital?

• What do we mean by Capital Structure?

• Understanding Dividends and Dividend Cover

• What do we mean by Fully Diluted Shares?

• What do we mean by P/E and PEG Ratios?

• What do we mean by Dividend Yield?

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Lets start at the beginning and define what we mean by common stocks or ordinary shares as they are called in the UK. This lecture explains the basics to get this section started.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture we clarify the very important difference between nominal value per share and market value per share. I know from previous student questions this causes some confusion and its important that we get this straight early on.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Another important definition is covered in this lecture where we explain what is meant by share capital and some other terms which are used to describe it.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

The Capital Structure of a firm is the combination of the debt and equity that is used to fund the business. We discuss the importance of the ratio between the two and why this is a critical factor to investors.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Dividends are the means by which companies distribute their profits to shareholders. We discuss the detail of Dividends and explain what is meant by Dividend Cover. Company Directors have to make capital allocation decisions when it comes to the profits of the company and some of the alternatives are also explained.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

The number of shares in issue is a critical part of the earnings per share calculations. These calculations can be done on the basis of the shares in issue in the period or on the basis of the fully diluted number of shares in issue. We explain the difference between these two and also cover the Weighted Average Number of Shares in issue which is the basis of calculating basic earnings per share. These details are important as they are at the centre of any earnings based valuation of the firm.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture we explain what we mean by the PE ratio and the PEG ratio and how they are calculated. We also provide examples, particularly to explain how to interpret both ratios which can seem complicated on first examination.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

The Dividend Yield is the relationship of the dividend per share to the share price and we explain this in detail. We also explain why you cannot assume that a high or low dividend yield is necessarily a good or bad thing. Furthermore we explain why we do not recommend using Dividend Yield as a primary valuation metric.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture just rounds off our discussion about Stocks by summarising the ground we have covered. This material is going to be very important when we start to discuss how to evaluate investment targets and calculate intrinsic value

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

The Quiz Questions are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

The Quiz answers are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

Now we turn our attention to detail stock evaluation and selection. This introduction summarises the ground we are going to cover, both qualitatively and quantitatively - explaining the key criteria for selecting high quality companies in which you may wish to invest.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Technical analysis and fundamental analysis are two approaches to evaluating securities, such as stocks, bonds, or currencies. Technical analysis uses past price and volume data to identify patterns and trends that can indicate buying or selling opportunities.

Fundamental analysis, on the other hand, involves examining a company's financial statements and other metrics to determine its intrinsic value and assess its financial health.

We discuss the differences in this lecture so that you are clear about the two different approaches.

A PDF of the slide deck is available to download from the resources section of this lecture.

We start by taking a look at a simple framework for selecting stocks/companies we may wish to invest in. I explain how not to do this and then walk you through the simple five step process. There is of course a lot of detail behind this framework which we are going to explore in the subsequent lectures

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

When starting to consider which stocks you might invest in you need to approach the challenge very systematically. Firstly you need to identify some potential investee companies and then you need to analyse them qualitatively and quantitatively. In this lecture we discuss this approach and provide an example of a simple stock screening tool which is freely available and how to use it.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Stock Screening is not just about plugging numbers into an online stock filtering system. It is important that you think about the business as an owner and evaluate it both financially and from a business perspective. We introduce some of the issues which are critical to this approach in this lecture and will explore them in greater detail in subsequent lectures.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture contains a lot of detail about financial criteria which you can apply to Stock Screening to help you to select companies to invest in. This can be done using online screening tools such as the one from Morningstar that we have discussed or when conducting your own financial analysis. The aim is to identify the financial characteristics of businesses which are likely to have sustainable competitive advantages which enable them to grow returns for shareholders over a long period of time.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture explains a very important investing concept - The Circle of Competence. What you don't invest in is just as important as what you do and we explain what this means and why it is important

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture we cover a broad range of qualitative factors which you should use to evaluate any business in which you are considering an investment. Broadly, we cover Growth, Profitability, Financial Health, Risks and Management. While you will never know the business as well as the CEO, you need to think an act like an owner if you are going to become one.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

One of the defining factors of companies which are great potential is the presence of economic moats, pricing power and franchises. We discuss these in some detail in this lecture and I also share with you tests and financial criteria that you can use to when screening for such companies. I also show you a free way to find these companies with someone else doing all the hard work!

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

When you are looking at potential investments and want a short hand to help you think about the long term, ask yourself, is this company a member of the One Per Cent Club?

We discuss what the One Percent Club is and how you can recognise companies who are members of this informal "club".

A PDF of the Slide Deck is available to download with this lecture.

We cannot understate the importance of high quality management - who have their focus on delivering results for common stock holders rather than for themselves. We discuss the issues that this raises and suggest some questions that you can consider when evaluating whether management are rational and/or have integrity.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

We have mentioned the Margin of Safety several times during this course and its is important that we take a few minutes to explain what this means and how you can apply this to your investment approach. We provide an example from a Berkshire Hathaway investment and show you two approaches to evaluate Margin of Safety without doing any calculations yourself.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This is a Warren Buffett metric for understanding quickly the earnings attributable to shareholders. We explain how to calculate it quickly and also provide two examples of how to use it. The first shows how Warren Buffett used Owner Earnings to evaluate his acquisition of the Washington Post and then we take a look at Apple current market value, Morningstar's Fair Value and our own intrinsic value calculated on the basis of Owner Earnings.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

It is important to understand how to calculate intrinsic value and we discuss the basic structure of the calculation in this lecture covering growth rates, discount rates and terminal values. I also show you afree sites on the web where intrinsic value can be calculated using your own assumptions - but their model - and a site which provides a ready calculation of intrinsic value which is calculated consistently across all companies on that site, making comparison very easy.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Ethics and Environmental, Social and Governance criteria play an important role in the investing universe. Your personal view on these issue is entirely up to you. My role in this course is to ensure that you are aware of these issues and take them into account when making your investment decisions.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

n this summary we discuss the main issues and criteria raised in our discussion of Company Evaluation and Stock Selection. This is all aimed at discovering how to identify companies which have real potential to be great long term investments. I also provide a simple check list which covers the main topics and which you can use practically when evaluating which stocks you may like to invest in. The Check list is available to download with this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

The Quiz questions are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

The next lecture has the transcripts of the quizzes including the answers.

The Quiz answers are available in 10 different languages and may be downloaded from the Resources Section of this lecture.

The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish.

Welcome to this Stock Investment Evaluation Practical Exercise where we are going to apply in practice much of what we have covered in this course. There is an Excel Model which accompanies this work and which you can download from the Resources Section.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Here we set out the process of the evaluation and explain what questions we need to ask and why they are important. This sets the framework for our analysis in this course but note that this is only a starting point and you should feel free to extend the analysis for yourself if you wish in the future.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This is the first step of our company evaluation. We are going to look at the historic five year and 10 year growth and CAGR for a number of financial metrics. Don't forget that consistency is as important as the CAGR numbers. We will also interpret the numbers and see what we can learn from them, so this is not a purely numeric exercise.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In Step 2 we are evaluating the profit margins of the business and again consistency of profitability is just as important as the absolute levels of the profitability. We discuss some of the issues raised in the context of Warren Buffett's shareholder letters and also briefly discuss what would earn the evaluation a Red Flag rather than a Green Flag.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Owner Earnings is a critical evaluation metric for Warren Buffett which is a very good reason to include it in our company evaluation process. We need to do a little simple calculation to arrive at the number but the model does most of the work. Again the 5 year and 10 year history is critical to our investment decision. We also take a look at what Warren Buffett has to say on the subject.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

An Economic Moat is an expression which indicates that a business benefits financially from sustainable competitive advantage. In my view, this is an essential pre-requisite for any investment. We explore how we can identify the Economic Moat and discuss the different types of moats which exist. The Red Flag explanation is very clear.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Capital Allocation is the KEY job of management. Intelligent and rational capital allocation is the basis of future profitability and shareholder returns so this analysis is important to understand. We discuss the approach taken by Warren Buffett in the light of the market conditions of the last 10 years and discuss what this might mean for the future.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

If a company has a strong economic moat, it should be cash generative and we should see this reflected in the company's balance sheet. I strongly prefer to avoid indebted businesses and this screen is designed to look carefully at how the company has been finance over the past decade.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

We want to see whether Management have been respecting their shareholders by managing the company's equity with care. In this screen we examine the 10 year history of share issuance and share repurchases to see how the equity has been managed. Warren Buffett's approach to shareholder equity comes under the spotlight and we make clear what we see as Red Flags.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

We are now going to formulate our own view on the value of the business. Unfortunately this is far from straightforward. The model I have provided will help you and Morningstar and Gurufocus also will provide a significant contribution to the valuation discussion. This is at the core of our investment decision so you need to understand this.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Now we turn our attention to the current share price, the PE and PEG ratios to see how the market is currently valuing our company. We are also interested to understand from the Rule of 72 how long we expect a number of key financial metrics will take to double, helping to frame our perspective as a long term investor.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Now we are going to compare our intrinsic value calculation to the market value to see whether there is the potential to invest in our company with a Margin of Safety, that is, at a price which is comfortably below our intrinsic value. We explain how this works, the simple formula to calculate this and what a Red Flag looks like.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Now its your turn to do some real thinking. You will need to read extensively about the business you are considering and form a view about the management team. I suggest some evaluation criteria in this lecture and explain when I would walk away from a deal based on the management team evaluation

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

I moved the screening of the historic 10k reports up to before the Risk Assessment as this seemed logical. This is your chance to do some serious reading beyond the numbers we have been reviewing throughout this process. I give you some guidance on what to do in this lecture but at the end of the day, the homework has to be done by you.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Now its time to turn your thinking inward and to consider whether, throughout this process you have made any mistakes, erroneous assumptions or simply not appreciated the significance of a risk. Be critical of your own thinking and try to make sure that you don't make a critical mistake in making this investment because of something you have missed.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Now we come to the point where we need to crystallise our investment rationale and decision. To do this we shall revisit each stage of the evaluation process in turn. Using the Score Card I have created for you, you can add your "investment rationale" comments for each stage of the process, confirm the Red/Green Flag designation and give each step a score out of 10. This will provide you with a very concise summary of your investment evaluation. Follow me step by step as I do this for Berkshire Hathaway

The Score Card template and the Berkshire Hathaway Score Card are available to download in both Word and PDF formats from the resources section

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This has been a complicated, if structured, evaluation process and I want to round this off with a few summary comments to pull things together. This is the what we cover in this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

Having worked hard to understand all the criteria and screening metric calculations, I thought it would be helpful to provide you with a spreadsheet which does much of the initial work for you.

Using free data from Gurufocus and Morningstar, you can input key data and the spreadsheet will calculate a Screening Score for you from the data. This lecture explains the basic set up and provides you with access to the spreadsheet.

The Excel spreadsheet can be downloaded from the Resources Section of this lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

This lecture will take you step by step through the data acquisition process. All you need to do is to find the data on the two sites and input it into the bright green input cells in the spreadsheet. This lecture contains step by step instructions on where to find this data and screen shots showing you exactly where the data is on each page. Just follow the instructions and we will discuss the results in the next lecture.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

In this lecture I show you the Stock Screen Calculator scoring and explain how you can amend the criteria if you wish. This does need a minimal level of excel expertise. If not, don't worry, leave the formulas alone. We then discuss the results and what they show you. What you do next is entirely up to you.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

• Portuguese

In this section of the stock market investment course, we delve into the world of legendary investors who have left an indelible mark on the investment landscape. We explore the investment styles, philosophies, and notable examples of their successful strategies. Additionally, we study the renowned investor Philip Fisher and his influential 15-point investment checklist.

A PDF of the Slide Deck is available to download with this lecture.

Throughout history, there have been exceptional individuals who have achieved remarkable success in the world of investing.

By studying the approaches of these 10 famous investors, we gain insights that can shape our own investment strategies and decisions.

A PDF of the Slide Deck is available to download with this lecture.

Philip Fisher was a highly influential investor and author known for his investment philosophy and principles.

He is considered one of the pioneers of growth investing and is best known for his book "Common Stocks and Uncommon Profits," which was first published in 1958. We are going to spend some time evaluating his investment principles in this section.

A PDF of the Slide Deck is available to download with this lecture.

Philip Fisher's 15-point investment checklist, outlined in his book "Common Stocks and Uncommon Profits," provides a framework for evaluating potential investments.

By considering these 15 points, investors can gain a comprehensive understanding of a company's growth potential, management quality, financial strength, and competitive advantages, aiding in the decision-making process of investment selection.

A PDF of the Slide Deck is available to download with this lecture.

"The Intelligent Investor" by Benjamin Graham imparts several key lessons for investors.

Here are some principal lessons along with examples from Warren Buffett’s long track record of investing

A PDF of the Slide Deck is available to download with this lecture.

The "Mr. Market" metaphor introduced by Benjamin Graham in his book "The Intelligent Investor" is a way to illustrate the concept of market volatility and irrational behavior.

We discuss the metaphor in this lecture to demonstrate how it can help you to understand the irrationality of the stockmarket.

A PDF of the Slide Deck is available to download with this lecture.

As you now understand I like checklists and frameworks. I thought these investment principles were a great way to round off the course, leaving you with excellent advice and guidance from one of the most successful investors, and investing intellectuals, of the past 100 years and probably of all time.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Congratulations on completing this course. I hope you enjoyed it. This lecture just wraps things up and summarises briefly what we have covered. I look forward to welcoming you to another one of my courses very soon.

A PDF of the Slide Deck is available to download from the Resources Section of this lecture

Attached to this lecture are transcripts of the lectures in this section translated into 10 different languages which you may find helpful if English is not your first language. The 10 languages are:

• Arabic

• French

• German

• Hindi

• Indonesian

• Italian

• Japanese

• Spanish

• Turkish

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A free thank-you for finishing this course.

In this short bonus lecture I introduce The IB Skills Roadmap — a 43,000-word, practitioner-authored guide to the complete investment banking skill set. Fifteen-plus critical skills, one page each, and for every skill the single most common mistake practitioners make on a live deal.

It is genuinely free. No upsell, no catch.

What you will learn in the next 3 minutes:

• Why finishing one course is only the first step in building a complete IB skill set

• What sits inside The IB Skills Roadmap — and who it is written for

• How to use it as a self-diagnostic to find your weakest skill

• How to download it directly from my Payhip storefront

The download link is in the Resources section of this lecture.

About John Colley Cambridge University MA · Bayes Business School MBA with Distinction · 30+ years across investment banking, M&A and private equity since 1988. Author of The Investment Banking Practitioner's Handbook Series