Investment Analysis

Introduction

Investment Analysis is the systematic evaluation of investments, securities, projects, and portfolios in order to form reasoned judgments about value, risk, expected return, and suitability for a stated objective. In this university-level aiMOOC, you learn how analysts connect financial statements, time value, valuation, risk, portfolio theory, market evidence, and qualitative judgment.

Investment analysis is not a search for certainty. Forecasts are uncertain, models simplify reality, and market prices can change quickly. Good analysis therefore makes assumptions explicit, separates facts from estimates, compares alternative scenarios, tests sensitivity, and communicates both the investment thesis and the reasons it could fail.

This course teaches analytical methods for education. It does not provide personalized investment recommendations.

Learning Goals

After completing this aiMOOC, you should be able to:

Investment process: Define an investment question, gather relevant evidence, build assumptions, estimate value and risk, and communicate a decision.
Financial statement analysis: Interpret the balance sheet, income statement, cash-flow statement, and key ratios in relation to business economics.
Discounted cash flow: Convert expected future cash flows into present value using a discount rate consistent with the cash flows.
Relative valuation: Use valuation multiples thoughtfully and control for differences in growth, risk, profitability, and accounting.
Bond valuation: Explain the relationship among bond price, yield, duration, convexity, credit risk, and interest-rate risk.
Capital asset pricing model: Explain beta, systematic risk, the market risk premium, and the limits of CAPM.
Modern portfolio theory: Analyze diversification, covariance, correlation, and the efficient frontier.
Scenario analysis: Test an investment thesis under alternative assumptions and identify the variables that matter most.
Investment thesis: Write a balanced, evidence-based conclusion that includes catalysts, risks, valuation, and invalidation conditions.

What Investment Analysis Does

Investment analysis starts with a decision problem. An equity analyst may ask whether a share price is attractive relative to estimated intrinsic value. A credit analyst may ask whether a borrower can meet interest and principal payments. A portfolio manager may ask whether a new asset improves the portfolio's expected risk-return trade-off. A corporate finance analyst may ask whether a project has a positive net present value.

The same analytical discipline applies across these contexts: identify the relevant cash flows, assess their timing and uncertainty, compare expected compensation with risk, and examine alternatives. The analysis should be reproducible enough that another informed person can understand how the conclusion follows from the assumptions.

Price, Value, and Return

Price is the amount at which an asset trades. Value is an estimate based on an analytical framework. The two can differ because investors have different information, expectations, constraints, tax situations, risk tolerances, and models.

A holding-period return can be represented as:

Return = (Ending value - Beginning value + Cash distributions) / Beginning value

Return alone is not sufficient. An analyst also asks how uncertain that return is, how it co-moves with other investments, and whether the expected return compensates for relevant risks.

Three Broad Valuation Approaches

Approach	Core question	Typical inputs	Main analytical risk
Discounted cash flow	What are the expected future cash flows worth today?	Forecast cash flows, growth, terminal value, discount rate	Small changes in assumptions can materially change value
Relative valuation	How is the asset priced compared with similar assets?	Comparable firms or transactions, normalized metrics, valuation multiples	Comparables may differ in growth, risk, accounting, or capital structure
Option pricing	Does the asset contain contingent or option-like payoffs?	Volatility, time, exercise conditions, underlying value, discounting inputs	Model assumptions may not match complex real-world payoffs

Evidence and the Analyst Workflow

A strong analysis distinguishes among reported facts, adjusted historical data, forecasts, and judgments. You should document where each important input comes from and why any adjustment is made.

A practical workflow is:

Investment objective: State the decision, time horizon, benchmark, constraints, and relevant risks.
Data collection: Gather audited reports, regulatory filings, market data, industry evidence, and macroeconomic information.
Normalization: Adjust unusual, non-recurring, or non-comparable items when justified and document each change.
Forecasting: Build operational assumptions for revenue, margins, reinvestment, working capital, financing, and taxes.
Valuation: Apply one or more valuation methods with internally consistent inputs.
Risk analysis: Run sensitivity, scenario, and stress tests and examine balance-sheet resilience.
Decision: Compare estimated value and expected return with price, alternatives, and required compensation for risk.
Monitoring: Identify data points that would confirm, weaken, or invalidate the thesis.

Information Quality and Source Hierarchy

Primary sources such as audited annual reports, regulatory filings, prospectuses, official economic statistics, and contractual terms should normally receive more weight than promotional summaries. Secondary research can add interpretation, but you should check incentives, methodology, dates, and whether claims can be traced to primary evidence.

A useful question is: What would have to be true for this data point to be misleading? For example, accounting earnings may rise while cash conversion deteriorates, or a non-GAAP metric may exclude costs that recur economically.

Financial Statement Analysis

Investment analysis often begins with the linked structure of the major financial statements. The balance sheet reports assets, liabilities, and equity at a point in time. The income statement reports revenue, expenses, and profit over a period. The cash-flow statement reconciles operating, investing, and financing cash movements over a period.

The statements should not be read separately. A sale may increase revenue and profit, create a receivable on the balance sheet, and produce no immediate operating cash inflow. Investment analysis therefore looks for consistency across statements.

Profitability, Efficiency, Liquidity, and Solvency

Common ratios are analytical prompts rather than automatic answers.

Dimension	Example metric	Interpretation question
Profitability	Operating margin	How much operating profit is generated from each unit of revenue, and is the margin sustainable?
Capital efficiency	Return on invested capital	Does the business earn an operating return above its cost of capital over a cycle?
Liquidity	Current ratio	Can near-term obligations be met with near-term resources, considering the quality of current assets?
Solvency	Debt to capital	How dependent is the firm on debt financing, and how resilient is the capital structure?
Cash conversion	Operating cash flow relative to net income	Are reported profits translating into cash over time?

Ratios should be compared over time and against economically similar firms. Differences in accounting policy, business mix, seasonality, leases, acquisitions, and capital intensity can make simple comparisons misleading.

Quality of Earnings and Normalization

High-quality earnings generally reflect repeatable economics and credible cash generation. Analysts examine revenue recognition, capitalized costs, provisions, stock-based compensation, restructuring charges, asset sales, acquisition effects, working-capital movements, and changes in accounting estimates.

Normalization does not mean removing every negative item. If a company records restructuring charges every year, those costs may be economically recurring even if management labels each charge unusual.

A useful bridge is:

Net income -> non-cash adjustments -> working-capital changes -> investment spending -> financing effects -> cash available to investors

Time Value of Money

A unit of money available today can be invested, so timing matters. Future cash flows are converted into present value by discounting them at a rate that reflects the time value of money and the risk relevant to those cash flows.

For a single future cash flow:

PV = CF_t / (1 + r)^t

where PV is present value, CF_t is the cash flow in period t, r is the discount rate per period, and t is the number of periods.

The consistency rule is fundamental: cash flows and discount rates must use compatible definitions. Nominal cash flows should be discounted with nominal rates; real cash flows with real rates. Cash flows to equity are normally discounted at a cost of equity, while free cash flow to the firm is normally discounted at a cost of capital.

Net Present Value and Internal Rate of Return

For a project with an initial outflow and future inflows, NPV is the present value of future cash flows minus the initial investment. A positive NPV means that, under the model assumptions and discount rate, the project adds value relative to the required return.

The internal rate of return is the discount rate that makes NPV equal to zero. IRR can be intuitive, but it can mislead when projects differ greatly in scale, timing, or cash-flow pattern, or when cash flows change sign multiple times. For mutually exclusive projects, NPV is often the more direct measure of value creation.

Discounted Cash Flow Valuation

In a DCF model, value is the present value of expected future cash flows. The difficult part is not the arithmetic; it is estimating cash flows, growth, reinvestment, risk, and terminal economics coherently.

Enterprise Value and Equity Value

Two common DCF paths are:

Firm valuation: Discount free cash flow to the firm at the weighted average cost of capital to estimate enterprise value, then adjust for non-operating assets and claims to reach equity value.

Equity valuation: Discount cash flow available to equity holders at the cost of equity to estimate equity value directly.

Mismatching cash flow and discount rate creates systematic valuation error. For example, discounting cash flow to the firm at a cost of equity mixes a cash flow available to all capital providers with a rate that compensates only equity investors.

Free Cash Flow and Reinvestment

A simplified free cash flow to the firm relation is:

FCFF = After-tax operating profit + Non-cash charges - Capital expenditure - Increase in working capital

Growth is not free. Sustainable growth usually requires reinvestment in fixed assets, working capital, technology, customer acquisition, people, or intangible capabilities. Forecasts that assume high growth with little reinvestment need strong economic justification.

Terminal Value

Because a company may operate beyond the explicit forecast period, many DCF models include a terminal value. In a stable-growth perpetuity form:

Terminal value = CF_(next period) / (r - g)

where g is the long-run growth rate and r is the discount rate. The model requires r greater than g.

Terminal value can represent a large share of total DCF value. You should therefore test whether stable growth, margins, reinvestment, return on capital, and risk assumptions are economically plausible rather than treating terminal value as a plug.

Relative Valuation

Relative valuation compares an asset's price with the prices of comparable assets using a common scaling variable. Common equity multiples include price-to-earnings, price-to-book, and price-to-sales. Enterprise-value multiples include EV-to-EBITDA, EV-to-EBIT, and EV-to-sales.

A multiple is not meaningful without its economic drivers. For example, a higher P/E ratio may be associated with higher expected growth, lower risk, stronger returns on capital, or accounting differences. A low multiple can indicate undervaluation, but it can also reflect weak economics or elevated risk.

Choosing Comparables

Good comparables are similar in economically relevant dimensions, not merely industry labels. Consider business model, growth, margins, cyclicality, geographic exposure, capital intensity, leverage, accounting policy, and maturity.

A robust relative valuation normally:

Selects a defensible peer set.
Uses consistent definitions of numerator and denominator.
Normalizes metrics where justified.
Identifies the fundamental drivers of the chosen multiple.
Adjusts the conclusion for material peer differences.
Cross-checks the result against an intrinsic valuation or another method.

Fixed-Income Analysis

A bond promises contractual cash flows, usually coupon payments and principal repayment. Its value depends on the timing and size of these cash flows and the yield required by investors for interest-rate risk, credit risk, liquidity, optionality, and other relevant risks.

For a plain fixed-rate bond, price and yield move in opposite directions: when the required yield rises, the present value of fixed contractual cash flows falls.

Duration and Convexity

Duration measures the sensitivity of bond price to a small change in yield. Modified duration provides a first-order approximation of the percentage price change for a given yield change. Convexity captures curvature in the price-yield relationship and improves the approximation for larger rate moves.

Duration and convexity do not replace credit analysis. A corporate bond can lose value because risk-free rates rise, credit spreads widen, expected recovery falls, liquidity deteriorates, or embedded options become more valuable to the issuer.

Credit Analysis

Credit analysis focuses on the borrower's capacity and willingness to pay. Key questions include:

How stable are revenues and operating cash flows?
How much debt must be refinanced, and when?
What are interest coverage, leverage, and fixed-charge obligations?
What assets or contractual protections support creditors?
How cyclical is the business?
How vulnerable is the firm to higher rates, currency movements, regulation, or commodity prices?
What happens to liquidity under a severe but plausible downside scenario?

Risk and Expected Return

Investment risk has multiple dimensions. Volatility is one measure, but analysts also consider permanent capital loss, default, liquidity, concentration, leverage, inflation, currency exposure, regulatory change, governance failure, model error, and behavioral mistakes.

A risk measure is useful only when its relationship to the decision is understood.

Systematic and Idiosyncratic Risk

Idiosyncratic risk is specific to an asset or issuer and can often be reduced through diversification. Systematic risk is linked to broad market or economic factors and cannot be eliminated simply by holding more securities exposed to the same factors.

The CAPM expresses expected return as:

Expected return = Risk-free rate + Beta × Market risk premium

Beta measures sensitivity to market movements within the model. A beta above one indicates greater market sensitivity than the market portfolio; a beta below one indicates lower sensitivity. Beta is estimated from data and can be unstable, so it should not be treated as a timeless property of a company.

CAPM is influential because it links required return to systematic risk, but its assumptions are simplified. In practice, analysts may use adjusted betas, multifactor models, implied expected returns, or scenario-based required returns.

Portfolio Analysis and Diversification

A portfolio is not simply the sum of individual securities considered separately. The interaction among returns matters. Covariance and correlation describe how asset returns move together. Diversification can reduce portfolio risk when assets are not perfectly positively correlated.

Diversification cannot guarantee against loss, especially when broad market risks affect many assets simultaneously. Its value is that combining imperfectly correlated exposures can improve the portfolio's risk-return characteristics.

Mean-Variance Analysis

Mean-variance analysis represents portfolios by expected return and variance or standard deviation. The efficient frontier contains portfolios that offer the highest expected return for a given level of risk, or the lowest risk for a given expected return, under the model assumptions.

Portfolio optimization is highly sensitive to estimated expected returns, volatilities, and correlations. Small input changes can create large changes in optimal weights. Real-world portfolio construction therefore often includes constraints, shrinkage, robust optimization, risk budgets, transaction costs, liquidity limits, and qualitative judgment.

Market Prices and Technical Information

Technical analysis studies market-generated data such as prices, returns, volume, and patterns. It differs from fundamental analysis, which focuses on economic value based on business and financial information.

A candlestick summarizes open, high, low, and close prices for a period. It is a compact visualization of market behavior, not proof of intrinsic value.

Technical information can be useful for studying trend, volatility, market microstructure, and trading behavior. However, patterns can be unstable, data-mined, or dependent on transaction costs and implementation. A university-level analysis should test claims statistically and distinguish an observed historical pattern from a reliable forecast.

Scenario, Sensitivity, and Stress Testing

A single valuation number can create false precision. Scenario analysis asks how value changes under coherent alternative stories about the future. Sensitivity analysis changes one or more inputs to identify the variables that drive the result. Stress testing examines severe but plausible conditions.

Building Scenarios

A simple three-scenario framework may include:

Scenario	Business assumptions	Financial implications	Analytical purpose
Base	Central operating assumptions	Expected margins, reinvestment, financing, and growth	Main valuation case
Upside	Stronger demand or execution	Higher cash flow, stronger returns on capital, or lower risk	Tests potential positive asymmetry
Downside	Recession, competition, cost pressure, or financing stress	Lower cash flow, higher leverage, weaker valuation	Tests resilience and loss exposure

Scenarios should be internally consistent. A severe recession may simultaneously affect revenue growth, margins, working capital, credit spreads, financing availability, and valuation multiples.

Sensitivity Analysis

DCF sensitivity tables commonly vary the discount rate and terminal growth rate, but analysts should also test operating variables such as unit growth, pricing, margins, capital intensity, and working-capital needs.

The most useful sensitivity question is not simply How much does value move? but Which assumption has enough uncertainty and enough valuation impact to change the decision?

Behavioral, Governance, and Incentive Risks

Investment analysis is performed by people and institutions with incentives and cognitive limitations. Behavioral finance studies systematic patterns such as overconfidence, anchoring, confirmation bias, loss aversion, representativeness, and herding.

Analysts should actively search for disconfirming evidence. A written pre-mortem can ask: If this investment thesis is wrong in three years, what are the most plausible reasons?

Governance analysis considers board oversight, shareholder rights, capital allocation, related-party transactions, executive incentives, disclosure quality, and the treatment of minority investors. Strong historical growth does not compensate for unreliable governance if cash flows or ownership rights cannot be trusted.

From Analysis to an Investment Thesis

An investment thesis should make the decision logic explicit. A compact institutional-style structure can include:

Investment thesis: State the central reason the asset may be mispriced or attractive relative to alternatives.
Business model: Explain how the company or asset creates and captures economic value.
Key drivers: Identify the few variables that determine most of the forecast.
Valuation: Show methods, assumptions, and a range rather than relying on one unexplained target.
Catalyst: Describe events that could cause market expectations to change.
Risks: Identify conditions that can reduce value, not only short-term price volatility.
Variant perception: Explain how your expectations differ from the market consensus, if evidence permits.
Margin of safety: Assess whether the difference between price and estimated value is sufficient given uncertainty.
Monitoring: Define indicators that would strengthen, weaken, or invalidate the thesis.

Decision Discipline

A disciplined analyst separates a good process from a good outcome. A sound investment can lose money because an adverse low-probability event occurs. A weak process can make money through luck. Evaluation should therefore ask whether the original assumptions were reasonable, whether probabilities were calibrated, whether contrary evidence was considered, and whether the position size matched the uncertainty.

Ethics and Limits of Models

Investment analysis affects the allocation of capital and can influence clients, firms, and markets. Ethical practice requires accurate representation of evidence, disclosure of conflicts, respect for confidential information, avoidance of manipulation, and clarity about uncertainty.

Models are tools, not authorities. Common model risks include incorrect data, hidden assumptions, omitted variables, inconsistent definitions, overfitting, false precision, and extrapolation beyond the domain where a model was tested. A professional analysis should make model limits visible.

Interactive Tasks

Quiz: Test Your Knowledge

Diesen aiMOOC als Battle spielen

What is the central idea of discounted cash flow valuation? (Value is the present value of expected future cash flows) (!Value is always equal to accounting book value) (!Value is determined only by past price momentum) (!Value is the total of future cash flows without discounting)

Which discount rate is normally matched with free cash flow to the firm? (Weighted average cost of capital) (!Dividend yield) (!Coupon rate) (!Revenue growth rate)

What does a positive net present value indicate under the model assumptions? (The investment adds value relative to the required return) (!The investment has no risk) (!The investment will always outperform the market) (!The investment has negative future cash flows)

Why can a low valuation multiple be misleading? (It may reflect weak growth or high risk rather than undervaluation) (!It always proves the asset is overpriced) (!It removes the need for comparable companies) (!It makes financial statements irrelevant)

What usually happens to the price of a fixed-rate bond when its required yield rises? (The bond price falls) (!The bond price always rises) (!The coupon rate changes automatically) (!The face value becomes zero)

What does beta measure in the CAPM framework? (Sensitivity to market movements) (!Probability of accounting fraud) (!Absolute amount of company debt) (!Current dividend per share)

What is the main portfolio benefit of imperfectly correlated assets? (They can reduce portfolio risk through diversification) (!They guarantee positive returns) (!They eliminate all systematic risk) (!They force all asset returns to be equal)

What is the purpose of sensitivity analysis? (To identify how valuation changes when important assumptions change) (!To replace all forecasts with historical averages) (!To guarantee one precise intrinsic value) (!To remove the need for risk analysis)

What is a key warning sign when reported profit rises but operating cash flow weakens persistently? (Cash conversion may be deteriorating) (!All liabilities must have disappeared) (!The cost of capital must be zero) (!The company must have increased dividends)

What should an investment thesis include besides potential upside? (Risks and conditions that could invalidate the thesis) (!Only the highest possible target price) (!Only management guidance) (!Only recent share price movements)

Memory Game

Intrinsic value	Estimated economic worth based on fundamentals and expected cash flows
Discount rate	Rate used to convert future cash flows into present value
Enterprise value	Value attributed to the operating business before subtracting net financial claims
Duration	First-order measure of bond price sensitivity to yield changes
Covariance	Measure of how two asset returns vary together
Margin of safety	Cushion between price and a conservative estimate of value
Terminal value	Estimated value of cash flows beyond the explicit forecast period
Stress test	Analysis of performance under severe but plausible conditions

Drag and Drop

Match the correct terms.	Topic
Present value of expected cash flows	Discounted cash flow
Comparison with similar assets	Relative valuation
Sensitivity to market movements	Beta
Reduction of asset-specific risk	Diversification
Severe but plausible adverse conditions	Stress testing

...

Crossword Puzzle

Valuation	What process estimates the economic worth of an asset or business?
Beta	What CAPM measure represents sensitivity to market movements?
Duration	What measure approximates a bond's price sensitivity to yield changes?
Liquidity	What concept describes the ability to trade or meet near-term obligations without severe loss?
Solvency	What term describes the capacity to meet long-term financial obligations?
Diversification	What portfolio principle spreads exposure across imperfectly correlated investments?

LearningApps

Cloze Text

Investment analysis compares market price with an estimate of

. A future cash flow is converted to today's terms through

. Free cash flow to the firm is normally discounted using the

. Relative valuation depends on economically meaningful

. When required yield rises, the price of a fixed-rate bond normally

. The first-order sensitivity of bond price to yield is measured by

. In CAPM, market sensitivity is represented by

. Portfolio risk depends partly on the relationships among asset

. Combining imperfectly correlated assets can create

. A DCF model often includes a continuing estimate called

. A severe but plausible downside exercise is a

. A balanced investment thesis should state both expected upside and material

.

Open-Ended Tasks

Easy

Investment vocabulary map: Create a one-page concept map connecting price, value, return, risk, cash flow, discount rate, and diversification. Add one sentence explaining each connection.
Financial statement snapshot: Choose a listed company and identify revenue, operating profit, total assets, total debt, and operating cash flow from its latest annual report. Record the exact reporting period and source.
Bond price explanation: Produce a short narrated slide or one-minute video explaining why a fixed-rate bond's price falls when required yield rises.
Bias diary: Find four hypothetical investment statements and label the behavioral bias that could influence each one, then rewrite each statement in a more evidence-based form.

Standard

Comparable company analysis: Select three economically similar companies, calculate two valuation multiples with consistent definitions, and explain which differences in growth, risk, or profitability limit the comparison.
DCF mini-model: Build a five-year DCF for a simple hypothetical business, document revenue, margin, reinvestment, discount-rate, and terminal assumptions, and show a valuation range.
Annual report interview: Interview a finance student, accountant, analyst, or business owner about which sections of an annual report they consider most useful and compare their answers with your own analytical priorities.
Portfolio experiment: Use historical returns for at least three broad asset classes to examine how changing correlations and weights affect portfolio volatility. Explain why historical relationships may not persist.

Advanced

Investment memorandum: Write a professional investment memo on a listed company or bond that includes business analysis, financial quality, valuation, catalysts, risks, scenarios, and thesis invalidation conditions.
Stress testing model: Design a downside scenario that simultaneously changes revenue, margin, working capital, refinancing cost, and valuation assumptions. Explain which balance-sheet features determine resilience.
Factor and CAPM comparison: Estimate beta for a security using historical data, compare a CAPM-based expected return with a multifactor or scenario-based approach, and discuss model limitations.
Field research project: Visit or virtually examine a company, industry site, investor presentation, exchange, financial museum, or university finance lab, collect evidence about how investment decisions are communicated, and produce a critical multimedia report.

Learning Assessment

Integrated company analysis: Use a real company's financial statements to explain how profitability, cash conversion, reinvestment, leverage, and valuation interact, and identify at least two plausible interpretations of the same evidence.
Valuation reconciliation: Value the same company with a DCF and a relative valuation method, then explain why the estimates differ and which assumptions account for most of the gap.
Risk transfer case: Evaluate how a rise in interest rates, a recession, and a credit-spread shock would affect an equity investor, a bond investor, and a diversified portfolio differently.
Portfolio decision: Compare two candidate assets for addition to an existing portfolio using expected return, volatility, correlation, liquidity, and scenario behavior rather than judging each asset in isolation.
Thesis challenge: Write an investment thesis and then construct the strongest evidence-based counter-thesis. State which future observations would cause you to update your probabilities.
Model audit: Inspect a valuation model for mismatched cash flows and discount rates, hidden hard-coded assumptions, circular reasoning, or excessive precision, and propose corrections.
Ethical analyst case: Analyze a situation involving a conflict of interest, selective disclosure, or pressure to change assumptions and explain how an analyst should protect the integrity of the decision process.

Evidence of Learning

Strong evidence of learning includes both conceptual understanding and defensible analytical work. You should be able to demonstrate:

Knowledge: You can explain the relationships among price, intrinsic value, expected return, cash flows, discount rates, risk, diversification, bond yields, and valuation multiples.
Financial interpretation: You can connect the balance sheet, income statement, and cash-flow statement and identify questions about earnings quality, leverage, liquidity, solvency, and reinvestment.
Quantitative skill: You can calculate present value, NPV, selected ratios and multiples, bond sensitivity measures, and basic portfolio statistics using clearly defined inputs.
Model discipline: You can match cash-flow definitions with appropriate discount rates, document assumptions, avoid double counting, and use scenarios instead of false precision.
Risk reasoning: You can distinguish systematic from idiosyncratic risks and explain how diversification, duration, leverage, liquidity, and credit quality affect outcomes.
Products: You can produce a spreadsheet model, valuation range, sensitivity analysis, scenario table, comparable-company analysis, and professional investment memorandum.
Communication: You can present an investment thesis with evidence, uncertainty, catalysts, downside risks, and invalidation conditions in clear language.
Transfer: You can adapt the same analytical principles to equities, bonds, projects, funds, portfolios, and unfamiliar sectors while recognizing when a different model is required.
Ethical judgment: You can identify conflicts of interest, weak disclosure, unsupported certainty, and misleading use of models, and respond with transparent professional reasoning.

OERs on the Topic

Reliable open learning resources for deeper study include valuation, Financial statement analysis, Discounted cash flow, Capital asset pricing model, Modern portfolio theory, and Bond valuation.

Selected Open Learning Media

The following embedded resources in this course are useful for review:

Khan Academy: Present value and the time value of money.
Aswath Damodaran, NYU Stern: Cash flows, discount rates, valuation fundamentals, and relative valuation.
MIT OpenCourseWare: Portfolio theory, mean-variance analysis, and optimization.
Wikimedia Commons: Reusable diagrams for financial statements, bonds, CAPM, portfolio theory, and market-price visualization.

Linked Learning Areas

Investment Analysis

aiMOOC Projects

Inhalte werden geladen ...

Mediathek wird aus dem Wiki geladen ...

Frag mich zum aktuellen Lerninhalt oder wähle eine kurze Hilfe.

Textmodus bereit

Sprache