The School · Season Three · Shelf 05 of 8
Reading the Numbers. Business analysis. Read a company in an hour.
6 courses26 lessons2 open
01
The Three Statements
Income, balance sheet, cash flow, in plain English.
- 1.1The income statement: what came in, what went outComing
- 1.2The balance sheet: what it owns, what it owesComing
- 1.3Cash flow: the one that can't lieComing
- 1.4How the three fit togetherComing
02
The Filing
A 10-K and an earnings call in an hour.
- 2.1Where to start in a 10-KComing
- 2.2The earnings call: what to listen forComing
- 2.3Guidance: the number that moves the stockComing
- 2.4The footnotesComing
03
Unit Economics
MRR, churn, LTV, CAC, margins.
- 3.1One customer: what it costs, what it's worthComing
- 3.2Churn: the leak that kills software companiesComing
- 3.3Gross margin: why software and chips are different businessesComing
- 3.4Operating leverageComing
04
Valuation
Multiples, discounted cash flow, comparables.
- 4.1The multiple: earnings, revenue, and when to use whichComing
- 4.2Discounted cash flow: the discount rate againComing
- 4.3Comparables: what similar companies sell forComing
- 4.4Cheap for a reasonComing
05
The Red Flags
Dilution, debt, accounting games, hype tells.
- 5.1Dilution: how your share shrinksComing
- 5.2Debt that comes dueComing
- 5.3Adjusted earnings and other adjectivesComing
- 5.4The hype tellsComing
06
Company Deep Dives
The Tuesday masterclass archive. One company, the model, bull and bear, what the fund thinks.
- 6.1Why Is One Man Borrowing Billions to Buy Bitcoin?Read
- 6.2Is the Saylor Machine Breaking?Read
- 6.3Nvidia: has the money been made?Coming
- 6.4Tesla: the robotaxi, the robot, the multipleComing
- 6.5SpaceX: the frontier as a businessComing
- 6.6Coinbase: the toll boothComing
The school teaches the method. The office applies it to you.
MRTY teaches against your positions, your cash, your plan. Same lessons, your numbers.