Practical stock research

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This path turns the earlier paths into a working method. You will research a company the way a careful analyst would: start with what it sells and to whom, read its statements and filings, compare it with competitors, judge its management, and write down a thesis that can be checked later.

Case studies use clearly identified historical information, with the period and source stated, and are never presented as recommendations.

Who this path is for

Learners who have worked through the fundamental analysis path and want a structured, repeatable research process.

What you will be able to do

Follow a repeatable process to research a listed company.
Find and read exchange filings and annual reports.
Compare companies in the same sector fairly.
Write a research report with a thesis that can be monitored and proved wrong.

Before you start

Fundamental analysis: Research applies the valuation, return and governance tools taught in fundamental analysis.
Financial literacy and accounting: You will read real financial statements and notes throughout.

The route, module by module

Take the modules in this order. Filled stops are lessons you have completed; dashed stops are still being written.

Module 1A research process
A repeatable way to research a listed company, starting from its products, customers and revenue drivers, with a checklist you can reuse.
1. How to research a company from scratch6 min
2. Products, customers and revenue drivers5 min
3. Building a research checklist6 min
4. Module test: A research process10 questions
Module 2Analysis in practice
Reading real statements and filings, comparing companies in the same sector, judging competitive advantages and management, and spotting red flags.
1. Analysing financial statements in practice6 min
2. Comparing companies in the same sector5 min
3. Judging competitive advantages in practice5 min
4. Evaluating management and governance in practice5 min
5. Reading exchange filings5 min
6. Identifying red flags in practice6 min
7. Evaluating an IPO6 min
8. Module test: Analysis in practice10 questions
Module 3Valuation and uncertainty in practice
Choosing a valuation method that fits the business, building scenarios from explicit assumptions, and comparing competing explanations.
1. Choosing a valuation method6 min
2. Building scenarios from assumptions5 min
3. Comparing competing explanations5 min
4. Module test: Valuation and uncertainty in practice10 questions
Module 4From research to a written thesis
Writing an investment thesis and research report, stating what would prove it wrong, monitoring it, and reviewing mistakes.
1. Writing an investment thesis and research report5 min
2. What would prove you wrong5 min
3. Monitoring an investment thesis5 min
4. Reviewing mistakes and updating conclusions6 min
5. Combining fundamental and technical analysis5 min
6. Module test: From research to a written thesis10 questions
Module 5Case studies from history
Verified historical cases of governance failure, lender collapse, valuation excess and durable businesses, studied with what was known at the time.

Fundamental analysisJudge a business on its merits. Business models, growth, profitability, debt, valuation ratios, intrinsic value and the red flags of poor governance.
Technical analysisRead price charts honestly. Candlesticks, trends, support and resistance, common indicators, backtesting, and the real limits of chart-based methods.

Who this path is for

What you will be able to do

Before you start

The route, module by module

Module 1A research process

Module 2Analysis in practice

Module 3Valuation and uncertainty in practice

Module 4From research to a written thesis

Module 5Case studies from history

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