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The Intelligent Investor

An in-depth bootcamp on how to become a professional value investor
4.3 (28 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
266 students enrolled
Created by Alex Ramos
Last updated 8/2015
English
$10 $30 67% off
5 days left at this price!
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Includes:
  • 10.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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 is the target audience?
  • 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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What Will I 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
View Curriculum
Requirements
  • Nothing! We start from the beginning, but things get complicated pretty fast.
Curriculum For This Course
Expand All 44 Lectures Collapse All 44 Lectures 10:32:39
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Part 1
21 Lectures 04:54:44

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

Income Statement
18:39

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

Preview 18:55

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

Cash Flow Statement
19:58

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

What are Earnings?
11:55

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

Going from Earnings to Free Cash Flow
18:37

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.

Financial Statement Review
17:05

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

Preview 17:42

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 Equity
11:34

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

The Return on Assets
09:46

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

Return on Invested Capital
09:52

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

Caveat on Return Measures
09:04

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

Introduction to Financial Metrics
19:28

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

Benjamin Graham's Checklist
19:14

Here we introduce the bankruptcy prediction called the Altman Z score

Altman Z Score
11:54

Here we learn about a model that predicts accounting manipulation

Beneish M Score
09:35

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.

Piotroski F Score
06:37

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

Soft Factors
19:46

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

Asset Liability Mismatch
16:38

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

Dupont Formula
15:10

Review of Financial Metrics Models
09:58
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Valuation
23 Lectures 05:37:55
Introduction to Multiples
07:23

A detailed exploration on the PE Multiple

PE Multiple
19:23

An exploration on the PEG ratio, the Price-to-Book multiple, the Price-to-Sales multiple, and the Price-to-Cashflow multiple.

2nd Round of Multiples
18:52

This is a detailed account on how to go from Market Cap to Enterprise Value

Enterprise Value
13:51

Here we learn about EV-to-EBITDA and EV-to-EBIT

Enterprise Value Multiples
14:01

Here we discuss the way to approach long-term investing.

Value Creation
19:49

Here we approach short-term investing

Expectations Investing
18:47

A way to come up with a fair value multiple by examining the past values for this multiple

Historical Range Analysis
17:28

Here we look at how the S&P 500 can tell us what the fair value for a company.

Benchmark Analysis
19:53

Introduction to a valuation methodology called the Earnings Power Value

Earnings Power Value
05:43

Our first example for EPV analysis is for a company called World Fuel (INT)

EPV World Fuel
18:22

Second example of EPV analysis for a company called Fastenal (FAST)

EPV Fastenal
17:17

How to calculate discount rates

Discount Rates
19:23

How to calculate and understand Weighted Average Cost of Capital and Cost of Equity

Weighted Average Cost of Capital and Cost of Equity
09:46

The valuation short-cut seen through the perpetuity pricing model.

Perpetuity
12:22

The basic on how to construct a Discounted Cash Flow Model

Discounted Cashflow Model
15:52

First DCF example on Microsoft

DCF Microsoft
19:32

Second DCF example on Union Pacific

DCF on Union Pacific
11:26

A novel way on using the Discounted Cash Flow model to understand the expectations built into the stock at the current price.

Reverse DCF
10:56

How to use the DCF to understand the right historical multiple.

Perfect Foresight Analysis
10:58

An exploration on the valuation methodology called the Sum of the Parts

Sum of the Parts
19:56

Analyze ownership to further learn more about a company

Ownership
12:55

The conclusion of our course

Final
04:00
About the Instructor
4.3 Average rating
28 Reviews
266 Students
1 Course
Professional Value Investor

I've been a professional value investor for over 10 years working at various prestigious hedge funds as well as international private equity funds. Recently, I've begun the process of creating my own hedge fund that buys and sells US and Latin American equities. I've been obsessed by how markets work and I've spent a tremendous amount of time honing my craft. Over the last 10 years, I've developed my own system in how to analyze companies. While I'm a value investor at heart, I've studied pretty much every investing methodology under the sun and I've managed to salvage useful concepts from all of them. Students will see just a little of this in this course, which is really about explaining value investing from the perspective of the long-term investor. I believe the best learning process is to start out messy, overwhelm yourself with lots of information, and put it into a cohesive structure by prioritizing, testing, and eliminating concepts and ideas. This takes time, but it forced one to make a subject that they understand intimately.

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