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Kvarn X Academy · Learning pathStocks
Understand what you own when you buy a share, where the company's and the stock's return comes from, and how the business, its valuation and its risks can be assessed.
- 13 lessons
- 4 topic packages
- 6–9 min per lesson
Starting point
A share is an ownership stake in a company. The return doesn't come from the price chart but from what the company achieves.
All topics
From ownership to investment decision
First what you own and how the exchange works, then how to read a company, and finally how all this turns into an investment decision.
01What is a share and what do you own?Ownership stake, voting rights, number of shares and market cap.8 min02Where does a stock's return come from?Price gains and dividends, and why total return is the only right measure.7 min03Why do share prices move?Expectations, news and supply: why good news can push the share price down.8 min
06How does a company make money?Business model, recurring revenue, cost structure and competitive advantage.10 min07What do the numbers tell you about a company?Income statement, balance sheet and cash flow: three reports, three questions.10 min08Growth, management and capital allocationThe source of growth, profitability, debt leverage and what management does with the profit.11 min
09Why a good company isn't always a good investmentQuality and price are different questions. Expectations are already in the share price.8 min10P/E and other valuation multiplesWhat a multiple measures, what to compare it with and when it misleads.9 min11Stocks in a diversified portfolioNumber of holdings isn't diversification: hidden concentration and how many companies is enough.9 min12How to follow a company you ownYour investment thesis, earnings season and guidance, and what isn't worth following.10 min13When should you consider selling a stock?Six well-founded reasons, and why a falling share price alone isn't one of them.8 min
Invest in stocks with Kvarn X
In Kvarn X, you can buy US and European stocks in the same app as your other investments.
This content is for information purposes only and should not be construed as investment advice or a recommendation. Investing always involves the risk of losing capital.