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PIREPOINT MARKET UNIVERSITY · MASTER CURRICULUM

Learn the market.
Not just the vocabulary.

This is the complete map of what a serious learner can study: from what a share is to how exchanges, accounting, economics, valuation, portfolios, derivatives, behaviour, data and research interact. The curriculum is deliberately neutral—learn the machinery first, then form your own judgement.

Back to learning paths →
HOW TO USE THIS

There is no single “right” starting point.

A beginner can follow the school order. An experienced investor can search for a missing concept. A professional can use the map as a checklist to find blind spots.

BEGINNER

Build the mental model

Start with Schools 01–06. Do not skip mechanics just because the words look simple.

INVESTOR

Understand businesses

Study accounting, industry economics, valuation and capital allocation together.

TRADER

Understand the machine

Add execution, liquidity, market microstructure, technical analysis and derivatives.

ADVANCED

Connect the systems

Study macro, factors, behavioural finance, data errors, scenario analysis and research design.

75 BLIND-SPOT AREAS

What serious learners often miss.

These are additional capability areas we are explicitly adding to the curriculum. Each is a doorway into deeper study, not a vocabulary checkbox.

THE CURRICULUM

20 schools. Hundreds of questions.

01
Market Foundations
What securities are, why markets exist and who participates.
What is a share?Ownership, residual claims, voting and economic rights.Study →
Common vs preferred sharesDifferent rights, claims and dividend structures.
Primary vs secondary marketsIssuance versus trading between investors.Study →
IPO, FPO and follow-on issuanceHow companies raise equity capital.Study →
Private vs public marketsWhy listing changes disclosure, liquidity and access.
Market participantsIssuers, investors, brokers, dealers, exchanges, custodians and regulators.Study →
IndicesWhat an index measures and how construction changes exposure.
Market capitalisationEquity value, enterprise value and why share price alone misleads.Study →
Free floatTradable shares versus total shares.Study →
Asset classesEquity, debt, cash, funds, derivatives and alternatives.
02
Market Structure & Plumbing
How an order becomes an ownership record.
Exchanges and trading venuesLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Order books and price discoveryLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Bid, ask and spreadLearn the mechanism, why it exists, how it changes trading and what can go wrong.Study →
Market ordersLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Limit ordersLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Stop and stop-limit ordersLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Auctions and opening/closing mechanismsLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Market makers and liquidity providersLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Clearing housesLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Central counterpartiesLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Settlement cyclesLearn the mechanism, why it exists, how it changes trading and what can go wrong.Study →
Custody and beneficial ownershipLearn the mechanism, why it exists, how it changes trading and what can go wrong.
DepositoriesLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Securities lendingLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Short selling mechanicsLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Margin and collateralLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Trading halts and circuit breakersLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Volatility interruptionsLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Market-wide risk controlsLearn the mechanism, why it exists, how it changes trading and what can go wrong.
Cross-listings and ADR/GDR structuresLearn the mechanism, why it exists, how it changes trading and what can go wrong.
03
Orders, Execution & Trading Mechanics
What actually happens when someone tries to buy or sell.
Order types and when each can failStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
SlippageStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Market impactStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
LiquidityStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.Study →
Execution qualityStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Transaction costsStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Commissions and feesStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Spread costStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Partial fillsStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Order priorityStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Time-in-forceStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Good-for-day vs persistent ordersStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Pre-market and after-hoursStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Auction executionStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Block tradesStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
VWAP and TWAP conceptsStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Algorithmic executionStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Best executionStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Execution benchmarksStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
Trading journalStudy the trade-off between price certainty, execution certainty, speed, liquidity and cost.
04
Company & Business Economics
Understand the business before interpreting its stock.
Business modelAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Revenue streamsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Value propositionAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Customers and end marketsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Pricing powerAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Volume vs price growthAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Unit economicsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Contribution marginAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Fixed vs variable costsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Operating leverageAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Economies of scaleAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Economies of scopeAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Competitive advantageAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Moats and their limitsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Switching costsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Network effectsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Brand and intangible assetsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Industry value chainAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Supplier powerAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Customer concentrationAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Geographic concentrationAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
CyclicalityAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Secular growth vs cyclical growthAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
TAM/SAM/SOM and why estimates failAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Five ForcesAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Competitor mappingAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
DisruptionAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Regulatory dependenceAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Capital intensityAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
Reinvestment requirementsAsk what drives revenue, margins, capital needs, competition and durability—not just what the company sells.
05
Financial Statements
Read the income statement, balance sheet and cash flow as one system.
Income statementLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Revenue recognitionLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
COGSLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Gross profitLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Operating expensesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
EBITLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
EBITDALearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
DepreciationLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
AmortisationLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Interest expenseLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
TaxesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
EPSLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Balance sheetLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Cash and equivalentsLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
ReceivablesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
InventoryLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
PayablesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Working capitalLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
PP&ELearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Intangible assetsLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
GoodwillLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Lease liabilitiesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
DebtLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Deferred taxLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
ProvisionsLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Contingent liabilitiesLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Shareholders' equityLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Cash flow from operationsLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Cash flow from investingLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Cash flow from financingLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
CapexLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Free cash flowLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Cash conversionLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Changes in working capitalLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Non-cash itemsLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
Accrual accountingLearn the definition, accounting mechanics, cross-statement links, warning signs and analytical limitations.
06
Accounting Quality & Financial Forensics
The layer between “reported” and “economically true.”
Earnings qualityLearn what the number says, what judgement enters it, and which evidence can challenge it.
One-off gains and lossesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Aggressive revenue recognitionLearn what the number says, what judgement enters it, and which evidence can challenge it.
Capitalising vs expensingLearn what the number says, what judgement enters it, and which evidence can challenge it.
Capitalised development costsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Goodwill impairmentLearn what the number says, what judgement enters it, and which evidence can challenge it.
Asset impairmentLearn what the number says, what judgement enters it, and which evidence can challenge it.
Depreciation assumptionsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Useful livesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Inventory write-downsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Receivable qualityLearn what the number says, what judgement enters it, and which evidence can challenge it.
ProvisioningLearn what the number says, what judgement enters it, and which evidence can challenge it.
Channel stuffingLearn what the number says, what judgement enters it, and which evidence can challenge it.
Related-party transactionsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Off-balance-sheet exposuresLearn what the number says, what judgement enters it, and which evidence can challenge it.
GuaranteesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Contingent liabilitiesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Lease accountingLearn what the number says, what judgement enters it, and which evidence can challenge it.
Stock-based compensationLearn what the number says, what judgement enters it, and which evidence can challenge it.
Dilution from employee awardsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Pension obligationsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Deferred tax assetsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Auditor opinionLearn what the number says, what judgement enters it, and which evidence can challenge it.
Qualified opinionsLearn what the number says, what judgement enters it, and which evidence can challenge it.
RestatementsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Accounting policy changesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Segment reportingLearn what the number says, what judgement enters it, and which evidence can challenge it.
Management estimatesLearn what the number says, what judgement enters it, and which evidence can challenge it.
Earnings manipulation red flagsLearn what the number says, what judgement enters it, and which evidence can challenge it.
Quality-of-earnings checklistLearn what the number says, what judgement enters it, and which evidence can challenge it.
07
Financial Ratios & Diagnostics
Ratios are questions—not conclusions.
Revenue growthUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Profit growthUnderstand the formula, drivers, denominator quality, industry context and failure modes.
EPS growthUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Gross marginUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Operating marginUnderstand the formula, drivers, denominator quality, industry context and failure modes.
EBITDA marginUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Net marginUnderstand the formula, drivers, denominator quality, industry context and failure modes.
ROEUnderstand the formula, drivers, denominator quality, industry context and failure modes.
ROCEUnderstand the formula, drivers, denominator quality, industry context and failure modes.
ROICUnderstand the formula, drivers, denominator quality, industry context and failure modes.
ROAUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Asset turnoverUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Working-capital ratiosUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Current ratioUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Quick ratioUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Debt-to-equityUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Net debtUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Net debt/EBITDAUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Interest coverageUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Cash conversionUnderstand the formula, drivers, denominator quality, industry context and failure modes.
FCF marginUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Capex intensityUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Dividend payoutUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Retention ratioUnderstand the formula, drivers, denominator quality, industry context and failure modes.
DuPont analysisUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Incremental ROICUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Altman-style distress conceptsUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Ratio trend analysisUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Peer comparisonUnderstand the formula, drivers, denominator quality, industry context and failure modes.
Ratio trapsUnderstand the formula, drivers, denominator quality, industry context and failure modes.
08
Valuation
Move from “what is the multiple?” to “what does the price require?”
P/EStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.Study →
Forward vs trailing P/EStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
EV/EBITDAStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
EV/EBITStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
EV/SalesStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Price/BookStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Price/SalesStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
FCF yieldStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Dividend yieldStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
PEGStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.Study →
Historical multiplesStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Peer multiplesStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
DCFStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.Study →
Free cash flow forecastingStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
WACCStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Cost of equityStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Cost of debtStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Terminal valueStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Growth vs reinvestmentStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Reverse DCFStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Implied growthStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Implied marginsStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Dividend discount modelStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Residual incomeStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Sum-of-the-partsStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Asset-based valuationStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Replacement-cost thinkingStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Valuation rangesStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Scenario analysisStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Sensitivity analysisStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Margin of safetyStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Valuation under cyclicalityStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
Negative earnings valuationStudy mechanics, assumptions, context, what can invalidate the method and how to cross-check another method.
09
Macroeconomics & Markets
The forces outside a company that can change its economics and valuation.
GDPLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Economic growthLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
InflationLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
DeflationLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Interest ratesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Central banksLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Monetary policyLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Fiscal policyLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Yield curveLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Real vs nominal ratesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Credit cycleLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
LiquidityLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Money supply conceptsLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
EmploymentLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
WagesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Consumer confidenceLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Business confidenceLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Currency regimesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
FX ratesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
CommoditiesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Oil and energyLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Industrial metalsLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
AgricultureLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Housing cyclesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Trade balancesLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Current accountLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Capital flowsLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Government debtLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Fiscal deficitsLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
RecessionLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Soft landingLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
StagflationLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Macro transmission to earningsLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
Macro transmission to valuationLearn the variable, transmission mechanism, affected sectors, lag and the difference between data and interpretation.
10
Portfolio Management
A good security and a good portfolio are different questions.
Portfolio constructionStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Asset allocationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Strategic vs tactical allocationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Position sizingStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
DiversificationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
ConcentrationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
CorrelationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
CovarianceStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
BetaStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
VolatilityStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Standard deviationStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Expected returnStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Risk premiumStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Sharpe ratioStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Sortino ratioStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
AlphaStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Tracking errorStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
DrawdownStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Maximum drawdownStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
RebalancingStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Risk budgetingStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Factor exposureStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Style driftStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Liquidity riskStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Concentration riskStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Currency exposureStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Scenario portfoliosStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Portfolio stress testingStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Investment policy statementStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
Performance attributionStudy how individual positions interact, how risk aggregates and why counting holdings is not enough.
11
Factors, Systematic Investing & Indexing
Understand why groups of securities can behave similarly.
Market factorLearn the mechanism and the evidence without assuming a factor will always outperform.
Value factorLearn the mechanism and the evidence without assuming a factor will always outperform.
Growth factorLearn the mechanism and the evidence without assuming a factor will always outperform.
Size factorLearn the mechanism and the evidence without assuming a factor will always outperform.
MomentumLearn the mechanism and the evidence without assuming a factor will always outperform.
QualityLearn the mechanism and the evidence without assuming a factor will always outperform.
Low volatilityLearn the mechanism and the evidence without assuming a factor will always outperform.
ProfitabilityLearn the mechanism and the evidence without assuming a factor will always outperform.
Carry conceptsLearn the mechanism and the evidence without assuming a factor will always outperform.
Factor crowdingLearn the mechanism and the evidence without assuming a factor will always outperform.
Factor cyclicalityLearn the mechanism and the evidence without assuming a factor will always outperform.
Factor definitionsLearn the mechanism and the evidence without assuming a factor will always outperform.
Index constructionLearn the mechanism and the evidence without assuming a factor will always outperform.
Market-cap weightingLearn the mechanism and the evidence without assuming a factor will always outperform.
Equal weightingLearn the mechanism and the evidence without assuming a factor will always outperform.
Free-float weightingLearn the mechanism and the evidence without assuming a factor will always outperform.
Price weightingLearn the mechanism and the evidence without assuming a factor will always outperform.
Rebalancing effectsLearn the mechanism and the evidence without assuming a factor will always outperform.
Index turnoverLearn the mechanism and the evidence without assuming a factor will always outperform.
Tracking errorLearn the mechanism and the evidence without assuming a factor will always outperform.
Passive investingLearn the mechanism and the evidence without assuming a factor will always outperform.
Active investingLearn the mechanism and the evidence without assuming a factor will always outperform.
Active shareLearn the mechanism and the evidence without assuming a factor will always outperform.
Smart betaLearn the mechanism and the evidence without assuming a factor will always outperform.
Factor ETFsLearn the mechanism and the evidence without assuming a factor will always outperform.
Benchmark selectionLearn the mechanism and the evidence without assuming a factor will always outperform.
Total return vs price returnLearn the mechanism and the evidence without assuming a factor will always outperform.
12
Fixed Income & Credit
Stocks do not exist in isolation from the bond market.
What is a bond?Understand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
CouponUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Face valueUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
YieldUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Yield to maturityUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Price-yield relationshipUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
DurationUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Modified durationUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
ConvexityUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Credit spreadUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Government bondsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Corporate bondsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Investment gradeUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
High yieldUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Default riskUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
RecoveryUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
CovenantsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Senior vs subordinated debtUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Floating-rate debtUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Callable bondsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Convertible bondsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Bond fundsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Credit cycleUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Yield curveUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Term premiumUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Inflation-linked bondsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Real yieldsUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Credit analysisUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Debt maturity wallUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
Refinancing riskUnderstand debt claims, interest-rate sensitivity, credit risk and how fixed income affects equity valuation.
13
Derivatives & Hedging
Futures and options as instruments, not casino vocabulary.
FuturesLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Forward contractsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
OptionsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
CallsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
PutsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Strike priceLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
ExpiryLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
PremiumLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Intrinsic valueLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Time valueLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
MoneynessLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Implied volatilityLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Historical volatilityLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
DeltaLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
GammaLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
ThetaLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
VegaLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
RhoLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Put-call parityLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Option payoff diagramsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Covered callsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Protective putsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
SpreadsLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
StraddlesLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
StranglesLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
HedgingLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Basis riskLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Roll riskLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
MarginLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
LeverageLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Assignment and exerciseLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Options liquidityLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
Derivative counterparty riskLearn payoff, pricing intuition, risks, margin and why leverage changes both gains and losses.
14
Funds, ETFs & Investment Vehicles
Understand pooled exposure before comparing products.
Mutual fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
ETFsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Index fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Active fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Closed-end fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
NAVStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Premium/discount to NAVStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Tracking differenceStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Tracking errorStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Expense ratiosStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
TurnoverStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Fund flowsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Creation/redemptionStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Authorized participantsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Synthetic vs physical exposureStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Leveraged ETFsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Inverse ETFsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Target-date fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Money-market fundsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
REITsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
InvITsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Private equity conceptsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Venture capital conceptsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Hedge-fund conceptsStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Fund due diligenceStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Benchmark choiceStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
Distribution vs accumulationStudy structure, costs, liquidity, underlying exposure, tracking and the risks created by the vehicle itself.
15
Corporate Actions & Capital Allocation
What companies do with capital changes shareholder economics.
DividendsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Special dividendsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
BuybacksUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Tender offersUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Open-market buybacksUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Stock splitsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Reverse splitsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Bonus sharesUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Rights issuesUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Preferential allotmentsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
WarrantsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Convertible securitiesUnderstand what changes ownership, share count, cash, leverage and per-share economics.
MergersUnderstand what changes ownership, share count, cash, leverage and per-share economics.
AcquisitionsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
DemergerUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Spin-offsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
DelistingUnderstand what changes ownership, share count, cash, leverage and per-share economics.
TakeoversUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Tendering mechanicsUnderstand what changes ownership, share count, cash, leverage and per-share economics.
DilutionUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Treasury sharesUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Capital allocationUnderstand what changes ownership, share count, cash, leverage and per-share economics.
ReinvestmentUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Debt repaymentUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Cash accumulationUnderstand what changes ownership, share count, cash, leverage and per-share economics.
Payout policyUnderstand what changes ownership, share count, cash, leverage and per-share economics.
16
Governance, Ownership & Management
Who controls capital, incentives and information?
Board structureSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Independent directorsSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Executive compensationSeparate formal governance structures from actual incentives and capital-allocation behaviour.
IncentivesSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Promoter/control structuresSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Dual-class sharesSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Shareholder rightsSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Voting powerSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Related-party transactionsSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Insider ownershipSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Insider buying and sellingSeparate formal governance structures from actual incentives and capital-allocation behaviour.
PledgeSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Shareholding changesSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Institutional ownershipSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Activist investorsSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Capital allocation recordSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Management guidanceSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Guidance credibilitySeparate formal governance structures from actual incentives and capital-allocation behaviour.
SuccessionSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Key-person riskSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Governance red flagsSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Auditor independenceSeparate formal governance structures from actual incentives and capital-allocation behaviour.
Disclosure qualitySeparate formal governance structures from actual incentives and capital-allocation behaviour.
17
Research, Forecasting & Evidence
Turn information into a testable research process.
Primary vs secondary sourcesLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Source hierarchyLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Annual reportsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Exchange filingsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Regulatory filingsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Earnings releasesLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Earnings callsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Investor presentationsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Industry dataLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Management interviewsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Channel checksLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Thesis writingLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Research questionsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Key assumptionsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
ForecastingLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Base ratesLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Scenario analysisLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Probability thinkingLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
CatalystsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Variant perceptionLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
What the market already knowsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
FalsificationLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Red-team researchLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Pre-mortemLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Decision journalLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Research updatesLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Evidence trailLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Reproducible calculationsLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Citation disciplineLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
Research timestampingLearn how to move from claim → evidence → model → contradiction → conclusion, while preserving uncertainty.
18
Data, Statistics & Quantitative Literacy
Know when numbers are informative—and when they are misleading.
Mean vs medianLearn the statistical idea, how financial data can fool you and what checks reduce the error.
PercentilesLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Growth ratesLearn the statistical idea, how financial data can fool you and what checks reduce the error.
CAGRLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Arithmetic vs geometric returnLearn the statistical idea, how financial data can fool you and what checks reduce the error.
ProbabilityLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Expected valueLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Conditional probabilityLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Bayes intuitionLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Correlation vs causationLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Regression intuitionLearn the statistical idea, how financial data can fool you and what checks reduce the error.
R-squaredLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Confidence intervalsLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Sampling errorLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Selection biasLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Survivorship biasLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Look-ahead biasLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Data snoopingLearn the statistical idea, how financial data can fool you and what checks reduce the error.
OverfittingLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Backtest biasLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Multiple comparisonsLearn the statistical idea, how financial data can fool you and what checks reduce the error.
OutliersLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Data revisionsLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Adjusted vs unadjusted pricesLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Corporate-action adjustmentsLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Total-return seriesLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Currency conversionLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Inflation adjustmentLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Nominal vs real dataLearn the statistical idea, how financial data can fool you and what checks reduce the error.
Benchmark contaminationLearn the statistical idea, how financial data can fool you and what checks reduce the error.
19
Behavioural Finance & Market Psychology
Markets are systems of people, incentives and feedback.
Loss aversionStudy the behavioural mechanism and how to design a process that reduces its influence.
OverconfidenceStudy the behavioural mechanism and how to design a process that reduces its influence.
Confirmation biasStudy the behavioural mechanism and how to design a process that reduces its influence.
AnchoringStudy the behavioural mechanism and how to design a process that reduces its influence.
Availability biasStudy the behavioural mechanism and how to design a process that reduces its influence.
Recency biasStudy the behavioural mechanism and how to design a process that reduces its influence.
HerdingStudy the behavioural mechanism and how to design a process that reduces its influence.
Disposition effectStudy the behavioural mechanism and how to design a process that reduces its influence.
Sunk-cost fallacyStudy the behavioural mechanism and how to design a process that reduces its influence.
Narrative fallacyStudy the behavioural mechanism and how to design a process that reduces its influence.
Hindsight biasStudy the behavioural mechanism and how to design a process that reduces its influence.
Survivorship biasStudy the behavioural mechanism and how to design a process that reduces its influence.
FOMOStudy the behavioural mechanism and how to design a process that reduces its influence.
Panic sellingStudy the behavioural mechanism and how to design a process that reduces its influence.
RegretStudy the behavioural mechanism and how to design a process that reduces its influence.
ReflexivityStudy the behavioural mechanism and how to design a process that reduces its influence.
BubblesStudy the behavioural mechanism and how to design a process that reduces its influence.
ManiasStudy the behavioural mechanism and how to design a process that reduces its influence.
CrashesStudy the behavioural mechanism and how to design a process that reduces its influence.
CapitulationStudy the behavioural mechanism and how to design a process that reduces its influence.
Momentum psychologyStudy the behavioural mechanism and how to design a process that reduces its influence.
Value trapsStudy the behavioural mechanism and how to design a process that reduces its influence.
CrowdingStudy the behavioural mechanism and how to design a process that reduces its influence.
Attention effectsStudy the behavioural mechanism and how to design a process that reduces its influence.
Information cascadesStudy the behavioural mechanism and how to design a process that reduces its influence.
Market narrativesStudy the behavioural mechanism and how to design a process that reduces its influence.
Decision hygieneStudy the behavioural mechanism and how to design a process that reduces its influence.
Process vs outcomeStudy the behavioural mechanism and how to design a process that reduces its influence.
Luck vs skillStudy the behavioural mechanism and how to design a process that reduces its influence.
20
Technical Analysis, Trading & Market Regimes
Study price behaviour without confusing a pattern with certainty.
CandlesticksLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.Study →
TrendLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Support and resistanceLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
BreakoutsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
GapsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Moving averagesLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.Study →
RSILearn the mechanics, statistical limitations and risk controls before treating a signal as useful.Study →
MACDLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
VolumeLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Volume-price relationshipLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Market breadthLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Advance/declineLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
VolatilityLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
ATRLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
MomentumLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Relative strengthLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Chart patternsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Mean reversionLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Trend followingLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Regime changesLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
BacktestingLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Position sizing for tradingLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Stop-loss designLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Risk of ruinLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Trading expectancyLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Win rate vs payoffLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Slippage in backtestsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Transaction costsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
Overfitting technical systemsLearn the mechanics, statistical limitations and risk controls before treating a signal as useful.
21
Global Markets
The same research question can behave differently across countries.
Exchange architectureLearn the universal framework first, then identify the market-specific delta.Market atlas →
RegulatorsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Listing requirementsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Foreign ownershipLearn the universal framework first, then identify the market-specific delta.Market atlas →
Capital controlsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Currency riskLearn the universal framework first, then identify the market-specific delta.Market atlas →
ADR/GDRsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Local reporting standardsLearn the universal framework first, then identify the market-specific delta.Market atlas →
IFRSLearn the universal framework first, then identify the market-specific delta.Market atlas →
US GAAPLearn the universal framework first, then identify the market-specific delta.Market atlas →
Accounting differencesLearn the universal framework first, then identify the market-specific delta.Market atlas →
Tax regimesLearn the universal framework first, then identify the market-specific delta.Market atlas →
Dividend withholdingLearn the universal framework first, then identify the market-specific delta.Market atlas →
Settlement conventionsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Trading hoursLearn the universal framework first, then identify the market-specific delta.Market atlas →
Market holidaysLearn the universal framework first, then identify the market-specific delta.Market atlas →
Local investor baseLearn the universal framework first, then identify the market-specific delta.Market atlas →
State ownershipLearn the universal framework first, then identify the market-specific delta.Market atlas →
Pension systemsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Banking structureLearn the universal framework first, then identify the market-specific delta.Market atlas →
Sector compositionLearn the universal framework first, then identify the market-specific delta.Market atlas →
Commodity exposureLearn the universal framework first, then identify the market-specific delta.Market atlas →
Political riskLearn the universal framework first, then identify the market-specific delta.Market atlas →
Geopolitical riskLearn the universal framework first, then identify the market-specific delta.Market atlas →
Cross-border flowsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Country risk premiumLearn the universal framework first, then identify the market-specific delta.Market atlas →
Emerging vs developed marketsLearn the universal framework first, then identify the market-specific delta.Market atlas →
Market accessibilityLearn the universal framework first, then identify the market-specific delta.Market atlas →
Local-language researchLearn the universal framework first, then identify the market-specific delta.Market atlas →
Market history and crisesLearn the universal framework first, then identify the market-specific delta.Market atlas →
22
Ethics, Fraud & Professional Practice
Trust is part of investment competence.
Conflicts of interestLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Material non-public informationLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Insider trading conceptsLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Market manipulationLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Pump and dumpLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Fake researchLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Misleading performance claimsLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Guaranteed-return scamsLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Affinity fraudLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Ponzi structuresLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Front runningLearn the red flags, professional responsibilities and evidence standards that protect independent research.
ChurningLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Mis-sellingLearn the red flags, professional responsibilities and evidence standards that protect independent research.
DisclosureLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Suitability conceptsLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Research independenceLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Citation and attributionLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Model transparencyLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Record keepingLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Audit trailLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Professional conductLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Client communicationLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Uncertainty disclosureLearn the red flags, professional responsibilities and evidence standards that protect independent research.
Separating fact from opinionLearn the red flags, professional responsibilities and evidence standards that protect independent research.
PIREPOINT TEACHING STANDARD

Every topic should answer more than “what is it?”

For every important concept, the eventual PirePoint lesson should move through a consistent depth ladder. This is how we avoid building a dictionary and instead build genuine market capability.

01 · DEFINEWhat is it?
02 · MECHANISMHow does it work?
03 · EXAMPLEWhat does it look like?
04 · LIMITWhen can it mislead?
05 · APPLYWhat should I do with it?
THE NEXT LAYER

Study → retrieve → apply → attack → explain → review.

The curriculum is the map. The System, Case School and Labs turn the map into capability.

Open Learning System →Open Academy →