Equity Investments

Equity Investments in short lessons: how markets and orders work, indexes and market efficiency, the types of equity, company and industry analysis, forecasting and valuation with DDM, multiples and EV, each with worked examples, charts and exam traps.

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  1. 01

    Market Organization and StructureLocked: included in All Access

    7 lessons · ~102 min2 videos 45 cards

    How the financial system works: why people use it, the assets and contracts that trade in it, the intermediaries that connect buyers and sellers, long, short and leveraged positions (leverage ratio, margin return, margin-call price), order instructions, primary and secondary markets, market structures, and what makes a system well functioning and well regulated.

  2. 02

    Security Market IndexesLocked: included in All Access

    7 lessons · ~91 min3 videos 44 cards

    Security market indexes: what an index is, how price return and total return indexes are calculated over one and many periods, how providers choose the target market, constituents and weighting method (price, equal, market-cap, float-adjusted and fundamental), how indexes are rebalanced and reconstituted, what investors use them for, and the main equity, fixed-income and alternative-investment indexes and their quirks.

  3. 03

    Market EfficiencyLocked: included in All Access

    7 lessons · ~99 min2 videos 45 cards

    How quickly and how fully prices absorb information: what an efficient market is, the gap between market value and intrinsic value, the factors that make a market more or less efficient, Fama's weak, semi-strong and strong forms and what each means for technical analysis, fundamental analysis and the active-versus-passive choice, the best-known market anomalies and why most fade, and how behavioural finance tries to explain them.

  4. 04

    Overview of Equity SecuritiesLocked: included in All Access

    7 lessons · ~89 min2 videos 45 cards

    What equity is and why companies issue it: common shares and their voting and class rights, preference shares (cumulative, participating, convertible, callable and putable), private versus public equity, the ways to invest in foreign shares (direct, depository receipts, global registered shares, baskets), the risk and return of each type, and how book value, market value, ROE, the cost of equity and investors' required return fit together.

  5. 05

    Company Analysis: Past and PresentLocked: included in All Access

    7 lessons · ~93 min1 video 45 cards

    The first block of company analysis: what a research report contains, how to pin down a business model, and how to analyse a company's historical revenue drivers and pricing power, operating costs, margins and working capital, and its capital investments and capital structure.

  6. 06

    Industry and Competitive AnalysisLocked: included in All Access

    7 lessons · ~96 min2 videos 45 cards

    How analysts define an industry, survey its size, growth, profitability and market shares, judge its structure with Porter's Five Forces and its external influences with PESTLE, and then evaluate whether a company's competitive strategy can earn returns above the industry's base rate.

  7. 07

    Company Analysis: ForecastingLocked: included in All Access

    6 lessons · ~85 min1 video 44 cards

    How an equity analyst decides what to forecast (drivers, line items, summary measures or ad hoc items), which approach to use (history, base rates and convergence, management guidance or discretion), how far ahead to look, and how to forecast revenue, operating costs, working capital, capital spending and capital structure, finishing with scenario analysis around the key risk factors.

  8. 08

    Equity Valuation: Concepts and Basic ToolsLocked: included in All Access

    7 lessons · ~94 min7 videos 45 cards

    How analysts estimate what a share is really worth and compare it with the market price: present value models (dividend discount, two-stage and free cash flow to equity), preferred stock, price and enterprise value multiples, and asset-based valuation, with the strengths and limits of each.

Equity Investments in short lessons · Academy · CheapMocks