Module 10: Fundamentals and macro
12 lessons, in reading order.
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Reading Company Financial Statements: A Plain-Language Guide
The income statement, balance sheet and cash flow statement in plain language: what each shows, how they connect, and where to find 10-K and 10-Q filings.
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Earnings Reports and Guidance: Estimates, Surprises and Calls
How earnings season works: the release, the call and the 10-Q, consensus estimates and surprises, why guidance matters, and why IV often falls afterward.
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Valuation Ratios Explained: P/E, EV/EBITDA, P/S and Yield
How P/E, forward P/E, EV/EBITDA, price-to-sales and price-to-book are calculated with worked examples, and why a ratio means little without context.
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Revenue, Margins and Earnings Quality: Reading Beyond EPS
How gross, operating and net margins are calculated, what organic growth and operating leverage show, and the warning signs of low earnings quality.
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Central Banks and Interest Rates: How Policy Reaches Markets
How the Fed sets its policy rate, what FOMC statements, minutes and dot plots contain, how policy reaches yields, the dollar and stocks, plus QE and QT.
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Inflation Reports: CPI, PCE and PPI Explained
What CPI, PCE and PPI measure, who publishes each, headline versus core inflation, monthly versus yearly changes, and why markets react to inflation data.
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The Jobs Report: Payrolls, Unemployment and Wages
How the US jobs report works: nonfarm payrolls and the unemployment rate come from two surveys, plus wages, participation, revisions and jobless claims.
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GDP, PMI and Retail Sales: Measuring Economic Growth
What GDP measures and how US estimates are annualized and revised, why a PMI centers on 50, and what monthly retail sales and its control group show.
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The Yield Curve: Shape, Inversion and What It Reflects
How bond prices and yields move opposite each other, what normal, flat and inverted yield curves show, how 2s10s is measured, and what inversion reflects.
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The Dollar, Oil and Gold: How Macro Markets Connect
How the US dollar index, oil and gold are discussed in macro terms, why real yields matter for gold, and why market correlations change and are not rules.
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Forex and Crypto Basics: Pairs, Pips and 24-Hour Markets
How currency pairs are quoted, what pips and lots are worth, when the forex week runs, and the basics and risks of 24/7 crypto markets and stablecoins.
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Reading Primary Sources: Filings, Releases and Exchange Notices
Where to find primary sources: SEC filings on EDGAR, BLS and BEA releases, central bank statements and exchange notices, plus a six-step reading checklist.