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The Investing Curriculum

Learn the basics of finance, one lesson at a time. Each stage builds on the last, from your first investment to running a portfolio.

First lesson Why Invest at All? Start Here · Lesson 1 of 10 · 5 min Start reading

Stage 1

Foundations

What investing is, how markets work, and the simplest way to own them.

35 lessons · 2 h 56 min

01BeginnerStart HereWhy people invest, how money compounds, and the handful of ideas everything else rests on.10 lessons · 48 min

02BeginnerHow the Stock Market WorksExchanges, orders, indexes and the vocabulary of a trading day.16 lessons · 1 h 22 min

03BeginnerFunds and ETFsHow to own hundreds of companies in one purchase, and what that costs.9 lessons · 46 min

Stage 2

Your Portfolio

Deciding how much goes where, and staying out of your own way.

27 lessons · 2 h 20 min

04IntermediateBuilding a PortfolioAllocation, sizing, rebalancing and measuring whether any of it is working.17 lessons · 1 h 31 min

05BeginnerInvestor PsychologyThe mistakes almost everyone makes, and the habits that prevent them.10 lessons · 49 min

Stage 3

Reading a Company

Financial statements, valuation, business quality, and the events that move a single stock.

68 lessons · 5 h 37 min

06IntermediateReading Financial StatementsThe three statements, line by line, and the ratios that come out of them.15 lessons · 1 h 18 min

07IntermediateValuationWhat a stock is worth, and how to tell a fair price from an expensive one.18 lessons · 1 h 28 min

08IntermediateJudging Business QualityReturns on capital, moats and management: what makes a business worth owning for years.11 lessons · 53 min

09IntermediateEarnings and Corporate EventsWhat happens four times a year, and the other events that move a single stock.14 lessons · 1 h 10 min

10BeginnerDividends and IncomeHow companies pay their owners, and how to judge whether the payments will last.10 lessons · 48 min

Stage 4

Reading the Market

Interest rates, the economy, bonds, and what a century of booms and busts has to teach.

33 lessons · 2 h 42 min

11BeginnerThe Economy and Interest RatesRates, inflation, growth and jobs: the forces behind every headline about the market.14 lessons · 1 h 9 min

12IntermediateBonds and Fixed IncomeHow bonds are priced, what can go wrong, and what they are for.7 lessons · 33 min

13BeginnerMarket HistoryBooms, busts and frauds, told as stories, each one tied to a lesson you can use.12 lessons · 1 h

Stage 5

Going Further

Styles, charts and the tools that magnify outcomes in both directions — optional routes, not a finish line.

33 lessons · 2 h 46 min

14IntermediateCharts and Technical AnalysisHow to read a price chart and the most common indicators, with an honest look at what they can and cannot tell you.11 lessons · 56 min

15IntermediateInvesting StylesValue, growth, momentum and the rest: what each believes, when it works, and what it asks of you.12 lessons · 58 min

16AdvancedOptions, Leverage and Short SellingThe tools that magnify outcomes in both directions. Read this to understand them before you ever need to use them.10 lessons · 52 min