Value Investing Academy
A structured curriculum from absolute beginner to professional value investor. 7 levels, 19 modules. Free, transparent, and backed by research.
Numerical & Conceptual Foundations
3 modulesEveryday Math for Investors
Absolute beginners with no finance or advanced mathematics background. This module assumes only basic arithmetic and provides all necessary building blocks.
Probability, Statistics & Risk Basics
Investors with basic math knowledge seeking to understand investment volatility, risk measurement, and probabilistic thinking. No statistics background assumed.
Microeconomics for Business Understanding
Value investors seeking to understand business economics: competitive positioning, pricing power, cost structures, and moats. No economics background required.
Accounting & Corporate Finance for Investors
3 modulesFinancial Statements: Structure & Logic
Beginners who have completed Level 0 or have basic mathematics comfort. No accounting knowledge required. This module is the foundation for all financial analysis in investing.
Accounting Quality & Earnings Adjustments
Intermediate investors who have completed Module 1.1 or have familiarity with financial statements. No accounting degree required. This module teaches you to distinguish high-quality earnings from manipulated earnings.
Corporate Finance Essentials for Investors
Intermediate investors who have completed Modules 1.1 and 1.2, or who have working knowledge of financial statements and capital structure. This module bridges accounting to valuation by teaching how companies create value through capital allocation.
Markets, Instruments & Fundamental Analysis Basics
3 modulesFinancial Markets & Instruments
You have completed Level 1 and understand how to read financial statements. This module teaches you where stocks trade, how markets function, the mechanics of ownership, and the ecosystem of financial instruments. By the end, you will understand the entire plumbing of modern capital markets-from order books to indices to the different types of investors who participate. This knowledge is foundational for screening, valuation, and understanding why certain stocks trade at certain prices.
Fundamental Ratios & Screening Logic
You have mastered financial statements (Level 1) and understand market mechanics (Module 2.1). This module teaches you the core ratios that value investors use to screen and analyze stocks: valuation ratios (P/E, P/B, EV/EBITDA, FCF yield), quality metrics (ROE, ROIC, margins), and safety indicators (leverage, coverage). You will learn when to use each ratio, sector benchmarks, and how to build multi-factor screens on ValueMarkers. By module end, you will construct a screening strategy combining 5-7 indicators that identifies companies meeting your value criteria.
Intrinsic Value & Margin of Safety
You have mastered financial statements (Level 1), market mechanics (Module 2.1), and fundamental ratios (Module 2.2). This module teaches the philosophical and practical foundations of value investing: the concept of intrinsic value, the Mr. Market metaphor, margin of safety, and why cheap stocks are cheap. You will learn why intrinsic value is a range (not a point estimate), how to think about margin of safety for different business types, and the sources of mispricing (behavioral, structural, temporary). By module end, you will understand why buying with margin of safety is the core risk management tool in value investing-more important than any stop-loss or diversification.
Advanced Quality, Forensics & Moats
3 modulesQuality Scores & Quantitative Filters (Piotroski / Altman / Beneish)
Master the three most powerful quality metrics in fundamental analysis: Piotroski F-Score, Altman Z-Score, and Beneish M-Score. Learn how to combine them into a "Quality Triple Check" framework that separates genuinely healthy companies from accounting illusions.
Economic Moats in Depth: Sources, Assessment & Durability
Understand the five moat sources that separate compounders from commodities. Learn frameworks for assessing moat width, durability, and deterioration. Master case studies: Costco, Visa, MSFT, Apple, Berkshire Hathaway.
Forensic Accounting & Red Flags: Detecting Fraud & Manipulation
Learn the techniques used by forensic accountants to detect financial manipulation. Study case studies of major frauds (Enron, WorldCom, Valeant, Wirecard) and build a personal 20-point red flag checklist. Master reading MD&A, footnotes, and audit reports for hidden truths.
Specializations & Global Investing
3 modulesSector Playbooks - Deep Dive Valuation by Industry
Master sector-specific valuation methodologies, key metrics, moat sources, and common pitfalls for Banks & Insurance, REITs, Energy & Commodities, Tech & SaaS, Consumer & Retail, Industrials & Capital Goods, and Healthcare & Pharma. Learn why standard P/E fails for certain industries and how professional investors adapt.
Global & Emerging Markets Value Investing
Extend value investing across 73 global exchanges using country risk premium, currency risk analysis, accounting quality assessment, and information asymmetry frameworks. Master emerging market research methodology, political risk evaluation, and tax-efficient cross-border investing.
Special Situations & Catalysts - Spinoffs, Distress, M&A, and Activism
Master event-driven investing: analyze spinoffs, distressed situations, merger arbitrage, activist catalysts, and sum-of-the-parts value. Learn how forced selling, reorganization plans, and management changes unlock value.
Portfolio, Process & Psychology
4 modulesPersonal Investment Philosophy & Process
Learn to build a repeatable, documented investment process grounded in your circle of competence and validated by a personal Investment Policy Statement.
Portfolio Construction & Risk Management
Master position sizing, portfolio construction, and drawdown tolerance. Learn to build concentrated or diversified portfolios aligned with your conviction and temperament.
Behavioral Finance & Temperament
Understand the psychological biases that derail investors. Learn behavioral finance frameworks and become aware of your own psychological traps.
Lifetime Learning Plan
Build a systematic lifetime learning approach to investing. Master annual reports, develop a reading curriculum, and create your personal investment framework.
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Investing Tools
- Stock ScreenerScreen 85,000+ stocks by 120 indicators
- VM Score LeaderboardTop stocks ranked daily by VMCI
- Guru StrategiesApply Buffett, Graham, Greenblatt strategies
- DCF CalculatorCalculate intrinsic value, free
- Global MarketsMacro overview across 73 exchanges
- Stock CompareSide-by-side company comparison
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