Course Intro (Start Here)
First Principles - Time Value Of Money
Bond Fundamentals
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Introduction To Bonds (22:26)
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Understanding Bond Concepts (1:47)
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Internal Rate of Return / XIRR Calculations (15:51)
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Assumptions In The IRR Calculation (6:17)
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Breaking Conventions (3:26)
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Breaking Down The XIRR Calculation (7:02)
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Yield To Maturity (YTM) Calculation Of A Bond (5:22)
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Changes In Bond Price With Interest Rate (7:15)
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YTM Calculation Of A Bond - Semi Annual Coupon (2:19)
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Clean Price Vs. Dirty Price Of A Bond (15:19)
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Introduction to Zero Coupon Bonds (2:31)
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Coupon Paying Vs Zero Coupon Bonds (9:24)
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Bond Duration (Macaulay Duration) (10:02)
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Bond Convexity (11:05)
Equivalence in 'Economic Substance' Between Bonds and Stocks
Framework For Compounding With Stocks
Understanding Sources Of Long Term Portfolio Return
Devising An Optimal Investment Strategy
Return On Capital (ROC)
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Why Does ROC Matter?
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Difference Between Various ROC Metrics (26:55)
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What Drives High Return On Capital Employed (ROCE)?
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ROC On Incremental Capital (10:31)
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How ROCE & Free Cash Flow (FCF) Conversion Are Linked (13:11)
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Difference Between ROC Including Or Excluding Goodwill
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Why We Look At Both ROC Including & Excluding Goodwill
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Different ROC For Different Business Segments
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Thoughts On Inflation & How Your Business Value Depends On The Excess Return On Capital Over And Above Cost Of Capital
Investing/ Thriving In An Uncertain World
Owner Earnings (OE) Yield Valuation
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Calculating Owner Earnings (OE) (27:24)
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OE Yield Valuation (5:41)
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Final Investor Return (From OE Yield Valuation) & Putting Everything Together (19:33)
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Other Considerations For OE Yield Valuation (14:42)
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Thoughts On Pre-Tax Owner Earnings Yield Compared With 10 Year Treasury Yield (With Alphabet As Case Study)
Portfolio Review
Capital Allocation
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What Is Capital Allocation And Why It Matters In Compounding (12:21)
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Management Of Capital Deployment (Assets Side) (21:23)
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Management Of Capital Raising (Liabilities Side) (20:12)
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Management Of Equity Retirement (Including Share Buybacks) (15:02)
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Examples Of Good And Bad Capital Allocation Activities (4:50)
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Discussions On Why Capital Allocation Matters & Share Buybacks
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Capital allocation case studies - 1. Importance of return on capital & capital allocation (11:03)
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Capital allocation case studies - 2. Evaluating long term shareholder return & buyback compounding effect (9:16)
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Capital allocation case studies - 3. Capital allocation examples of different companies (11:33)
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Capital allocation case studies - 4. Importance of strong free cash flows & return on capital (6:34)
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Capital allocation case studies - 5. Example of good capital allocation [Prosus] (5:52)
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Capital allocation case studies - 6. Overall comments on capital allocation (4:28)
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Capital allocation case studies - 7. Capital allocation of Adobe & Alphabet (7:35)
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Capital allocation case studies - 8. StoneCo's earnings & valuation (12:54)
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Capital allocation case studies - 9. Shopify's and Wix's earnings & capital allocation (16:09)
Other Important Concepts
Webinar: How To Improve Your Investing Strategy? (Apr 2024)
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Webinar - 2024 April (Full session) (78:54)
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Part 1 - Intro & How Best To Improve Investing Success (Commission vs Omission Errors) (28:21)
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Part 2 - What's A Good Filter? High Revenue Growth (Tesla), Or High Historical ROCE? (13:46)
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Part 3 - Not Overpaying For Uncertain Future (Zoom) (To Reduce Commission Error) (15:49)
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Part 4 - Be Lazy & Selective (12:29)
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Part 5 - MRS Company Updates (8:15)
Webinar: Estimating Future Growth (May 2021)
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Part 1: Introduction (1:29)
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Part 2: Can we estimate growth with certainty? (3:16)
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Part 3: Reinvestment economics (17:43)
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Part 4: Breaking things down (23:06)
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Part 5: Evaluating implied growth (9:57)
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Part 6: Investing in the midst of uncertainties (including portfolio compounding math) (12:08)
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Part 7: Discussions (26:26)
Webinar: Uncovering Ugly Secrets In 'Good Businesses' (16 June 2022)
Webinar: The Not So Sexy Secrets of Investing - Insurance, Taxes & Transaction Expenses (21 Oct 2021)
