What resources teach fundamental analysis well?
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2 Answers
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Back when I started, I thought FA meant 'read a few ratios'. I grabbed The Intelligent Investor (Graham), Security Analysis, and started tracing one company's numbers each quarter. Then I found Damodaran's valuation site and YouTube videos; they demystified DCF, comps, and risk. I kept a simple framework: read the income statement, balance sheet, and cash flow statement; look at earnings quality and free cash flow; check debt load and interest coverage; do a rough DCF with conservative assumptions. I logged every company's metrics in a notebook and compared how the numbers matched the story. Buffett's letters are gold for judgement on business quality and moats. If you want structure, Fridson's Financial Statement Analysis is a good hands-on guide.
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Start with Damodaran's valuation tutorials, read The Intelligent Investor, and study Buffett's letters; then practice by analyzing 3-5 companies using cash flow and earnings quality.
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