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The Intelligent Investor
Rating: 4.5 out of 5(295 ratings)
1,858 students

The Intelligent Investor

An in-depth bootcamp on how to become a professional value investor
Created byAlex Ramos
Last updated 8/2015
English

What you'll learn

  • Analyze companies, value them, make intelligent buy or sell decisions
  • Evaluate the analysis done by other people
  • Know exactly what kind of investments make sense given your time-horizon
  • Spot risky companies way before the financial metrics demonstrate something has changed at the company

Course content

2 sections • 44 lectures • 10h 32m total length

  • Introduction3:17
  • Income Statement18:39

    In this video you will develop a basic understanding for how Income Statements are created and can be interpreted.

  • Balance Sheet18:55

    In this video you will develop a basic understanding for how Balance Sheets are created and can be interpreted.

  • Cash Flow Statement19:58

    In this video you will develop a basic understanding for how Cash Flow Statements are created and can be interpreted.

  • What are Earnings?11:55

    Most people do not really know what earnings are about. In this lesson we define earnings concretely.

  • Going from Earnings to Free Cash Flow18:37

    Here we related earnings with free cash flow, and we discuss how understanding both is critical to the investor

  • Financial Statement Review17:05

    In this lesson, we review what we learned in the prior lessons by going to real document as they are found on the SEC website.

  • Introduction to Return Measures17:42

    We understand how to measure the returns companies make on their investments.

  • The Return on Equity11:34

    Here we learn the benefits of measuring a companies performance on an equity basis, and we discuss the pitfalls of which an investor must be aware.

  • The Return on Assets9:46

    Here we learn of the benefits of using the Return on Assets measure and also the pitfalls

  • Return on Invested Capital9:52

    Here we learn about the benefits and pitfalls of using the Return on Invested Capital Measure

  • Caveat on Return Measures9:04

    Here we look at an example of when looking at return measures can lead you astray

  • Introduction to Financial Metrics19:28

    Here we introduce the role that financial metrics play in evaluating a company

  • Benjamin Graham's Checklist19:14

    Here we introduce the checklists used by Benjamin Graham to separate good or great companies at attractive prices.

  • Altman Z Score11:54

    Here we introduce the bankruptcy prediction called the Altman Z score

  • Beneish M Score9:35

    Here we learn about a model that predicts accounting manipulation

  • Piotroski F Score6:37

    Here we learn about a model that helps identify turnarounds as well as partition the universe of stock between high quality companies and low quality companies.

  • Soft Factors19:46

    An exploration on some of the non-quantitative key information is found here.

  • Asset Liability Mismatch16:38

    A risk factor that is hard to measure, but is critical to uncover. It happens when the asset on the balance sheet is not financed with similar liability in terms of risk and duration

  • Dupont Formula15:10

    Another way of calculating the ROE. This method allows you to tease out the key drivers behind the ROE.

  • Review of Financial Metrics Models9:58

Requirements

  • Nothing! We start from the beginning, but things get complicated pretty fast.

Description

If you want to learn how to be a professional value investor, this course is for you. This course is not for the faint of heart. There's a lot of material. You don't need much by way of prior knowledge, but you do need to make a significant time commitment. You're first going to learn how to determine the level of quality of a business. This requires a detailed understanding of financial statements, financial metrics, return measures, soft factors (management quality, composition of board, competitive advantage, etc.), and red flags. And you won't just use this independently, you'll put them within a broader framework. You're then going to learn how to value a business. I will cover many valuation techniques. That way you can apply the one that makes the most sense given the circumstances. Ideally, you want a divergence between quality and price. That is, you want to buy a company that is high quality at a fair price, or an average quality business at a below average price. The idea is to always look for those mis-pricings. But unless you know how to assess quality and how to come up with a correct valuation, you'll never learn how to find geniune mispricings. Lastly, all throughout this course we're going to help you build a mental framework that helps you to make smart decisions when things get tough. There is no specified time that this course will take. I recommend viewing the content multiple times. Pause and digest when necessary, and when you get it, move on.

Who this course is for:

  • Anyone who wants to take control of their own investments.
  • If you don't want to make the time commitment you will not get much out of this course.

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