From the Efficient Market Hypothesis to behavioural anomalies, this module asks, “Can you really beat the market?” Key topics:

• Forms of efficiency and their testable implications.
• Limits to arbitrage & trading costs.
• Time-series, cross-sectional and behavioural anomalies.

You’ll leave with a balanced view of when active skill adds value—and when indexing rules.

This module lifts the hood on the benchmarks we quote every day. You will:

• Learn the math behind index levels, single-period & multi-period returns.
• Contrast weighting schemes—and see why rebalancing & reconstitution matter.
• Survey equity, fixed-income and alternative-investment indexes and their uses as gauges, proxies and model portfolios.

By the end, an index’s construction secrets—and its biases—will be crystal-clear.

Why this matters: Every analyst’s idea eventually becomes a trade. This module maps the entire trading landscape—from the six core purposes of the financial system to the mechanics of orders, leverage and regulation.

• Compare quote-, order- and broker-driven markets.
• Walk through an IPO, margin call and short sale step-by-step.
• See how regulation underpins liquidity, transparency and fair dealing.

Outcome: You’ll know exactly how ideas are executed, what makes a market “well-functioning,” and how that links back to valuation.

Build a three-statement model from revenue to valuation, bias-aware.

• Sales-based pro forma income, cash-flow & balance-sheet build.
• Behavioral biases and how to mitigate them in forecasts.
• Impact of competitive forces, inflation/deflation and long-term horizons.

DuPont, ratios, regressions—turn numbers into stories and valuation inputs.

• Five ratio buckets & DuPont 3- and 5-step analyses.
• Cross-sectional vs. trend and common-size statements.
• Graphing and simple regressions for relationship testing.

Spot bias, earnings management and GAAP departures before they wreck value.

• Quality spectrum: decision-useful to non-GAAP.
• Motivations & conditions for low-quality reporting.
• Detection toolkit: revenue, inventory, capitalization, CF vs. NI gaps.

Temporary vs. permanent differences, DTAs/DTLs, and real cash-tax impacts.

• Book vs. taxable profit reconciliation.
• Valuation allowance clues.
• Effective rate bridges and planning red flags.

Leases, pensions, share-based comp—convert off-BS promises into debt-like risk.

• IFRS 16 / ASC 842 lessee & lessor accounting.
• Defined-benefit vs. defined-contribution plans.
• Stock grants, options and dilution math.
• Key presentation and disclosure checkpoints.

PP&E, intangibles, leases—track the asset life-cycle from acquisition to impairment.

• Purchased vs. internally developed intangibles.
• IFRS & GAAP impairment tests and reversals.
• Derecognition and key disclosure nuggets.

LIFO, FIFO, write-downs—see how inventory choices sway cost and margin.

• IAS 2 vs. ASC 330 valuation methods.
• Inflation/deflation impacts & LIFO reserves.
• Key turnover and gross-margin signals.