Value Investing

1. Start Here: Introduction

   3 lessons

   1. How To Navigate The Site
   2. Intro
   3. What is the F.A.R.M. System?

2. Find

   8 lessons

   1. Intro to Find
   2. Types of Searches
   3. Targeted Search
   4. Price-Based Search
   5. Portfolio Mining
   6. Qualitative or Domain-Based Searches
   7. Building and Maintaining a Watchlist
   8. Put It Into Practice

3. Assess

   9 lessons

   1. Intro to Assess
   2. The Zeroth Filter: Am I Interested?
   3. Filter 1: Do I Understand The Business?
   4. Filter 2: Is It A Good Business?
   5. Filter 3: Red Flags
   6. Filter 4: Timing
   7. Other Approaches
   8. Put It Into Practice
   9. AI Use Cases

4. Research

   50 lessons

   1. Lesson 1: Build The Dataset | Gather Trustworthy Data From Primary Sources

   1. Lesson 2: Financial Statement Analysis

      1. Intro to Financial Statement Analysis
      2. Common Sizing
      3. Segment Analysis
      4. Ratios & Key Metrics
      5. Calculation of Capital Employed
      6. Return on Capital Employed
      7. Working Capital Analysis
      8. Debt & Leverage Analysis
      9. Free Cash Flow
      10. Capital Allocation Analysis
      11. Dilution
      12. Pulling It Together: Step Back and Paint the Picture
      13. Put It Into Practice
      14. AI Use Cases

   2. Lesson 3: Business Model

      1. Intro to Business Model
      2. Business Overview
      3. Business Model
      4. Key Variables
      5. Unit Economics (Where Applicable)
      6. History
      7. Put It Into Practice
      8. AI Use Cases

   3. Lesson 4: Industry Analysis

      1. Intro to Industry Analysis
      2. Industry Map
      3. Competition and Competitive Dynamics
      4. Industry Development
      5. Moat Assessment
      6. Put It Into Practice
      7. AI Use Cases

   4. Lesson 5: Management & Ownership

      1. Intro to Management & Ownership
      2. Key Insiders
      3. Ownership
      4. Put It Into Practice
      5. AI Use Cases

   5. Lesson 6: Risks

      1. Intro To Risks
      2. Temporary vs. Permanent Impairment
      3. Business-Level vs. Industry-Level Risks
      4. Categories of Risks to Consider
      5. Severity and Probability
      6. What to Look For in Primary Sources
      7. Copart Example
      8. Put It Into Practice
      9. AI Use Cases

   6. Lesson 7: Valuation

      1. Intro to Valuation
      2. Determine Base Case Earnings Power & Implied Growth
      3. Perpetual Growth - Checking The Assumptions
      4. Two-Stage DCF Model

   7. Lesson 8: Thesis

      1. Thesis

   8. Lesson 9: Research Report

      1. Lesson 9: Build The Research Document

5. Monitor

   7 lessons

   1. Intro to Monitor
   2. Getting Alerted
   3. Tiering and Cadence
   4. Handling the Filing
   5. Processing
   6. Thesis Check and Tier Reassessment
   7. Put It Into Practice

6. How To Read A 10K

   5 lessons

   1. Intro
   2. Where to Find Reports
   3. Structure of a 10K
   4. Shallow or Quick Read
   5. 10-K Deep Read

7. Data Collection & Information Management

   5 lessons

   1. Intro
   2. One Company, One Home
   3. Industry Information Storage
   4. Capture-to-Output Pipeline
   5. My System

8. Portfolio Management

   6 lessons

   1. Intro
   2. Concentration: Munger vs. Bogle
   3. A General Principle of Concentration
   4. The Kelly Strategy
   5. When to Sell?
   6. Tax Considerations