Stopguessing.Start readingthe business.
A course on reading a business by its numbers — from a lemonade stand to deciding whether to buy Costco right now.
Cisco 2000 → 2024: business grew ×5, price ×1.3.
Microsoft 1999 → 2009: profit +130%, stock −48%.
GameStop, January 2021: price ×24 in two weeks, business unchanged.
Tesla today: price expects ×6 growth faster than Apple, 10 years in a row.
Costco — a great business. And too expensive a stock.
11 modules · 63 lessons · 63 simulators · access forever
lessons
from "what is a stock" to deciding whether to buy Costco today
simulators
no repeats — each lesson has its own dedicated tool
modules
from a lemonade stand to spotting falsified statements
Right here, no signup
Move a slider —
see how
any business is valued.
A simplified version of one of the lessons. Drag the sliders — you'll see the same company "worth" anywhere from $2T to $13T depending on what you're willing to believe.
company earns $100B per year · 10 years out
Method
Not "Buffett-style".
Five methods at once.
The course distills into one working model what these five have written in books for decades. No personality cult — practice baked into simulators.
- I
WarrenBuffett
«Business, not ticker.»
A stock is a proportional share of an operating business. Price per share alone means nothing.
Used in lessons: M1.1 · M3.2 · M5.5
- II
CharlieMunger
«What will kill this company?»
Before you compute how a business wins, ask how it falls apart. Learning from others' mistakes is cheaper than from your own.
Used in lessons: M3.6 · M7.3 · M8.6
- III
HowardMarks
«The cycle is the thing you don't see.»
Stock prices breathe in waves. The most dangerous time to buy is when everyone is euphoric; the most generous, when everyone is in panic.
Used in lessons: M1.4 · M4.6 · M5.1
- IV
JoelGreenblatt
«Good business × cheap price.»
Big money is made at the intersection: a business that earns a lot per dollar invested, and that doesn't sell for too much.
Used in lessons: M3.3 · M3.4 · M5.2
- V
AswathDamodaran
«Valuation is a range, not a point.»
Any "fair price" is a set of assumptions about the future. A good analyst doesn't guess a single number — they understand under what conditions the price holds.
Used in lessons: M4.2 · M4.3 · M4.5
All the interactives
63 interactives.
Not one is repeated.
Each lesson is its own dedicated simulator.
After the course you can
Eleven skills.
Concrete.
- 01
Understand how a business makes money from scratch
Revenue, costs, profit, free cash flow, the time value of money. Without this base the rest of the course reads diagonally.
Module 0 · "Business and money"
- 02
See the market as a moody partner not as a prophet
Mr. Market, cyclicality, who's on the other side, what price actually means. You stop trusting charts and headlines.
Module 1 · "Reality of the market"
- 03
Read a 10-K in 40 minutes
Income → Balance → Cash Flow and the links between them. Where companies lie through accruals, and where the truth shows. On Apple's real FY2023 10-K.
Module 2 · "Financial statements"
- 04
See a business's moat or its absence
Coca-Cola, Visa, Costco, Hermès — all protected from competitors, but the mechanisms differ. Five types of moat plus ROIC, DuPont, CEO capital allocation.
Module 3 · "Business quality"
- 05
See what's priced in before you pay
Not "will Tesla grow," but "is it realistic to grow six times faster than Apple ten years in a row." Reverse DCF, multiples, margin of safety.
Module 4 · "Valuation"
- 06
Place a company in its cycle before reading the multiple
Sector rotation, ROIC by industry, special cases of banks and commodities. The same P/E means different things at a cycle peak and at the bottom.
Module 5 · "Context and cycles"
- 07
Catch your own bias before it costs money
Anchoring, disposition, survivorship, FOMO. The investor's main opponent is in the mirror — trained on your own decisions, not other people's stories.
Module 6 · "Behavioural hardcore"
- 08
Build the investor's workflow from thesis to decision
Thesis → reading the filings → valuation → buy / hold / no-go. Not "I listen to an expert" but your own repeatable process, drilled on real cases.
Module 7 · "Investor workflow"
- 09
Size the bet on one idea
Just 4% of stocks deliver 100 years of total market returns. Bet size beats forecast accuracy. Kelly, EV, asymmetry — without the textbook tone.
Module 8 · "Math of risk"
- 10
Spot signs of fraud before it blows up
Odd accruals, mismatched cash flow, evasive management. On real Enron and Wirecard documents — not paraphrases.
Module 9 · "Forensic toolkit"
- 11
Find edge in market structure not in louder forecasts
IPO mechanics, reflexivity, catalysts, dilution. Where return comes from how the market is wired, not from "having a better forecast."
Module 10 · "Special situations"
The full program
63 lessons.
11 modules.
Tap any module to see all lessons and their subtitles.
Buy the course
Save $61 · one-time · access forever
- All interactive lessons and modules
- All course updates forever
- Go at your own pace, no deadlines
What's not here
- Buy/sell signals
- Pre-built portfolios to copy
- Personal consultations and financial advice
The main investor skill
Say “no”
to a great business
at a bad price.
63 interactive lessons — from Apple's first report to deciding whether to buy Costco right now.
Unlock the courseSupport