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Wednesday, 16 January 2019

Resources to Learn Equity Valuation


This is a question I received today, "I am on my journey to study and understand value investing. Can you please suggest some good sources where I can build my skills in the mathematical part of value investing. I mean analyzing the numbers. The "how to" of value investing. As far as the mindset part is concerned, I read about behavioral finance. My weak link is the numbers part, since I don't have a formal background in accounting or finance." 

I thought I would reply back to the person concerned. But then figured that this could possibly be a question that a lot of other investors, who may be starting out on their investing journey, may have. So, why not put it in a post so that it helps more people. 

So, here goes some good references, which I have found useful.

1) Aswath Damodaran course on valuation is available free on youtube (- https://www.youtube.com/watch?v=znmQ7oMiQrM&list=PLUkh9m2BorqnKWu0g5ZUps_CbQ-JGtbI9)

This is really great and helps navigate through the world of valuation through short and to-the-point videos. As Aswath Damodaran is a professor, his ability to convey his ideas through words is very good. Highly recommended.


2) Financial Statement Analysis and Reporting from IIT Roorkee  - https://www.youtube.com/channel/UCw4SlTWA7bpiUK-b6FssPlg

The next one I would suggest is a more detailed and involved course. This is from Prof A.K Sharma of IIT Roorkee and he explains in great detail. This is like doing a full course on the topic. I suggest one should take this as an actual course and make a disciplined study routine to go through this series. For example, I used to go through 2 videos a week.

3) Financial Statement Analysis and Security Valuation by Stephen Penman (https://amzn.to/2TVeYb4)

If you are better at learning by reading a book, then Stephen Penman is arguably the best you can get. 

4) Investment Valuation (https://amzn.to/2RwF1sp)

Aswath Damodaran also has many books on valuations, but his arguably the best one is


Happy Learning!

2 comments:

  1. The IIT course is from NPTEL.
    Their website has transcripts, assignments, along with answers also.
    https://nptel.ac.in/courses/110107073/

    ReplyDelete