Our latest thoughts on deep fundamental analysis and market structure.
Stock buybacks don't change intrinsic value — they redistribute it. Learn how buybacks interact with DCF models, when they create value vs. destroy it, with real examples from Apple and IBM.
Read explainerCurrent shares outstanding, weighted-average shares, and diluted shares are not interchangeable. See when each one matters, with real examples from Palantir and Apple filings.
Read explainerSBC is the largest hidden cost in tech investing. Learn how to measure it against revenue and cash flow, spot the GAAP vs non-GAAP trick, and calculate real dilution — with real numbers from Snowflake, Palantir, and Meta.
Read explainerQuality is the most overused word in investing. Here is a concrete framework with six dimensions, illustrated with Costco and Snowflake, that reveals what single metrics hide.
Read explainerReverse DCF starts with the stock price and backs into the growth and margin assumptions required to justify it. That makes it a more practical starting point than building a full DCF from scratch.
Read explainerTTM is not the same thing as annual or quarterly data. Learn which numbers should roll over the last four quarters, which should stay point-in-time, and why many stock sites confuse the two.
Read explainerMost investor tools overwhelm you with metrics that do not matter much in practice. Here is the smaller set seasoned investors keep coming back to, and why.
Read explainerTables are necessary, but they are not enough. Learn when to use line charts, stacked bars, waterfalls, and Sankey-style views to reveal trends, structure, and cash drivers that tables hide.
Read explainerA 10-Q is not a shorter 10-K. It is the fastest way to catch what changed: new customer concentration, new legal exposure, updated risk factors, and balance-sheet moves since year-end.
Read explainerA 10-K is 100-300 pages, but only 30-40 matter. Learn the exact reading order, what to look for in each section, and see real examples from NVIDIA and Apple of what you'd miss if you skip the filing.
Read explainerEver notice the numbers on Yahoo Finance or Seeking Alpha don't match the company's 10-K? Discover how data vendors 'standardize' financial statements, and why you should stop trusting black-box market data.
Read explainerEarnings releases drive the news, but they aren't the official record. Discover why professional platforms wait for GAAP-compliant SEC filings and how non-GAAP metrics can obscure the real numbers.
Read explainerAcademic research proves financial screeners systematically distort SEC data. See real examples from NVIDIA and Palantir showing what gets lost — and why it matters for your models.
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