The learning roadmap
Nine learning paths, in the order we suggest. If you are new, start at the top and follow the line. Each path says what it builds on and why, so you always know what to learn next.
Right now 227 lessons and 48 module tests are ready. Another 0 lessons are planned and shown as dashed stops until they are written. We would rather show you an honest outline than a page of thin articles.
Start with lesson 1
Saving, investing and inflationStart here
No experience needed. These paths explain what the market is, how it works, and how to read a company's numbers.
1. Stock market foundations
Start from zero. Learn what shares are, how exchanges and brokers work, how buying and selling happens, and the risks involved.
2. Financial literacy and accounting
Read a company's numbers with confidence. Revenue, profit, cash flow, assets and liabilities, and how the three financial statements fit together.
- Builds on Foundations: You need to know what a company's shareholders own before the statements describing that ownership make sense.
Protect yourself
Read this alongside the first path. Knowing how scams work is as important as knowing how the market works.
9. Scams, myths and investor protection
How investment scams work, how to check a claim against official sources, and what to do if you think you have been targeted.
Build your analysis skills
How to judge a business, read price charts honestly, and put together a portfolio you can live with.
3. Fundamental analysis
Judge a business on its merits. Business models, growth, profitability, debt, valuation ratios, intrinsic value and the red flags of poor governance.
- Builds on Accounting basics: Every ratio in this path is calculated from the income statement, balance sheet or cash flow statement.
- Builds on Foundations: Valuation compares a company's worth with its share price and market capitalisation.
Module 6: Intrinsic value and discounted cash flow
- What intrinsic value means
- Present value and discounting
- Discount rates and the cost of equity
- Weighted average cost of capital (WACC)
- Discounted cash flow valuation
- Terminal value
- Sensitivity and scenario analysis
- Reverse DCF
- Comparable-company valuation
- Margin of safety
- Module test: Intrinsic value and discounted cash flow
4. Technical analysis
Read price charts honestly. Candlesticks, trends, support and resistance, common indicators, backtesting, and the real limits of chart-based methods.
- Builds on Foundations: Charts record prices made by orders on an exchange; you need to understand orders, spreads and liquidity first.
5. Investing and portfolio management
Build and run a portfolio you can stick with. Compounding, diversification, asset allocation, funds, rebalancing and the behaviour that undoes good plans.
- Builds on Foundations: Portfolio decisions assume you understand shares, market cycles and the basic risks of owning them.
Go deeper
The wider economy, hands-on company research, and advanced products such as futures and options.
6. Macroeconomics and financial markets
How the wider economy moves markets. Inflation, interest rates, RBI policy, GDP, government borrowing, currencies, commodities and bonds.
- Builds on Foundations: This path explains how the economy moves share prices, so you need to know how share prices are set first.
7. Practical stock research
Research a company from scratch. Products and customers, statements, competitors, management, exchange filings, red flags and a written research report.
- Builds on Fundamental analysis: Research applies the valuation, return and governance tools taught in fundamental analysis.
- Builds on Accounting basics: You will read real financial statements and notes throughout.
Module 5: Case studies from history
- Case study: an accounting fraud (Satyam, 2009)
- Case study: a lender in crisis (Yes Bank, 2018-2020)
- Case study: a valuation bubble (technology shares, 1999-2002)
- Case study: a debt-funded group in crisis (IL&FS, 2018)
- Case study: how a durable business compounds (a hypothetical consumer company)
- Module test: Case studies from history
8. Derivatives and advanced market concepts
Futures, options, leverage, short selling, options Greeks and volatility, with a clear focus on how quickly losses can grow.
- Builds on Foundations: Derivatives are priced from shares and indices, so you need to understand how those are traded first.
- Builds on Investing: Position sizing, drawdowns and risk capacity are essential before using leverage of any kind.
- Builds on Technical analysis: Most derivative trading uses the chart and backtesting concepts taught there, including their limits.