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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!


  1. The IIT course is from NPTEL.
    Their website has transcripts, assignments, along with answers also.