Learn to read a company like an owner

Short lessons, each tied to a live tool on this site. No jargon for jargon’s sake. Every concept exists because a number on a company page uses it.

The ownership lens: the two questions that matter

“Will it go up?” has no answer. “Do I want to own this business, and is the price fair?” has two.

The annual report is long, but the load-bearing numbers fit on an index card.

You can't measure a moat directly. But a business that keeps out-earning its cost of capital for a decade is telling you it has one.

Once a business earns a profit, someone decides where it goes. As an owner, that someone is spending your money.

One idea, four knobs, no magic.

Don't ask what it's worth. Ask what has to be true for today's price to be right.

Not “is it cheap” but “if I buy at this price, what yearly return does the business itself have to hand me?”

Two conservative models that ask what a business is worth if the future never improves.

The most-hidden number in finance, in full daylight.