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about 96 minutes left (of about 96 minutes in total)
Foundations
0 of 6 done · 25 min
- What a share is4 min
A share is a slice of ownership. Its price is only the last trade, not a verdict on the company.
Not marked yet - Indices are calculations4 min
An index is a number built from many shares. You can read it, but you cannot buy the index level itself.
Not marked yet - Price is not value4 min
Price is what the last trade happened at. Value is an opinion that rests on assumptions about the future.
Not marked yet - Market cap and size4 min
Why a ₹50 share isn't 'cheaper' than a ₹5,000 one: compare market cap, not share prices.
Not marked yet - Dividends, bonuses and splits5 min
Why a 1:1 bonus halves the price but leaves your holding's value about the same.
Not marked yet - Adjusted prices4 min
Why old prices are restated, so a chart doesn't show a 50% crash that nobody actually lost.
Not marked yet
Reading the numbers
0 of 4 done · 17 min
- Where company numbers come from3 min
Figures come from filings on an April-to-March financial year. A blank means not available, never zero.
Not marked yet - P/E, P/B and dividend yield5 min
Each ratio puts a price beside a reported figure. It describes a relationship and does not settle what the price should be.
Not marked yet - ROE, ROCE, margin and EPS5 min
ROE divides by average equity, so one unusual year in equity does not dominate the answer.
Not marked yet - Debt-to-equity4 min
How much a company has borrowed per rupee of equity, and why a bank cannot be read like a factory.
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Charts and returns
0 of 5 done · 23 min
- Reading a candle4 min
One candle is one day: the body runs from open to close, and green means the close was above the open.
Not marked yet - Drawdowns and recovery4 min
Why a 50% fall needs a 100% gain to get back to where it started.
Not marked yet - Absolute return and CAGR5 min
Why 30% over five years is not 30% a year.
Not marked yet - Total return5 min
Price-only charts leave out dividends. Here is what changes when they are added back.
Not marked yet - SIPs and XIRR5 min
Why money invested on different dates needs XIRR, not a simple average return.
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Risk and statistics
0 of 7 done · 31 min
- Averages and medians3 min
One extreme value can pull an average far away from the typical company.
Not marked yet - Percentiles4 min
'Higher than 80%' places a value within a group. It is never a verdict that the value is good or bad.
Not marked yet - Volatility5 min
Volatility measures how widely prices swing, in either direction. It does not say which way.
Not marked yet - Beta and correlation5 min
Beta is measured on one stretch of past data, and it can change as the company and market change.
Not marked yet - Survivorship and look-ahead bias4 min
Why a study of today's listed companies can look better than what an investor in the past actually faced.
Not marked yet - Piotroski F-score5 min
What a score of 8 tells you about nine accounting tests, and what it does not.
Not marked yet - Altman Z'' zones5 min
A zone is a label from a model built on past accounts. It is not a forecast that a company will fail.
Not marked yet
Level 1 check: Foundations
8 multiple-choice questions on the level. Each answer comes with an explanation and a link to the section that covers it. Scores are kept only in this browser.
Foundations · question 1 of 8
Level 2 check: Reading the numbers
8 multiple-choice questions on the level. Each answer comes with an explanation and a link to the section that covers it. Scores are kept only in this browser.
Reading the numbers · question 1 of 8
Level 3 check: Charts and returns
8 multiple-choice questions on the level. Each answer comes with an explanation and a link to the section that covers it. Scores are kept only in this browser.
Charts and returns · question 1 of 8
Level 4 check: Risk and statistics
8 multiple-choice questions on the level. Each answer comes with an explanation and a link to the section that covers it. Scores are kept only in this browser.
Risk and statistics · question 1 of 8
Educational explanations only, not investment advice, research or a recommendation to buy, sell or hold any security. Past performance does not indicate future results. Every example uses made-up round numbers. Read the Disclaimer before relying on any figure.