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The Intelligent Investor

An in-depth bootcamp on how to become a professional value investor
Instructor:
Alex Ramos
735 students enrolled
English [Auto-generated]
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

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.

Part 1

1
Introduction
2
Income Statement

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

3
Balance Sheet

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

4
Cash Flow Statement

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

5
What are Earnings?

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

6
Going from Earnings to Free Cash Flow

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

7
Financial Statement Review

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.

8
Introduction to Return Measures

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

9
The Return on Equity

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.

10
The Return on Assets

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

11
Return on Invested Capital

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

12
Caveat on Return Measures

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

13
Introduction to Financial Metrics

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

14
Benjamin Graham's Checklist

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

15
Altman Z Score

Here we introduce the bankruptcy prediction called the Altman Z score

16
Beneish M Score

Here we learn about a model that predicts accounting manipulation

17
Piotroski F Score

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.

18
Soft Factors

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

19
Asset Liability Mismatch

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

20
Dupont Formula

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

21
Review of Financial Metrics Models

Valuation

1
Introduction to Multiples
2
PE Multiple

A detailed exploration on the PE Multiple

3
2nd Round of Multiples

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

4
Enterprise Value

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

5
Enterprise Value Multiples

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

6
Value Creation

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

7
Expectations Investing

Here we approach short-term investing

8
Historical Range Analysis

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

9
Benchmark Analysis

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

10
Earnings Power Value

Introduction to a valuation methodology called the Earnings Power Value

11
EPV World Fuel

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

12
EPV Fastenal

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

13
Discount Rates

How to calculate discount rates

14
Weighted Average Cost of Capital and Cost of Equity

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

15
Perpetuity

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

16
Discounted Cashflow Model

The basic on how to construct a Discounted Cash Flow Model

17
DCF Microsoft

First DCF example on Microsoft

18
DCF on Union Pacific

Second DCF example on Union Pacific

19
Reverse DCF

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

20
Perfect Foresight Analysis

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

21
Sum of the Parts

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

22
Ownership

Analyze ownership to further learn more about a company

23
Final

The conclusion of our course

You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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Includes

11 hours on-demand video
Full lifetime access
Access on mobile and TV
Certificate of Completion