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Reference library
A lesson teaches one thing at one altitude. A reference entry has to work for three readers at once, so every entry here is written three times rather than translated — and the formula, the worked example, the mistakes and the sources are written once, so the levels cannot disagree about the facts.
The three levels
- Starter — for Never bought a share. Nothing. Every term is explained where it appears.
- Medium — for Invested before, reads the news. You know what a share, a price and a filing are.
- High — for Works with this number already. Fluent in the vocabulary; wants the edge cases and the abuse.
Options
- The Options Greeks2 mins at medium · Delta, gamma, theta, vega — what an option price is made of, and which one is bleeding while you wait.
Fundamentals
- Price-to-Earnings Ratio (P/E)2 mins at medium · What you pay for each dollar of profit — and the four ways that sentence stops being true.
- Free Cash Flow2 mins at medium · The cash a business actually produced after keeping itself running — the number an owner should care about.
- Return on Invested Capital (ROIC)2 mins at medium · How much profit the business earns on every dollar of capital tied up in it — and whether that beats the cost
- EV/EBITDA2 mins at medium · The multiple that compares whole businesses rather than slices of them, and the one most often used to say
Macro & Rates
- Shiller CAPE (Cyclically Adjusted P/E)2 mins at medium · The market's price divided by ten years of inflation-adjusted profit — a valuation measure with a time
- The Yield Curve and the 2s10s Spread2 mins at medium · One line that prices every horizon of borrowing — what its shape says about growth, and why an inversion is a
Risk & Sizing
- Maximum Drawdown2 mins at medium · The worst peak-to-trough fall an account has taken — the number that decides whether a strategy is survivable
- Position Sizing2 mins at medium · How much of the account goes into one idea — the only risk lever you set before the outcome is known.
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Learn content is for education only — not individualized financial advice, a recommendation, or a solicitation to buy or sell any security. Options involve substantial risk. Examples are simplified and historical patterns never guarantee future results.