The Fundamental Investing Course

Master value investing fundamentals across eight modules, from mindset and practice to valuation and portfolio management, with practical exercises on compounding and avoiding losses.

Build a wealth mindset by exploring money beliefs and your money blueprint, commit to a personal development plan, and establish accountability to fuel investing success.

Take a shallow dive into value investing, map the family of mentors like Ben Graham and Warren Buffett, and preview the resources, tools, and a disciplined research workflow.

Explore the fundamentals of investing by prioritizing capital preservation, aligning investments with your values, and understanding events, financial statements, and brokerage trades to build wealth.

Learn Warren Buffett's rules for investing by buying at a margin of safety, aiming not to lose money, and exploiting short-term price dips to ride to intrinsic value.

Align your investments with your personal values and treat investing as voting with your money. Brainstorm industries you love or dislike to guide which companies you invest in.

Develop key personal qualities for value investing, manage fear and greed, practice patience, and hone detective skills to evaluate companies, read annual reports, and buy on sale for long-term wealth.

Learn to read income statement, balance sheet, and cash flow statement; identify sales, net income, and earnings per share, and assess operating cash flow, debt, equity, and free cash flow.

Learn about brokerage platforms, setting up accounts, and making trades with market and limit orders, day and good till canceled, plus paper trading on platforms like Thinkorswim and Interactive Brokers.

Identify great companies to research by exploring your areas of understanding and completing exercises. Copy successful investors, review listed companies, and use websites, analysts, and news to find sector opportunities.

Copy great investors by cloning their portfolios or backtesting their buys. Use Data Roma and Data Room to uncover top holdings and build a watch list.

Evaluate a company as the first investing filter, examining the industry, competition, reading annual reports, and using inversion to assess debt and management.

Understand a company's fundamentals by tracing the asset-to-free-cash-flow cycle. Assess management, industry position, and competitive advantage to identify easy, high-return investments.

Analyze a company's industry and competition to assess growth, market share, and cyclical effects; compare peers on market cap, P/E ratios, and growth using A2 Milk and Nestlé as examples.

Debate your argument for a company by challenging your research, identifying what could go wrong, defending those risks, and guarding against confirmation bias to protect its moat and intrinsic value.

Debt kills companies and investors; prefer zero debt or 2 to 3 years of income with cash flow. In recessions, debt risks bankruptcy and shareholders lose their shares.

Explore intrinsic competitive advantages and the five moats—branded, intellectual property, switching, low-cost provider, and monopoly—using subjective judgment, financial data, and events affecting moats.

Explore intrinsic competitive advantages through the low cost provider moat, showing how scalable sourcing lowers costs, boosts margins, and enables price leadership with Walmart as an example.

Explore how economy-wide, industry-wide, and company-specific events affect a moat and valuation for fundamental investing. Determine moat durability and buy opportunities when the moat stays intact.

Explore how integrity and talent in management drive long-term value through honest leadership, culture, and disciplined capital allocation, including ROIC, debt, dividends, and buybacks.

Assess management ownership, buying, selling, and performance rights to align incentives with shareholder value; identify red flags through open-market trades and vesting patterns.

Demonstrate how to demand a margin of safety by applying three valuation models—discount cash flow, return of capital, and the real estate model—ensuring purchases stay well below intrinsic value.

Master margin of safety analysis through a discounted cash flow approach, calculating future earnings per share, future price to earnings ratio, and present value to derive a conservative buy price.

Explore the return of capital valuation, its margin of safety, and how free cash flow growth and operating cash flow minus capital expenditures drive payback years, with a spreadsheet example.

Value a company like a real estate investment using operating cash flow minus capital expenditures plus tax provisions to yield a 10% margin of safety and determine the buy price.

Learn portfolio management basics, including structuring and planning your investments, to reduce emotion, build wealth, and keep profits by using house money and following up on opportunities.

Develop a plan to buy with a margin of safety based on intrinsic value, use price alerts and chunk buys to remove emotion, and know when to sell or repurchase.

Learn how reducing basis lowers invested capital toward a zero basis while remaining invested, using four methods—dividends, selling shares, option premiums, and buybacks—to turn remaining investment into profits.

Check in on your investments by monitoring quarterly and annual reports, earnings calls, transcripts, and news alerts, reassessing margin of safety and selling if the story changes.