Analysis
Analysis
Analysis teaches the language companies use to report on themselves. How to read the three financial statements, what a P/E ratio does and doesn't tell you, how quarterly earnings reports and guidance work, how analysts estimate what a business is worth, where to find the filings (EDGAR in the US, SEDAR+ in Canada), and what the evidence says about chart reading. The goal is not to turn you into a stock picker. It is to make the numbers in every headline readable.
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How to Read an Income Statement
A line-by-line walk from revenue to net income using Apple's fiscal 2025 10-K, with the margin arithmetic and the traps that make a profit figure misleading.
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How to Read a Balance Sheet
Assets, liabilities and shareholders' equity explained with Apple's September 2025 balance sheet, plus book value, current ratio and debt ratios worked out step by step.
Read the explainer →How to Read a Cash Flow Statement
Operating, investing and financing cash flows explained, why profit is not cash, and how to calculate free cash flow, using Apple's fiscal 2025 10-K.
Read the explainer →Price-to-Earnings Ratio Explained: Trailing, Forward and CAPE
What the P/E ratio measures, how trailing and forward P/E differ, why P/Es vary by sector, and what Robert Shiller's CAPE data does and does not tell you.
Read the explainer →How Earnings Reports Work: 8-K, 10-Q, EPS vs Consensus and Guidance
What happens on earnings day: the press release, the 8-K and 10-Q, EPS versus analyst consensus, guidance, GAAP versus adjusted figures, and the earnings call.
Read the explainer →How to Value a Stock: Multiples, DCF and Why Every Answer Is a Range
The two main ways to value a stock, valuation multiples and discounted cash flow, with a fully worked DCF, a sensitivity table, and why small assumptions move the answer.
Read the explainer →Technical Analysis Explained Honestly: Charts, Indicators and the Evidence
What technical analysis is, how support, resistance and moving averages work, and what decades of peer-reviewed research say about whether chart-based trading pays.
Read the explainer →How to Read a 10-K (and a Canadian Annual Report on SEDAR+)
Where to find a company's annual report on SEC EDGAR or SEDAR+, what each part of a 10-K contains, and the sections worth reading first: risk factors, MD&A and the notes.
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