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ImpliedLens Academy · Free

From your first stock to a professional process.

20 short lessons in five levels, about 120 minutes in total. Each one ends with a quick quiz and an exercise on a real company. No account needed, nothing held back for subscribers.

1

Foundations

What a stock is, how trading works, and how much risk to take.

4 lessons
  1. What you actually own when you buy a stockA share is a fractional claim on a real business and its future cash. Everything else in investing follows from that one idea.5 min
  2. How a trade happens: exchanges, bid, ask and order typesWhat happens between pressing buy and owning the share, why there are two prices, and which order type protects you.6 min
  3. Index funds, ETFs and the benchmark you have to beatWhy the S&P 500 is the yardstick for every stock pick, and how to decide how much of your money should be picked at all.5 min
  4. Risk, diversification and how much to put in one stockPosition sizing decides whether a bad idea is a lesson or a disaster. How to think about drawdowns, concentration and losses you can survive.6 min
2

Reading a business

Read the three financial statements and judge business quality.

5 lessons
  1. Read an income statement in ten minutesRevenue, gross profit, operating income and EPS: what each line tells you, and the order to read them in.7 min
  2. Read a balance sheet: what it owns and what it owesAssets, liabilities and equity at a point in time, and the three checks that flag a fragile company before it is too late.6 min
  3. Follow the cash: why profit and cash are differentOperating cash flow, capital spending and free cash flow, and why the cash flow statement is the hardest one to dress up.6 min
  4. Five ratios that separate great businesses from average onesGross margin, operating margin, return on invested capital, free cash flow conversion and share count: a quick quality screen for any company.7 min
  5. Separate reported facts from your assumptionsSeparating what a company reported from what you are assuming, and the ratios worth checking before anything else.7 min
3

Valuation

Multiples, discounted cash flow, and what the price already assumes.

3 lessons
  1. P/E, EV/EBITDA and other multiples, and when they lieHow price multiples work, which one fits which kind of company, and the traps that make a cheap stock expensive.7 min
  2. Discounted cash flow without the mystiqueA business is worth the cash it will produce, discounted back to today. How a DCF works, which inputs matter most, and why the output is a range.8 min
  3. Reverse valuation: what is the price already assuming?Instead of forecasting a target, work backwards from today's price to the growth and margins it requires. This is the core idea behind ImpliedLens.6 min
4

Charts and timing

Trends, support and resistance, indicators, and LensScore.

3 lessons
  1. Trend, support and resistance: reading a price chartCandles, trends, moving averages and the price zones where buyers and sellers have acted before. The foundation every indicator builds on.6 min
  2. Use technical indicators as a system, not isolated signalsHow to read trend, structure, momentum, volume and volatility together instead of hunting for single signals.6 min
  3. Read a report card: five grades against the sectorWhat the 0–10 LensScore measures, how its five grades are built, and why a single number never replaces reading the grades.7 min
5

Making decisions

Earnings season, writing a thesis, running a portfolio, and avoiding the classic mistakes.

5 lessons
  1. Earnings season: what to read and what to ignoreHow to read a quarterly report, why guidance matters more than the headline beat, and how to update your thesis instead of reacting to the price.6 min
  2. Build a falsifiable stock thesisWriting down what you believe, what would prove you wrong, and when you will check — before you buy.5 min
  3. Build a portfolio and a review routine you will keepHow many stocks to own, when to add or trim, and a simple quarterly review that keeps your theses honest.6 min
  4. The mistakes that cost investors the mostLoss aversion, confirmation bias, anchoring and FOMO: how they show up in real decisions and the habits that defend against them.6 min
  5. Putting it together: one research workflowThe research sequence ImpliedLens is built around, and why you do not need every tab for every stock.4 min