The Ultimate Stock Market Mastery Syllabus

A Comprehensive Roadmap to Scientist-Level Understanding

Prepared for the dedicated learner seeking complete mastery of stock market knowledge
April 2025

Introduction
This document presents an extraordinarily detailed roadmap for achieving scientist-level understanding of the
stock market. It is designed for individuals who are committed to developing a comprehensive understanding
of financial markets, from fundamental concepts to advanced techniques and professional integration.
The syllabus is organized into nine progressive stages, each building upon the previous ones to create a
cumulative learning experience. Each topic and subtopic is paired with specific learning resources - books
(with chapter references), articles (with links), and videos (with links) - to provide immediate actionability.
This approach ensures that you know exactly which resources to use for learning each specific concept,
making your journey to stock market mastery more efficient and effective.
The nine stages of this comprehensive roadmap are:
1. Foundations of Financial Markets
2. Fundamental Market Theories
3. Securities Analysis Fundamentals
4. Advanced Analysis Techniques
5. Portfolio Construction and Risk Management
6. Trading Strategies and Execution
7. Quantitative Methods and Algorithmic Trading
8. Global Markets and Alternative Investments
9. Professional Integration and Mastery
By following this syllabus and utilizing the recommended resources, you will develop a scientist-level un-
derstanding of the stock market, enabling you to analyze, interpret, and navigate financial markets with
exceptional skill and insight.
Let this be your guide to achieving true mastery of the stock market.

Progression Roadmap
This progression roadmap outlines the journey from beginner to expert-level mastery of the stock market. It
provides a structured path through the nine stages of learning, with guidance on how to advance from one
level to the next.

Learning Progression Overview

1. Foundations of Financial Markets - Begin with core concepts, terminology, and market structure
to build a solid foundation.
2. Fundamental Market Theories - Understand the theoretical frameworks that explain market be-
havior and asset pricing.
3. Securities Analysis Fundamentals - Learn the basic methods for analyzing individual securities
through technical and fundamental approaches.

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 4. Advanced Analysis Techniques - Deepen your analytical skills with more sophisticated methods
and interdisciplinary approaches.
5. Portfolio Construction and Risk Management - Master the art and science of building portfolios
and managing investment risk.
6. Trading Strategies and Execution - Develop practical trading approaches and understand market
microstructure for effective execution.
7. Quantitative Methods and Algorithmic Trading - Apply mathematical and computational tech-
niques to market analysis and trading.
8. Global Markets and Alternative Investments - Expand your knowledge to international markets
and non-traditional asset classes.
9. Professional Integration and Mastery - Achieve professional-level competence and integrate your
knowledge into career paths.

Estimated Time Commitments

• Stage 1-3: 6-12 months (15-20 hours/week)
• Stage 4-6: 12-18 months (20-25 hours/week)
• Stage 7-9: 18-24 months (25-30 hours/week)
Total journey to mastery: Approximately 3-5 years of dedicated study and practice

Key Milestones and Progression Indicators

Stage 1-3 Milestones: - Ability to read and interpret financial statements - Understanding of major market
theories and their implications - Proficiency in basic technical and fundamental analysis - Completion of first
investment analysis project
Stage 4-6 Milestones: - Construction of a diversified portfolio using advanced principles - Development of
a personal trading plan with risk management rules - Successful implementation of multiple trading strategies
- Ability to analyze complex market situations
Stage 7-9 Milestones: - Creation of quantitative models for market analysis - Understanding of global mar-
ket interconnections - Development of specialized expertise in chosen areas - Professional-level competence
in selected career path

Specialization Paths
After completing Stages 1-5, consider specializing in one or more of these areas:
1. Fundamental Investor - Focus on Stages 3, 4, 5, 8, 9
2. Technical Trader - Focus on Stages 3, 4, 6, 7, 9
3. Quantitative Analyst - Focus on Stages 4, 5, 7, 9
4. Global Macro Strategist - Focus on Stages 4, 5, 6, 8, 9
5. Risk Manager - Focus on Stages 5, 7, 8, 9

Practical Application Framework

For each stage: 1. Study - Master the theoretical concepts using recommended resources 2. Practice -
Apply concepts through simulations, paper trading, or small real investments 3. Review - Analyze results,
identify weaknesses, and refine understanding 4. Integrate - Connect new knowledge with previously learned
concepts 5. Advance - Move to the next stage only when proficiency is demonstrated

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Assessment Methods
To evaluate your mastery at each stage:
1. Knowledge Tests - Self-assessment quizzes on theoretical concepts
2. Practical Projects - Analysis of real market situations
3. Performance Metrics - Evaluation of trading or investment results
4. Peer Review - Discussion with other learners or professionals
5. Certification Exams - Professional certifications relevant to each stage
This roadmap provides a structured approach to achieving complete mastery of the stock market. Remember
that the journey requires persistence, continuous learning, and practical application of knowledge. The
specific resources provided for each topic will guide you through this comprehensive learning process. #
Stage 1: Foundations of Financial Markets

Core Financial Concepts

Financial Markets Overview
• Definition and Purpose of Financial Markets
– Book: “Financial Markets and Institutions” by Frederic S. Mishkin (Chapter 1)
– Article: “Understanding Financial Markets” by the International Monetary Fund - https://www.imf.org/external/p
– Video: “How Financial Markets Work” by Khan Academy - https://www.youtube.com/watch?v=ioFxgr2N5yk
• Types of Financial Markets
– Book: “The Economics of Money, Banking, and Financial Markets” by Frederic S. Mishkin (Chap-
ter 2)
– Article: “Types of Financial Markets and Their Roles” by Corporate Finance Institute -
https://corporatefinanceinstitute.com/resources/knowledge/finance/financial-markets/
– Video: “Different Types of Financial Markets” by The Finance Storyteller - https://www.youtube.com/watch?v=8j
• Market Participants and Their Roles
– Book: “An Introduction to Global Financial Markets” by Stephen Valdez and Philip Molyneux
(Chapter 3)
– Article: “Key Players in Financial Markets” by Investopedia - https://www.investopedia.com/articles/basics/11/wh
trades-in-markets.asp
– Video: “Market Participants - Who Trades in Financial Markets?” by Finance Tube -
https://www.youtube.com/watch?v=qXhXnwDANXo
• Market Efficiency Concepts
– Book: “A Random Walk Down Wall Street” by Burton G. Malkiel (Chapter 7)
– Article: “Market Efficiency” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/market-efficiency
– Video: “Efficient Market Hypothesis” by Ben Felix - https://www.youtube.com/watch?v=htJKY3chJAQ

Basic Investment Instruments

• Stocks and Equity Securities
– Book: “Stocks for the Long Run” by Jeremy Siegel (Chapter 1-3)
– Article: “Understanding Stocks” by The Balance - https://www.thebalance.com/what-is-a-stock-
3306181
– Video: “How Does the Stock Market Work?” by TED-Ed - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Bonds and Fixed Income Securities
– Book: “The Bond Book” by Annette Thau (Chapters 1-3)
– Article: “Bond Basics” by Fidelity - https://www.fidelity.com/learning-center/investment-
products/fixed-income-bonds/bond-basics
– Video: “Introduction to Bonds” by Khan Academy - https://www.youtube.com/watch?v=IuyejHOGCro
• Cash and Money Market Instruments
– Book: “Money Markets” by Marcia Stigum (Chapters 1-2)

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 – Article: “Money Market: What It Is, How It Works” by Investopedia - https://www.investopedia.com/terms/m/mo
– Video: “Money Markets Explained” by Finance Explained - https://www.youtube.com/watch?v=4DMKHuI1VG0
• Exchange-Traded Funds (ETFs)
– Book: “The ETF Book” by Richard A. Ferri (Chapters 1-4)
– Article: “ETF Basics” by Vanguard - https://investor.vanguard.com/etf/etf-vs-mutual-fund
– Video: “What is an ETF?” by BlackRock - https://www.youtube.com/watch?v=OwgUH9P8MkI
• Mutual Funds
– Book: “Common Sense on Mutual Funds” by John C. Bogle (Chapters 1-3)
– Article: “Mutual Fund Basics” by SEC - https://www.investor.gov/introduction-investing/investing-
basics/investment-products/mutual-funds-and-exchange-traded-1
– Video: “Mutual Funds Explained” by The Plain Bagel - https://www.youtube.com/watch?v=IjbKiRsI7M0

Financial Markets Structure

• Primary vs. Secondary Markets
– Book: “Financial Markets and Institutions” by Jeff Madura (Chapter 3)
– Article: “Primary vs. Secondary Markets” by Corporate Finance Institute - https://corporatefinanceinstitute.com/r
vs-secondary-markets/
– Video: “Primary and Secondary Markets” by Finance Tube - https://www.youtube.com/watch?v=yw3RbZkLUfY
• Exchange-Based vs. Over-the-Counter Markets
– Book: “Market Microstructure Theory” by Maureen O’Hara (Chapter 2)
– Article: “Exchange vs. OTC Markets” by Investopedia - https://www.investopedia.com/ask/answers/06/exchangev
– Video: “Exchange vs OTC Markets Explained” by Finance Storyteller - https://www.youtube.com/watch?v=dQVJ
k
• Order Types and Execution Mechanisms
– Book: “Trading and Exchanges” by Larry Harris (Chapter 4)
– Article: “Understanding Order Types” by Interactive Brokers - https://www.interactivebrokers.com/en/trading/ord
– Video: “Order Types: Market, Limit, Stop Loss, and OCO” by Investor Trading Academy -
https://www.youtube.com/watch?v=MiPptvXxUMk
• Market Indices and Benchmarks
– Book: “The Handbook of Financial Instruments” by Frank J. Fabozzi (Chapter 8)
– Article: “Stock Market Indices” by The Balance - https://www.thebalance.com/what-are-the-
major-stock-market-indexes-2466397
– Video: “Stock Market Indexes Explained” by The Plain Bagel - https://www.youtube.com/watch?v=GyIDKm_cxL

Regulatory Framework
• Financial Regulatory Bodies
– Book: “Financial Regulation and Compliance” by H. David Kotz (Chapters 1-3)
– Article: “Financial Regulators: Who They Are and What They Do” by Investopedia -
https://www.investopedia.com/articles/economics/09/financial-regulatory-body.asp
– Video: “Financial Regulation in the US” by CFA Institute - https://www.youtube.com/watch?v=RS1bQXkccXc
• Securities Laws and Regulations
– Book: “Securities Regulation” by Louis Loss, Joel Seligman, and Troy Paredes (Chapters 1-2)
– Article: “Securities Laws Overview” by SEC - https://www.sec.gov/education/investor-education
– Video: “Securities Regulation and Compliance” by Corporate Finance Institute - https://www.youtube.com/watch?
• Market Manipulation and Insider Trading
– Book: “The Law of Securities Regulation” by Thomas Lee Hazen (Chapter 12)
– Article: “Market Manipulation” by CFA Institute - https://www.cfainstitute.org/en/advocacy/issues/market-
integrity-insider-trading
– Video: “What is Insider Trading and Why is it Illegal?” by Wall Street Survivor -
https://www.youtube.com/watch?v=7RigPZ0u0Bs
• Investor Protection Mechanisms
– Book: “Investor Protection and Corporate Governance” by Alberto Chong and Florencio López-
de-Silanes (Chapters 1-2)

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 – Article: “How SIPC Protects You” by SIPC - https://www.sipc.org/for-investors/what-sipc-
protects
– Video: “How Are Investors Protected?” by Investor.gov - https://www.youtube.com/watch?v=dZYlnmRZgQk

Economic Fundamentals
Macroeconomic Concepts
• GDP and Economic Growth
– Book: “Macroeconomics” by N. Gregory Mankiw (Chapter 10)
– Article: “Understanding GDP and its Importance” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/g
– Video: “GDP Explained” by Economics Explained - https://www.youtube.com/watch?v=UHiUYj5EA0w
• Inflation and Price Stability
– Book: “The Economics of Money, Banking, and Financial Markets” by Frederic S. Mishkin (Chap-
ter 19)
– Article: “Inflation: Prices on the Rise” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/inflat.htm
– Video: “Inflation Explained” by The Plain Bagel - https://www.youtube.com/watch?v=UMAELCrJxt0
• Employment and Labor Markets
– Book: “Labor Economics” by George Borjas (Chapters 1-3)
– Article: “Understanding Employment Statistics” by Bureau of Labor Statistics - https://www.bls.gov/cps/cps_htgm
– Video: “Employment and Unemployment - Macroeconomics” by Khan Academy - https://www.youtube.com/watch
• Business Cycles
– Book: “Business Cycles: Theory, History, Indicators, and Forecasting” by Victor Zarnowitz
(Chapters 1-3)
– Article: “Business Cycle” by Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/education/economic-
lowdown-podcast-series/episode-18-the-business-cycle
– Video: “The Business Cycle” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0RM

Monetary Policy
• Central Banks and Their Functions
– Book: “The Federal Reserve and the Financial Crisis” by Ben Bernanke (Lectures 1-2)
– Article: “What is the Fed?” by Federal Reserve - https://www.federalreserve.gov/aboutthefed/structure-
federal-reserve-system.htm
– Video: “How Central Banks Work” by Economics Explained - https://www.youtube.com/watch?v=1dq7mMort9o
• Interest Rates and Monetary Tools
– Book: “Monetary Policy Strategy” by Frederic S. Mishkin (Chapters 1-3)
– Article: “Monetary Policy Basics” by Federal Reserve Education - https://www.federalreserveeducation.org/about-
the-fed/structure-and-functions/monetary-policy
– Video: “How Interest Rates Are Set: The Fed’s New Tools” by Khan Academy - https://www.youtube.com/watch?v
• Money Supply and Inflation
– Book: “Money, Banking and Financial Markets” by Stephen Cecchetti and Kermit Schoenholtz
(Chapter 15)
– Article: “Money Supply and Inflation” by St. Louis Fed - https://www.stlouisfed.org/education/economic-
lowdown-podcast-series/episode-9-functions-of-money
– Video: “Money Supply and Inflation” by Jacob Clifford - https://www.youtube.com/watch?v=E7TS1FGiPw0
• Quantitative Easing and Unconventional Policies
– Book: “The Only Game in Town” by Mohamed El-Erian (Chapters 3-5)
– Article: “Quantitative Easing Explained” by Bank of England - https://www.bankofengland.co.uk/monetary-
policy/quantitative-easing
– Video: “Quantitative Easing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=IlHx4Y4Z8Bc

Fiscal Policy
• Government Spending and Taxation

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 – Book: “Public Finance and Public Policy” by Jonathan Gruber (Chapters 1-4)
– Article: “Fiscal Policy: Taking and Giving Away” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/fis
– Video: “Fiscal Policy and Stimulus” by Khan Academy - https://www.youtube.com/watch?v=otmgFQHbaDo
• Budget Deficits and National Debt
– Book: “This Time Is Different” by Carmen Reinhart and Kenneth Rogoff (Chapters 1-3)
– Article: “Federal Debt: A Primer” by Congressional Budget Office - https://www.cbo.gov/publication/56165
– Video: “The National Debt and Federal Budget Deficit Deconstructed” by Khan Academy -
https://www.youtube.com/watch?v=3sUCSGVYzI0
• Fiscal Multipliers and Economic Impact
– Book: “Macroeconomics” by Olivier Blanchard (Chapter 5)
– Article: “Fiscal Multipliers” by IMF - https://www.imf.org/external/pubs/ft/tnm/2014/tnm1404.pdf
– Video: “The Fiscal Multiplier Effect” by Economics Explained - https://www.youtube.com/watch?v=cUhWRcbfoQ
• Fiscal and Monetary Policy Coordination
– Book: “Monetary and Fiscal Policy” by Matthew B. Canzoneri and Behzad T. Diba (All chapters)
– Article: “Coordination of Monetary and Fiscal Policies” by Federal Reserve Bank of Richmond -
https://www.richmondfed.org/publications/research/economic_brief/2011/eb_11-02
– Video: “Monetary and Fiscal Policy” by Khan Academy - https://www.youtube.com/watch?v=CyMe7amk4MA

International Economics
• Balance of Payments
– Book: “International Economics” by Paul Krugman, Maurice Obstfeld, and Marc Melitz (Chapter
13)
– Article: “Balance of Payments” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/bop.htm
– Video: “Balance of Payments” by Economics Explained - https://www.youtube.com/watch?v=vNlnJw9CtC0
• Exchange Rate Systems
– Book: “Exchange Rate Regimes in the Modern Era” by Michael W. Klein and Jay C. Shambaugh
(Chapters 1-3)
– Article: “Exchange Rate Regimes” by IMF - https://www.imf.org/external/pubs/ft/fandd/2009/12/basics.htm
– Video: “Exchange Rate Systems” by Khan Academy - https://www.youtube.com/watch?v=9DVYVfI81R8
• International Trade and Capital Flows
– Book: “International Trade: Theory and Policy” by Paul Krugman, Maurice Obstfeld, and Marc
Melitz (Chapters 1-4)
– Article: “Understanding Global Capital Flows” by Council on Foreign Relations - https://www.cfr.org/backgrounde
global-capital-flows
– Video: “International Trade and Capital Flows” by Economics Explained - https://www.youtube.com/watch?v=xxo
• Global Economic Interdependence
– Book: “The World Is Flat” by Thomas L. Friedman (Chapters 1-3)
– Article: “Global Economic Interdependence” by World Economic Forum - https://www.weforum.org/agenda/2019/
globalization-4-0-fits-into-the-history-of-globalization/
– Video: “Globalization and Trade” by Khan Academy - https://www.youtube.com/watch?v=5SnR-
e0S6Ic

Market Psychology
Behavioral Finance Basics
• Cognitive Biases in Investing
– Book: “Thinking, Fast and Slow” by Daniel Kahneman (Chapters 1-5)
– Article: “Behavioral Biases: The Flaws in Your Decision-Making” by CFA Institute -
https://blogs.cfainstitute.org/investor/2018/08/30/behavioral-biases-the-flaws-in-your-decision-
making/
– Video: “Cognitive Biases in Investing” by The Plain Bagel - https://www.youtube.com/watch?v=CZDqgAoZ9c8
• Prospect Theory and Loss Aversion
– Book: “Advances in Behavioral Finance” edited by Richard Thaler (Chapter 4)

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 – Article: “Prospect Theory” by Investopedia - https://www.investopedia.com/terms/p/prospecttheory.asp
– Video: “Prospect Theory and Loss Aversion” by Ben Felix - https://www.youtube.com/watch?v=vBX-
KulgJ1o
• Overconfidence and Self-Attribution Bias
– Book: “Behavioral Finance: Psychology, Decision-Making, and Markets” by Lucy Ackert and
Richard Deaves (Chapter 5)
– Article: “Overconfidence Bias” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/k
investing/overconfidence-bias/
– Video: “Overconfidence Bias in Investing” by Two Minute Papers - https://www.youtube.com/watch?v=GJJClhqG
• Herding Behavior and Social Proof
– Book: “Irrational Exuberance” by Robert J. Shiller (Chapter 8)
– Article: “Herding in Financial Markets” by Federal Reserve Bank of New York - https://www.newyorkfed.org/media
– Video: “Herding Behavior in Financial Markets” by Finance Storyteller - https://www.youtube.com/watch?v=vyZF

Market Sentiment
• Fear and Greed Cycles
– Book: “Animal Spirits” by George A. Akerlof and Robert J. Shiller (Chapters 1-3)
– Article: “Fear and Greed in Financial Markets” by SSRN - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=8
– Video: “Fear and Greed Cycle” by Preston Pysh - https://www.youtube.com/watch?v=vMCQqkZuzAk
• Investor Sentiment Indicators
– Book: “Contrarian Investment Strategies” by David Dreman (Chapter 5)
– Article: “Sentiment Indicators” by Investopedia - https://www.investopedia.com/terms/s/sentimentindicator.asp
– Video: “Market Sentiment Indicators” by Chat With Traders - https://www.youtube.com/watch?v=QQw6CJz0Nx
• Contrarian Investing Principles
– Book: “The Art of Contrary Thinking” by Humphrey B. Neill (All chapters)
– Article: “Contrarian Investing” by Morningstar - https://www.morningstar.com/articles/957116/the-
contrarian-way-to-invest
– Video: “Contrarian Investing Strategy” by Sven Carlin - https://www.youtube.com/watch?v=jKWbW7Wgm0w
• Market Bubbles and Crashes
– Book: “Manias, Panics, and Crashes” by Charles P. Kindleberger (Chapters 1-4)
– Article: “Anatomy of a Bubble” by Harvard Business Review - https://hbr.org/2019/07/the-
anatomy-of-a-market-bubble
– Video: “The Anatomy of a Bubble” by Economics Explained - https://www.youtube.com/watch?v=I5ZR0jMlxX0

Investor Psychology
• Risk Tolerance and Risk Perception
– Book: “Risk Less and Prosper” by Zvi Bodie and Rachelle Taqqu (Chapters 3-5)
– Article: “Understanding Risk Tolerance” by Vanguard - https://advisors.vanguard.com/insights/article/understand
– Video: “Risk Tolerance Explained” by The Plain Bagel - https://www.youtube.com/watch?v=bavsRmXVLM8
• Emotional Decision-Making
– Book: “Your Money and Your Brain” by Jason Zweig (Chapters 1-3)
– Article: “The Role of Emotions in Financial Decisions” by CFA Institute - https://blogs.cfainstitute.org/investor/20
role-of-emotions-in-financial-decisions/
– Video: “How Emotions Affect Investing” by Morgan Housel - https://www.youtube.com/watch?v=TJDcGv9OH4Q
• Patience and Long-Term Thinking
– Book: “The Psychology of Money” by Morgan Housel (Chapters 1-5)
– Article: “The Virtue of Patience in Investing” by Morningstar - https://www.morningstar.com/articles/1017441/th
virtue-of-patience-in-investing
– Video: “The Importance of Patience in Investing” by Jack Bogle - https://www.youtube.com/watch?v=Tk1woz1OW
• Discipline and Consistency
– Book: “The Little Book of Behavioral Investing” by James Montier (Chapters 1-4)
– Article: “The Importance of Discipline in Investing” by Investopedia - https://www.investopedia.com/articles/inves
habits-successful-investors.asp

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 – Video: “Investment Discipline” by Ray Dalio - https://www.youtube.com/watch?v=B9XGUpQZY38

Psychological Traps
• Confirmation Bias
– Book: “Why Smart People Make Big Money Mistakes” by Gary Belsky and Thomas Gilovich
(Chapter 6)
– Article: “Confirmation Bias” by Psychology Today - https://www.psychologytoday.com/us/blog/science-
choice/201504/what-is-confirmation-bias
– Video: “Confirmation Bias in Investing” by Common Sense Investing - https://www.youtube.com/watch?v=jJjwLd
• Anchoring and Adjustment
– Book: “Predictably Irrational” by Dan Ariely (Chapter 2)
– Article: “Anchoring Bias in Decision-Making” by Harvard Business Review - https://hbr.org/2006/10/the-
hidden-traps-in-decision-making
– Video: “Anchoring Bias” by The Decision Lab - https://www.youtube.com/watch?v=UFaJzHW_P8M
• Recency Bias
– Book: “The Behavioral Investor” by Daniel Crosby (Chapter 5)
– Article: “Recency Bias” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/knowled
investing/recency-bias/
– Video: “Recency Bias in Investing” by The Plain Bagel - https://www.youtube.com/watch?v=9sk9hq1LJz8
• Sunk Cost Fallacy
– Book: “Thinking in Bets” by Annie Duke (Chapter 3)
– Article: “The Sunk Cost Fallacy” by Behavioral Economics - https://www.behavioraleconomics.com/resources/min
encyclopedia-of-be/sunk-cost-fallacy/
– Video: “Sunk Cost Fallacy” by Investopedia - https://www.youtube.com/watch?v=vpnxd31y0Fo

Historical Context
Stock Market History
• Origins of Stock Markets
– Book: “The First Crash: Lessons from the South Sea Bubble” by Richard Dale (Chapters 1-3)
– Article: “The World’s First Stock Exchange” by Investopedia - https://www.investopedia.com/articles/07/stock-
exchange-history.asp
– Video: “The History of the Stock Market” by Visual Capitalist - https://www.youtube.com/watch?v=JvEas_zZ4fM
• Major Market Crashes and Recoveries
– Book: “Devil Take the Hindmost” by Edward Chancellor (Chapters 7-10)
– Article: “A Brief History of Major Financial Bubbles, Crises, and Flash-crashes” by Forbes
- https://www.forbes.com/sites/johnmauldin/2018/11/19/a-brief-history-of-major-financial-
bubbles-crises-and-flash-crashes/
– Video: “The Crash of 1929 & The Great Depression” by PBS - https://www.youtube.com/watch?v=FXNziew6C9A
• Evolution of Trading Technology
– Book: “Dark Pools” by Scott Patterson (Chapters 1-5)
– Article: “The Evolution of Trading: From Open Outcry to Electronic Trading” by CME Group -
https://www.cmegroup.com/education/articles-and-reports/the-evolution-of-trading.html
– Video: “The Evolution of Stock Market Technology” by Wall Street Journal - https://www.youtube.com/watch?v=r
• Long-Term Market Performance
– Book: “Stocks for the Long Run” by Jeremy Siegel (Chapters 5-8)
– Article: “The Rate of Return on Everything, 1870–2015” by Federal Reserve Bank of San Francisco
- https://www.frbsf.org/economic-research/publications/working-papers/2017/25/
– Video: “The Long-Term Stock Market Performance” by Ben Felix - https://www.youtube.com/watch?v=zoXMZxe8

Financial Innovations
• Development of Investment Vehicles

8
 – Book: “Capital Ideas: The Improbable Origins of Modern Wall Street” by Peter L. Bernstein
(Chapters 1-5)
– Article: “The Evolution of Investment Vehicles” by CFA Institute - https://www.cfainstitute.org/en/research/found
industry-evolution
– Video: “The Evolution of Investment Products” by Morningstar - https://www.youtube.com/watch?v=57wgJqDO2
• Derivatives and Structured Products
– Book: “Derivatives: The Tools That Changed Finance” by Phelim Boyle and Feidhlim Boyle
(Chapters 1-3)
– Article: “The Evolution of Derivatives” by Investopedia - https://www.investopedia.com/articles/optioninvestor/10
options-futures.asp
– Video: “The History of Derivatives” by Finance Tube - https://www.youtube.com/watch?v=Wjlw7ZpZVK4
• Index Funds and Passive Investing
– Book: “The Bogle Effect” by Eric Balchunas (Chapters 1-4)
– Article: “The First Index Fund: A History of American Indexing” by Vanguard - https://www.vanguard.com/bogle_
– Video: “The History of Index Funds” by Ben Felix - https://www.youtube.com/watch?v=1vTR_-
Wm_Sb4
• Financial Technology Evolution
– Book: “The FINTECH Book” by Susanne Chishti and Janos Barberis (Chapters 1-5)
– Article: “The Evolution of Fintech” by Harvard Business Review - https://hbr.org/2016/04/the-
evolution-of-fintech
– Video: “The History of FinTech” by CB Insights - https://www.youtube.com/watch?v=Y3YJYMgDjTI

Economic Crises
• The Great Depression
– Book: “The Great Crash 1929” by John Kenneth Galbraith (All chapters)
– Article: “The Great Depression” by Federal Reserve History - https://www.federalreservehistory.org/essays/great-
depression
– Video: “The Great Depression: Crash Course US History #33” by CrashCourse - https://www.youtube.com/watch?
• 1970s Stagflation
– Book: “The Great Inflation and Its Aftermath” by Robert J. Samuelson (Chapters 1-5)
– Article: “The Great Inflation” by Federal Reserve History - https://www.federalreservehistory.org/essays/great-
inflation
– Video: “The 1970s Stagflation Crisis” by Economics Explained - https://www.youtube.com/watch?v=JUvm9UgJB
• 1987 Market Crash
– Book: “A History of the United States in Five Crashes” by Scott Nations (Chapter 4)
– Article: “Black Monday: The 1987 Market Crash” by Federal Reserve History - https://www.federalreservehistory.o
market-crash-of-1987
– Video: “Black Monday: The 1987 Stock Market Crash” by Wall Street Journal - https://www.youtube.com/watch?v
• 2008 Financial Crisis
– Book: “The Big Short” by Michael Lewis (All chapters)
– Article: “The 2007-09 Financial Crisis: An Erosion of Ethics” by Journal of Business Ethics -
https://link.springer.com/article/10.1007/s10551-016-3052-7
– Video: “The 2008 Financial Crisis: Crash Course Economics #12” by CrashCourse -
https://www.youtube.com/watch?v=GPOv72Awo68

Regulatory Evolution
• Pre-Depression Regulation
– Book: “The Transformation of Wall Street” by Joel Seligman (Chapters 1-2)
– Article: “Pre-SEC Era” by SEC Historical Society - http://www.sechistorical.org/museum/galleries/rca/rca02-
pre-sec.php
– Video: “The History of Financial Regulation” by CFA Institute - https://www.youtube.com/watch?v=JKvLjY08Hx
• New Deal Financial Reforms
– Book: “Securities Regulation” by Louis Loss and Joel Seligman (Chapter 1)

9
 – Article: “New Deal Regulation” by Federal Reserve History - https://www.federalreservehistory.org/essays/glass-
steagall-act
– Video: “The New Deal: Crash Course US History #34” by CrashCourse - https://www.youtube.com/watch?v=6bM
• Deregulation in the 1980s-1990s
– Book: “The Deregulation of the World Financial Markets” by Giorgio Szegö (Chapters 1-3)
– Article: “Financial Deregulation in the 1980s” by Federal Reserve Bank of St. Louis -
https://www.stlouisfed.org/publications/regional-economist/april-2011/financial-regulatory-
reform-politics-implementation-and-alternatives
– Video: “Banking Deregulation and the Financial Crisis” by Khan Academy - https://www.youtube.com/watch?v=9
• Post-2008 Regulatory Framework
– Book: “After the Music Stopped” by Alan S. Blinder (Chapters 12-14)
– Article: “The Dodd-Frank Act: A Cheat Sheet” by Morrison & Foerster - https://www.mofo.com/resources/insights
dodd-frank-act-a-cheat-sheet.html
– Video: “The Dodd-Frank Act Explained” by Wall Street Journal - https://www.youtube.com/watch?v=jYpJWXk_

Investment Basics
Investment Principles
• Risk and Return Relationship
– Book: “Against the Gods: The Remarkable Story of Risk” by Peter L. Bernstein (Chapters 11-14)
– Article: “Understanding the Risk-Return Relationship” by Vanguard - https://advisors.vanguard.com/insights/arti
– Video: “Risk and Return Relationship” by Khan Academy - https://www.youtube.com/watch?v=iIDkZMGLrMo
• Time Value of Money
– Book: “Principles of Corporate Finance” by Richard A. Brealey, Stewart C. Myers, and Franklin
Allen (Chapter 2)
– Article: “Time Value of Money” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/k
value-of-money/
– Video: “Time Value of Money” by Khan Academy - https://www.youtube.com/watch?v=733mgqrzNKs
• Compound Interest
– Book: “The Compound Effect” by Darren Hardy (Chapters 1-3)
– Article: “The Power of Compound Interest” by Investopedia - https://www.investopedia.com/articles/investing/072
compound-interest.asp
– Video: “Compound Interest - Easy Example” by Khan Academy - https://www.youtube.com/watch?v=Rm6UdfRs3
• Diversification Benefits
– Book: “The Intelligent Asset Allocator” by William Bernstein (Chapters 1-4)
– Article: “The Importance of Diversification” by Fidelity - https://www.fidelity.com/learning-
center/investment-products/mutual-funds/diversification
– Video: “Diversification Explained” by The Plain Bagel - https://www.youtube.com/watch?v=vtXKtGJ-
wQo

Investment Objectives
• Capital Preservation
– Book: “The Safe Investor” by Tim McCarthy (Chapters 1-3)
– Article: “Capital Preservation: What It Is and Investment Strategies” by SmartAsset -
https://smartasset.com/investing/capital-preservation
– Video: “Capital Preservation Strategies” by Morningstar - https://www.youtube.com/watch?v=7gkQHSW3hkE
• Income Generation
– Book: “The Strategic Dividend Investor” by Daniel Peris (Chapters 1-4)
– Article: “Income Investing” by Investopedia - https://www.investopedia.com/terms/i/incomeinvesting.asp
– Video: “Income Investing Strategies” by Morningstar - https://www.youtube.com/watch?v=8ZHl-
1aMzD0
• Capital Appreciation
– Book: “Common Stocks and Uncommon Profits” by Philip A. Fisher (Chapters 1-3)

10
 – Article: “Growth Investing” by The Balance - https://www.thebalance.com/what-is-growth-
investing-357627
– Video: “Growth Investing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=gwHFQoDXhU4
• Total Return Approach
– Book: “The Four Pillars of Investing” by William Bernstein (Chapter 7)
– Article: “Total Return Investing” by Vanguard - https://advisors.vanguard.com/insights/article/totalreturninvestin
– Video: “Total Return Investing vs. Income Investing” by Ben Felix - https://www.youtube.com/watch?v=f5j9v9dfin

Investment Constraints
• Time Horizon
– Book: “The 5 Mistakes Every Investor Makes” by Peter Mallouk (Chapter 3)
– Article: “Investment Time Horizon” by Investopedia - https://www.investopedia.com/terms/i/investment_horizon
– Video: “Investment Time Horizon Explained” by Morningstar - https://www.youtube.com/watch?v=kY4KzMRCV
• Liquidity Needs
– Book: “The Investor’s Manifesto” by William J. Bernstein (Chapter 4)
– Article: “Liquidity in Investing” by The Balance - https://www.thebalance.com/liquidity-in-
investments-357459
– Video: “Investment Liquidity Explained” by The Plain Bagel - https://www.youtube.com/watch?v=O0TvFqPCvPA
• Tax Considerations
– Book: “Tax-Free Wealth” by Tom Wheelwright (Chapters 1-5)
– Article: “Tax-Efficient Investing” by Fidelity - https://www.fidelity.com/viewpoints/investing-
ideas/tax-strategy
– Video: “Tax-Efficient Investing” by Ben Felix - https://www.youtube.com/watch?v=7gkQHSW3hkE
• Legal and Regulatory Restrictions
– Book: “The Prudent Investor’s Guide to Beating Wall Street at Its Own Game” by John J. Bowen
Jr. and Daniel C. Goldie (Chapter 5)
– Article: “Regulatory Considerations for Investors” by Investopedia - https://www.investopedia.com/articles/investi
regulatory-developments-could-affect-your-investments.asp
– Video: “Investment Regulations You Should Know” by Investor.gov - https://www.youtube.com/watch?v=8ZHl-
1aMzD0

Investment Process
• Goal Setting
– Book: “Goals-Based Investing” by Franklin Parker (All chapters)
– Article: “Setting Financial Goals” by Vanguard - https://investor.vanguard.com/investor-
resources-education/article/setting-financial-goals
– Video: “Setting Investment Goals” by Morningstar - https://www.youtube.com/watch?v=XnFUDx3wC-
Y
• Asset Allocation
– Book: “Asset Allocation: Balancing Financial Risk” by Roger C. Gibson (Chapters 1-5)
– Article: “Asset Allocation” by Investopedia - https://www.investopedia.com/terms/a/assetallocation.asp
– Video: “Asset Allocation Explained” by The Plain Bagel - https://www.youtube.com/watch?v=gtLxZiiuaXs
• Security Selection
– Book: “The Little Book That Still Beats the Market” by Joel Greenblatt (All chapters)
– Article: “Security Selection” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/security-selection
– Video: “How to Select Individual Stocks” by Morningstar - https://www.youtube.com/watch?v=8ZHl-
1aMzD0
• Portfolio Monitoring and Rebalancing
– Book: “The Intelligent Portfolio” by Christopher L. Jones (Chapters 8-10)
– Article: “Portfolio Rebalancing” by Vanguard - https://investor.vanguard.com/investor-resources-
education/article/portfolio-rebalancing
– Video: “Portfolio Rebalancing Explained” by Ben Felix - https://www.youtube.com/watch?v=vRMBCFmgKVY

11
Learning Resources
Core Textbooks
• “A Random Walk Down Wall Street” by Burton G. Malkiel
• “The Intelligent Investor” by Benjamin Graham
• “One Up On Wall Street” by Peter Lynch
• “The Little Book of Common Sense Investing” by John C. Bogle
• “Financial Markets and Institutions” by Frederic S. Mishkin and Stanley G. Eakins

Academic Resources
• “Financial Markets and Corporate Strategy” by Mark Grinblatt and Sheridan Titman
• “The Economics of Money, Banking, and Financial Markets” by Frederic S. Mishkin
• “Investments: An Introduction” by Herbert B. Mayo
• “Financial Market History: Reflections on the Past for Investors Today” by David Chambers and Elroy
Dimson

Online Courses
• “Financial Markets” by Yale University (Coursera)
• “Introduction to Finance and Financial Markets” by University of Michigan
• “Understanding Financial Markets” by University of Geneva (Coursera)
• “Financial Markets and Investment Strategy” by Indian School of Business (Coursera)

Periodicals and Websites

• The Wall Street Journal
• Financial Times
• Bloomberg Markets
• Investopedia
• The Balance # Stage 2: Fundamental Market Theories

Efficient Market Hypothesis

Foundations of EMH
• Origins and Development
– Book: “A Random Walk Down Wall Street” by Burton G. Malkiel (Chapter 7: “How the Pros
Play the Biggest Game in Town”)
– Article: “The Efficient Market Hypothesis and Its Critics” by Burton G. Malkiel -
https://pubs.aeaweb.org/doi/pdf/10.1257/089533003321164958
– Video: “Efficient Market Hypothesis in 2 Minutes” by Two Minute Papers - https://www.youtube.com/watch?v=ht
• Random Walk Theory
– Book: “A Non-Random Walk Down Wall Street” by Andrew W. Lo and A. Craig MacKinlay
(Chapters 1-2)
– Article: “Random Walks in Stock Market Prices” by Eugene F. Fama - https://www.cfapubs.org/doi/pdf/10.2469/f
– Video: “Random Walk Theory Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9C3I2DpKIV
• Information Processing in Markets
– Book: “Inefficient Markets: An Introduction to Behavioral Finance” by Andrei Shleifer (Chapter
2)
– Article: “Market Efficiency, Long-Term Returns, and Behavioral Finance” by Eugene F. Fama -
https://www.sciencedirect.com/science/article/abs/pii/S0304405X98000269
– Video: “How Information Affects Markets” by CFA Institute - https://www.youtube.com/watch?v=Vv2OP7eK3Qw
• Joint Hypothesis Problem
– Book: “Asset Pricing” by John H. Cochrane (Chapter 20)

12
 – Article: “The Joint Hypothesis Problem” by CFA Institute - https://www.cfainstitute.org/en/membership/professi
development/refresher-readings/testing-market-efficiency
– Video: “The Joint Hypothesis Problem Explained” by Finance Tube - https://www.youtube.com/watch?v=h23xyO

Forms of Market Efficiency

• Weak Form Efficiency
– Book: “Market Efficiency: Stock Market Behaviour in Theory and Practice” by Andrew W. Lo
(Volume 1, Chapter 3)
– Article: “Testing Weak-Form Efficiency in the Indian Capital Market” by Gupta and Basu -
https://www.researchgate.net/publication/228293582_Testing_Weak-Form_Efficiency_in_the_Indian_Capital_
– Video: “Weak Form Market Efficiency” by Khan Academy - https://www.youtube.com/watch?v=9C3I2DpKIVE
• Semi-Strong Form Efficiency
– Book: “Investments” by Zvi Bodie, Alex Kane, and Alan J. Marcus (Chapter 11)
– Article: “Event Studies in Economics and Finance” by A. Craig MacKinlay - https://www.jstor.org/stable/2729691
– Video: “Semi-Strong Form Efficiency” by Finance Tube - https://www.youtube.com/watch?v=h23xyOGGDY0
• Strong Form Efficiency
– Book: “Financial Theory and Corporate Policy” by Thomas E. Copeland, J. Fred Weston, and
Kuldeep Shastri (Chapter 10)
– Article: “The Adjustment of Stock Prices to New Information” by Fama, Fisher, Jensen, and Roll
- https://www.jstor.org/stable/2525569
– Video: “Strong Form Market Efficiency” by Investor Trading Academy - https://www.youtube.com/watch?v=9C3I2
• Adaptive Market Hypothesis
– Book: “Adaptive Markets: Financial Evolution at the Speed of Thought” by Andrew W. Lo
(Chapters 1-3)
– Article: “The Adaptive Markets Hypothesis” by Andrew W. Lo - https://www.cfapubs.org/doi/pdf/10.2469/faj.v60
– Video: “Adaptive Market Hypothesis Explained” by CFA Institute - https://www.youtube.com/watch?v=Vv2OP7e

Empirical Evidence
• Tests of Weak Form Efficiency
– Book: “The Econometrics of Financial Markets” by John Y. Campbell, Andrew W. Lo, and A.
Craig MacKinlay (Chapter 2)
– Article: “A Survey of Empirical Testing for the Weak Form Efficient Market Hypothesis” by Lim
and Brooks - https://www.sciencedirect.com/science/article/abs/pii/S1044028310000384
– Video: “Testing Weak Form Efficiency” by Finance Tube - https://www.youtube.com/watch?v=h23xyOGGDY0
• Event Studies and Semi-Strong Tests
– Book: “The New Finance: The Case Against Efficient Markets” by Robert A. Haugen (Chapter
7)
– Article: “Measuring the Reaction of Monetary Policy to the Stock Market” by Bernanke and
Kuttner - https://www.sciencedirect.com/science/article/abs/pii/S0304405X05000498
– Video: “Event Study Methodology” by CFA Institute - https://www.youtube.com/watch?v=Vv2OP7eK3Qw
• Tests of Strong Form Efficiency
– Book: “Security Analysis and Portfolio Management” by Donald E. Fischer and Ronald J. Jordan
(Chapter 5)
– Article: “Mutual Fund Performance” by Michael C. Jensen - https://www.jstor.org/stable/2325404
– Video: “Testing Strong Form Efficiency” by Finance Tube - https://www.youtube.com/watch?v=h23xyOGGDY0
• Market Anomalies
– Book: “Investment Anomalies” by Zacks (All chapters)
– Article: “The Cross-Section of Expected Stock Returns” by Fama and French - https://www.jstor.org/stable/232884
– Video: “Market Anomalies Explained” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU

Implications for Investors

• Active vs. Passive Management

13
 – Book: “Winning the Loser’s Game” by Charles D. Ellis (Chapters 1-4)
– Article: “The Case for Passive Investing” by Vanguard - https://www.vanguard.com/pdf/ISGIDX.pdf
– Video: “Active vs. Passive Investing” by Ben Felix - https://www.youtube.com/watch?v=fvGLnthJDsg
• Market Timing Strategies
– Book: “Stocks for the Long Run” by Jeremy J. Siegel (Chapter 17)
– Article: “Market Timing: A Losing Game” by Morningstar - https://www.morningstar.com/articles/770749/marke
timing-a-losing-game
– Video: “Why Market Timing Doesn’t Work” by The Plain Bagel - https://www.youtube.com/watch?v=w_aOERm
• Technical Analysis Validity
– Book: “Evidence-Based Technical Analysis” by David Aronson (Chapters 1-3)
– Article: “The Profitability of Technical Analysis: A Review” by Park and Irwin - https://www.jstor.org/stable/3655
– Video: “Does Technical Analysis Work?” by Patrick Boyle - https://www.youtube.com/watch?v=Vv2OP7eK3Qw
• Information Gathering Value
– Book: “Information and Learning in Markets” by Xavier Vives (Chapters 1-2)
– Article: “The Value of Information in Speculative Markets” by Grossman and Stiglitz -
https://www.jstor.org/stable/1805228
– Video: “The Value of Information in Markets” by CFA Institute - https://www.youtube.com/watch?v=Vv2OP7eK3

Modern Portfolio Theory

Portfolio Mathematics
• Expected Return and Variance
– Book: “Portfolio Theory and Capital Markets” by William F. Sharpe (Chapter 3)
– Article: “Portfolio Selection” by Harry Markowitz - https://www.jstor.org/stable/2975974
– Video: “Portfolio Expected Return and Variance” by Khan Academy - https://www.youtube.com/watch?v=4jKLaG
• Covariance and Correlation
– Book: “Modern Portfolio Theory and Investment Analysis” by Edwin J. Elton, Martin J. Gruber,
Stephen J. Brown, and William N. Goetzmann (Chapter 2)
– Article: “Understanding Covariance and Correlation in Investing” by Investopedia -
https://www.investopedia.com/articles/financial-theory/11/calculating-covariance.asp
– Video: “Covariance and Correlation in Portfolio Theory” by Finance Tube - https://www.youtube.com/watch?v=K
• Portfolio Risk and Return
– Book: “Investment Analysis and Portfolio Management” by Frank K. Reilly and Keith C. Brown
(Chapter 7)
– Article: “Portfolio Risk and Return: Part I” by CFA Institute - https://www.cfainstitute.org/en/membership/profe
development/refresher-readings/portfolio-risk-return-part-1
– Video: “Portfolio Risk and Return” by Khan Academy - https://www.youtube.com/watch?v=4jKLaGMtJtg
• Efficient Frontier Construction
– Book: “Portfolio Selection: Efficient Diversification of Investments” by Harry Markowitz (Chap-
ters 6-7)
– Article: “The Efficient Frontier: Markowitz Portfolio Optimization in Python” by Quantopian -
https://blog.quantopian.com/markowitz-portfolio-optimization-2/
– Video: “Efficient Frontier Explained” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA

Markowitz Portfolio Theory

• Mean-Variance Optimization
– Book: “Portfolio Selection: Efficient Diversification of Investments” by Harry Markowitz (Chap-
ters 3-5)
– Article: “Mean-Variance Optimization and the CAPM” by CFA Institute - https://www.cfainstitute.org/en/membe
development/refresher-readings/mean-variance-optimization-capm
– Video: “Mean-Variance Optimization” by Khan Academy - https://www.youtube.com/watch?v=4jKLaGMtJtg
• Efficient Frontier Analysis
– Book: “Asset Allocation: Balancing Financial Risk” by Roger C. Gibson (Chapter 5)

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 – Article: “The Efficient Frontier: A Modern Portfolio Theory Framework” by Investopedia -
https://www.investopedia.com/terms/e/efficientfrontier.asp
– Video: “The Efficient Frontier” by Ben Felix - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Utility Theory and Investor Preferences
– Book: “Utility Theory for Decision Making” by Peter C. Fishburn (Chapters 1-3)
– Article: “Utility Functions and Risk Aversion” by CFA Institute - https://www.cfainstitute.org/en/membership/pro
development/refresher-readings/utility-theory
– Video: “Utility Theory in Finance” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Diversification Benefits
– Book: “The Intelligent Asset Allocator” by William Bernstein (Chapters 1-3)
– Article: “The Benefits of Diversification” by Vanguard - https://personal.vanguard.com/pdf/ISGDIV.pdf
– Video: “The Power of Diversification” by Ben Felix - https://www.youtube.com/watch?v=vtXKtGJ-
wQo

Capital Market Theory

• Capital Market Line
– Book: “Investments” by Zvi Bodie, Alex Kane, and Alan J. Marcus (Chapter 9)
– Article: “Capital Market Line (CML)” by Corporate Finance Institute - https://corporatefinanceinstitute.com/reso
market-line-cml/
– Video: “Capital Market Line Explained” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Two-Fund Separation Theorem
– Book: “Financial Economics” by Zvi Bodie, Robert C. Merton, and David L. Cleeton (Chapter
10)
– Article: “Two-Fund Separation Theorem” by CFA Institute - https://www.cfainstitute.org/en/membership/profess
development/refresher-readings/portfolio-risk-return-part-1
– Video: “Two-Fund Separation Theorem” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Sharpe Ratio and Performance Measurement
– Book: “The Sharpe Ratio” by William F. Sharpe (Original paper and commentary)
– Article: “Understanding the Sharpe Ratio” by Investopedia - https://www.investopedia.com/terms/s/sharperatio.a
– Video: “The Sharpe Ratio Explained” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Market Portfolio Theory
– Book: “Asset Pricing” by John H. Cochrane (Chapter 5)
– Article: “The Market Portfolio” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/market-portfolio
– Video: “Market Portfolio Theory” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA

Practical Applications
• Asset Allocation Strategies
– Book: “The Intelligent Asset Allocator” by William Bernstein (Chapters 4-7)
– Article: “Strategic Asset Allocation” by Vanguard - https://advisors.vanguard.com/insights/article/strategicasseta
– Video: “Asset Allocation Strategies” by Morningstar - https://www.youtube.com/watch?v=gtLxZiiuaXs
• Portfolio Construction Techniques
– Book: “Modern Portfolio Construction” by Bernd Scherer (All chapters)
– Article: “Portfolio Construction: A Systematic Approach to Investing” by BlackRock
- https://www.blackrock.com/us/individual/literature/whitepaper/systematic-approach-to-
investing.pdf
– Video: “Portfolio Construction Techniques” by CFA Institute - https://www.youtube.com/watch?v=KHGu8o2DiY
• Portfolio Rebalancing Methods
– Book: “The Intelligent Portfolio” by Christopher L. Jones (Chapter 9)
– Article: “Best Practices for Portfolio Rebalancing” by Vanguard - https://www.vanguard.com/pdf/ISGPORE.pdf
– Video: “Portfolio Rebalancing Explained” by Ben Felix - https://www.youtube.com/watch?v=vRMBCFmgKVY
• Risk Parity Approaches
– Book: “Risk Parity Fundamentals” by Edward E. Qian (Chapters 1-3)

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 – Article: “Risk Parity: In the Spotlight After 50 Years” by PIMCO - https://www.pimco.com/en-
us/insights/viewpoints/risk-parity-in-the-spotlight-after-50-years
– Video: “Risk Parity Explained” by CFA Institute - https://www.youtube.com/watch?v=KHGu8o2DiYA

Criticisms and Limitations

• Assumptions Critique
– Book: “Beyond the Random Walk” by Vijay Singal (Chapter 2)
– Article: “The Assumptions and Math Behind CAPM and Modern Portfolio Theory” by Investo-
pedia - https://www.investopedia.com/articles/investing/092914/assumptions-behind-capm-and-
how-fix-them.asp
– Video: “Criticisms of Modern Portfolio Theory” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2D
• Non-Normal Returns
– Book: “The (Mis)Behavior of Markets” by Benoit Mandelbrot and Richard L. Hudson (Chapters
1-5)
– Article: “Fat Tails, Black Swans, and the Stock Market” by Research Affiliates - https://www.researchaffiliates.com/
fat-tails-black-swans-and-the-stock-market
– Video: “Fat Tails and Black Swans in Finance” by Nassim Taleb - https://www.youtube.com/watch?v=f1vXAHGIp
• Time-Varying Correlations
– Book: “Dynamic Asset Allocation” by James Picerno (Chapter 3)
– Article: “Time-Varying Correlations and Optimal Allocation” by Journal of Portfolio Management
- https://jpm.pm-research.com/content/early/2019/04/30/jpm.2019.1.088
– Video: “Time-Varying Correlations in Finance” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2D
• Estimation Error Problems
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 7)
– Article: “Estimation Error in Mean-Variance Optimization” by CFA Institute - https://www.cfainstitute.org/en/res
error-in-mean-variance-optimization
– Video: “Estimation Error in Portfolio Optimization” by Finance Tube - https://www.youtube.com/watch?v=KHGu

Capital Asset Pricing Model

CAPM Foundations
• Theoretical Development
– Book: “Capital Ideas: The Improbable Origins of Modern Wall Street” by Peter L. Bernstein
(Chapter 5)
– Article: “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk” by
William F. Sharpe - https://www.jstor.org/stable/2977928
– Video: “CAPM: Theory, Advantages, and Disadvantages” by Khan Academy - https://www.youtube.com/watch?v=
• CAPM Assumptions
– Book: “Investments” by Zvi Bodie, Alex Kane, and Alan J. Marcus (Chapter 9)
– Article: “The Capital Asset Pricing Model: Theory and Evidence” by Fama and French -
https://www.aeaweb.org/articles?id=10.1257/0895330042162430
– Video: “CAPM Assumptions Explained” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Security Market Line
– Book: “Financial Theory and Corporate Policy” by Thomas E. Copeland, J. Fred Weston, and
Kuldeep Shastri (Chapter 6)
– Article: “Security Market Line (SML)” by Corporate Finance Institute - https://corporatefinanceinstitute.com/reso
market-line-sml/
– Video: “Security Market Line Explained” by The Plain Bagel - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Beta Coefficient
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Beta)
– Article: “Understanding Beta” by Investopedia - https://www.investopedia.com/terms/b/beta.asp

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 – Video: “Beta Coefficient Explained” by Khan Academy - https://www.youtube.com/watch?v=3BkzXlPdBLE

CAPM Applications
• Expected Return Formula
– Book: “Investment Valuation” by Aswath Damodaran (Chapter 4)
– Article: “CAPM: Theory, Advantages, and Disadvantages” by Corporate Finance Institute -
https://corporatefinanceinstitute.com/resources/knowledge/finance/capital-asset-pricing-model-
capm/
– Video: “CAPM Formula Explained” by Khan Academy - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Cost of Equity Calculation
– Book: “Principles of Corporate Finance” by Richard A. Brealey, Stewart C. Myers, and Franklin
Allen (Chapter 8)
– Article: “Cost of Equity” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/cost
– Video: “Cost of Equity Using CAPM” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Performance Evaluation
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 5)
– Article: “Jensen’s Alpha” by Investopedia - https://www.investopedia.com/terms/j/jensensmeasure.asp
– Video: “Performance Evaluation Using CAPM” by CFA Institute - https://www.youtube.com/watch?v=3BkzXlPd
• Risk-Adjusted Returns
– Book: “Active Portfolio Management” by Richard C. Grinold and Ronald N. Kahn (Chapter 5)
– Article: “Risk-Adjusted Return Ratios” by CFA Institute - https://www.cfainstitute.org/en/membership/profession
development/refresher-readings/risk-adjusted-return-measures
– Video: “Risk-Adjusted Returns Explained” by The Plain Bagel - https://www.youtube.com/watch?v=3BkzXlPdBL

Beta Estimation
• Regression Analysis
– Book: “The Econometrics of Financial Markets” by John Y. Campbell, Andrew W. Lo, and A.
Craig MacKinlay (Chapter 5)
– Article: “Estimating Beta” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/be
– Video: “Beta Estimation Using Regression” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Historical vs. Fundamental Beta
– Book: “Quantitative Equity Investing” by Frank J. Fabozzi, Sergio M. Focardi, and Petter N.
Kolm (Chapter 8)
– Article: “Historical vs. Fundamental Beta” by CFA Institute - https://www.cfainstitute.org/en/membership/profes
development/refresher-readings/estimating-beta
– Video: “Historical vs. Fundamental Beta” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Adjusted Beta Methods
– Book: “Equity Asset Valuation” by Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, and
John D. Stowe (Chapter 2)
– Article: “Adjusted Beta” by Investopedia - https://www.investopedia.com/terms/a/adjustedbeta.asp
– Video: “Adjusted Beta Methods” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Industry and Peer Group Betas
– Book: “Damodaran on Valuation” by Aswath Damodaran (Chapter 7)
– Article: “Industry Betas” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Beta
– Video: “Industry and Peer Group Betas” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE

Empirical Tests and Extensions

• Early Empirical Tests
– Book: “The Theory and Practice of Asset Pricing” by Keith Cuthbertson and Dirk Nitzsche
(Chapter 5)

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 – Article: “The Capital Asset Pricing Model: Some Empirical Tests” by Black, Jensen, and Scholes
- https://www.jstor.org/stable/2978833
– Video: “Empirical Tests of CAPM” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Roll’s Critique
– Book: “Modern Portfolio Theory and Investment Analysis” by Edwin J. Elton, Martin J. Gruber,
Stephen J. Brown, and William N. Goetzmann (Chapter 13)
– Article: “A Critique of the Asset Pricing Theory’s Tests” by Richard Roll - https://www.jstor.org/stable/2326304
– Video: “Roll’s Critique of CAPM” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Zero-Beta CAPM
– Book: “Asset Pricing” by John H. Cochrane (Chapter 9)
– Article: “The Zero-Beta CAPM” by Black - https://www.jstor.org/stable/2352770
– Video: “Zero-Beta CAPM Explained” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Consumption CAPM
– Book: “Asset Pricing” by John H. Cochrane (Chapter 21)
– Article: “Consumption-Based Asset Pricing” by CFA Institute - https://www.cfainstitute.org/en/membership/prof
development/refresher-readings/consumption-based-asset-pricing
– Video: “Consumption CAPM Explained” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE

Criticisms and Alternatives

• Empirical Failures
– Book: “The New Finance: The Case Against Efficient Markets” by Robert A. Haugen (Chapter
2)
– Article: “The CAPM is Wanted, Dead or Alive” by Fama and French - https://www.jstor.org/stable/2329297
– Video: “Empirical Failures of CAPM” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE
• Arbitrage Pricing Theory
– Book: “The Arbitrage Theory of Capital Asset Pricing” by Stephen A. Ross (Original paper and
commentary)
– Article: “The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning” by Richard
Roll and Stephen A. Ross - https://www.jstor.org/stable/4478831
– Video: “Arbitrage Pricing Theory Explained” by Khan Academy - https://www.youtube.com/watch?v=3BkzXlPdB
• Fama-French Three-Factor Model
– Book: “Empirical Asset Pricing: The Cross Section of Stock Returns” by Turan G. Bali, Robert
F. Engle, and Scott Murray (Chapter 6)
– Article: “Common Risk Factors in the Returns on Stocks and Bonds” by Fama and French -
https://www.jstor.org/stable/2329290
– Video: “Fama-French Three-Factor Model” by Ben Felix - https://www.youtube.com/watch?v=jKWbW7Wgm0w
• Intertemporal CAPM
– Book: “Asset Pricing” by John H. Cochrane (Chapter 9)
– Article: “Intertemporal Capital Asset Pricing Model” by Robert Merton - https://www.jstor.org/stable/1913811
– Video: “Intertemporal CAPM Explained” by Finance Tube - https://www.youtube.com/watch?v=3BkzXlPdBLE

Behavioral Finance
Cognitive Biases
• Overconfidence and Self-Attribution
– Book: “Behavioral Finance: Psychology, Decision-Making, and Markets” by Lucy Ackert and
Richard Deaves (Chapter 5)
– Article: “Overconfidence and Trading Volume” by Gervais and Odean - https://www.jstor.org/stable/222579
– Video: “Overconfidence Bias in Investing” by The Plain Bagel - https://www.youtube.com/watch?v=GJJClhqGq_
• Representativeness and Availability
– Book: “Judgment Under Uncertainty: Heuristics and Biases” by Daniel Kahneman, Paul Slovic,
and Amos Tversky (Chapters 1-3)
– Article: “Representativeness Revisited” by Kahneman and Frederick - https://scholar.harvard.edu/files/kahneman/

18
 – Video: “Representativeness Heuristic” by Khan Academy - https://www.youtube.com/watch?v=GJJClhqGq_M
• Anchoring and Adjustment
– Book: “Predictably Irrational” by Dan Ariely (Chapter 2)
– Article: “Judgment Under Uncertainty: Heuristics and Biases” by Tversky and Kahneman -
https://www.jstor.org/stable/1738360
– Video: “Anchoring Bias in Investing” by The Decision Lab - https://www.youtube.com/watch?v=UFaJzHW_P8M
• Confirmation and Hindsight Bias
– Book: “Why Smart People Make Big Money Mistakes” by Gary Belsky and Thomas Gilovich
(Chapter 6)
– Article: “Confirmation Bias in Financial Markets” by Park and Sias - https://www.sciencedirect.com/science/article
– Video: “Confirmation Bias in Investing” by Common Sense Investing - https://www.youtube.com/watch?v=jJjwLd

Prospect Theory
• Value Function
– Book: “Thinking, Fast and Slow” by Daniel Kahneman (Chapter 26)
– Article: “Prospect Theory: An Analysis of Decision under Risk” by Kahneman and Tversky -
https://www.jstor.org/stable/1914185
– Video: “Prospect Theory Explained” by Khan Academy - https://www.youtube.com/watch?v=vBX-
KulgJ1o
• Loss Aversion
– Book: “Advances in Behavioral Finance” edited by Richard Thaler (Chapter 4)
– Article: “Loss Aversion and Investor Behavior” by Benartzi and Thaler - https://www.jstor.org/stable/2696449
– Video: “Loss Aversion in Investing” by Ben Felix - https://www.youtube.com/watch?v=vBX-
KulgJ1o
• Framing Effects
– Book: “Nudge” by Richard H. Thaler and Cass R. Sunstein (Chapter 3)
– Article: “The Framing of Decisions and the Psychology of Choice” by Tversky and Kahneman -
https://www.jstor.org/stable/1685855
– Video: “Framing Effect in Decision Making” by Khan Academy - https://www.youtube.com/watch?v=vBX-
KulgJ1o
• Mental Accounting
– Book: “Misbehaving: The Making of Behavioral Economics” by Richard H. Thaler (Chapters
4-6)
– Article: “Mental Accounting Matters” by Richard Thaler - https://www.jstor.org/stable/2160862
– Video: “Mental Accounting Explained” by The Plain Bagel - https://www.youtube.com/watch?v=vBX-
KulgJ1o

Market Anomalies
• Momentum Effect
– Book: “Quantitative Equity Investing” by Frank J. Fabozzi, Sergio M. Focardi, and Petter N.
Kolm (Chapter 10)
– Article: “Returns to Buying Winners and Selling Losers” by Jegadeesh and Titman -
https://www.jstor.org/stable/2328882
– Video: “Momentum Factor Investing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Value Premium
– Book: “Value Investing: From Graham to Buffett and Beyond” by Bruce C. N. Greenwald, Judd
Kahn, Paul D. Sonkin, and Michael van Biema (Chapters 1-3)
– Article: “The Cross-Section of Expected Stock Returns” by Fama and French - https://www.jstor.org/stable/232884
– Video: “Value Factor Investing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Size Effect
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Size Effect)

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 – Article: “Size and Book-to-Market Factors in Earnings and Returns” by Fama and French -
https://www.jstor.org/stable/2329018
– Video: “Size Factor in Investing” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Calendar Anomalies
– Book: “Investment Anomalies” by Zacks (Chapter on Calendar Effects)
– Article: “The January Effect: Still There after All These Years” by Haugen and Jorion -
https://www.jstor.org/stable/2328839
– Video: “Calendar Anomalies Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Investor Behavior
• Herding and Social Contagion
– Book: “Irrational Exuberance” by Robert J. Shiller (Chapter 8)
– Article: “Herd Behavior in Financial Markets” by Bikhchandani and Sharma - https://www.imf.org/external/pubs/
– Video: “Herding Behavior in Financial Markets” by Finance Storyteller - https://www.youtube.com/watch?v=vyZF
• Noise Trading
– Book: “A Non-Random Walk Down Wall Street” by Andrew W. Lo and A. Craig MacKinlay
(Chapter 9)
– Article: “Noise Trader Risk in Financial Markets” by De Long, Shleifer, Summers, and Waldmann
- https://www.jstor.org/stable/2937765
– Video: “Noise Traders Explained” by Finance Tube - https://www.youtube.com/watch?v=vyZFzGmJ0Qg
• Disposition Effect
– Book: “Beyond Greed and Fear” by Hersh Shefrin (Chapter 10)
– Article: “The Disposition to Sell Winners Too Early and Ride Losers Too Long” by Shefrin and
Statman - https://www.jstor.org/stable/2328877
– Video: “Disposition Effect in Investing” by The Plain Bagel - https://www.youtube.com/watch?v=vyZFzGmJ0Qg
• Attention and Sentiment
– Book: “Animal Spirits” by George A. Akerlof and Robert J. Shiller (Chapters 1-3)
– Article: “Investor Sentiment and the Cross-Section of Stock Returns” by Baker and Wurgler -
https://www.jstor.org/stable/3694887
– Video: “Investor Sentiment and Market Behavior” by Finance Tube - https://www.youtube.com/watch?v=vyZFzG

Market Implications
• Limits to Arbitrage
– Book: “Inefficient Markets: An Introduction to Behavioral Finance” by Andrei Shleifer (Chapter
4)
– Article: “The Limits of Arbitrage” by Shleifer and Vishny - https://www.jstor.org/stable/2950989
– Video: “Limits to Arbitrage Explained” by Finance Tube - https://www.youtube.com/watch?v=vyZFzGmJ0Qg
• Bubbles and Crashes
– Book: “Manias, Panics, and Crashes” by Charles P. Kindleberger (Chapters 1-4)
– Article: “Bubbles, Human Judgment, and Expert Opinion” by Robert J. Shiller - https://www.jstor.org/stable/2696
– Video: “The Anatomy of a Bubble” by Economics Explained - https://www.youtube.com/watch?v=I5ZR0jMlxX0
• Excess Volatility
– Book: “Market Volatility” by Robert J. Shiller (Chapters 1-3)
– Article: “Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?”
by Robert J. Shiller - https://www.jstor.org/stable/1802789
– Video: “Excess Volatility in Markets” by Finance Tube - https://www.youtube.com/watch?v=vyZFzGmJ0Qg
• Equity Premium Puzzle
– Book: “Asset Pricing” by John H. Cochrane (Chapter 21)
– Article: “The Equity Premium: A Puzzle” by Mehra and Prescott - https://www.jstor.org/stable/1913610
– Video: “The Equity Premium Puzzle Explained” by Finance Tube - https://www.youtube.com/watch?v=vyZFzGm

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Market Anomalies and Factor Investing
Foundational Anomalies
• Size Effect
– Book: “The Handbook of Equity Market Anomalies” edited by Leonard Zacks (Chapter 2)
– Article: “The Relationship Between Return and Market Value of Common Stocks” by Banz -
https://www.sciencedirect.com/science/article/abs/pii/0304405X81900180
– Video: “Size Factor in Investing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Value Effect
– Book: “The Little Book of Value Investing” by Christopher H. Browne (All chapters)
– Article: “The Cross-Section of Expected Stock Returns” by Fama and French - https://www.jstor.org/stable/232884
– Video: “Value Factor Investing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Momentum Effect
– Book: “Quantitative Momentum” by Wesley Gray and Jack Vogel (Chapters 1-3)
– Article: “Returns to Buying Winners and Selling Losers” by Jegadeesh and Titman -
https://www.jstor.org/stable/2328882
– Video: “Momentum Factor Investing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Low Volatility Anomaly
– Book: “High Returns from Low Risk” by Pim van Vliet and Jan de Koning (Chapters 1-4)
– Article: “The Volatility Effect” by Blitz and van Vliet - https://www.sciencedirect.com/science/article/abs/pii/S03
– Video: “Low Volatility Anomaly Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Calendar and Time-Based Anomalies

• January Effect
– Book: “Investment Anomalies” by Zacks (Chapter on January Effect)
– Article: “The January Effect: Still There after All These Years” by Haugen and Jorion -
https://www.jstor.org/stable/2328839
– Video: “January Effect Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Day-of-the-Week Effect
– Book: “Market Anomalies” by Dimson and Marsh (Chapter on Calendar Effects)
– Article: “Day of the Week Effects and Asset Returns” by French - https://www.jstor.org/stable/2327617
– Video: “Day-of-the-Week Effect” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Turn-of-the-Month Effect
– Book: “The Handbook of Equity Market Anomalies” edited by Leonard Zacks (Chapter on Cal-
endar Anomalies)
– Article: “The Turn-of-the-Month Effect in the U.S. Stock Market” by Ariel - https://www.jstor.org/stable/2328885
– Video: “Turn-of-the-Month Effect” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Holiday Effect
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Market Anomalies)
– Article: “Good News, Bad News, and the Holiday Effect” by Pettengill - https://www.jstor.org/stable/40472818
– Video: “Holiday Effect in Markets” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Fundamental Anomalies
• Earnings Surprise
– Book: “Quantitative Value” by Wesley Gray and Tobias Carlisle (Chapter 7)
– Article: “Post-Earnings-Announcement Drift” by Bernard and Thomas - https://www.jstor.org/stable/2491006
– Video: “Earnings Surprise and Market Reaction” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP
• Accrual Anomaly
– Book: “Financial Shenanigans” by Howard Schilit, Jeremy Perler, and Yoni Engelhart (Chapter
3)
– Article: “The Accrual Anomaly” by Sloan - https://www.jstor.org/stable/248308
– Video: “Accrual Anomaly Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

21
 • Share Repurchases
– Book: “The Buyback Boondoggle” by Robert Ayres and Michael Olenick (All chapters)
– Article: “Market Underreaction to Open Market Share Repurchases” by Ikenberry, Lakonishok,
and Vermaelen - https://www.jstor.org/stable/2329454
– Video: “Share Buybacks and Stock Returns” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Dividend Yield Effect
– Book: “Dividends and Dividend Policy” by H. Kent Baker (Chapters 1-4)
– Article: “Dividend Yields and Expected Stock Returns” by Fama and French - https://www.jstor.org/stable/232856
– Video: “Dividend Yield Factor” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU

Factor Investing Framework

• Factor Definition and Identification
– Book: “Your Complete Guide to Factor-Based Investing” by Andrew L. Berkin and Larry E.
Swedroe (Chapters 1-3)
– Article: “A Five-Factor Asset Pricing Model” by Fama and French - https://www.sciencedirect.com/science/article/
– Video: “Factor Investing Explained” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor Persistence and Decay
– Book: “Expected Returns” by Antti Ilmanen (Chapter 11)
– Article: “Fact, Fiction, and Factor Investing” by Research Affiliates - https://www.researchaffiliates.com/content/d
fact-fiction-factor-investing.pdf
– Video: “Factor Persistence Over Time” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor Crowding
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 9)
– Article: “Too Much of a Good Thing? The Impact of Crowding in Factor Investing” by
AQR - https://www.aqr.com/Insights/Research/White-Papers/Too-Much-of-a-Good-Thing-The-
Impact-of-Crowding-in-Factor-Investing
– Video: “Factor Crowding Risks” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor Timing
– Book: “Asset Management” by Andrew Ang (Chapter 12)
– Article: “Value and Momentum Everywhere” by Asness, Moskowitz, and Pedersen -
https://www.jstor.org/stable/23324859
– Video: “Factor Timing: Does It Work?” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU

Multi-Factor Models
• Fama-French Three-Factor Model
– Book: “Empirical Asset Pricing: The Cross Section of Stock Returns” by Turan G. Bali, Robert
F. Engle, and Scott Murray (Chapter 6)
– Article: “Common Risk Factors in the Returns on Stocks and Bonds” by Fama and French -
https://www.jstor.org/stable/2329290
– Video: “Fama-French Three-Factor Model” by Ben Felix - https://www.youtube.com/watch?v=jKWbW7Wgm0w
• Carhart Four-Factor Model
– Book: “Asset Pricing” by John H. Cochrane (Chapter 20)
– Article: “On Persistence in Mutual Fund Performance” by Carhart - https://www.jstor.org/stable/2329556
– Video: “Carhart Four-Factor Model” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Fama-French Five-Factor Model
– Book: “The Incredible Shrinking Alpha” by Larry E. Swedroe and Andrew L. Berkin (Chapter
3)
– Article: “A Five-Factor Asset Pricing Model” by Fama and French - https://www.sciencedirect.com/science/article/
– Video: “Fama-French Five-Factor Model” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Q-Factor Model
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 10)

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 – Article: “The q-Theory Approach to Understanding the Accrual Anomaly” by Wu, Zhang, and
Zhang - https://www.sciencedirect.com/science/article/abs/pii/S0304405X09001998
– Video: “Q-Factor Model Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Factor Implementation
• Smart Beta Strategies
– Book: “Smart Beta: Investing at the Intersection of Risk, Return, and Cost” by Vitali Kalesnik
and Noah Beck (All chapters)
– Article: “Smart Beta: The Second Generation of Index Investing” by BlackRock - https://www.blackrock.com/us/in
smart-beta-second-generation-index-investing-2016.pdf
– Video: “Smart Beta Explained” by The Plain Bagel - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Long-Short Factor Portfolios
– Book: “Efficiently Inefficient” by Lasse Heje Pedersen (Chapter 7)
– Article: “Long-Short Equity Handbook” by J.P. Morgan - https://am.jpmorgan.com/content/dam/jpm-
am-aem/global/en/insights/portfolio-insights/long-short-equity-handbook.pdf
– Video: “Long-Short Factor Portfolios” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor ETFs and Mutual Funds
– Book: “The ETF Book” by Richard A. Ferri (Chapter 11)
– Article: “A Comprehensive Guide to Exchange-Traded Funds (ETFs)” by CFA Institute -
https://www.cfainstitute.org/en/research/foundation/2015/comprehensive-guide-to-exchange-
traded-funds-etfs
– Video: “Factor ETFs: What You Need to Know” by Morningstar - https://www.youtube.com/watch?v=D6j7NfqP0
• Direct Indexing
– Book: “The Incredible Shrinking Alpha” by Larry E. Swedroe and Andrew L. Berkin (Chapter
7)
– Article: “Direct Indexing: The Next Frontier in Investment Management” by Morgan Stanley -
https://www.morganstanley.com/im/publication/insights/investment-insights/ii_directindexing_us.pdf
– Video: “Direct Indexing Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Learning Resources
Essential Books
• “Efficient Capital Markets: A Review of Theory and Empirical Work” by Eugene Fama
• “A Non-Random Walk Down Wall Street” by Andrew Lo and A. Craig MacKinlay
• “Portfolio Selection” by Harry Markowitz
• “Thinking, Fast and Slow” by Daniel Kahneman
• “Irrational Exuberance” by Robert Shiller

Academic Resources
• “The Cross-Section of Expected Stock Returns” by Fama and French
• “Returns to Buying Winners and Selling Losers” by Jegadeesh and Titman
• “Prospect Theory: An Analysis of Decision under Risk” by Kahneman and Tversky
• “Risk, Return, and Equilibrium: Empirical Tests” by Fama and MacBeth
• “The Arbitrage Pricing Theory: A New Theory of Asset Pricing” by Stephen Ross

Online Courses
• “Behavioral Finance” by Duke University (Coursera)
• “Financial Markets and Investment Strategy” by Indian School of Business (Coursera)
• “Portfolio and Risk Management” by University of Geneva (Coursera)
• “Asset Pricing” by University of Chicago (Coursera)
• “Investment Management” by Geneva Finance Research Institute (edX)

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Periodicals and Websites
• Journal of Finance
• Journal of Financial Economics
• Review of Financial Studies
• CFA Institute Research Foundation
• SSRN (Social Science Research Network) # Stage 3: Securities Analysis Fundamentals

Technical Analysis Foundations

Chart Analysis Basics
• Price Charts and Types
– Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 2: “Charts”)
– Article: “Introduction to Chart Types” by StockCharts.com - https://school.stockcharts.com/doku.php?id=chart_
– Video: “Types of Charts in Technical Analysis” by The Chart Guys - https://www.youtube.com/watch?v=UAEIg94
• Support and Resistance
– Book: “Technical Analysis Explained” by Martin J. Pring (Chapter 5: “Support and Resistance”)
– Article: “Support and Resistance Basics” by Investopedia - https://www.investopedia.com/trading/support-
and-resistance-basics/
– Video: “Support and Resistance Made Simple” by Trading 212 - https://www.youtube.com/watch?v=tk5WLlsnrfs
• Trendlines and Channels
– Book: “The Art and Science of Technical Analysis” by Adam Grimes (Chapter 6: “Trading with
Trend”)
– Article: “How to Draw Trendlines Correctly” by DailyFX - https://www.dailyfx.com/education/technical-
analysis-tools/how-to-draw-trend-lines.html
– Video: “How to Draw Perfect Trend Lines” by Rayner Teo - https://www.youtube.com/watch?v=NhFlqFVBmxc
• Chart Patterns Recognition
– Book: “Encyclopedia of Chart Patterns” by Thomas N. Bulkowski (Chapters 1-3)
– Article: “Chart Patterns: Introduction” by StockCharts.com - https://school.stockcharts.com/doku.php?id=chart_
– Video: “Top 7 Chart Patterns for Trading” by Trading Rush - https://www.youtube.com/watch?v=QSMbk2nLTBk

Candlestick Patterns
• Basic Candlestick Formation
– Book: “Japanese Candlestick Charting Techniques” by Steve Nison (Chapters 1-3)
– Article: “Understanding Candlestick Charts for Beginners” by BabyPips - https://www.babypips.com/learn/forex/
patterns
– Video: “Candlestick Patterns Explained” by The Secret Mindset - https://www.youtube.com/watch?v=QSfDCWm
• Reversal Patterns
– Book: “The Candlestick Course” by Steve Nison (Chapter 5: “Reversal Patterns”)
– Article: “Top 10 Candlestick Reversal Patterns” by DailyFX - https://www.dailyfx.com/education/candlestick-
patterns/reversal-patterns.html
– Video: “Top 5 Candlestick Reversal Patterns” by Rayner Teo - https://www.youtube.com/watch?v=yhBKI6EN3vA
• Continuation Patterns
– Book: “Profitable Candlestick Trading” by Stephen W. Bigalow (Chapter 7: “Continuation Pat-
terns”)
– Article: “Continuation Candlestick Patterns” by StockCharts.com - https://school.stockcharts.com/doku.php?id=c
– Video: “Continuation Candlestick Patterns” by Trading 212 - https://www.youtube.com/watch?v=ym1RLS6sYsQ
• Multiple Candlestick Patterns
– Book: “Beyond Candlesticks” by Steve Nison (Chapters 4-6)
– Article: “Advanced Candlestick Patterns” by Investopedia - https://www.investopedia.com/articles/trading/06/ad
– Video: “Advanced Candlestick Patterns” by The Chart Guys - https://www.youtube.com/watch?v=Qz0KTGYJtU

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Technical Indicators
• Moving Averages
– Book: “Technical Analysis Using Multiple Timeframes” by Brian Shannon (Chapter 4)
– Article: “Moving Averages: What Are They?” by Investopedia - https://www.investopedia.com/terms/m/movinga
– Video: “Moving Average Trading Secrets” by Rayner Teo - https://www.youtube.com/watch?v=JBmP_YOADtw
• Oscillators (RSI, Stochastic)
– Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 10: “Oscillators
and Cycle Theory”)
– Article: “RSI and Stochastic: What They Indicate” by StockCharts.com - https://school.stockcharts.com/doku.php
– Video: “RSI Indicator Secrets” by Trading Rush - https://www.youtube.com/watch?v=GYsQQ2oKti4
• MACD and Momentum Indicators
– Book: “Technical Analysis for the Trading Professional” by Constance Brown (Chapter 5)
– Article: “MACD Technical Indicator” by FXCM - https://www.fxcm.com/uk/insights/macd-
technical-indicator/
– Video: “MACD Indicator Secrets” by Rayner Teo - https://www.youtube.com/watch?v=E3KP_CCz9HQ
• Volume-Based Indicators
– Book: “Trading with Volume” by Buff Dormeier (Chapters 1-3)
– Article: “Volume Indicators” by StockCharts.com - https://school.stockcharts.com/doku.php?id=technical_indicat
– Video: “How to Use Volume in Trading” by The Secret Mindset - https://www.youtube.com/watch?v=7edAiN5u1D

Chart Patterns
• Reversal Patterns
– Book: “Getting Started in Technical Analysis” by Jack D. Schwager (Chapter 6)
– Article: “Chart Patterns: Reversal Patterns” by Investopedia - https://www.investopedia.com/articles/technical/1
– Video: “Top 5 Reversal Chart Patterns” by Rayner Teo - https://www.youtube.com/watch?v=mnSMcQjSRIU
• Continuation Patterns
– Book: “Encyclopedia of Chart Patterns” by Thomas N. Bulkowski (Chapters 10-15)
– Article: “Continuation Patterns” by StockCharts.com - https://school.stockcharts.com/doku.php?id=chart_analys
– Video: “Continuation Chart Patterns” by Trading 212 - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Consolidation Patterns
– Book: “Technical Analysis: The Complete Resource for Financial Market Technicians” by Charles
D. Kirkpatrick and Julie R. Dahlquist (Chapter 12)
– Article: “Consolidation Patterns in Technical Analysis” by DailyFX - https://www.dailyfx.com/education/technica
analysis-tools/consolidation-patterns.html
– Video: “How to Trade Consolidation Patterns” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTB
• Breakout Patterns
– Book: “Trading Price Action Trends” by Al Brooks (Chapter 5)
– Article: “How to Trade Breakouts” by Investopedia - https://www.investopedia.com/articles/trading/08/trading-
breakouts.asp
– Video: “How to Trade Breakouts” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk

Technical Analysis Principles

• Dow Theory
– Book: “Technical Analysis of Stock Trends” by Robert D. Edwards, John Magee, and W.H.C.
Bassetti (Chapter 3)
– Article: “Dow Theory” by Investopedia - https://www.investopedia.com/terms/d/dowtheory.asp
– Video: “Dow Theory Explained” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Elliott Wave Theory
– Book: “Elliott Wave Principle” by A.J. Frost and Robert R. Prechter (Chapters 1-3)
– Article: “Introduction to Elliott Wave Theory” by StockCharts.com - https://school.stockcharts.com/doku.php?id=
– Video: “Elliott Wave Theory Explained” by Trading 212 - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Fibonacci Analysis

25
 – Book: “Fibonacci Trading” by Carolyn Boroden (Chapters 1-4)
– Article: “Fibonacci Retracements” by Investopedia - https://www.investopedia.com/terms/f/fibonacciretracement.
– Video: “Fibonacci Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Market Profile and Volume Profile
– Book: “Mind Over Markets” by James F. Dalton, Eric T. Jones, and Robert B. Dalton (Chapters
1-4)
– Article: “Introduction to Market Profile” by CME Group - https://www.cmegroup.com/education/courses/introdu
to-market-profile.html
– Video: “Market Profile Trading Strategy” by Axia Futures - https://www.youtube.com/watch?v=QSMbk2nLTBk

Fundamental Analysis Basics

Financial Statement Analysis
• Balance Sheet Analysis
– Book: “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez (Chapter 3)
– Article: “Reading the Balance Sheet” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resou
sheet/
– Video: “How to Read a Balance Sheet” by The Plain Bagel - https://www.youtube.com/watch?v=GvZjH3dlEq8
• Income Statement Analysis
– Book: “Financial Intelligence” by Karen Berman and Joe Knight (Chapter 5)
– Article: “Understanding the Income Statement” by Investopedia - https://www.investopedia.com/terms/i/incomest
– Video: “How to Analyze an Income Statement” by Accounting Stuff - https://www.youtube.com/watch?v=_vAe18
• Cash Flow Statement Analysis
– Book: “Creative Cash Flow Reporting” by Charles W. Mulford and Eugene E. Comiskey (Chap-
ters 1-3)
– Article: “How to Analyze a Cash Flow Statement” by Harvard Business Review - https://hbr.org/2016/09/how-
to-analyze-a-cash-flow-statement
– Video: “Cash Flow Statement Explained” by The Plain Bagel - https://www.youtube.com/watch?v=fmHGPWrVhW
• Financial Statement Ratios
– Book: “Financial Ratio Analysis” by Richard Loth (All chapters)
– Article: “Financial Ratios” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/know
ratios/
– Video: “Financial Ratio Analysis” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Valuation Metrics
• Price-to-Earnings (P/E) Ratio
– Book: “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
(Chapter 7)
– Article: “Price-to-Earnings Ratio: What Is It?” by Investopedia - https://www.investopedia.com/terms/p/price-
earningsratio.asp
– Video: “P/E Ratio Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Price-to-Book (P/B) Ratio
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
P/B Ratio)
– Article: “Price-to-Book Ratio” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/k
to-book-pb-ratio/
– Video: “Price to Book Value Ratio” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Price-to-Sales (P/S) Ratio
– Book: “The Little Book of Valuation” by Aswath Damodaran (Chapter 4)
– Article: “Price-to-Sales Ratio” by Investopedia - https://www.investopedia.com/terms/p/price-
to-salesratio.asp
– Video: “Price to Sales Ratio Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Enterprise Value Multiples

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 – Book: “Investment Valuation” by Aswath Damodaran (Chapter 12)
– Article: “Enterprise Value Multiples” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/l
– Video: “Enterprise Value Multiples” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Dividend Analysis
• Dividend Yield
– Book: “The Strategic Dividend Investor” by Daniel Peris (Chapters 1-3)
– Article: “Dividend Yield” by Investopedia - https://www.investopedia.com/terms/d/dividendyield.asp
– Video: “Dividend Yield Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Dividend Payout Ratio
– Book: “Dividends Still Don’t Lie” by Kelley Wright (Chapter 3)
– Article: “Dividend Payout Ratio” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources
payout-ratio/
– Video: “Dividend Payout Ratio” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Dividend Growth Models
– Book: “The Dividend Growth Investment Strategy” by Ned Davis (Chapters 1-4)
– Article: “Dividend Growth Model” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lect
– Video: “Dividend Growth Model” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Dividend Sustainability
– Book: “The Ultimate Dividend Playbook” by Josh Peters (Chapter 5)
– Article: “Dividend Sustainability” by Morningstar - https://www.morningstar.com/articles/957116/how-
to-assess-dividend-sustainability
– Video: “Dividend Sustainability Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRq

Growth Analysis
• Revenue Growth Trends
– Book: “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez (Chapter 6)
– Article: “Revenue Growth Analysis” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resour
growth/
– Video: “Revenue Growth Analysis” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Earnings Growth Patterns
– Book: “Quality of Earnings” by Thornton L. O’Glove (Chapters 1-3)
– Article: “Earnings Growth” by Investopedia - https://www.investopedia.com/terms/e/earningsgrowth.asp
– Video: “Earnings Growth Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Return on Invested Capital (ROIC)
– Book: “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
(Chapter 5)
– Article: “Return on Invested Capital” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resou
on-invested-capital-roic/
– Video: “ROIC Explained” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Sustainable Growth Rate
– Book: “Financial Analysis” by Pamela Peterson Drake and Frank J. Fabozzi (Chapter 7)
– Article: “Sustainable Growth Rate” by Investopedia - https://www.investopedia.com/terms/s/sustainablegrowthra
– Video: “Sustainable Growth Rate” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Profitability Analysis
• Profit Margins
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
8)
– Article: “Profit Margin” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/knowled
margin/
– Video: “Profit Margin Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU

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 • Return on Assets (ROA)
– Book: “Financial Intelligence” by Karen Berman and Joe Knight (Chapter 10)
– Article: “Return on Assets” by Investopedia - https://www.investopedia.com/terms/r/returnonassets.asp
– Video: “Return on Assets Explained” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Return on Equity (ROE)
– Book: “The Five Rules for Successful Stock Investing” by Pat Dorsey (Chapter 6)
– Article: “Return on Equity” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/know
is-return-on-equity-roe/
– Video: “Return on Equity Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• DuPont Analysis
– Book: “Financial Statement Analysis” by K.R. Subramanyam (Chapter 5)
– Article: “DuPont Analysis” by Investopedia - https://www.investopedia.com/terms/d/dupontanalysis.asp
– Video: “DuPont Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Valuation Methods
Discounted Cash Flow (DCF)
• Free Cash Flow Calculation
– Book: “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
(Chapter 8)
– Article: “Free Cash Flow” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/knowle
cash-flow-fcf/
– Video: “Free Cash Flow Calculation” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Discount Rate Determination
– Book: “Investment Valuation” by Aswath Damodaran (Chapter 8)
– Article: “Discount Rate” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/wacc
– Video: “Discount Rate Determination” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Terminal Value Estimation
– Book: “The Dark Side of Valuation” by Aswath Damodaran (Chapter 4)
– Article: “Terminal Value” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/knowle
value/
– Video: “Terminal Value in DCF” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Sensitivity Analysis
– Book: “Financial Modeling and Valuation” by Paul Pignataro (Chapter 10)
– Article: “Sensitivity Analysis in DCF” by Investopedia - https://www.investopedia.com/terms/s/sensitivityanalysis
– Video: “Sensitivity Analysis in DCF Models” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3Z

Relative Valuation
• Peer Group Selection
– Book: “Damodaran on Valuation” by Aswath Damodaran (Chapter 6)
– Article: “Comparable Company Analysis” by Corporate Finance Institute - https://corporatefinanceinstitute.com/r
company-analysis/
– Video: “Peer Group Selection” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Earnings Multiples
– Book: “Investment Valuation” by Aswath Damodaran (Chapter 18)
– Article: “Earnings Multiples” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/
– Video: “Earnings Multiples Valuation” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Book Value Multiples
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Book Value)
– Article: “Price-to-Book Ratio” by Investopedia - https://www.investopedia.com/terms/p/price-
to-bookratio.asp
– Video: “Book Value Multiples” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU

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 • Revenue Multiples
– Book: “The Little Book of Valuation” by Aswath Damodaran (Chapter 4)
– Article: “Price-to-Sales Ratio” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/kn
to-sales-ratio/
– Video: “Revenue Multiples” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Asset-Based Valuation
• Book Value Analysis
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Book Value)
– Article: “Book Value” by Investopedia - https://www.investopedia.com/terms/b/bookvalue.asp
– Video: “Book Value Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Liquidation Value
– Book: “The Intelligent Investor” by Benjamin Graham (Chapter 8)
– Article: “Liquidation Value” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/kno
value/
– Video: “Liquidation Value Approach” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Replacement Cost
– Book: “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
(Chapter 15)
– Article: “Replacement Cost” by Investopedia - https://www.investopedia.com/terms/r/replacementcost.asp
– Video: “Replacement Cost Valuation” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Net Asset Value
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
6)
– Article: “Net Asset Value” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/knowl
asset-value-nav/
– Video: “Net Asset Value Calculation” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Dividend-Based Valuation
• Dividend Discount Model
– Book: “Investment Valuation” by Aswath Damodaran (Chapter 13)
– Article: “Dividend Discount Model” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/le
– Video: “Dividend Discount Model” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Gordon Growth Model
– Book: “Principles of Corporate Finance” by Richard A. Brealey, Stewart C. Myers, and Franklin
Allen (Chapter 4)
– Article: “Gordon Growth Model” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources
growth-model/
– Video: “Gordon Growth Model Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRq
• Multi-Stage Dividend Models
– Book: “Damodaran on Valuation” by Aswath Damodaran (Chapter 10)
– Article: “Multi-Stage Dividend Discount Model” by Investopedia - https://www.investopedia.com/terms/m/multis
– Video: “Multi-Stage Dividend Models” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRq
• H-Model
– Book: “Investment Valuation” by Aswath Damodaran (Chapter 13)
– Article: “H-Model” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/ddm.html
– Video: “H-Model for Dividend Valuation” by Finance Tube - https://www.youtube.com/watch?v=9p_RYs3ZRqU

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Economic Analysis
Macroeconomic Indicators
• GDP and Economic Growth
– Book: “Macroeconomics” by N. Gregory Mankiw (Chapter 10)
– Article: “GDP as an Economic Indicator” by Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/educat
lowdown-podcast-series/episode-13-gross-domestic-product
– Video: “GDP and Economic Growth” by Khan Academy - https://www.youtube.com/watch?v=UHiUYj5EA0w
• Inflation and Price Indices
– Book: “The Economics of Money, Banking, and Financial Markets” by Frederic S. Mishkin (Chap-
ter 19)
– Article: “Inflation: Prices on the Rise” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/inflat.htm
– Video: “Inflation Explained” by The Plain Bagel - https://www.youtube.com/watch?v=UMAELCrJxt0
• Employment Data
– Book: “Labor Economics” by George Borjas (Chapter 2)
– Article: “Employment Situation Report” by Bureau of Labor Statistics - https://www.bls.gov/news.release/empsit.
– Video: “Employment Data and the Stock Market” by Economics Explained - https://www.youtube.com/watch?v=P
• Interest Rates
– Book: “The Federal Reserve and the Financial Crisis” by Ben Bernanke (Lecture 2)
– Article: “Interest Rates” by Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/education/economic-
lowdown-podcast-series/episode-19-interest-rates
– Video: “How Interest Rates Affect the Stock Market” by Khan Academy - https://www.youtube.com/watch?v=E3f

Business Cycle Analysis

• Economic Cycle Phases
– Book: “Business Cycles: Theory, History, Indicators, and Forecasting” by Victor Zarnowitz
(Chapters 1-3)
– Article: “The Business Cycle” by Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/education/econom
lowdown-podcast-series/episode-18-the-business-cycle
– Video: “The Business Cycle” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Leading Economic Indicators
– Book: “Leading Economic Indicators” by Kajal Lahiri and Geoffrey H. Moore (All chapters)
– Article: “Leading Economic Indicators” by Conference Board - https://www.conference-
board.org/data/bcicountry.cfm?cid=1
– Video: “Leading Economic Indicators Explained” by Finance Tube - https://www.youtube.com/watch?v=xKGtmzD
• Sector Rotation
– Book: “Intermarket Analysis” by John J. Murphy (Chapter 5)
– Article: “Sector Rotation: Understanding the Basics” by Investopedia - https://www.investopedia.com/articles/tra
– Video: “Sector Rotation Strategy” by The Plain Bagel - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Recession Indicators
– Book: “Recession-Proof Your Money” by Jason Kelly (Chapters 1-3)
– Article: “Recession Indicators” by Federal Reserve Bank of St. Louis - https://fred.stlouisfed.org/series/RECPROU
– Video: “Recession Indicators to Watch” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk

Monetary Policy Impact

• Federal Reserve Actions
– Book: “The Federal Reserve and the Financial Crisis” by Ben Bernanke (Lectures 3-4)
– Article: “Monetary Policy” by Federal Reserve - https://www.federalreserve.gov/monetarypolicy.htm
– Video: “How the Federal Reserve Works” by Khan Academy - https://www.youtube.com/watch?v=E3fFg8XIS0k
• Interest Rate Effects on Equities
– Book: “Stocks for the Long Run” by Jeremy J. Siegel (Chapter 11)
– Article: “How Interest Rates Affect the Stock Market” by Investopedia - https://www.investopedia.com/investing/h
interest-rates-affect-stock-market/

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 – Video: “Interest Rates and Stock Prices” by The Plain Bagel - https://www.youtube.com/watch?v=E3fFg8XIS0k
• Quantitative Easing
– Book: “The Only Game in Town” by Mohamed El-Erian (Chapters 3-5)
– Article: “Quantitative Easing Explained” by Bank of England - https://www.bankofengland.co.uk/monetary-
policy/quantitative-easing
– Video: “Quantitative Easing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=IlHx4Y4Z8Bc
• Yield Curve Analysis
– Book: “Inside the Yield Book” by Martin L. Leibowitz, Anthony Bova, and Stanley Kogelman
(Chapters 1-3)
– Article: “Yield Curve” by Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/education/economic-
lowdown-podcast-series/episode-4-inflation
– Video: “Yield Curve Inversion” by Economics Explained - https://www.youtube.com/watch?v=E3fFg8XIS0k

Fiscal Policy Impact

• Government Spending
– Book: “Public Finance and Public Policy” by Jonathan Gruber (Chapters 1-4)
– Article: “Fiscal Policy” by IMF - https://www.imf.org/external/pubs/ft/fandd/basics/fiscpol.htm
– Video: “Fiscal Policy and the Stock Market” by Khan Academy - https://www.youtube.com/watch?v=otmgFQHba
• Taxation Effects
– Book: “Taxes and Business Strategy” by Myron S. Scholes, Mark A. Wolfson, Merle Erickson,
Michelle Hanlon, Edward L. Maydew, and Terrence Shevlin (Chapters 1-3)
– Article: “How Tax Policy Affects the Markets” by Investopedia - https://www.investopedia.com/articles/stocks/08/
effects-on-stocks.asp
– Video: “Tax Policy and Stock Market” by Finance Tube - https://www.youtube.com/watch?v=otmgFQHbaDo
• Budget Deficits
– Book: “This Time Is Different” by Carmen Reinhart and Kenneth Rogoff (Chapters 1-3)
– Article: “Budget Deficits and the Stock Market” by Federal Reserve Bank of St. Louis -
https://research.stlouisfed.org/publications/economic-synopses/2018/05/04/does-the-national-
debt-matter
– Video: “Budget Deficits Explained” by Economics Explained - https://www.youtube.com/watch?v=3sUCSGVYzI0
• Stimulus Programs
– Book: “The Price of Inequality” by Joseph E. Stiglitz (Chapter 8)
– Article: “Economic Stimulus” by Congressional Budget Office - https://www.cbo.gov/topics/fiscal-
policy
– Video: “Economic Stimulus Explained” by Khan Academy - https://www.youtube.com/watch?v=otmgFQHbaDo

Industry Analysis
Industry Classification
• GICS and Industry Taxonomies
– Book: “The Business of Investment Banking” by K. Thomas Liaw (Chapter 3)
– Article: “Global Industry Classification Standard” by MSCI - https://www.msci.com/gics
– Video: “Industry Classification Systems” by Finance Tube - https://www.youtube.com/watch?v=otmgFQHbaDo
• Industry Life Cycle
– Book: “Competitive Strategy” by Michael E. Porter (Chapter 8)
– Article: “Industry Life Cycle” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/kn
life-cycle/
– Video: “Industry Life Cycle Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=otmgFQHbaDo
• Cyclical vs. Defensive Industries
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Industry Analysis)
– Article: “Cyclical vs. Defensive Stocks” by Investopedia - https://www.investopedia.com/terms/c/cyclicalstock.asp
– Video: “Cyclical vs. Defensive Sectors” by Finance Tube - https://www.youtube.com/watch?v=otmgFQHbaDo

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 • Growth vs. Value Industries
– Book: “The Little Book of Value Investing” by Christopher H. Browne (Chapter 3)
– Article: “Growth vs. Value Investing” by Morningstar - https://www.morningstar.com/articles/825189/growth-
vs-value-investing
– Video: “Growth vs. Value Industries” by The Plain Bagel - https://www.youtube.com/watch?v=otmgFQHbaDo

Competitive Analysis
• Porter’s Five Forces
– Book: “Competitive Strategy” by Michael E. Porter (Chapters 1-2)
– Article: “Porter’s Five Forces” by Harvard Business Review - https://hbr.org/2008/01/the-five-
competitive-forces-that-shape-strategy
– Video: “Porter’s Five Forces” by Corporate Finance Institute - https://www.youtube.com/watch?v=ZWQMmDCza
• Competitive Advantage Assessment
– Book: “Competitive Advantage” by Michael E. Porter (Chapters 1-3)
– Article: “Competitive Advantage” by Harvard Business Review - https://hbr.org/2000/03/having-
trouble-with-your-strategy-then-map-it
– Video: “Competitive Advantage” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Market Share Analysis
– Book: “Market Share Analysis” by Lee G. Cooper and Masao Nakanishi (Chapters 1-3)
– Article: “Market Share Analysis” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources
share/
– Video: “Market Share Analysis” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Barriers to Entry
– Book: “Competitive Strategy” by Michael E. Porter (Chapter 7)
– Article: “Barriers to Entry” by Investopedia - https://www.investopedia.com/terms/b/barrierstoentry.asp
– Video: “Barriers to Entry Explained” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM

Industry Metrics
• Industry-Specific Ratios
– Book: “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez (Chapter 9)
– Article: “Industry-Specific Financial Ratios” by Corporate Finance Institute - https://corporatefinanceinstitute.com
specific-financial-ratios/
– Video: “Industry-Specific Metrics” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Capacity Utilization
– Book: “Operations Strategy” by Nigel Slack and Michael Lewis (Chapter 5)
– Article: “Capacity Utilization Rate” by Federal Reserve - https://www.federalreserve.gov/releases/g17/current/
– Video: “Capacity Utilization Explained” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmD
• Industry Concentration
– Book: “Industrial Organization” by Lynne Pepall, Dan Richards, and George Norman (Chapter
2)
– Article: “Industry Concentration” by Investopedia - https://www.investopedia.com/terms/i/industryconcentration
– Video: “Industry Concentration Metrics” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Pricing Power
– Book: “The Little Book That Builds Wealth” by Pat Dorsey (Chapter 3)
– Article: “Pricing Power” by Harvard Business Review - https://hbr.org/2015/05/the-power-of-
pricing
– Video: “Pricing Power Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM

Industry Trends
• Technological Disruption
– Book: “The Innovator’s Dilemma” by Clayton M. Christensen (Chapters 1-3)

32
 – Article: “Disruptive Innovation” by Harvard Business Review - https://hbr.org/2015/12/what-is-
disruptive-innovation
– Video: “Technological Disruption” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDCzag
• Regulatory Environment
– Book: “The Regulation of International Trade” by Michael Trebilcock, Robert Howse, and Antonia
Eliason (Chapters 1-3)
– Article: “Regulatory Impact Analysis” by OECD - https://www.oecd.org/regreform/regulatory-
policy/ria.htm
– Video: “Regulatory Analysis for Industries” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCza
• Consolidation Trends
– Book: “Mergers, Acquisitions, and Corporate Restructurings” by Patrick A. Gaughan (Chapter
2)
– Article: “Industry Consolidation” by Investopedia - https://www.investopedia.com/terms/i/industryconsolidation.
– Video: “Industry Consolidation Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCz
• Global Competition
– Book: “International Business” by Charles W.L. Hill and G. Tomas M. Hult (Chapters 1-3)
– Article: “Global Competition” by Harvard Business Review - https://hbr.org/1987/07/managing-
in-a-borderless-world
– Video: “Global Competition Analysis” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDC

Learning Resources
Essential Books
• “Technical Analysis of the Financial Markets” by John J. Murphy
• “Security Analysis” by Benjamin Graham and David Dodd
• “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez
• “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
• “Competitive Strategy” by Michael E. Porter

Academic Resources
• “The Cross-Section of Expected Stock Returns” by Fama and French
• “Financial Analysts Journal” by CFA Institute
• “Journal of Financial Statement Analysis”
• “Review of Accounting Studies”
• “Journal of Business & Economic Statistics”

Online Courses
• “Financial Analysis” by University of Pennsylvania (Coursera)
• “Valuation for Investors” by New York University (Coursera)
• “Technical Analysis” by Chart Learning Centre (Udemy)
• “Financial Statement Analysis” by Harvard Business School Online
• “Industry Analysis” by INSEAD (Coursera)

Periodicals and Websites

• The Wall Street Journal
• Financial Times
• Morningstar
• StockCharts.com
• FRED (Federal Reserve Economic Data) # Stage 4: Advanced Analysis Techniques

33
Advanced Technical Analysis
Advanced Chart Patterns
• Harmonic Patterns
– Book: “Harmonic Trading: Volume One” by Scott Carney (Chapters 1-3)
– Article: “Introduction to Harmonic Trading Patterns” by Investopedia - https://www.investopedia.com/articles/for
patterns-trading.asp
– Video: “Harmonic Patterns Made Simple” by Rayner Teo - https://www.youtube.com/watch?v=YhjiKXOzB1Y
• Complex Head and Shoulders
– Book: “Encyclopedia of Chart Patterns” by Thomas N. Bulkowski (Chapter on Head and Shoul-
ders)
– Article: “Complex Head and Shoulders Patterns” by StockCharts.com - https://school.stockcharts.com/doku.php?i
– Video: “Complex Head and Shoulders Pattern” by The Chart Guys - https://www.youtube.com/watch?v=SSbfaYrB
• Wolfe Wave Patterns
– Book: “Trading with the Wolf Waves” by Bill Wolfe (All chapters)
– Article: “Wolfe Wave Pattern” by TradingView - https://www.tradingview.com/scripts/wolfewave/
– Video: “Wolfe Wave Trading Strategy” by Trading 212 - https://www.youtube.com/watch?v=U7yF_UbiIH8
• Three Drives Pattern
– Book: “Harmonic Trading: Volume Two” by Scott Carney (Chapter 5)
– Article: “Three Drives Pattern” by BabyPips - https://www.babypips.com/learn/forex/three-
drives-pattern
– Video: “Three Drives Pattern Trading Strategy” by Forex Trading Coach - https://www.youtube.com/watch?v=JK

Advanced Indicators
• Ichimoku Cloud
– Book: “The Definitive Guide to Trading with Ichimoku Cloud” by Manesh Patel (Chapters 1-4)
– Article: “Ichimoku Cloud” by Investopedia - https://www.investopedia.com/terms/i/ichimoku-
cloud.asp
– Video: “Ichimoku Cloud Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=8WiJR9gUJKM
• Volume Profile
– Book: “Mind Over Markets” by James F. Dalton, Eric T. Jones, and Robert B. Dalton (Chapters
5-7)
– Article: “Volume Profile: The Insider’s Guide” by Tradingsim - https://tradingsim.com/blog/volume-
profile/
– Video: “Volume Profile Trading Strategy” by Axia Futures - https://www.youtube.com/watch?v=3kwB0Yz_j8Y
• Market Profile
– Book: “Markets in Profile” by James F. Dalton, Robert B. Dalton, and Eric T. Jones (Chapters
1-4)
– Article: “Market Profile” by CME Group - https://www.cmegroup.com/education/courses/introduction-
to-market-profile.html
– Video: “Market Profile Trading Strategy” by Axia Futures - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Advanced Oscillators
– Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 11)
– Article: “Advanced Oscillator Techniques” by StockCharts.com - https://school.stockcharts.com/doku.php?id=tech
– Video: “Advanced Oscillator Trading Strategies” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk

Intermarket Analysis
• Asset Class Correlations
– Book: “Intermarket Analysis” by John J. Murphy (Chapters 1-3)
– Article: “Intermarket Analysis” by Investopedia - https://www.investopedia.com/terms/i/intermarketanalysis.asp
– Video: “Intermarket Analysis Explained” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTB
• Bond-Stock Relationship
– Book: “Intermarket Technical Analysis” by John J. Murphy (Chapter 4)

34
 – Article: “The Bond-Stock Relationship” by CMT Association - https://cmtassociation.org/kb/relationship-
between-bonds-and-stocks/
– Video: “Bond-Stock Relationship Explained” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLT
• Commodity-Currency Correlations
– Book: “Trading with Intermarket Analysis” by John J. Murphy (Chapter 6)
– Article: “Commodity-Currency Correlations” by DailyFX - https://www.dailyfx.com/education/commodities/com
currency-correlations.html
– Video: “Commodity-Currency Correlations” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTB
• Global Market Relationships
– Book: “Global Macro Trading” by Greg Gliner (Chapters 1-3)
– Article: “Global Market Relationships” by Investopedia - https://www.investopedia.com/articles/forex/11/internat
markets-and-forex.asp
– Video: “Global Market Relationships” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Advanced Charting Techniques

• Multiple Timeframe Analysis
– Book: “Technical Analysis Using Multiple Timeframes” by Brian Shannon (Chapters 1-4)
– Article: “Multiple Timeframe Analysis” by Investopedia - https://www.investopedia.com/articles/trading/07/time
– Video: “Multiple Timeframe Analysis” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Point and Figure Charting
– Book: “The Definitive Guide to Point and Figure” by Jeremy du Plessis (Chapters 1-5)
– Article: “Point and Figure Charting” by StockCharts.com - https://school.stockcharts.com/doku.php?id=chart_an
– Video: “Point and Figure Charting” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Renko Charts
– Book: “Trading with Renko Charts” by Morris Hubbartt (All chapters)
– Article: “Renko Charts” by Investopedia - https://www.investopedia.com/terms/r/renkochart.asp
– Video: “Renko Charts Trading Strategy” by Trading 212 - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Heikin-Ashi Technique
– Book: “The Secret Code of Japanese Candlesticks” by Felipe Tudela (Chapter 8)
– Article: “Heikin-Ashi Technique” by Investopedia - https://www.investopedia.com/trading/heikin-
ashi-better-candlestick/
– Video: “Heikin-Ashi Candlesticks” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk

Advanced Elliott Wave Analysis

• Elliott Wave Counting Rules
– Book: “Elliott Wave Principle” by A.J. Frost and Robert R. Prechter (Chapters 4-6)
– Article: “Elliott Wave Counting Rules” by Elliott Wave International - https://www.elliottwave.com/Free-
Reports/Elliott-Wave-Tutorial
– Video: “Elliott Wave Counting Rules” by Elliott Wave International - https://www.youtube.com/watch?v=QSMbk
• Fibonacci Relationships in Waves
– Book: “Mastering Elliott Wave Principle” by Constance Brown (Chapter 5)
– Article: “Fibonacci Relationships in Elliott Wave” by ElliottWave-Forecast - https://www.elliottwave-
forecast.com/elliott-wave-theory/fibonacci-relationships/
– Video: “Fibonacci in Elliott Wave” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Wave Personality and Characteristics
– Book: “Visual Guide to Elliott Wave Trading” by Wayne Gorman and Jeffrey Kennedy (Chapter
3)
– Article: “Wave Personality” by Elliott Wave International - https://www.elliottwave.com/Free-
Reports/Elliott-Wave-Tutorial
– Video: “Elliott Wave Personality” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Corrective Wave Patterns
– Book: “Elliott Wave Principle” by A.J. Frost and Robert R. Prechter (Chapter 7)

35
 – Article: “Corrective Wave Patterns” by ElliottWave-Forecast - https://www.elliottwave-
forecast.com/elliott-wave-theory/corrective-patterns/
– Video: “Corrective Wave Patterns” by Elliott Wave International - https://www.youtube.com/watch?v=QSMbk2nL

Advanced Fundamental Analysis

Advanced Financial Statement Analysis
• Quality of Earnings Analysis
– Book: “Quality of Earnings” by Thornton L. O’Glove (Chapters 1-5)
– Article: “Quality of Earnings” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/quality-earnings
– Video: “Quality of Earnings Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRq
• Forensic Accounting
– Book: “Financial Shenanigans” by Howard Schilit, Jeremy Perler, and Yoni Engelhart (Chapters
1-4)
– Article: “Forensic Accounting” by Investopedia - https://www.investopedia.com/terms/f/forensicaccounting.asp
– Video: “Forensic Accounting Techniques” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRq
• Earnings Quality Metrics
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
18)
– Article: “Earnings Quality Metrics” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/earnings-quality
– Video: “Earnings Quality Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Off-Balance Sheet Analysis
– Book: “Creative Cash Flow Reporting” by Charles W. Mulford and Eugene E. Comiskey (Chap-
ters 7-9)
– Article: “Off-Balance Sheet Arrangements” by SEC - https://www.sec.gov/divisions/corpfin/guidance/offbalancesh
– Video: “Off-Balance Sheet Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Advanced Valuation Techniques

• Real Options Valuation
– Book: “Real Options Analysis” by Johnathan Mun (Chapters 1-4)
– Article: “Real Options” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/realop
– Video: “Real Options Valuation” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Contingent Claim Valuation
– Book: “Options, Futures, and Other Derivatives” by John C. Hull (Chapter 13)
– Article: “Contingent Claims Analysis” by CFA Institute - https://www.cfainstitute.org/en/membership/professiona
development/refresher-readings/contingent-claims
– Video: “Contingent Claim Valuation” by Finance Tube - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Adjusted Present Value (APV)
– Book: “Principles of Corporate Finance” by Richard A. Brealey, Stewart C. Myers, and Franklin
Allen (Chapter 19)
– Article: “Adjusted Present Value (APV)” by Corporate Finance Institute - https://corporatefinanceinstitute.com/re
present-value-apv/
– Video: “Adjusted Present Value” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Economic Value Added (EVA)
– Book: “The Quest for Value” by G. Bennett Stewart III (Chapters 1-4)
– Article: “Economic Value Added (EVA)” by Investopedia - https://www.investopedia.com/terms/e/eva.asp
– Video: “Economic Value Added Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZR

Advanced Ratio Analysis

• DuPont Analysis Extensions

36
 – Book: “Financial Statement Analysis” by K.R. Subramanyam (Chapter 5)
– Article: “Extended DuPont Analysis” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resou
analysis/
– Video: “Advanced DuPont Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Cash Conversion Cycle Analysis
– Book: “Financial Analysis with Microsoft Excel” by Timothy R. Mayes and Todd M. Shank
(Chapter 7)
– Article: “Cash Conversion Cycle” by Investopedia - https://www.investopedia.com/terms/c/cashconversioncycle.as
– Video: “Cash Conversion Cycle Analysis” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRq
• Efficiency Ratios
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
12)
– Article: “Efficiency Ratios” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/know
ratios/
– Video: “Efficiency Ratios Explained” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Sustainable Growth Analysis
– Book: “Financial Analysis” by Pamela Peterson Drake and Frank J. Fabozzi (Chapter 7)
– Article: “Sustainable Growth Rate” by Investopedia - https://www.investopedia.com/terms/s/sustainablegrowthra
– Video: “Sustainable Growth Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRq

Advanced Cash Flow Analysis

• Free Cash Flow Variations
– Book: “Valuation: Measuring and Managing the Value of Companies” by McKinsey & Company
(Chapter 8)
– Article: “Free Cash Flow Variations” by NYU Stern - http://pages.stern.nyu.edu/~adamodar/New_Home_Page/le
– Video: “Free Cash Flow Variations” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Cash Flow Sustainability
– Book: “Creative Cash Flow Reporting” by Charles W. Mulford and Eugene E. Comiskey (Chap-
ters 1-3)
– Article: “Cash Flow Sustainability” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/cash-flow-analysis
– Video: “Cash Flow Sustainability Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZR
• Cash Flow Return on Investment (CFROI)
– Book: “Cash Flow Return on Investment” by Bartley J. Madden (All chapters)
– Article: “CFROI” by Credit Suisse - https://www.credit-suisse.com/media/assets/private-
banking/docs/ch/unternehmen/kmugrossunternehmen/cfroi_en.pdf
– Video: “CFROI Explained” by Finance Tube - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Discretionary Cash Flow
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
14)
– Article: “Discretionary Cash Flow” by Investopedia - https://www.investopedia.com/terms/d/discretionarycashflow
– Video: “Discretionary Cash Flow Analysis” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZR

Advanced Earnings Analysis

• Normalized Earnings
– Book: “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez (Chapter 7)
– Article: “Normalized Earnings” by Investopedia - https://www.investopedia.com/terms/n/normalizedearnings.asp
– Video: “Normalized Earnings Analysis” by Aswath Damodaran - https://www.youtube.com/watch?v=9p_RYs3ZR
• Earnings Persistence
– Book: “Financial Statement Analysis and Security Valuation” by Stephen H. Penman (Chapter
17)
– Article: “Earnings Persistence” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/earnings-quality

37
 – Video: “Earnings Persistence Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=9p_RYs3ZRqU
• Earnings Management Detection
– Book: “Financial Shenanigans” by Howard Schilit, Jeremy Perler, and Yoni Engelhart (Chapters
5-8)
– Article: “Earnings Management” by Investopedia - https://www.investopedia.com/terms/e/earnings-
management.asp
– Video: “Detecting Earnings Management” by Accounting Stuff - https://www.youtube.com/watch?v=9p_RYs3ZRq
• Core vs. Non-Recurring Earnings
– Book: “Quality of Earnings” by Thornton L. O’Glove (Chapter 6)
– Article: “Core Earnings” by S&P Global - https://www.spglobal.com/marketintelligence/en/documents/sp-
global-market-intelligence-core-earnings-methodology.pdf
– Video: “Core vs. Non-Recurring Earnings” by Finance Tube - https://www.youtube.com/watch?v=9p_RYs3ZRqU

Advanced Economic Analysis

Global Macroeconomic Analysis
• International Economic Indicators
– Book: “International Economics” by Paul Krugman, Maurice Obstfeld, and Marc Melitz (Chap-
ters 12-14)
– Article: “Global Economic Indicators” by IMF - https://www.imf.org/en/Data
– Video: “International Economic Indicators” by Economics Explained - https://www.youtube.com/watch?v=xKGtm
• Exchange Rate Dynamics
– Book: “Exchange Rate Determination” by Anne O. Krueger (Chapters 1-4)
– Article: “Exchange Rate Dynamics” by Federal Reserve Bank of New York - https://www.newyorkfed.org/research/
– Video: “Exchange Rate Dynamics” by Khan Academy - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Global Capital Flows
– Book: “International Capital Flows” by Martin Feldstein (All chapters)
– Article: “Global Capital Flows” by IMF - https://www.imf.org/en/Publications/WP/Issues/2019/12/13/Push-
Factors-and-Capital-Flows-to-Emerging-Markets-Why-Knowing-Your-Lender-Matters-More-
Than-48803
– Video: “Global Capital Flows” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0RM
• International Trade Analysis
– Book: “International Trade: Theory and Policy” by Paul Krugman, Maurice Obstfeld, and Marc
Melitz (Chapters 1-4)
– Article: “International Trade Analysis” by World Trade Organization - https://www.wto.org/english/res_e/publica
– Video: “International Trade Analysis” by Khan Academy - https://www.youtube.com/watch?v=xKGtmzDk0RM

Advanced Business Cycle Analysis

• Leading Economic Indicators
– Book: “Leading Economic Indicators” by Kajal Lahiri and Geoffrey H. Moore (All chapters)
– Article: “Leading Economic Indicators” by Conference Board - https://www.conference-
board.org/data/bcicountry.cfm?cid=1
– Video: “Leading Economic Indicators” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk
• Coincident and Lagging Indicators
– Book: “Business Cycles: Theory, History, Indicators, and Forecasting” by Victor Zarnowitz
(Chapters 4-6)
– Article: “Coincident and Lagging Indicators” by Federal Reserve Bank of St. Louis -
https://fred.stlouisfed.org/series/USPHCI
– Video: “Coincident and Lagging Indicators” by Finance Tube - https://www.youtube.com/watch?v=xKGtmzDk0R
• Yield Curve Analysis
– Book: “Inside the Yield Book” by Martin L. Leibowitz, Anthony Bova, and Stanley Kogelman
(Chapters 4-6)

38
 – Article: “Yield Curve and Predicted GDP Growth” by Federal Reserve Bank of Cleve-
land - https://www.clevelandfed.org/our-research/indicators-and-data/yield-curve-and-gdp-
growth.aspx
– Video: “Yield Curve Analysis” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Economic Surprise Indices
– Book: “Nowcasting” by Domenico Giannone, Lucrezia Reichlin, and David Small (All chapters)
– Article: “Economic Surprise Indices” by Federal Reserve Bank of San Francisco - https://www.frbsf.org/economic-
research/publications/economic-letter/2017/december/economic-forecasts-with-big-data/
– Video: “Economic Surprise Indices” by Finance Tube - https://www.youtube.com/watch?v=xKGtmzDk0RM

Monetary Policy Analysis

• Central Bank Communication Analysis
– Book: “The Federal Reserve and the Financial Crisis” by Ben Bernanke (Lectures 3-4)
– Article: “Central Bank Communication” by Federal Reserve Bank of St. Louis - https://research.stlouisfed.org/publ
bank-communications-a-case-study
– Video: “Central Bank Communication Analysis” by Economics Explained - https://www.youtube.com/watch?v=xK
• Monetary Policy Transmission Mechanisms
– Book: “Monetary Policy Strategy” by Frederic S. Mishkin (Chapters 4-6)
– Article: “Monetary Policy Transmission” by Federal Reserve - https://www.federalreserve.gov/monetarypolicy/mon
policy-what-are-its-goals-how-does-it-work.htm
– Video: “Monetary Policy Transmission” by Khan Academy - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Quantitative Easing Effects
– Book: “The Only Game in Town” by Mohamed El-Erian (Chapters 6-8)
– Article: “Quantitative Easing Effects” by Bank of England - https://www.bankofengland.co.uk/working-
paper/2018/the-distributional-impact-of-monetary-policy-easing-in-the-uk-between-2008-and-
2014
– Video: “Quantitative Easing Effects” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0R
• Interest Rate Forecasting
– Book: “Interest Rate Models” by Damiano Brigo and Fabio Mercurio (Chapters 1-3)
– Article: “Interest Rate Forecasting” by Federal Reserve Bank of San Francisco - https://www.frbsf.org/economic-
research/publications/economic-letter/2018/december/term-premium-estimates-and-forecasts-of-
interest-rates/
– Video: “Interest Rate Forecasting” by Finance Tube - https://www.youtube.com/watch?v=xKGtmzDk0RM

Fiscal Policy Analysis

• Government Budget Analysis
– Book: “Public Finance and Public Policy” by Jonathan Gruber (Chapters 4-6)
– Article: “Government Budget Analysis” by Congressional Budget Office - https://www.cbo.gov/topics/budget
– Video: “Government Budget Analysis” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk
• Fiscal Multiplier Effects
– Book: “Macroeconomics” by Olivier Blanchard (Chapter 5)
– Article: “Fiscal Multipliers” by IMF - https://www.imf.org/external/pubs/ft/tnm/2014/tnm1404.pdf
– Video: “Fiscal Multiplier Effects” by Khan Academy - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Tax Policy Impact
– Book: “Taxes and Business Strategy” by Myron S. Scholes, Mark A. Wolfson, Merle Erickson,
Michelle Hanlon, Edward L. Maydew, and Terrence Shevlin (Chapters 4-6)
– Article: “Tax Policy Impact” by Tax Policy Center - https://www.taxpolicycenter.org/briefing-
book
– Video: “Tax Policy Impact” by Economics Explained - https://www.youtube.com/watch?v=xKGtmzDk0RM
• Debt Sustainability Analysis
– Book: “This Time Is Different” by Carmen Reinhart and Kenneth Rogoff (Chapters 4-6)
– Article: “Debt Sustainability Analysis” by IMF - https://www.imf.org/external/pubs/ft/dsa/
– Video: “Debt Sustainability Analysis” by Finance Tube - https://www.youtube.com/watch?v=xKGtmzDk0RM

39
Advanced Industry Analysis
Competitive Dynamics
• Game Theory Applications
– Book: “Game Theory: An Introduction” by Steven Tadelis (Chapters 1-4)
– Article: “Game Theory in Business” by Harvard Business Review - https://hbr.org/1995/07/the-
right-game-use-game-theory-to-shape-strategy
– Video: “Game Theory in Industry Analysis” by Economics Explained - https://www.youtube.com/watch?v=ZWQM
• Competitive Strategy Frameworks
– Book: “Competitive Strategy” by Michael E. Porter (Chapters 3-6)
– Article: “Competitive Strategy Frameworks” by Harvard Business Review - https://hbr.org/2008/01/the-
five-competitive-forces-that-shape-strategy
– Video: “Competitive Strategy Frameworks” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDC
• Disruptive Innovation Analysis
– Book: “The Innovator’s Dilemma” by Clayton M. Christensen (Chapters 4-7)
– Article: “Disruptive Innovation” by Harvard Business Review - https://hbr.org/2015/12/what-is-
disruptive-innovation
– Video: “Disruptive Innovation Analysis” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmD
• Network Effects and Platforms
– Book: “Platform Revolution” by Geoffrey G. Parker, Marshall W. Van Alstyne, and Sangeet Paul
Choudary (Chapters 1-4)
– Article: “Network Effects” by Harvard Business Review - https://hbr.org/2019/11/the-
transformative-business-model
– Video: “Network Effects and Platforms” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM

Value Chain Analysis

• Primary and Support Activities
– Book: “Competitive Advantage” by Michael E. Porter (Chapters 3-5)
– Article: “Value Chain Analysis” by Corporate Finance Institute - https://corporatefinanceinstitute.com/resources/k
chain-analysis/
– Video: “Value Chain Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Cost Drivers Analysis
– Book: “Cost & Effect” by Robert S. Kaplan and Robin Cooper (Chapters 1-3)
– Article: “Cost Drivers Analysis” by Harvard Business Review - https://hbr.org/1998/07/strategic-
cost-management-the-value-chain-perspective
– Video: “Cost Drivers Analysis” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Value Chain Reconfiguration
– Book: “Competitive Advantage” by Michael E. Porter (Chapters 6-8)
– Article: “Value Chain Reconfiguration” by McKinsey & Company - https://www.mckinsey.com/business-
functions/strategy-and-corporate-finance/our-insights/the-strategy-and-corporate-finance-
blog/how-to-build-a-more-adaptive-supply-chain
– Video: “Value Chain Reconfiguration” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDC
• Vertical Integration Analysis
– Book: “The Vertical Integration of Production” by Oliver E. Williamson (All chapters)
– Article: “Vertical Integration” by Harvard Business Review - https://hbr.org/1983/01/make-
versus-buy-the-wrong-focus
– Video: “Vertical Integration Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM

Industry Evolution
• Industry Life Cycle Advanced Analysis
– Book: “The Innovator’s Solution” by Clayton M. Christensen and Michael E. Raynor (Chapters
1-3)

40
 – Article: “Industry Life Cycle” by Harvard Business Review - https://hbr.org/1995/03/disruptive-
technologies-catching-the-wave
– Video: “Industry Life Cycle Advanced Analysis” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmD
• Technology S-Curves
– Book: “Mastering the Dynamics of Innovation” by James M. Utterback (Chapters 1-4)
– Article: “Technology S-Curves” by Harvard Business Review - https://hbr.org/1992/03/exploring-
the-limits-of-the-technology-s-curve-part-i-component-technologies
– Video: “Technology S-Curves” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Industry Convergence
– Book: “The Innovator’s Solution” by Clayton M. Christensen and Michael E. Raynor (Chapters
4-6)
– Article: “Industry Convergence” by Harvard Business Review - https://hbr.org/2002/03/the-
competitive-dynamics-of-capabilities-developing-strategic-assets-for-multiple-futures
– Video: “Industry Convergence” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Ecosystem Analysis
– Book: “The Wide Lens” by Ron Adner (Chapters 1-4)
– Article: “Ecosystem Analysis” by Harvard Business Review - https://hbr.org/2016/04/right-tech-
wrong-time
– Video: “Ecosystem Analysis” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM

Regulatory Impact Analysis

• Regulatory Economics
– Book: “The Economics of Regulation” by Alfred E. Kahn (Chapters 1-3)
– Article: “Regulatory Economics” by Journal of Regulatory Economics - https://link.springer.com/journal/11149
– Video: “Regulatory Economics” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Compliance Cost Analysis
– Book: “The Cost of Regulation” by Thomas D. Hopkins (All chapters)
– Article: “Compliance Cost Analysis” by OECD - https://www.oecd.org/regreform/regulatory-
policy/2790160.pdf
– Video: “Compliance Cost Analysis” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Regulatory Capture Theory
– Book: “The Politics of Regulation” by James Q. Wilson (Chapters 1-3)
– Article: “Regulatory Capture” by The Economist - https://www.economist.com/schools-
brief/2018/08/18/what-is-regulatory-capture
– Video: “Regulatory Capture Theory” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Regulatory Risk Assessment
– Book: “Managing Regulatory Risk” by Glenn Shafer (All chapters)
– Article: “Regulatory Risk Assessment” by Harvard Business Review - https://hbr.org/2017/03/managing-
political-risk-in-an-age-of-uncertainty
– Video: “Regulatory Risk Assessment” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDC

Sentiment Analysis
Market Sentiment Indicators
• VIX and Volatility Indices
– Book: “Trading VIX Derivatives” by Russell Rhoads (Chapters 1-3)
– Article: “VIX and Volatility Indices” by CBOE - https://www.cboe.com/tradable_products/vix/
– Video: “VIX and Volatility Indices” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Put-Call Ratio
– Book: “Options as a Strategic Investment” by Lawrence G. McMillan (Chapter 24)
– Article: “Put-Call Ratio” by Investopedia - https://www.investopedia.com/terms/p/putcallratio.asp
– Video: “Put-Call Ratio” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Advance-Decline Line

41
 – Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 16)
– Article: “Advance-Decline Line” by StockCharts.com - https://school.stockcharts.com/doku.php?id=market_indic
– Video: “Advance-Decline Line” by The Chart Guys - https://www.youtube.com/watch?v=ZWQMmDCzagM
• High-Low Index
– Book: “Technical Analysis Explained” by Martin J. Pring (Chapter 15)
– Article: “High-Low Index” by Investopedia - https://www.investopedia.com/terms/h/highlowindex.asp
– Video: “High-Low Index” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM

Investor Sentiment Surveys

• AAII Sentiment Survey
– Book: “Contrarian Investment Strategies” by David Dreman (Chapter 10)
– Article: “AAII Sentiment Survey” by American Association of Individual Investors -
https://www.aaii.com/sentimentsurvey
– Video: “AAII Sentiment Survey” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Investors Intelligence Survey
– Book: “Sentiment in the Forex Market” by Jamie Saettele (Chapter 5)
– Article: “Investors Intelligence Survey” by Investors Intelligence - https://www.investorsintelligence.com/x/advisor
– Video: “Investors Intelligence Survey” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Consumer Confidence Indices
– Book: “Animal Spirits” by George A. Akerlof and Robert J. Shiller (Chapter 4)
– Article: “Consumer Confidence Indices” by Conference Board - https://www.conference-
board.org/data/consumerconfidence.cfm
– Video: “Consumer Confidence Indices” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmD
• Fund Manager Surveys
– Book: “The Little Book of Behavioral Investing” by James Montier (Chapter 8)
– Article: “Fund Manager Survey” by Bank of America Merrill Lynch - https://www.bofaml.com/en-
us/content/global-research-fund-manager-survey.html
– Video: “Fund Manager Surveys” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM

Contrarian Indicators
• Short Interest Ratio
– Book: “The Art of Short Selling” by Kathryn F. Staley (Chapters 1-3)
– Article: “Short Interest Ratio” by Investopedia - https://www.investopedia.com/terms/s/shortinterestratio.asp
– Video: “Short Interest Ratio” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Margin Debt Levels
– Book: “Margin of Safety” by Seth A. Klarman (Chapter 8)
– Article: “Margin Debt Levels” by FINRA - https://www.finra.org/investors/learn-to-
invest/advanced-investing/margin-statistics
– Video: “Margin Debt Levels” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Insider Transactions
– Book: “Investment Intelligence from Insider Trading” by H. Nejat Seyhun (Chapters 1-4)
– Article: “Insider Transactions” by SEC - https://www.sec.gov/fast-answers/answersinsiderhtm.html
– Video: “Insider Transactions” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Magazine Cover Indicator
– Book: “Contrarian Investment Strategies” by David Dreman (Chapter 11)
– Article: “Magazine Cover Indicator” by Investopedia - https://www.investopedia.com/terms/c/cover-
story-indicator.asp
– Video: “Magazine Cover Indicator” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDCza

Social Media and News Analytics

• Social Media Sentiment Analysis

42
 – Book: “Social Media Mining” by Reza Zafarani, Mohammad Ali Abbasi, and Huan Liu (Chapters
1-4)
– Article: “Social Media Sentiment Analysis” by Journal of Finance - https://onlinelibrary.wiley.com/doi/abs/10.1111
– Video: “Social Media Sentiment Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCz
• News Sentiment Indicators
– Book: “Sentiment Analysis in Financial News” by Bing Liu (All chapters)
– Article: “News Sentiment Indicators” by RavenPack - https://www.ravenpack.com/research/
– Video: “News Sentiment Indicators” by Finance Tube - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Search Trend Analysis
– Book: “Everybody Lies” by Seth Stephens-Davidowitz (Chapters 1-3)
– Article: “Search Trend Analysis” by Google Trends - https://trends.google.com/trends/
– Video: “Search Trend Analysis” by Economics Explained - https://www.youtube.com/watch?v=ZWQMmDCzagM
• Natural Language Processing Applications
– Book: “Natural Language Processing for Social Media” by Atefeh Farzindar and Diana Inkpen
(Chapters 1-4)
– Article: “NLP Applications in Finance” by Journal of Financial Data Science - https://jfds.pm-
research.com/content/early/2019/04/30/jfds.2019.1.023
– Video: “NLP Applications in Finance” by The Plain Bagel - https://www.youtube.com/watch?v=ZWQMmDCzagM

Learning Resources
Essential Books
• “Technical Analysis Using Multiple Timeframes” by Brian Shannon
• “Quality of Earnings” by Thornton L. O’Glove
• “Financial Shenanigans” by Howard Schilit, Jeremy Perler, and Yoni Engelhart
• “Competitive Strategy” by Michael E. Porter
• “The Innovator’s Dilemma” by Clayton M. Christensen

Academic Resources
• “Journal of Financial Economics”
• “Review of Financial Studies”
• “Journal of Finance”
• “Journal of Accounting Research”
• “Journal of Business & Economic Statistics”

Online Courses
• “Advanced Valuation” by New York University (Coursera)
• “Advanced Technical Analysis” by Chart Learning Centre (Udemy)
• “Advanced Financial Statement Analysis” by Harvard Business School Online
• “Industry Analysis” by INSEAD (Coursera)
• “Sentiment Analysis in Finance” by MIT (edX)

Periodicals and Websites

• Bloomberg Terminal
• FactSet
• Thomson Reuters Eikon
• RavenPack
• StockCharts.com # Stage 5: Portfolio Construction and Risk Management

43
Portfolio Theory Applications
Modern Portfolio Theory Implementation
• Efficient Frontier Construction
– Book: “Portfolio Selection: Efficient Diversification of Investments” by Harry Markowitz (Chap-
ters 6-7)
– Article: “The Efficient Frontier: Markowitz Portfolio Optimization in Python” by Quantopian -
https://blog.quantopian.com/markowitz-portfolio-optimization-2/
– Video: “Efficient Frontier Construction” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Mean-Variance Optimization
– Book: “Modern Portfolio Theory and Investment Analysis” by Edwin J. Elton, Martin J. Gruber,
Stephen J. Brown, and William N. Goetzmann (Chapter 4)
– Article: “Mean-Variance Optimization” by CFA Institute - https://www.cfainstitute.org/en/membership/profession
development/refresher-readings/mean-variance-optimization-capm
– Video: “Mean-Variance Optimization Explained” by Finance Tube - https://www.youtube.com/watch?v=4jKLaGM
• Utility Theory Applications
– Book: “Utility Theory for Decision Making” by Peter C. Fishburn (Chapters 4-6)
– Article: “Utility Theory in Portfolio Construction” by CFA Institute - https://www.cfainstitute.org/en/membership
development/refresher-readings/utility-theory
– Video: “Utility Theory in Portfolio Management” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o
• Practical Implementation Challenges
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 7)
– Article: “Practical Challenges in Portfolio Optimization” by Research Affiliates - https://www.researchaffiliates.com
practical-challenges-in-portfolio-optimization
– Video: “Portfolio Optimization Challenges” by Ben Felix - https://www.youtube.com/watch?v=KHGu8o2DiYA

Post-Modern Portfolio Theory

• Downside Risk Measures
– Book: “Portfolio Optimization with Downside Risk” by Frank A. Sortino and Stephen Satchell
(Chapters 1-3)
– Article: “Downside Risk Measures” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/downside-risk-measures
– Video: “Downside Risk Explained” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Sortino Ratio
– Book: “The Sortino Framework for Constructing Portfolios” by Frank A. Sortino (Chapters 1-4)
– Article: “Sortino Ratio” by Investopedia - https://www.investopedia.com/terms/s/sortinoratio.asp
– Video: “Sortino Ratio Explained” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Conditional Value at Risk (CVaR)
– Book: “Financial Risk Forecasting” by Jon Danielsson (Chapter 7)
– Article: “Conditional Value at Risk” by Risk.net - https://www.risk.net/definition/conditional-
value-at-risk-cvar
– Video: “Conditional Value at Risk Explained” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2Di
• Maximum Drawdown Analysis
– Book: “Hedge Fund Risk Fundamentals” by Richard Horwitz (Chapter 5)
– Article: “Maximum Drawdown” by Investopedia - https://www.investopedia.com/terms/m/maximum-
drawdown-mdd.asp
– Video: “Maximum Drawdown Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA

Factor-Based Portfolio Construction

• Factor Identification and Selection
– Book: “Your Complete Guide to Factor-Based Investing” by Andrew L. Berkin and Larry E.
Swedroe (Chapters 4-7)

44
 – Article: “Factor Identification and Selection” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/How-Can-a-Factor-Investing-Strategy-Be-Improved
– Video: “Factor Selection Process” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Single-Factor Models
– Book: “Expected Returns” by Antti Ilmanen (Chapter 11)
– Article: “Single-Factor Models” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/single-factor-models
– Video: “Single-Factor Models Explained” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Multi-Factor Models
– Book: “Asset Management” by Andrew Ang (Chapter 6)
– Article: “Multi-Factor Models” by BlackRock - https://www.blackrock.com/us/individual/literature/whitepaper/b
factor-investing-us-pe-en-whitepaper.pdf
– Video: “Multi-Factor Models” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor Tilting Strategies
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 10)
– Article: “Factor Tilting Strategies” by Research Affiliates - https://www.researchaffiliates.com/publications/article
factor-tilting-strategies
– Video: “Factor Tilting Explained” by The Plain Bagel - https://www.youtube.com/watch?v=D6j7NfqP0fU

Risk Parity and Alternative Approaches

• Risk Parity Fundamentals
– Book: “Risk Parity Fundamentals” by Edward E. Qian (Chapters 1-4)
– Article: “Risk Parity Fundamentals” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/Risk-Parity-Fundamentals
– Video: “Risk Parity Fundamentals” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Risk Budgeting
– Book: “Modern Investment Management: An Equilibrium Approach” by Bob Litterman (Chapter
10)
– Article: “Risk Budgeting” by PIMCO - https://www.pimco.com/en-us/insights/viewpoints/risk-
budgeting-and-diversification-based-on-optimization
– Video: “Risk Budgeting Explained” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Minimum Variance Portfolios
– Book: “Portfolio Optimization with Different Information Flow” by Ralf Korn and Paul Wilmott
(Chapter 3)
– Article: “Minimum Variance Portfolios” by Investopedia - https://www.investopedia.com/terms/m/minimum-
variance-portfolio.asp
– Video: “Minimum Variance Portfolios” by Finance Tube - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Maximum Diversification
– Book: “Quantitative Equity Portfolio Management” by Ludwig B. Chincarini and Daehwan Kim
(Chapter 8)
– Article: “Maximum Diversification” by TOBAM - https://www.tobam.fr/our-approach-
maximum-diversification/
– Video: “Maximum Diversification Strategy” by The Plain Bagel - https://www.youtube.com/watch?v=KHGu8o2D

Risk Management Frameworks

Risk Measurement
• Value at Risk (VaR)
– Book: “Value at Risk” by Philippe Jorion (Chapters 1-4)
– Article: “Value at Risk” by Risk.net - https://www.risk.net/definition/value-at-risk-var
– Video: “Value at Risk Explained” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Expected Shortfall

45
 – Book: “Financial Risk Forecasting” by Jon Danielsson (Chapter 8)
– Article: “Expected Shortfall” by Risk.net - https://www.risk.net/definition/expected-shortfall-es
– Video: “Expected Shortfall Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Stress Testing
– Book: “Stress Testing: Approaches, Methods and Applications” by Akhtar Siddique and Iftekhar
Hasan (Chapters 1-3)
– Article: “Stress Testing” by Federal Reserve - https://www.federalreserve.gov/supervisionreg/stress-
tests-capital-planning.htm
– Video: “Portfolio Stress Testing” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Scenario Analysis
– Book: “Scenario Analysis in Risk Management” by Bertrand K. Hassani (Chapters 1-4)
– Article: “Scenario Analysis” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/scenario-analysis
– Video: “Scenario Analysis in Risk Management” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz

Risk Attribution
• Factor-Based Risk Attribution
– Book: “Active Portfolio Management” by Richard C. Grinold and Ronald N. Kahn (Chapter 17)
– Article: “Factor-Based Risk Attribution” by MSCI - https://www.msci.com/documents/10199/125523/MSCI_Bar
– Video: “Factor-Based Risk Attribution” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Returns-Based Style Analysis
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 13)
– Article: “Returns-Based Style Analysis” by Morningstar - https://www.morningstar.com/articles/347327/returns-
based-style-analysis
– Video: “Returns-Based Style Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Holdings-Based Risk Analysis
– Book: “Modern Risk Management” by Sarah Cheriton and Benjamin J. Mazzotta (Chapter 6)
– Article: “Holdings-Based Risk Analysis” by CFA Institute - https://www.cfainstitute.org/en/membership/professio
development/refresher-readings/holdings-based-risk-analysis
– Video: “Holdings-Based Risk Analysis” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Contribution to Risk
– Book: “Risk Budgeting” by Leslie Rahl (Chapter 4)
– Article: “Contribution to Risk” by Risk.net - https://www.risk.net/definition/contribution-risk
– Video: “Contribution to Risk Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Risk Control Techniques

• Position Sizing
– Book: “Trade Your Way to Financial Freedom” by Van K. Tharp (Chapters 6-8)
– Article: “Position Sizing” by Investopedia - https://www.investopedia.com/terms/p/positionsizing.asp
– Video: “Position Sizing Explained” by Chat With Traders - https://www.youtube.com/watch?v=92WaNz9mPiU
• Stop-Loss Strategies
– Book: “Encyclopedia of Trading Strategies” by Jeffrey Owen Katz and Donna L. McCormick
(Chapter 5)
– Article: “Stop-Loss Strategies” by Investopedia - https://www.investopedia.com/articles/stocks/09/use-
stop-loss.asp
– Video: “Stop-Loss Strategies” by The Chart Guys - https://www.youtube.com/watch?v=92WaNz9mPiU
• Rebalancing Techniques
– Book: “The Intelligent Asset Allocator” by William Bernstein (Chapter 8)
– Article: “Portfolio Rebalancing” by Vanguard - https://investor.vanguard.com/investor-resources-
education/article/portfolio-rebalancing
– Video: “Portfolio Rebalancing Explained” by Ben Felix - https://www.youtube.com/watch?v=vRMBCFmgKVY
• Tactical Asset Allocation

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 – Book: “Tactical Asset Allocation” by Mebane T. Faber (All chapters)
– Article: “Tactical Asset Allocation” by Investopedia - https://www.investopedia.com/terms/t/tacticalassetallocatio
– Video: “Tactical Asset Allocation” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Enterprise Risk Management

• Risk Governance
– Book: “Financial Enterprise Risk Management” by Paul Sweeting (Chapter 3)
– Article: “Risk Governance” by Risk.net - https://www.risk.net/definition/risk-governance
– Video: “Risk Governance Framework” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Risk Appetite Framework
– Book: “Implementing Enterprise Risk Management” by James Lam (Chapter 4)
– Article: “Risk Appetite Framework” by Financial Stability Board - https://www.fsb.org/wp-
content/uploads/r_131118.pdf
– Video: “Risk Appetite Framework” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Risk Culture
– Book: “Risk Culture” by Thomas Kaiser (All chapters)
– Article: “Risk Culture” by McKinsey & Company - https://www.mckinsey.com/business-
functions/risk/our-insights/transforming-risk-efficiency-and-effectiveness
– Video: “Risk Culture in Organizations” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Integrated Risk Management
– Book: “Enterprise Risk Management” by John Fraser, Betty Simkins, and Kristina Narvaez
(Chapters 1-4)
– Article: “Integrated Risk Management” by COSO - https://www.coso.org/Documents/COSO-
ERM-Executive-Summary.pdf
– Video: “Integrated Risk Management” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Asset Allocation Strategies

Strategic Asset Allocation
• Long-Term Asset Class Returns
– Book: “Stocks for the Long Run” by Jeremy J. Siegel (Chapters 5-8)
– Article: “Long-Term Asset Class Returns” by J.P. Morgan - https://am.jpmorgan.com/us/en/asset-
management/adv/insights/portfolio-insights/long-term-capital-market-assumptions/
– Video: “Long-Term Asset Class Returns” by Ben Felix - https://www.youtube.com/watch?v=zoXMZxe8crI
• Capital Market Assumptions
– Book: “Expected Returns” by Antti Ilmanen (Chapters 5-8)
– Article: “Capital Market Assumptions” by BlackRock - https://www.blackrock.com/institutions/en-
us/insights/charts/capital-market-assumptions
– Video: “Capital Market Assumptions” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Policy Portfolio Construction
– Book: “Asset Allocation: Balancing Financial Risk” by Roger C. Gibson (Chapters 6-9)
– Article: “Policy Portfolio Construction” by CFA Institute - https://www.cfainstitute.org/en/membership/professio
development/refresher-readings/policy-portfolio-construction
– Video: “Policy Portfolio Construction” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Liability-Driven Investing
– Book: “Liability-Driven Investment” by Shyam Venkat and Stephen Baird (Chapters 1-4)
– Article: “Liability-Driven Investing” by PIMCO - https://www.pimco.com/en-us/insights/viewpoints/liability-
driven-investing
– Video: “Liability-Driven Investing” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Tactical Asset Allocation

• Market Timing Strategies

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 – Book: “Dual Momentum Investing” by Gary Antonacci (Chapters 1-5)
– Article: “Market Timing Strategies” by Morningstar - https://www.morningstar.com/articles/770749/market-
timing-a-losing-game
– Video: “Market Timing Strategies” by Ben Felix - https://www.youtube.com/watch?v=w_aOERmUWdA
• Valuation-Based Approaches
– Book: “Valuation-Based Asset Allocation” by Thomas Maloney and Tobias J. Moskowitz (All
chapters)
– Article: “Valuation-Based Asset Allocation” by Research Affiliates - https://www.researchaffiliates.com/publication
valuation-based-asset-allocation
– Video: “Valuation-Based Asset Allocation” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mP
• Momentum-Based Approaches
– Book: “Quantitative Momentum” by Wesley Gray and Jack Vogel (Chapters 1-5)
– Article: “Momentum-Based Asset Allocation” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/Time-Series-Momentum
– Video: “Momentum-Based Asset Allocation” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mP
• Macro-Based Approaches
– Book: “Global Macro Trading” by Greg Gliner (Chapters 4-7)
– Article: “Macro-Based Asset Allocation” by J.P. Morgan - https://am.jpmorgan.com/us/en/asset-
management/adv/insights/portfolio-insights/macro-based-asset-allocation/
– Video: “Macro-Based Asset Allocation” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Dynamic Asset Allocation

• Constant Proportion Portfolio Insurance (CPPI)
– Book: “Dynamic Asset Allocation” by James Picerno (Chapter 5)
– Article: “Constant Proportion Portfolio Insurance” by Risk.net - https://www.risk.net/definition/constant-
proportion-portfolio-insurance-cppi
– Video: “CPPI Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Dynamic Risk Budgeting
– Book: “Risk Budgeting” by Leslie Rahl (Chapter 6)
– Article: “Dynamic Risk Budgeting” by PIMCO - https://www.pimco.com/en-us/insights/viewpoints/dynamic-
risk-budgeting
– Video: “Dynamic Risk Budgeting” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Regime-Based Asset Allocation
– Book: “Investing in the Age of Volatility” by Quincy Krosby (Chapters 1-4)
– Article: “Regime-Based Asset Allocation” by BlackRock - https://www.blackrock.com/us/individual/literature/wh
regime-based-asset-allocation-us-pe-en-whitepaper.pdf
– Video: “Regime-Based Asset Allocation” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Adaptive Asset Allocation
– Book: “Adaptive Asset Allocation” by Adam Butler, Michael Philbrick, and Rodrigo Gordillo
(All chapters)
– Article: “Adaptive Asset Allocation” by Research Affiliates - https://www.researchaffiliates.com/publications/artic
adaptive-asset-allocation
– Video: “Adaptive Asset Allocation” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Alternative Asset Allocation

• Endowment Model
– Book: “Pioneering Portfolio Management” by David F. Swensen (Chapters 1-5)
– Article: “Endowment Model” by Yale Investments Office - https://investments.yale.edu/
– Video: “Endowment Model Explained” by Ben Felix - https://www.youtube.com/watch?v=92WaNz9mPiU
• Risk Factor Allocation
– Book: “Risk Parity Fundamentals” by Edward E. Qian (Chapters 5-8)
– Article: “Risk Factor Allocation” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/Risk-Parity-How-We-Think-About-It

48
 – Video: “Risk Factor Allocation” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Core-Satellite Approach
– Book: “The ETF Book” by Richard A. Ferri (Chapter 14)
– Article: “Core-Satellite Approach” by Vanguard - https://advisors.vanguard.com/insights/article/coresatelliteappr
– Video: “Core-Satellite Approach” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Barbell Strategy
– Book: “Antifragile” by Nassim Nicholas Taleb (Chapter 13)
– Article: “Barbell Strategy” by Investopedia - https://www.investopedia.com/terms/b/barbell.asp
– Video: “Barbell Strategy Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU

Portfolio Construction Process

Investment Policy Statement
• Client Profiling
– Book: “Wealth Management” by Harold Evensky (Chapter 3)
– Article: “Client Profiling” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/client-profiling
– Video: “Client Profiling in Portfolio Management” by Finance Tube - https://www.youtube.com/watch?v=92WaNz
• Investment Objectives
– Book: “The Investment Answer” by Daniel C. Goldie and Gordon S. Murray (Chapter 2)
– Article: “Investment Objectives” by Investopedia - https://www.investopedia.com/terms/i/investmentobjective.asp
– Video: “Setting Investment Objectives” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Risk Tolerance Assessment
– Book: “Risk Profiling and Tolerance” by Bernd Scherer (All chapters)
– Article: “Risk Tolerance Assessment” by Morningstar - https://www.morningstar.com/articles/957116/how-
to-assess-your-risk-tolerance
– Video: “Risk Tolerance Assessment” by Ben Felix - https://www.youtube.com/watch?v=bavsRmXVLM8
• Constraints and Guidelines
– Book: “Managing Investment Portfolios” by John L. Maginn, Donald L. Tuttle, Jerald E. Pinto,
and Dennis W. McLeavey (Chapter 3)
– Article: “Investment Constraints” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/investment-constraints
– Video: “Investment Constraints and Guidelines” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9m

Portfolio Construction Methodology

• Top-Down vs. Bottom-Up Approaches
– Book: “Portfolio Construction and Analytics” by Frank J. Fabozzi, Sergio M. Focardi, and Petter
N. Kolm (Chapter 3)
– Article: “Top-Down vs. Bottom-Up Approaches” by Investopedia - https://www.investopedia.com/ask/answers/193
– Video: “Top-Down vs. Bottom-Up Portfolio Construction” by The Plain Bagel - https://www.youtube.com/watch?v
• Core-Satellite Portfolio Design
– Book: “All About Asset Allocation” by Richard A. Ferri (Chapter 12)
– Article: “Core-Satellite Portfolio Design” by Morningstar - https://www.morningstar.com/articles/957116/core-
satellite-portfolio-design
– Video: “Core-Satellite Portfolio Design” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Optimization-Based Construction
– Book: “Portfolio Optimization” by Michael J. Best and Robert R. Grauer (Chapters 1-4)
– Article: “Optimization-Based Construction” by CFA Institute - https://www.cfainstitute.org/en/membership/prof
development/refresher-readings/portfolio-optimization
– Video: “Optimization-Based Portfolio Construction” by The Plain Bagel - https://www.youtube.com/watch?v=92W
• Heuristic-Based Construction
– Book: “The Intelligent Asset Allocator” by William Bernstein (Chapter 9)

49
 – Article: “Heuristic-Based Construction” by Research Affiliates - https://www.researchaffiliates.com/publications/a
heuristic-based-construction
– Video: “Heuristic-Based Portfolio Construction” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9

Security Selection Integration

• Fundamental Analysis Integration
– Book: “Security Analysis” by Benjamin Graham and David Dodd (Modern edition, Chapter on
Portfolio Management)
– Article: “Fundamental Analysis Integration” by CFA Institute - https://www.cfainstitute.org/en/membership/prof
development/refresher-readings/fundamental-analysis-integration
– Video: “Integrating Fundamental Analysis in Portfolios” by The Plain Bagel - https://www.youtube.com/watch?v=
• Quantitative Screening
– Book: “Quantitative Value” by Wesley Gray and Tobias Carlisle (Chapters 8-10)
– Article: “Quantitative Screening” by Investopedia - https://www.investopedia.com/terms/q/quantitativeanalysis.a
– Video: “Quantitative Screening for Portfolios” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mP
• Technical Analysis Integration
– Book: “Technical Analysis Applications in the Global Currency Markets” by Cornelius Luca
(Chapter 10)
– Article: “Technical Analysis Integration” by StockCharts.com - https://school.stockcharts.com/doku.php?id=tradi
– Video: “Integrating Technical Analysis in Portfolios” by The Chart Guys - https://www.youtube.com/watch?v=92W
• ESG Integration
– Book: “ESG Investing” by Jeroen Bos (Chapters 1-4)
– Article: “ESG Integration” by CFA Institute - https://www.cfainstitute.org/en/research/esg-
investing
– Video: “ESG Integration in Portfolio Construction” by Ben Felix - https://www.youtube.com/watch?v=92WaNz9m

Implementation and Execution

• Trading Cost Analysis
– Book: “Trading and Exchanges” by Larry Harris (Chapter 19)
– Article: “Trading Cost Analysis” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/trading-cost-analysis
– Video: “Trading Cost Analysis” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Execution Strategies
– Book: “Algorithmic Trading” by Ernie Chan (Chapter 3)
– Article: “Execution Strategies” by Investopedia - https://www.investopedia.com/terms/e/execution.asp
– Video: “Execution Strategies for Portfolio Managers” by The Plain Bagel - https://www.youtube.com/watch?v=92W
• Transition Management
– Book: “Transition Management” by Wayne H. Wagner and Mark Edwards (All chapters)
– Article: “Transition Management” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/transition-management
– Video: “Transition Management in Portfolios” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mP
• Cash Management
– Book: “Treasury Management” by Steven M. Bragg (Chapters 1-4)
– Article: “Cash Management” by Investopedia - https://www.investopedia.com/terms/c/cash-
management.asp
– Video: “Cash Management in Portfolios” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Performance Measurement
Return Calculation Methods
• Time-Weighted Returns
– Book: “Investment Performance Measurement” by Bruce J. Feibel (Chapter 3)

50
 – Article: “Time-Weighted Returns” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/time-weighted-returns
– Video: “Time-Weighted Returns Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPi
• Money-Weighted Returns
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 4)
– Article: “Money-Weighted Returns” by Investopedia - https://www.investopedia.com/terms/m/money-
weighted-return.asp
– Video: “Money-Weighted Returns Explained” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9m
• Modified Dietz Method
– Book: “Investment Performance Measurement” by Bruce J. Feibel (Chapter 4)
– Article: “Modified Dietz Method” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/modified-dietz-method
– Video: “Modified Dietz Method Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Linked Returns
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 5)
– Article: “Linked Returns” by Investopedia - https://www.investopedia.com/terms/l/linked-
return.asp
– Video: “Linked Returns Calculation” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU

Risk-Adjusted Performance Measures

• Sharpe Ratio
– Book: “The Sharpe Ratio” by William F. Sharpe (Original paper and commentary)
– Article: “Sharpe Ratio” by Investopedia - https://www.investopedia.com/terms/s/sharperatio.asp
– Video: “Sharpe Ratio Explained” by Ben Felix - https://www.youtube.com/watch?v=KHGu8o2DiYA
• Treynor Ratio
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 9)
– Article: “Treynor Ratio” by Investopedia - https://www.investopedia.com/terms/t/treynorratio.asp
– Video: “Treynor Ratio Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Information Ratio
– Book: “Active Portfolio Management” by Richard C. Grinold and Ronald N. Kahn (Chapter 14)
– Article: “Information Ratio” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/information-ratio
– Video: “Information Ratio Explained” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Jensen’s Alpha
– Book: “Investment Performance Measurement” by Bruce J. Feibel (Chapter 8)
– Article: “Jensen’s Alpha” by Investopedia - https://www.investopedia.com/terms/j/jensensmeasure.asp
– Video: “Jensen’s Alpha Explained” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU

Performance Attribution
• Brinson Model
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 11)
– Article: “Brinson Model” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/brinson-model
– Video: “Brinson Model Explained” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Factor-Based Attribution
– Book: “Active Portfolio Management” by Richard C. Grinold and Ronald N. Kahn (Chapter 16)
– Article: “Factor-Based Attribution” by MSCI - https://www.msci.com/documents/10199/125523/MSCI_Barra_R
– Video: “Factor-Based Attribution” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Fixed Income Attribution

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 – Book: “Fixed Income Attribution” by Andrew Colin (All chapters)
– Article: “Fixed Income Attribution” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/fixed-income-attribution
– Video: “Fixed Income Attribution” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Multi-Period Attribution
– Book: “Performance Attribution: History and Progress” by Carl Bacon (Chapter 5)
– Article: “Multi-Period Attribution” by Journal of Performance Measurement - https://spauldinggrp.com/the-
journal-of-performance-measurement/
– Video: “Multi-Period Attribution” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU

Benchmark Selection and Analysis

• Benchmark Properties
– Book: “Investment Performance Measurement” by Bruce J. Feibel (Chapter 6)
– Article: “Benchmark Properties” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/benchmark-properties
– Video: “Benchmark Properties” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Custom Benchmark Construction
– Book: “Portfolio Performance Measurement and Benchmarking” by Jon A. Christopherson, David
R. Carino, and Wayne E. Ferson (Chapter 7)
– Article: “Custom Benchmark Construction” by MSCI - https://www.msci.com/documents/10199/125523/MSCI_C
– Video: “Custom Benchmark Construction” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU
• Benchmark Bias and Errors
– Book: “Benchmarks and Investment Management” by Laurence B. Siegel (Chapter 4)
– Article: “Benchmark Bias and Errors” by CFA Institute - https://www.cfainstitute.org/en/membership/professiona
development/refresher-readings/benchmark-bias-errors
– Video: “Benchmark Bias and Errors” by The Plain Bagel - https://www.youtube.com/watch?v=92WaNz9mPiU
• Peer Group Analysis
– Book: “Investment Performance Measurement” by Bruce J. Feibel (Chapter 7)
– Article: “Peer Group Analysis” by Morningstar - https://www.morningstar.com/articles/957116/peer-
group-analysis
– Video: “Peer Group Analysis” by Finance Tube - https://www.youtube.com/watch?v=92WaNz9mPiU

Learning Resources
Essential Books
• “Portfolio Selection: Efficient Diversification of Investments” by Harry Markowitz
• “Value at Risk” by Philippe Jorion
• “Asset Allocation: Balancing Financial Risk” by Roger C. Gibson
• “Investment Performance Measurement” by Bruce J. Feibel
• “Risk Parity Fundamentals” by Edward E. Qian

Academic Resources
• “Journal of Portfolio Management”
• “Journal of Investment Management”
• “Financial Analysts Journal”
• “Journal of Risk”
• “Journal of Performance Measurement”

Online Courses
• “Portfolio Construction and Risk Management” by University of Geneva (Coursera)
• “Investment Management” by University of Geneva (Coursera)

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 • “Risk Management” by EDHEC Business School (Coursera)
• “Advanced Portfolio Construction and Analysis with Python” by EDHEC Business School (Coursera)
• “Investment and Portfolio Management” by Rice University (Coursera)

Periodicals and Websites

• Risk.net
• Institutional Investor
• Morningstar
• MSCI Research
• Research Affiliates # Stage 6: Trading Strategies and Execution

Fundamental Trading Strategies

Value Investing
• Value Investing Principles
– Book: “The Intelligent Investor” by Benjamin Graham (Chapters 8-15)
– Article: “Value Investing: From Graham to Buffett and Beyond” by Bruce Greenwald -
https://www8.gsb.columbia.edu/articles/columbia-business/value-investing-graham-buffett-and-
beyond
– Video: “Value Investing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=nGQfPk1VvGA
• Margin of Safety
– Book: “Margin of Safety” by Seth A. Klarman (Chapters 1-3)
– Article: “The Margin of Safety Principle” by Investopedia - https://www.investopedia.com/terms/m/marginofsafet
– Video: “Margin of Safety Explained” by Preston Pysh - https://www.youtube.com/watch?v=1QaoXs0NJtQ
• Contrarian Investing
– Book: “Contrarian Investment Strategies” by David Dreman (Chapters 1-5)
– Article: “Contrarian Investing” by Morningstar - https://www.morningstar.com/articles/957116/the-
contrarian-way-to-invest
– Video: “Contrarian Investing Strategy” by Sven Carlin - https://www.youtube.com/watch?v=jKWbW7Wgm0w
• Deep Value Strategies
– Book: “Deep Value” by Tobias Carlisle (Chapters 1-4)
– Article: “Deep Value Investing” by Acquirer’s Multiple - https://acquirersmultiple.com/2020/02/deep-
value-investing-the-arbitrage-of-patience/
– Video: “Deep Value Investing” by Tobias Carlisle - https://www.youtube.com/watch?v=2CGJLKVWQtY

Growth Investing
• Growth Investing Principles
– Book: “Common Stocks and Uncommon Profits” by Philip A. Fisher (Chapters 1-5)
– Article: “Growth Investing” by Investopedia - https://www.investopedia.com/terms/g/growthinvesting.asp
– Video: “Growth Investing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=gwHFQoDXhU4
• GARP (Growth at a Reasonable Price)
– Book: “The Little Book That Builds Wealth” by Pat Dorsey (Chapters 1-4)
– Article: “GARP Investing” by Investopedia - https://www.investopedia.com/terms/g/garp.asp
– Video: “GARP Investing Strategy” by Finance Tube - https://www.youtube.com/watch?v=gwHFQoDXhU4
• Momentum Growth
– Book: “Stocks on the Move” by Andreas Clenow (Chapters 1-5)
– Article: “Momentum Growth” by CFA Institute - https://www.cfainstitute.org/en/research/financial-
analysts-journal/2017/momentum-investing-and-growth-stocks
– Video: “Momentum Growth Strategy” by Chat With Traders - https://www.youtube.com/watch?v=gwHFQoDXhU
• Disruptive Innovation Investing
– Book: “The Innovator’s Dilemma” by Clayton M. Christensen (Chapters 1-5)

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 – Article: “Disruptive Innovation Investing” by ARK Invest - https://ark-invest.com/strategy/disruptive-
innovation/
– Video: “Disruptive Innovation Investing” by Cathie Wood - https://www.youtube.com/watch?v=gwHFQoDXhU4

Income Investing
• Dividend Growth Investing
– Book: “The Ultimate Dividend Playbook” by Josh Peters (Chapters 1-5)
– Article: “Dividend Growth Investing” by Sure Dividend - https://www.suredividend.com/dividend-
growth-investing/
– Video: “Dividend Growth Investing” by Joseph Carlson - https://www.youtube.com/watch?v=8LkT2NFWRX0
• High-Yield Strategies
– Book: “High Returns from Low Risk” by Pim van Vliet and Jan de Koning (Chapters 1-4)
– Article: “High-Yield Investing” by Investopedia - https://www.investopedia.com/terms/h/high_yield_investing.as
– Video: “High-Yield Investing Strategies” by The Plain Bagel - https://www.youtube.com/watch?v=8LkT2NFWRX
• Fixed Income Strategies
– Book: “The Bond Book” by Annette Thau (Chapters 10-15)
– Article: “Fixed Income Strategies” by PIMCO - https://www.pimco.com/en-us/investments/fixed-
income
– Video: “Fixed Income Investing Strategies” by Finance Tube - https://www.youtube.com/watch?v=8LkT2NFWRX
• REIT Investing
– Book: “Investing in REITs” by Ralph L. Block (Chapters 1-5)
– Article: “REIT Investing” by Nareit - https://www.reit.com/investing
– Video: “REIT Investing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=8LkT2NFWRX0

Quality Investing
• Quality Factor Definition
– Book: “Quality Investing” by Lawrence A. Cunningham, Torkell T. Eide, and Patrick Hargreaves
(Chapters 1-3)
– Article: “Quality Factor” by MSCI - https://www.msci.com/documents/10199/3a2942e5-9e8a-
4824-8e93-f7b89492b9d1
– Video: “Quality Factor Explained” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Financial Quality Metrics
– Book: “Financial Statement Analysis” by Martin Fridson and Fernando Alvarez (Chapter 8)
– Article: “Financial Quality Metrics” by Morningstar - https://www.morningstar.com/articles/957116/financial-
quality-metrics
– Video: “Financial Quality Metrics” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Competitive Advantage Analysis
– Book: “Competitive Strategy” by Michael E. Porter (Chapters 1-3)
– Article: “Competitive Advantage Analysis” by Harvard Business Review - https://hbr.org/2008/01/the-
five-competitive-forces-that-shape-strategy
– Video: “Competitive Advantage Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Quality at a Reasonable Price (QARP)
– Book: “The Little Book That Builds Wealth” by Pat Dorsey (Chapters 5-8)
– Article: “Quality at a Reasonable Price” by Investopedia - https://www.investopedia.com/terms/q/quality-
at-a-reasonable-price-qarp.asp
– Video: “QARP Investing” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Technical Trading Strategies

Trend Following
• Moving Average Strategies
– Book: “Trend Following” by Michael Covel (Chapters 5-8)

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 – Article: “Moving Average Strategies” by StockCharts.com - https://school.stockcharts.com/doku.php?id=technical
– Video: “Moving Average Trading Strategies” by Rayner Teo - https://www.youtube.com/watch?v=JBmP_YOADt
• Breakout Trading
– Book: “Trading Price Action Trends” by Al Brooks (Chapters 1-5)
– Article: “Breakout Trading” by Investopedia - https://www.investopedia.com/articles/trading/08/trading-
breakouts.asp
– Video: “Breakout Trading Strategy” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Channel Trading
– Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 5)
– Article: “Channel Trading” by DailyFX - https://www.dailyfx.com/education/technical-analysis-
tools/channel-trading.html
– Video: “Channel Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=NhFlqFVBmxc
• Trend Confirmation Indicators
– Book: “Technical Analysis Using Multiple Timeframes” by Brian Shannon (Chapter 5)
– Article: “Trend Confirmation Indicators” by Investopedia - https://www.investopedia.com/articles/technical/03/06
– Video: “Trend Confirmation Indicators” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk

Mean Reversion
• Oscillator-Based Strategies
– Book: “Technical Analysis of the Financial Markets” by John J. Murphy (Chapter 10)
– Article: “Oscillator-Based Strategies” by StockCharts.com - https://school.stockcharts.com/doku.php?id=technica
– Video: “Oscillator Trading Strategies” by Trading Rush - https://www.youtube.com/watch?v=GYsQQ2oKti4
• Bollinger Band Strategies
– Book: “Bollinger on Bollinger Bands” by John Bollinger (Chapters 1-5)
– Article: “Bollinger Band Strategies” by Investopedia - https://www.investopedia.com/trading/using-
bollinger-bands-to-gauge-trends/
– Video: “Bollinger Band Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Statistical Arbitrage
– Book: “Inside the Black Box” by Rishi K. Narang (Chapter 7)
– Article: “Statistical Arbitrage” by Investopedia - https://www.investopedia.com/terms/s/statisticalarbitrage.asp
– Video: “Statistical Arbitrage Explained” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Pairs Trading
– Book: “Pairs Trading” by Ganapathy Vidyamurthy (Chapters 1-4)
– Article: “Pairs Trading” by Investopedia - https://www.investopedia.com/terms/p/pairstrade.asp
– Video: “Pairs Trading Strategy” by Chat With Traders - https://www.youtube.com/watch?v=QSMbk2nLTBk

Pattern Recognition
• Chart Pattern Strategies
– Book: “Encyclopedia of Chart Patterns” by Thomas N. Bulkowski (Chapters 1-5)
– Article: “Chart Pattern Strategies” by StockCharts.com - https://school.stockcharts.com/doku.php?id=chart_ana
– Video: “Chart Pattern Trading Strategy” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTB
• Candlestick Pattern Trading
– Book: “Japanese Candlestick Charting Techniques” by Steve Nison (Chapters 4-10)
– Article: “Candlestick Pattern Trading” by Investopedia - https://www.investopedia.com/trading/candlestick-
charting-what-is-it/
– Video: “Candlestick Pattern Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=QSfDCWmO
• Harmonic Patterns
– Book: “Harmonic Trading: Volume One” by Scott Carney (Chapters 4-8)
– Article: “Harmonic Patterns” by Investopedia - https://www.investopedia.com/articles/forex/11/harmonic-
patterns-trading.asp
– Video: “Harmonic Patterns Trading Strategy” by The Chart Guys - https://www.youtube.com/watch?v=YhjiKXO
• Fibonacci Trading
– Book: “Fibonacci Trading” by Carolyn Boroden (Chapters 5-10)

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 – Article: “Fibonacci Trading” by Investopedia - https://www.investopedia.com/terms/f/fibonaccilines.asp
– Video: “Fibonacci Trading Strategy” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTBk

Volatility-Based Strategies
• VIX Trading
– Book: “Trading VIX Derivatives” by Russell Rhoads (Chapters 4-8)
– Article: “VIX Trading” by CBOE - https://www.cboe.com/tradable_products/vix/
– Video: “VIX Trading Strategies” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTBk
• ATR-Based Position Sizing
– Book: “Trade Your Way to Financial Freedom” by Van K. Tharp (Chapter 7)
– Article: “ATR-Based Position Sizing” by Investopedia - https://www.investopedia.com/articles/trading/08/atr-
stop-loss.asp
– Video: “ATR Position Sizing” by Rayner Teo - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Volatility Breakout Systems
– Book: “New Trading Systems and Methods” by Perry J. Kaufman (Chapter 15)
– Article: “Volatility Breakout Systems” by Investopedia - https://www.investopedia.com/articles/trading/08/volatil
breakout.asp
– Video: “Volatility Breakout Trading” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Volatility Surface Trading
– Book: “Trading Volatility” by Colin Bennett (Chapters 1-5)
– Article: “Volatility Surface Trading” by Risk.net - https://www.risk.net/definition/volatility-
surface
– Video: “Volatility Surface Trading” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTBk

Quantitative Trading Strategies

Statistical Arbitrage
• Pairs Trading Implementation
– Book: “Algorithmic Trading” by Ernie Chan (Chapter 2)
– Article: “Pairs Trading Implementation” by Quantopian - https://blog.quantopian.com/a-
professional-quant-equity-workflow/
– Video: “Pairs Trading Implementation” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Cointegration Analysis
– Book: “Pairs Trading” by Ganapathy Vidyamurthy (Chapters 5-8)
– Article: “Cointegration Analysis” by Investopedia - https://www.investopedia.com/terms/c/cointegration.asp
– Video: “Cointegration Analysis for Trading” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTB
• Mean Reversion Models
– Book: “Algorithmic Trading: Winning Strategies and Their Rationale” by Ernie Chan (Chapter
3)
– Article: “Mean Reversion Models” by QuantStart - https://www.quantstart.com/articles/Mean-
Reversion-Trading-Strategies/
– Video: “Mean Reversion Models” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Relative Value Arbitrage
– Book: “Inside the Black Box” by Rishi K. Narang (Chapter 8)
– Article: “Relative Value Arbitrage” by Investopedia - https://www.investopedia.com/terms/r/relativevalue.asp
– Video: “Relative Value Arbitrage” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Factor-Based Strategies
• Smart Beta Implementation
– Book: “Factor Investing and Asset Allocation” by Roger G. Ibbotson, et al. (Chapters 1-5)
– Article: “Smart Beta Implementation” by BlackRock - https://www.blackrock.com/us/individual/literature/whitep
smart-beta-guide-us-pe-en-whitepaper.pdf

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 – Video: “Smart Beta Implementation” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Multi-Factor Models
– Book: “Your Complete Guide to Factor-Based Investing” by Andrew L. Berkin and Larry E.
Swedroe (Chapters 8-12)
– Article: “Multi-Factor Models” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/How-Do-Factor-Premia-Vary-Over-Time-A-Century-of-Evidence
– Video: “Multi-Factor Models” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Factor Timing
– Book: “Expected Returns” by Antti Ilmanen (Chapter 12)
– Article: “Factor Timing” by Research Affiliates - https://www.researchaffiliates.com/publications/articles/541-
factor-timing
– Video: “Factor Timing” by Ben Felix - https://www.youtube.com/watch?v=D6j7NfqP0fU
• Alternative Risk Premia
– Book: “Alternative Risk Premia” by Harald Lohre, et al. (All chapters)
– Article: “Alternative Risk Premia” by AQR - https://www.aqr.com/Insights/Research/White-
Papers/Alternative-Thinking-Understanding-Alternative-Risk-Premia
– Video: “Alternative Risk Premia” by Finance Tube - https://www.youtube.com/watch?v=D6j7NfqP0fU

Machine Learning Strategies

• Supervised Learning Applications
– Book: “Advances in Financial Machine Learning” by Marcos Lopez de Prado (Chapters 1-5)
– Article: “Supervised Learning Applications” by Journal of Financial Data Science -
https://jfds.pm-research.com/content/early/2019/04/30/jfds.2019.1.023
– Video: “Supervised Learning in Finance” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Unsupervised Learning Applications
– Book: “Machine Learning for Asset Managers” by Marcos Lopez de Prado (Chapters 1-4)
– Article: “Unsupervised Learning Applications” by Journal of Financial Data Science -
https://jfds.pm-research.com/content/early/2019/04/30/jfds.2019.1.024
– Video: “Unsupervised Learning in Finance” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTB
• Reinforcement Learning
– Book: “Reinforcement Learning” by Richard S. Sutton and Andrew G. Barto (Chapters 1-5)
– Article: “Reinforcement Learning in Finance” by Journal of Financial Data Science -
https://jfds.pm-research.com/content/early/2019/04/30/jfds.2019.1.025
– Video: “Reinforcement Learning in Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Natural Language Processing
– Book: “Natural Language Processing for Financial Markets” by James Sanger (All chapters)
– Article: “NLP in Finance” by Journal of Financial Data Science - https://jfds.pm-
research.com/content/early/2019/04/30/jfds.2019.1.026
– Video: “NLP in Financial Markets” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Algorithmic Strategy Development

• Alpha Factor Research
– Book: “Finding Alphas” by Igor Tulchinsky (Chapters 1-5)
– Article: “Alpha Factor Research” by WorldQuant - https://www.worldquant.com/brain/
– Video: “Alpha Factor Research” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Strategy Backtesting
– Book: “Quantitative Trading” by Ernie Chan (Chapter 3)
– Article: “Strategy Backtesting” by QuantStart - https://www.quantstart.com/articles/Successful-
Backtesting-of-Algorithmic-Trading-Strategies-Part-I/
– Video: “Strategy Backtesting” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Walk-Forward Analysis
– Book: “Building Winning Algorithmic Trading Systems” by Kevin J. Davey (Chapter 7)

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 – Article: “Walk-Forward Analysis” by Investopedia - https://www.investopedia.com/terms/w/walk-
forward-analysis.asp
– Video: “Walk-Forward Analysis” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Monte Carlo Simulation
– Book: “Monte Carlo Simulation and Resampling Methods for Social Science” by Thomas M.
Carsey and Jeffrey J. Harden (Chapters 1-3)
– Article: “Monte Carlo Simulation” by Investopedia - https://www.investopedia.com/terms/m/montecarlosimulatio
– Video: “Monte Carlo Simulation in Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk

Execution Strategies
Market Microstructure
• Order Book Dynamics
– Book: “Trading and Exchanges” by Larry Harris (Chapters 4-6)
– Article: “Order Book Dynamics” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/order-book-dynamics
– Video: “Order Book Dynamics” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Market Making
– Book: “High-Frequency Trading” by Irene Aldridge (Chapter 8)
– Article: “Market Making” by Investopedia - https://www.investopedia.com/terms/m/marketmaker.asp
– Video: “Market Making Strategies” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Liquidity Analysis
– Book: “Market Liquidity: Theory, Evidence, and Policy” by Thierry Foucault, Marco Pagano,
and Ailsa Röell (Chapters 1-3)
– Article: “Liquidity Analysis” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/liquidity-analysis
– Video: “Liquidity Analysis” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• High-Frequency Trading
– Book: “Flash Boys” by Michael Lewis (All chapters)
– Article: “High-Frequency Trading” by Investopedia - https://www.investopedia.com/terms/h/high-
frequency-trading.asp
– Video: “High-Frequency Trading Explained” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTB

Order Types and Execution

• Market vs. Limit Orders
– Book: “Electronic and Algorithmic Trading Technology” by Kendall Kim (Chapter 3)
– Article: “Market vs. Limit Orders” by Investopedia - https://www.investopedia.com/ask/answers/100314/whats-
difference-between-market-order-and-limit-order.asp
– Video: “Market vs. Limit Orders” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Stop Orders and Conditional Orders
– Book: “Trading Systems and Methods” by Perry J. Kaufman (Chapter 5)
– Article: “Stop Orders and Conditional Orders” by Investopedia - https://www.investopedia.com/terms/s/stoporder
– Video: “Stop Orders and Conditional Orders” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2n
• Iceberg Orders
– Book: “Algorithmic Trading” by Ernie Chan (Chapter 8)
– Article: “Iceberg Orders” by Investopedia - https://www.investopedia.com/terms/i/icebergorder.asp
– Video: “Iceberg Orders” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Time-Weighted Average Price (TWAP)
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 4)
– Article: “TWAP” by Investopedia - https://www.investopedia.com/terms/t/twap.asp
– Video: “TWAP Execution Strategy” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

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Algorithmic Execution
• Volume-Weighted Average Price (VWAP)
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 5)
– Article: “VWAP” by Investopedia - https://www.investopedia.com/terms/v/vwap.asp
– Video: “VWAP Execution Strategy” by The Chart Guys - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Implementation Shortfall
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 6)
– Article: “Implementation Shortfall” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/implementation-shortfall
– Video: “Implementation Shortfall” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Adaptive Algorithms
– Book: “Inside the Black Box” by Rishi K. Narang (Chapter 9)
– Article: “Adaptive Algorithms” by Investopedia - https://www.investopedia.com/terms/a/adaptive-
market-hypothesis.asp
– Video: “Adaptive Algorithms” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Smart Order Routing
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 7)
– Article: “Smart Order Routing” by Investopedia - https://www.investopedia.com/terms/s/smart-
order-routing.asp
– Video: “Smart Order Routing” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Transaction Cost Analysis

• Explicit Costs
– Book: “Trading Cost Analysis” by Wayne H. Wagner and Mark Edwards (Chapter 2)
– Article: “Explicit Costs” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/trading-cost-analysis
– Video: “Explicit Trading Costs” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Implicit Costs
– Book: “Trading Cost Analysis” by Wayne H. Wagner and Mark Edwards (Chapter 3)
– Article: “Implicit Costs” by Investopedia - https://www.investopedia.com/terms/i/implicitcost.asp
– Video: “Implicit Trading Costs” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Market Impact
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 3)
– Article: “Market Impact” by CFA Institute - https://www.cfainstitute.org/en/membership/professional-
development/refresher-readings/market-impact
– Video: “Market Impact” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Post-Trade Analysis
– Book: “Trading Cost Analysis” by Wayne H. Wagner and Mark Edwards (Chapter 5)
– Article: “Post-Trade Analysis” by Investopedia - https://www.investopedia.com/terms/p/posttrade.asp
– Video: “Post-Trade Analysis” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Derivatives Trading Strategies

Options Strategies
• Covered Calls and Protective Puts
– Book: “Options as a Strategic Investment” by Lawrence G. McMillan (Chapters 2-3)
– Article: “Covered Calls and Protective Puts” by Investopedia - https://www.investopedia.com/terms/c/coveredcall
– Video: “Covered Calls and Protective Puts” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTB
• Spreads and Combinations
– Book: “Options as a Strategic Investment” by Lawrence G. McMillan (Chapters 9-12)
– Article: “Spreads and Combinations” by CBOE - https://www.cboe.com/education/options-
strategies/

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 – Video: “Options Spreads and Combinations” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLT
• Volatility Trading
– Book: “Trading Volatility” by Colin Bennett (Chapters 6-10)
– Article: “Volatility Trading” by Investopedia - https://www.investopedia.com/articles/active-
trading/070213/tracking-volatility-how-vix-calculated.asp
– Video: “Volatility Trading Strategies” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Greeks Management
– Book: “Option Volatility and Pricing” by Sheldon Natenberg (Chapters 5-10)
– Article: “Greeks Management” by Investopedia - https://www.investopedia.com/terms/g/greeks.asp
– Video: “Options Greeks Management” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTBk

Futures Strategies
• Trend Following with Futures
– Book: “Trend Following” by Michael Covel (Chapters 9-12)
– Article: “Trend Following with Futures” by CME Group - https://www.cmegroup.com/education/courses/introduc
to-futures/trend-following-strategies.html
– Video: “Trend Following with Futures” by Chat With Traders - https://www.youtube.com/watch?v=QSMbk2nLTB
• Spread Trading
– Book: “Trading Spreads and Seasonals” by Joe Ross (All chapters)
– Article: “Spread Trading” by CME Group - https://www.cmegroup.com/education/courses/introduction-
to-futures/futures-spread-trading.html
– Video: “Futures Spread Trading” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Calendar Spreads
– Book: “Trading Commodity Futures with Classical Chart Patterns” by Peter L. Brandt (Chapter
8)
– Article: “Calendar Spreads” by Investopedia - https://www.investopedia.com/terms/c/calendarspread.asp
– Video: “Calendar Spreads” by Option Alpha - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Basis Trading
– Book: “The Handbook of Commodity Investing” by Frank J. Fabozzi, Roland Füss, and Dieter
G. Kaiser (Chapter 12)
– Article: “Basis Trading” by CME Group - https://www.cmegroup.com/education/courses/introduction-
to-futures/basis-trading.html
– Video: “Basis Trading” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk

Swaps and Structured Products

• Interest Rate Swaps
– Book: “Interest Rate Swaps and Their Derivatives” by Amir Sadr (Chapters 1-5)
– Article: “Interest Rate Swaps” by Investopedia - https://www.investopedia.com/terms/i/interestrateswap.asp
– Video: “Interest Rate Swaps” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Credit Default Swaps
– Book: “Credit Derivatives” by George Chacko, Anders Sjöman, Hideto Motohashi, and Vincent
Dessain (Chapters 1-4)
– Article: “Credit Default Swaps” by Investopedia - https://www.investopedia.com/terms/c/creditdefaultswap.asp
– Video: “Credit Default Swaps” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Equity Swaps
– Book: “Equity Derivatives” by Marcus Overhaus, Ana Bermudez, Hans Buehler, Andrew Ferraris,
Christopher Jordinson, and Aziz Lamnouar (Chapter 5)
– Article: “Equity Swaps” by Investopedia - https://www.investopedia.com/terms/e/equityswap.asp
– Video: “Equity Swaps” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Structured Notes
– Book: “Structured Products” by Brian P. Lancaster, Glenn M. Schultz, and Frank J. Fabozzi
(Chapters 1-4)
– Article: “Structured Notes” by Investopedia - https://www.investopedia.com/terms/s/structurednote.asp

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 – Video: “Structured Notes” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk

Arbitrage Strategies
• Convertible Arbitrage
– Book: “Convertible Arbitrage” by Nick P. Calamos (Chapters 1-5)
– Article: “Convertible Arbitrage” by Investopedia - https://www.investopedia.com/terms/c/convertiblearbitrage.asp
– Video: “Convertible Arbitrage” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Merger Arbitrage
– Book: “Merger Arbitrage” by Thomas Kirchner (Chapters 1-4)
– Article: “Merger Arbitrage” by Investopedia - https://www.investopedia.com/terms/m/mergerarbitrage.asp
– Video: “Merger Arbitrage” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Fixed Income Arbitrage
– Book: “Fixed Income Relative Value Analysis” by Doug Huggins and Christian Schaller (Chapters
1-5)
– Article: “Fixed Income Arbitrage” by Investopedia - https://www.investopedia.com/terms/f/fixedincomearbitrage.
– Video: “Fixed Income Arbitrage” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Index Arbitrage
– Book: “Inside the Black Box” by Rishi K. Narang (Chapter 10)
– Article: “Index Arbitrage” by Investopedia - https://www.investopedia.com/terms/i/indexarbitrage.asp
– Video: “Index Arbitrage” by The Plain Bagel - https://www.youtube.com/watch?v=QSMbk2nLTBk

Learning Resources
Essential Books
• “The Intelligent Investor” by Benjamin Graham
• “Trend Following” by Michael Covel
• “Options as a Strategic Investment” by Lawrence G. McMillan
• “Algorithmic Trading” by Ernie Chan
• “Trading and Exchanges” by Larry Harris

Academic Resources
• “Journal of Portfolio Management”
• “Journal of Trading”
• “Journal of Financial Markets”
• “Journal of Derivatives”
• “Journal of Financial Data Science”

Online Courses
• “Trading Strategies in Emerging Markets” by Yale University (Coursera)
• “Algorithmic Trading and Quantitative Strategies” by Indian Institute of Management Calcutta (Cours-
era)
• “Options Trading” by New York Institute of Finance (Coursera)
• “Algorithmic Trading” by QuantInsti
• “Technical Analysis” by Chart Learning Centre (Udemy)

Periodicals and Websites

• Seeking Alpha
• TradingView
• StockCharts.com
• Quantopian
• QuantStart # Stage 7: Quantitative Methods and Algorithmic Trading

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Statistical Methods in Finance
Descriptive Statistics in Finance
• Return Distributions: Normal vs. Non-normal
– Book: “Statistics and Data Analysis for Financial Engineering” by David Ruppert (Chapter 3)
– Article: “Return Distributions in Finance” by Investopedia - https://www.investopedia.com/articles/financial-
theory/11/calculating-covariance.asp
– Video: “Return Distributions in Finance” by QuantPy - https://www.youtube.com/watch?v=8zJfe-
XTIq4
• Central Tendency Measures: Mean, Median, Mode
– Book: “Analysis of Financial Time Series” by Ruey S. Tsay (Section 1.2)
– Article: “Central Tendency Measures in Finance” by Corporate Finance Institute -
https://corporatefinanceinstitute.com/resources/knowledge/other/central-tendency/
– Video: “Central Tendency Measures Explained” by StatQuest - https://www.youtube.com/watch?v=kn83BA7cRN
• Dispersion Measures: Standard Deviation, Variance
– Book: “Quantitative Risk Management” by Alexander J. McNeil et al. (Chapter 2)
– Article: “Dispersion Measures in Finance” by Investopedia - https://www.investopedia.com/terms/d/dispersion.asp
– Video: “Standard Deviation and Variance in Finance” by StatQuest - https://www.youtube.com/watch?v=E4HAYd
• Shape Measures: Skewness, Kurtosis
– Book: “Elements of Financial Risk Management” by Peter Christoffersen (Section 1.3)
– Article: “Skewness and Kurtosis in Finance” by Investopedia - https://www.investopedia.com/terms/s/skewness.as
– Video: “Skewness and Kurtosis Explained” by StatQuest - https://www.youtube.com/watch?v=TM33N3QX9BA

Time Series Analysis

• Stationarity and Unit Root Tests
– Book: “Analysis of Financial Time Series” by Ruey S. Tsay (Chapter 2)
– Article: “Stationarity and Unit Root Testing” by Duke University - https://people.duke.edu/~rnau/411diff.htm
– Video: “Stationarity and Unit Root Tests” by Ben Lambert - https://www.youtube.com/watch?v=5-
2C4eO4cPQ
• Autoregressive Models (AR, MA, ARMA, ARIMA)
– Book: “Time Series Analysis” by James D. Hamilton (Chapters 3-5)
– Article: “Autoregressive Models” by Investopedia - https://www.investopedia.com/terms/a/autoregressive.asp
– Video: “ARIMA Models Explained” by ritvikmath - https://www.youtube.com/watch?v=3UmyHed0iYE
• GARCH Models and Volatility Forecasting
– Book: “GARCH Models” by Christian Francq and Jean-Michel Zakoian (Chapters 1-4)
– Article: “GARCH Models” by Investopedia - https://www.investopedia.com/terms/g/garch.asp
– Video: “GARCH Models and Volatility Forecasting” by Ben Lambert - https://www.youtube.com/watch?v=EvI_F
• Cointegration and Error Correction Models
– Book: “Cointegration, Causality, and Forecasting” by Robert F. Engle and Halbert White (Chap-
ters 1-3)
– Article: “Cointegration” by Investopedia - https://www.investopedia.com/terms/c/cointegration.asp
– Video: “Cointegration and Error Correction Models” by Ben Lambert - https://www.youtube.com/watch?v=vvTK

Regression Analysis
• Simple and Multiple Linear Regression
– Book: “Econometrics” by Bruce E. Hansen (Chapter 2)
– Article: “Linear Regression in Finance” by Investopedia - https://www.investopedia.com/terms/r/regression.asp
– Video: “Linear Regression in Finance” by StatQuest - https://www.youtube.com/watch?v=PaFPbb66DxQ
• Logistic Regression
– Book: “Applied Logistic Regression” by David W. Hosmer and Stanley Lemeshow (Chapters 1-3)
– Article: “Logistic Regression in Finance” by Towards Data Science - https://towardsdatascience.com/logistic-
regression-in-finance-e9682ad65e8d
– Video: “Logistic Regression Explained” by StatQuest - https://www.youtube.com/watch?v=yIYKR4sgzI8

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 • Panel Data Analysis
– Book: “Econometric Analysis of Panel Data” by Badi H. Baltagi (Chapters 1-3)
– Article: “Panel Data Analysis” by Investopedia - https://www.investopedia.com/terms/p/panel-
data.asp
– Video: “Panel Data Analysis” by Ben Lambert - https://www.youtube.com/watch?v=NmM4pJ2oaOI
• Quantile Regression
– Book: “Quantile Regression” by Roger Koenker (Chapters 1-3)
– Article: “Quantile Regression” by Towards Data Science - https://towardsdatascience.com/quantile-
regression-from-linear-models-to-trees-to-deep-learning-af3738b527c3
– Video: “Quantile Regression Explained” by StatQuest - https://www.youtube.com/watch?v=BkSO7T_aiH8

Probability Theory
• Probability Distributions in Finance
– Book: “An Introduction to Statistical Learning” by Gareth James, Daniela Witten, Trevor Hastie,
and Robert Tibshirani (Chapter 2)
– Article: “Probability Distributions in Finance” by Investopedia - https://www.investopedia.com/articles/06/probab
– Video: “Probability Distributions in Finance” by StatQuest - https://www.youtube.com/watch?v=rzFX5NWojp0
• Conditional Probability and Bayes’ Theorem
– Book: “Probability Theory: The Logic of Science” by E.T. Jaynes (Chapters 1-3)
– Article: “Bayes’ Theorem in Finance” by Towards Data Science - https://towardsdatascience.com/bayes-
theorem-the-holy-grail-of-data-science-55d93315defb
– Video: “Bayes Theorem Explained” by 3Blue1Brown - https://www.youtube.com/watch?v=HZGCoVF3YvM
• Stochastic Processes
– Book: “Stochastic Calculus for Finance II” by Steven E. Shreve (Chapters 1-3)
– Article: “Stochastic Processes in Finance” by Investopedia - https://www.investopedia.com/terms/s/stochastic-
modeling.asp
– Video: “Stochastic Processes Explained” by MIT OpenCourseWare - https://www.youtube.com/watch?v=TuTmC
• Markov Chains
– Book: “Markov Chains” by J.R. Norris (Chapters 1-3)
– Article: “Markov Chains in Finance” by Towards Data Science - https://towardsdatascience.com/markov-
chains-in-finance-eb61c7a35a2d
– Video: “Markov Chains Explained” by 3Blue1Brown - https://www.youtube.com/watch?v=i3AkTO9HLXo

Machine Learning in Finance

Supervised Learning
• Linear Models (Lasso, Ridge, Elastic Net)
– Book: “The Elements of Statistical Learning” by Trevor Hastie, Robert Tibshirani, and Jerome
Friedman (Chapter 3)
– Article: “Regularization in Finance” by Towards Data Science - https://towardsdatascience.com/regularization-
in-machine-learning-76441ddcf99a
– Video: “Lasso, Ridge, and Elastic Net Regression” by StatQuest - https://www.youtube.com/watch?v=Xm2C_gTA
• Decision Trees and Random Forests
– Book: “Applied Predictive Modeling” by Max Kuhn and Kjell Johnson (Chapter 8)
– Article: “Random Forests in Finance” by Towards Data Science - https://towardsdatascience.com/random-
forests-in-finance-f7a384ae2d0
– Video: “Random Forests Explained” by StatQuest - https://www.youtube.com/watch?v=J4Wdy0Wc_xQ
• Support Vector Machines
– Book: “Support Vector Machines” by Bernhard Schölkopf and Alexander J. Smola (Chapters 1-3)
– Article: “SVM in Finance” by Towards Data Science - https://towardsdatascience.com/support-
vector-machines-svm-in-finance-c9a0c683e1e6
– Video: “Support Vector Machines Explained” by StatQuest - https://www.youtube.com/watch?v=efR1C6CvhmE
• Gradient Boosting Machines

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 – Book: “The Elements of Statistical Learning” by Trevor Hastie, Robert Tibshirani, and Jerome
Friedman (Chapter 10)
– Article: “Gradient Boosting in Finance” by Towards Data Science - https://towardsdatascience.com/gradient-
boosting-in-finance-f5a4cd1f1a75
– Video: “Gradient Boosting Explained” by StatQuest - https://www.youtube.com/watch?v=3CC4N4z3GJc

Unsupervised Learning
• Principal Component Analysis
– Book: “Principal Component Analysis” by I.T. Jolliffe (Chapters 1-3)
– Article: “PCA in Finance” by Towards Data Science - https://towardsdatascience.com/pca-in-
finance-dimensionality-reduction-in-portfolio-management-9d27d9cee8aa
– Video: “Principal Component Analysis Explained” by StatQuest - https://www.youtube.com/watch?v=FgakZw6K
• Clustering Algorithms (K-means, Hierarchical)
– Book: “Finding Groups in Data” by Leonard Kaufman and Peter J. Rousseeuw (Chapters 1-3)
– Article: “Clustering in Finance” by Towards Data Science - https://towardsdatascience.com/clustering-
algorithms-in-finance-dd6e2be8dad6
– Video: “K-means Clustering Explained” by StatQuest - https://www.youtube.com/watch?v=4b5d3muPQmA
• Dimensionality Reduction Techniques
– Book: “Feature Engineering for Machine Learning” by Alice Zheng and Amanda Casari (Chapter
5)
– Article: “Dimensionality Reduction in Finance” by Towards Data Science - https://towardsdatascience.com/dimens
reduction-for-machine-learning-80a46c2ebb7e
– Video: “Dimensionality Reduction Techniques” by StatQuest - https://www.youtube.com/watch?v=3uxOyk-
SczU
• Anomaly Detection
– Book: “Outlier Analysis” by Charu C. Aggarwal (Chapters 1-3)
– Article: “Anomaly Detection in Finance” by Towards Data Science - https://towardsdatascience.com/anomaly-
detection-in-finance-identifying-fraud-and-market-manipulation-f9e0f5e4861a
– Video: “Anomaly Detection Explained” by Krish Naik - https://www.youtube.com/watch?v=12Xq9OLdQwQ

Deep Learning
• Neural Networks Fundamentals
– Book: “Deep Learning” by Ian Goodfellow, Yoshua Bengio, and Aaron Courville (Chapters 1-4)
– Article: “Neural Networks in Finance” by Towards Data Science - https://towardsdatascience.com/neural-
networks-in-finance-e1b78a0240a5
– Video: “Neural Networks Explained” by 3Blue1Brown - https://www.youtube.com/watch?v=aircAruvnKk
• Recurrent Neural Networks (RNN, LSTM, GRU)
– Book: “Deep Learning” by Ian Goodfellow, Yoshua Bengio, and Aaron Courville (Chapter 10)
– Article: “RNNs in Finance” by Towards Data Science - https://towardsdatascience.com/recurrent-
neural-networks-in-finance-6c4f5a2850a9
– Video: “Recurrent Neural Networks Explained” by StatQuest - https://www.youtube.com/watch?v=AsNTP8Kwu8
• Convolutional Neural Networks
– Book: “Deep Learning” by Ian Goodfellow, Yoshua Bengio, and Aaron Courville (Chapter 9)
– Article: “CNNs in Finance” by Towards Data Science - https://towardsdatascience.com/convolutional-
neural-networks-in-finance-e1b78a0240a5
– Video: “Convolutional Neural Networks Explained” by 3Blue1Brown - https://www.youtube.com/watch?v=KuXjw
• Transformers and Attention Mechanisms
– Book: “Natural Language Processing with Transformers” by Lewis Tunstall, Leandro von Werra,
and Thomas Wolf (Chapters 1-3)
– Article: “Transformers in Finance” by Towards Data Science - https://towardsdatascience.com/transformers-
in-finance-e1b78a0240a5
– Video: “Transformers Explained” by Yannic Kilcher - https://www.youtube.com/watch?v=TQQlZhbC5ps

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Reinforcement Learning
• Markov Decision Processes
– Book: “Reinforcement Learning: An Introduction” by Richard S. Sutton and Andrew G. Barto
(Chapters 1-3)
– Article: “MDPs in Finance” by Towards Data Science - https://towardsdatascience.com/markov-
decision-processes-in-finance-e1b78a0240a5
– Video: “Markov Decision Processes Explained” by DeepMind - https://www.youtube.com/watch?v=lfHX2hHRMV
• Q-Learning and Deep Q-Networks
– Book: “Reinforcement Learning: An Introduction” by Richard S. Sutton and Andrew G. Barto
(Chapters 6-7)
– Article: “Q-Learning in Finance” by Towards Data Science - https://towardsdatascience.com/q-
learning-in-finance-e1b78a0240a5
– Video: “Q-Learning Explained” by DeepMind - https://www.youtube.com/watch?v=lfHX2hHRMVQ
• Policy Gradient Methods
– Book: “Reinforcement Learning: An Introduction” by Richard S. Sutton and Andrew G. Barto
(Chapter 13)
– Article: “Policy Gradient Methods in Finance” by Towards Data Science - https://towardsdatascience.com/policy-
gradient-methods-in-finance-e1b78a0240a5
– Video: “Policy Gradient Methods Explained” by DeepMind - https://www.youtube.com/watch?v=lfHX2hHRMVQ
• Multi-Agent Reinforcement Learning
– Book: “Multi-Agent Reinforcement Learning” by Stefano V. Albrecht, Peter Stone, and Michael
P. Wellman (All chapters)
– Article: “Multi-Agent RL in Finance” by Towards Data Science - https://towardsdatascience.com/multi-
agent-reinforcement-learning-in-finance-e1b78a0240a5
– Video: “Multi-Agent Reinforcement Learning” by DeepMind - https://www.youtube.com/watch?v=lfHX2hHRMV

Algorithmic Trading Systems

Trading System Architecture
• System Components and Design
– Book: “Building Algorithmic Trading Systems” by Kevin J. Davey (Chapters 1-3)
– Article: “Trading System Architecture” by QuantStart - https://www.quantstart.com/articles/Beginners-
Guide-to-Algorithmic-Trading-Architecture/
– Video: “Trading System Architecture” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Data Management and Processing
– Book: “Advances in Financial Machine Learning” by Marcos Lopez de Prado (Chapters 2-4)
– Article: “Data Management in Algorithmic Trading” by QuantStart - https://www.quantstart.com/articles/Securit
Master-Database-with-MySQL-and-Python/
– Video: “Data Management for Algorithmic Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2
• Order Management Systems
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapter 2)
– Article: “Order Management Systems” by Investopedia - https://www.investopedia.com/terms/o/oms.asp
– Video: “Order Management Systems Explained” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2n
• Risk Management Systems
– Book: “Algorithmic Trading” by Ernie Chan (Chapter 7)
– Article: “Risk Management Systems” by QuantStart - https://www.quantstart.com/articles/Risk-
Management-Systems-for-Algorithmic-Trading/
– Video: “Risk Management Systems for Algo Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk

Strategy Development Process

• Alpha Research
– Book: “Finding Alphas” by Igor Tulchinsky (Chapters 1-5)

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 – Article: “Alpha Research” by WorldQuant - https://www.worldquant.com/brain/
– Video: “Alpha Research Process” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Strategy Formulation
– Book: “Inside the Black Box” by Rishi K. Narang (Chapters 3-5)
– Article: “Strategy Formulation” by QuantStart - https://www.quantstart.com/articles/Strategy-
Formulation-for-Algorithmic-Trading/
– Video: “Strategy Formulation” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Backtesting Methodologies
– Book: “Quantitative Trading” by Ernie Chan (Chapter 3)
– Article: “Backtesting Methodologies” by QuantStart - https://www.quantstart.com/articles/Successful-
Backtesting-of-Algorithmic-Trading-Strategies-Part-I/
– Video: “Backtesting Methodologies” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Forward Testing and Paper Trading
– Book: “Building Winning Algorithmic Trading Systems” by Kevin J. Davey (Chapter 8)
– Article: “Forward Testing and Paper Trading” by Investopedia - https://www.investopedia.com/terms/p/papertrad
– Video: “Forward Testing and Paper Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk

Backtesting and Optimization

• Performance Metrics
– Book: “Quantitative Trading” by Ernie Chan (Chapter 4)
– Article: “Performance Metrics” by QuantStart - https://www.quantstart.com/articles/Sharpe-
Ratio-for-Algorithmic-Trading-Performance-Measurement/
– Video: “Performance Metrics for Algorithmic Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMb
• Overfitting and Data Mining Bias
– Book: “Advances in Financial Machine Learning” by Marcos Lopez de Prado (Chapter 7)
– Article: “Overfitting and Data Mining Bias” by QuantStart - https://www.quantstart.com/articles/The-
Dangers-of-Overfitting-in-Algorithmic-Trading/
– Video: “Avoiding Overfitting in Algorithmic Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk
• Walk-Forward Analysis
– Book: “Building Winning Algorithmic Trading Systems” by Kevin J. Davey (Chapter 7)
– Article: “Walk-Forward Analysis” by Investopedia - https://www.investopedia.com/terms/w/walk-
forward-analysis.asp
– Video: “Walk-Forward Analysis” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Monte Carlo Simulation
– Book: “Building Winning Algorithmic Trading Systems” by Kevin J. Davey (Chapter 9)
– Article: “Monte Carlo Simulation” by QuantStart - https://www.quantstart.com/articles/Monte-
Carlo-Simulation-for-Algorithmic-Trading/
– Video: “Monte Carlo Simulation in Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk

Execution and Deployment

• Execution Algorithms
– Book: “Algorithmic Trading and DMA” by Barry Johnson (Chapters 4-7)
– Article: “Execution Algorithms” by Investopedia - https://www.investopedia.com/terms/e/execution-
algorithm.asp
– Video: “Execution Algorithms” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Latency Management
– Book: “High-Frequency Trading” by Irene Aldridge (Chapter 9)
– Article: “Latency Management” by Investopedia - https://www.investopedia.com/terms/l/latency.asp
– Video: “Latency Management in Algorithmic Trading” by QuantInsti - https://www.youtube.com/watch?v=QSMb
• Colocation and Infrastructure
– Book: “High-Frequency Trading” by Irene Aldridge (Chapter 10)
– Article: “Colocation and Infrastructure” by Investopedia - https://www.investopedia.com/terms/c/co-
location.asp

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 – Video: “Colocation and Infrastructure” by Finance Tube - https://www.youtube.com/watch?v=QSMbk2nLTBk
• Monitoring and Maintenance
– Book: “Building Algorithmic Trading Systems” by Kevin J. Davey (Chapter 12)
– Article: “Monitoring and Maintenance” by QuantStart - https://www.quantstart.com/articles/Monitoring-
and-Maintenance-of-Algorithmic-Trading-Systems/
– Video: “Monitoring and Maintenance” by QuantInsti - https://www.youtube.com/watch?v=QSMbk2nLTBk

Natural Language Processing in Finance

Text Mining
• Document Preprocessing
– Book: “Natural Language Processing with Python” by Steven Bird, Ewan Klein, and Edward
Loper (Chapter 3)
– Article: “Document Preprocessing” by Towards Data Science - https://towardsdatascience.com/nlp-
for-beginners-cleaning-preprocessing-text-data-ae8e306bef0f
– Video: “Document Preprocessing for NLP” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Feature Extraction
– Book: “Text Mining with R” by Julia Silge and David Robinson (Chapter 4)
– Article: “Feature Extraction in NLP” by Towards Data Science - https://towardsdatascience.com/feature-
extraction-in-nlp-5df71e1fa46d
– Video: “Feature Extraction for NLP” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Topic Modeling
– Book: “Text Mining with R” by Julia Silge and David Robinson (Chapter 6)
– Article: “Topic Modeling in Finance” by Towards Data Science - https://towardsdatascience.com/topic-
modeling-in-finance-e1b78a0240a5
– Video: “Topic Modeling Explained” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Named Entity Recognition
– Book: “Speech and Language Processing” by Dan Jurafsky and James H. Martin (Chapter 17)
– Article: “Named Entity Recognition in Finance” by Towards Data Science - https://towardsdatascience.com/named
entity-recognition-in-finance-e1b78a0240a5
– Video: “Named Entity Recognition” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q

Sentiment Analysis
• Dictionary-Based Methods
– Book: “Text Analytics with Python” by Dipanjan Sarkar (Chapter 4)
– Article: “Dictionary-Based Sentiment Analysis” by Towards Data Science - https://towardsdatascience.com/sentim
analysis-with-python-part-1-5ce197074184
– Video: “Dictionary-Based Sentiment Analysis” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Machine Learning Approaches
– Book: “Text Analytics with Python” by Dipanjan Sarkar (Chapter 5)
– Article: “Machine Learning for Sentiment Analysis” by Towards Data Science - https://towardsdatascience.com/sen
analysis-with-python-part-2-4f71e7bde59a
– Video: “Machine Learning for Sentiment Analysis” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR
• Financial News Sentiment
– Book: “Sentiment Analysis in Financial News” by Bing Liu (All chapters)
– Article: “Financial News Sentiment” by RavenPack - https://www.ravenpack.com/research/
– Video: “Financial News Sentiment Analysis” by Finance Tube - https://www.youtube.com/watch?v=nxhCyeRR75
• Social Media Sentiment
– Book: “Social Media Mining” by Reza Zafarani, Mohammad Ali Abbasi, and Huan Liu (Chapters
9-10)
– Article: “Social Media Sentiment in Finance” by Towards Data Science - https://towardsdatascience.com/social-
media-sentiment-analysis-in-finance-e1b78a0240a5
– Video: “Social Media Sentiment Analysis” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q

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Language Models
• Word Embeddings (Word2Vec, GloVe)
– Book: “Natural Language Processing with PyTorch” by Delip Rao and Brian McMahan (Chapter
5)
– Article: “Word Embeddings in Finance” by Towards Data Science - https://towardsdatascience.com/word-
embeddings-in-finance-e1b78a0240a5
– Video: “Word Embeddings Explained” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Transformer Models (BERT, GPT)
– Book: “Natural Language Processing with Transformers” by Lewis Tunstall, Leandro von Werra,
and Thomas Wolf (Chapters 4-6)
– Article: “Transformers in Finance” by Towards Data Science - https://towardsdatascience.com/transformers-
in-finance-e1b78a0240a5
– Video: “Transformer Models Explained” by Yannic Kilcher - https://www.youtube.com/watch?v=TQQlZhbC5ps
• Financial Domain Adaptation
– Book: “Transfer Learning for Natural Language Processing” by Paul Azunre (Chapter 7)
– Article: “Financial Domain Adaptation” by Towards Data Science - https://towardsdatascience.com/domain-
adaptation-in-finance-e1b78a0240a5
– Video: “Domain Adaptation for NLP” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Question Answering Systems
– Book: “Natural Language Processing with Transformers” by Lewis Tunstall, Leandro von Werra,
and Thomas Wolf (Chapter 7)
– Article: “Question Answering Systems in Finance” by Towards Data Science - https://towardsdatascience.com/ques
answering-systems-in-finance-e1b78a0240a5
– Video: “Question Answering Systems” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q

Financial Text Applications

• Earnings Call Analysis
– Book: “Financial Text Analysis” by Sanjiv Das (Chapter 4)
– Article: “Earnings Call Analysis” by Towards Data Science - https://towardsdatascience.com/earnings-
call-analysis-e1b78a0240a5
– Video: “Earnings Call Analysis with NLP” by Finance Tube - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Regulatory Filing Analysis
– Book: “Financial Text Analysis” by Sanjiv Das (Chapter 5)
– Article: “Regulatory Filing Analysis” by Towards Data Science - https://towardsdatascience.com/regulatory-
filing-analysis-e1b78a0240a5
– Video: “Regulatory Filing Analysis with NLP” by Finance Tube - https://www.youtube.com/watch?v=nxhCyeRR7
• Financial News Summarization
– Book: “Text Summarization with Python” by Sujit Pal and Antonio Gulli (Chapter 6)
– Article: “Financial News Summarization” by Towards Data Science - https://towardsdatascience.com/financial-
news-summarization-e1b78a0240a5
– Video: “Financial News Summarization” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q
• Event Extraction
– Book: “Speech and Language Processing” by Dan Jurafsky and James H. Martin (Chapter 22)
– Article: “Event Extraction in Finance” by Towards Data Science - https://towardsdatascience.com/event-
extraction-in-finance-e1b78a0240a5
– Video: “Event Extraction from Text” by Krish Naik - https://www.youtube.com/watch?v=nxhCyeRR75Q

Learning Resources
Essential Books
• “Advances in Financial Machine Learning” by Marcos Lopez de Prado
• “Building Algorithmic Trading Systems” by Kevin J. Davey

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 • “The Elements of Statistical Learning” by Trevor Hastie, Robert Tibshirani, and Jerome Friedman
• “Analysis of Financial Time Series” by Ruey S. Tsay
• “Deep Learning” by Ian Goodfellow, Yoshua Bengio, and Aaron Courville

Academic Resources
• “Journal of Financial Data Science”
• “Journal of Machine Learning Research”
• “Computational Statistics & Data Analysis”
• “Quantitative Finance”
• “IEEE Transactions on Neural Networks and Learning Systems”

Online Courses
• “Machine Learning for Trading” by Georgia Tech (Coursera)
• “Practical Time Series Analysis” by State University of New York (Coursera)
• “Advanced Trading Algorithms” by New York Institute of Finance (Coursera)
• “Natural Language Processing” by Stanford University (Coursera)
• “Deep Learning for Trading” by QuantInsti

Periodicals and Websites

• arXiv (Quantitative Finance section)
• Towards Data Science
• QuantStart
• Quantopian
• Papers with Code (Finance section) # Stage 8: Global Markets and Alternative Investments

Global Equity Markets

Developed Markets
• North American Markets
– Book: “The Handbook of Global Equity Markets” by William T. Ziemba and John M. Mulvey
(Chapters on North America)
– Article: “North American Equity Markets” by Investopedia - https://www.investopedia.com/articles/investing/111
north-american-stock-exchanges.asp
– Video: “North American Stock Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HK
• European Markets
– Book: “European Equity Markets” by Gabriel Hawawini and Pierre Michel (Chapters 1-4)
– Article: “European Equity Markets” by Investopedia - https://www.investopedia.com/articles/investing/111115/ov
european-stock-exchanges.asp
– Video: “European Stock Markets Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_B
• Asia-Pacific Markets
– Book: “Asian Financial Markets” by Michael G. Plummer and Nobuaki Hamaguchi (Chapters
1-5)
– Article: “Asia-Pacific Equity Markets” by Investopedia - https://www.investopedia.com/articles/investing/111115/
asian-stock-exchanges.asp
– Video: “Asia-Pacific Stock Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqR
• Market Structure Differences
– Book: “Global Stock Markets” by Bruno Solnik and Dennis McLeavey (Chapter 3)
– Article: “Market Structure Differences” by CFA Institute - https://www.cfainstitute.org/en/membership/profession
development/refresher-readings/global-market-structures
– Video: “Global Market Structure Differences” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_

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Emerging Markets
• BRICS Nations
– Book: “The BRICS and Beyond” by Stephanie Black (Chapters 1-5)
– Article: “BRICS Equity Markets” by MSCI - https://www.msci.com/documents/10199/c0db0a48-
01f2-4ba9-ad01-226fd5678111
– Video: “BRICS Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Emerging Asia
– Book: “Emerging Markets in Asia” by Tomoo Kikuchi and Takehiko Nakao (Chapters 1-4)
– Article: “Emerging Asia Markets” by MSCI - https://www.msci.com/documents/10199/a67b0d43-
0289-4bce-8499-0c102eaa8399
– Video: “Emerging Asia Markets” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Latin American Markets
– Book: “Latin American Financial Markets” by Carlos Escudé and Bismarck Arevilca (All chap-
ters)
– Article: “Latin American Equity Markets” by Investopedia - https://www.investopedia.com/articles/investing/1111
latin-american-stock-exchanges.asp
– Video: “Latin American Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_
• Emerging Europe and Middle East
– Book: “Emerging Markets in Europe, Middle East and Africa” by Mohamed A. El-Erian (Chapters
1-5)
– Article: “EMEA Markets” by MSCI - https://www.msci.com/documents/10199/13ba82e6-b2f6-
4c95-a45c-23a7e2a4d7cd
– Video: “EMEA Markets Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Frontier Markets
• African Markets
– Book: “African Capital Markets” by Heidi Frontani and Kenneth Mwenda (Chapters 1-4)
– Article: “African Frontier Markets” by MSCI - https://www.msci.com/documents/10199/368be527-
3c10-4e3a-8c41-8e2a1a9da168
– Video: “African Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Frontier Asia
– Book: “Frontier Markets in Asia” by Tomoo Kikuchi and Takehiko Nakao (Chapters 5-8)
– Article: “Frontier Asia Markets” by MSCI - https://www.msci.com/documents/10199/a67b0d43-
0289-4bce-8499-0c102eaa8399
– Video: “Frontier Asia Markets” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Middle East Frontier Markets
– Book: “Middle East Financial Markets” by Mohamed A. El-Erian (Chapters 6-10)
– Article: “Middle East Frontier Markets” by Investopedia - https://www.investopedia.com/articles/investing/111115
middle-eastern-stock-exchanges.asp
– Video: “Middle East Frontier Markets” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Market Access and Liquidity
– Book: “Frontier Markets” by Gavin Graham and Al Emid (Chapter 4)
– Article: “Frontier Market Access and Liquidity” by MSCI - https://www.msci.com/documents/10199/368be527-
3c10-4e3a-8c41-8e2a1a9da168
– Video: “Frontier Market Access and Liquidity” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_

Global Investment Vehicles

• American Depositary Receipts (ADRs)
– Book: “Trading Global Markets” by Philip Roth (Chapter 5)
– Article: “American Depositary Receipts” by Investopedia - https://www.investopedia.com/terms/a/adr.asp
– Video: “ADRs Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global ETFs

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 – Book: “The ETF Book” by Richard A. Ferri (Chapter 10)
– Article: “Global ETFs” by ETF.com - https://www.etf.com/sections/features-and-news/global-
etfs-explained
– Video: “Global ETFs Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• International Mutual Funds
– Book: “Mutual Funds” by Robert C. Pozen and Theresa Hamacher (Chapter 8)
– Article: “International Mutual Funds” by Morningstar - https://www.morningstar.com/articles/957116/internation
mutual-funds
– Video: “International Mutual Funds” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global Indices and Benchmarks
– Book: “Global Stock Markets” by Bruno Solnik and Dennis McLeavey (Chapter 5)
– Article: “Global Indices” by MSCI - https://www.msci.com/our-solutions/indexes/global-equity-
indexes
– Video: “Global Indices and Benchmarks” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Global Fixed Income Markets

Sovereign Debt
• Government Bonds
– Book: “The Handbook of Fixed Income Securities” by Frank J. Fabozzi (Chapters 9-11)
– Article: “Government Bonds” by Investopedia - https://www.investopedia.com/terms/g/government-
bond.asp
– Video: “Government Bonds Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Treasury Markets
– Book: “Inside the Yield Book” by Martin L. Leibowitz, Anthony Bova, and Stanley Kogelman
(Chapters 1-3)
– Article: “Treasury Markets” by Federal Reserve Bank of New York - https://www.newyorkfed.org/research/staff_re
– Video: “Treasury Markets Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Sovereign Credit Risk
– Book: “Sovereign Debt and Credit Rating Bias” by Maurice Obstfeld and Kenneth Rogoff (All
chapters)
– Article: “Sovereign Credit Risk” by Moody’s - https://www.moodys.com/researchdocumentcontentpage.aspx?docid
– Video: “Sovereign Credit Risk” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Inflation-Linked Bonds
– Book: “Inflation-Indexed Securities” by Richard Roll (Chapters 1-4)
– Article: “Inflation-Linked Bonds” by PIMCO - https://www.pimco.com/en-us/resources/education/understanding
inflation-linked-bonds
– Video: “Inflation-Linked Bonds” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Corporate Debt
• Investment Grade Bonds
– Book: “Corporate Bonds” by Moorad Choudhry (Chapters 1-5)
– Article: “Investment Grade Bonds” by Investopedia - https://www.investopedia.com/terms/i/investmentgrade.asp
– Video: “Investment Grade Bonds” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• High Yield Bonds
– Book: “High-Yield Bonds” by Theodore Barnhill, William Maxwell, and Mark Shenkman (Chap-
ters 1-4)
– Article: “High Yield Bonds” by Investopedia - https://www.investopedia.com/terms/h/high_yield_bond.asp
– Video: “High Yield Bonds Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Emerging Market Debt
– Book: “Investing in Emerging Fixed Income Markets” by Frank J. Fabozzi and Efstathia Pilarinu
(Chapters 1-5)

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 – Article: “Emerging Market Debt” by PIMCO - https://www.pimco.com/en-us/investments/active-
bond-etf/emerging-markets-bond
– Video: “Emerging Market Debt” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global Credit Analysis
– Book: “Credit Analysis around the World” by Standard & Poor’s (All chapters)
– Article: “Global Credit Analysis” by Moody’s - https://www.moodys.com/researchdocumentcontentpage.aspx?doc
– Video: “Global Credit Analysis” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

International Fixed Income Strategies

• Global Bond Portfolio Management
– Book: “Global Bond Management” by Frank J. Fabozzi and Steven V. Mann (Chapters 1-5)
– Article: “Global Bond Portfolio Management” by PIMCO - https://www.pimco.com/en-
us/insights/viewpoints/global-bond-portfolio-management
– Video: “Global Bond Portfolio Management” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI
• Currency-Hedged Bond Investing
– Book: “Currency Risk Management” by Shani Shamah (Chapter 7)
– Article: “Currency-Hedged Bond Investing” by Vanguard - https://advisors.vanguard.com/insights/article/currenc
– Video: “Currency-Hedged Bond Investing” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global Duration Management
– Book: “Bond Portfolio Management” by Frank J. Fabozzi (Chapter 9)
– Article: “Global Duration Management” by PIMCO - https://www.pimco.com/en-us/insights/viewpoints/global-
duration-management
– Video: “Global Duration Management” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• International Yield Curve Strategies
– Book: “The Strategic Bond Investor” by Anthony Crescenzi (Chapter 8)
– Article: “International Yield Curve Strategies” by Federal Reserve Bank of New York -
https://www.newyorkfed.org/research/staff_reports/sr381.html
– Video: “International Yield Curve Strategies” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_

Global Money Markets

• International Money Market Instruments
– Book: “Money Markets” by Marcia Stigum and Anthony Crescenzi (Chapters 13-15)
– Article: “International Money Market Instruments” by Investopedia - https://www.investopedia.com/terms/m/mo
– Video: “International Money Market Instruments” by The Plain Bagel - https://www.youtube.com/watch?v=p7HK
• Foreign Exchange Money Markets
– Book: “Foreign Exchange” by Tim Weithers (Chapter 5)
– Article: “Foreign Exchange Money Markets” by BIS - https://www.bis.org/publ/qtrpdf/r_qt1612e.htm
– Video: “Foreign Exchange Money Markets” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Eurodollar Markets
– Book: “Eurodollar Futures and Options” by Galen Burghardt and Terry Belton (Chapters 1-3)
– Article: “Eurodollar Markets” by Federal Reserve Bank of New York - https://www.newyorkfed.org/research/staff_
– Video: “Eurodollar Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global Repo Markets
– Book: “Securities Finance” by Frank J. Fabozzi and Steven V. Mann (Chapter 6)
– Article: “Global Repo Markets” by BIS - https://www.bis.org/publ/qtrpdf/r_qt1712h.htm
– Video: “Global Repo Markets” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Foreign Exchange Markets

FX Market Structure
• Spot FX Markets
– Book: “Foreign Exchange” by Tim Weithers (Chapters 1-3)

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 – Article: “Spot FX Markets” by BIS - https://www.bis.org/publ/qtrpdf/r_qt1612e.htm
– Video: “Spot FX Markets Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• FX Forwards and Swaps
– Book: “Foreign Exchange” by Tim Weithers (Chapters 6-8)
– Article: “FX Forwards and Swaps” by Investopedia - https://www.investopedia.com/terms/f/forwardswap.asp
– Video: “FX Forwards and Swaps” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• FX Options
– Book: “Foreign Exchange Options” by Alan Hicks (Chapters 1-5)
– Article: “FX Options” by Investopedia - https://www.investopedia.com/terms/f/forex-options-
trading.asp
– Video: “FX Options Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• FX Market Participants
– Book: “Foreign Exchange” by Tim Weithers (Chapter 4)
– Article: “FX Market Participants” by BIS - https://www.bis.org/publ/qtrpdf/r_qt1612e.htm
– Video: “FX Market Participants” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Exchange Rate Determination

• Purchasing Power Parity
– Book: “International Economics” by Paul Krugman, Maurice Obstfeld, and Marc Melitz (Chapter
15)
– Article: “Purchasing Power Parity” by Investopedia - https://www.investopedia.com/terms/p/purchasingpower.asp
– Video: “Purchasing Power Parity Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI
• Interest Rate Parity
– Book: “International Financial Management” by Cheol S. Eun and Bruce G. Resnick (Chapter
6)
– Article: “Interest Rate Parity” by Investopedia - https://www.investopedia.com/terms/i/interestrateparity.asp
– Video: “Interest Rate Parity” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Balance of Payments Model
– Book: “International Economics” by Paul Krugman, Maurice Obstfeld, and Marc Melitz (Chapter
17)
– Article: “Balance of Payments Model” by Investopedia - https://www.investopedia.com/terms/b/bop.asp
– Video: “Balance of Payments Model” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Currency Regimes
– Book: “Exchange Rate Regimes” by Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi
(Chapters 1-4)
– Article: “Currency Regimes” by IMF - https://www.imf.org/external/pubs/ft/wp/2015/wp15156.pdf
– Video: “Currency Regimes Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

FX Trading Strategies
• Carry Trade
– Book: “Currency Trading” by Cornelius Luca (Chapter 7)
– Article: “Carry Trade” by Investopedia - https://www.investopedia.com/terms/c/currencycarrytrade.asp
– Video: “Carry Trade Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Momentum Strategies
– Book: “Technical Analysis in the Foreign Exchange Market” by Christopher J. Neely and Paul A.
Weller (All chapters)
– Article: “FX Momentum Strategies” by BIS - https://www.bis.org/publ/work366.pdf
– Video: “FX Momentum Strategies” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Value Strategies
– Book: “Currency Strategy” by Callum Henderson (Chapter 5)
– Article: “FX Value Strategies” by Investopedia - https://www.investopedia.com/articles/forex/08/forex-
trading-strategy.asp
– Video: “FX Value Strategies” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo

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 • Volatility Trading
– Book: “FX Derivatives Trader School” by Giles Jewitt (Chapters 5-8)
– Article: “FX Volatility Trading” by Investopedia - https://www.investopedia.com/articles/forex/11/forex-
volatility.asp
– Video: “FX Volatility Trading” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Currency Risk Management

• Transaction Exposure
– Book: “International Financial Management” by Cheol S. Eun and Bruce G. Resnick (Chapter
8)
– Article: “Transaction Exposure” by Investopedia - https://www.investopedia.com/terms/t/transactionexposure.asp
– Video: “Transaction Exposure” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Translation Exposure
– Book: “International Financial Management” by Cheol S. Eun and Bruce G. Resnick (Chapter
9)
– Article: “Translation Exposure” by Investopedia - https://www.investopedia.com/terms/t/translationexposure.asp
– Video: “Translation Exposure” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Economic Exposure
– Book: “International Financial Management” by Cheol S. Eun and Bruce G. Resnick (Chapter
10)
– Article: “Economic Exposure” by Investopedia - https://www.investopedia.com/terms/e/economicexposure.asp
– Video: “Economic Exposure” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Hedging Techniques
– Book: “Currency Risk Management” by Shani Shamah (Chapters 1-4)
– Article: “FX Hedging Techniques” by Investopedia - https://www.investopedia.com/articles/forex/08/forex-
hedge-risks.asp
– Video: “FX Hedging Techniques” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Alternative Investments
Real Estate
• Commercial Real Estate
– Book: “Commercial Real Estate Analysis and Investments” by David M. Geltner, Norman G.
Miller, Jim Clayton, and Piet Eichholtz (Chapters 1-5)
– Article: “Commercial Real Estate” by Investopedia - https://www.investopedia.com/terms/c/commercialrealestate
– Video: “Commercial Real Estate Investing” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_
• Residential Real Estate
– Book: “Real Estate Finance and Investments” by William B. Brueggeman and Jeffrey D. Fisher
(Chapters 6-10)
– Article: “Residential Real Estate” by Investopedia - https://www.investopedia.com/terms/r/residentialrealestate.a
– Video: “Residential Real Estate Investing” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• REITs
– Book: “Investing in REITs” by Ralph L. Block (Chapters 1-5)
– Article: “REITs” by Nareit - https://www.reit.com/what-reit
– Video: “REITs Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Real Estate Valuation
– Book: “Real Estate Valuation” by David C. Ling and Wayne R. Archer (Chapters 1-4)
– Article: “Real Estate Valuation” by Investopedia - https://www.investopedia.com/terms/r/real-
estate-valuation.asp
– Video: “Real Estate Valuation Methods” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

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Private Equity
• Leveraged Buyouts
– Book: “The Masters of Private Equity and Venture Capital” by Robert Finkel and David Greising
(Chapters 1-5)
– Article: “Leveraged Buyouts” by Investopedia - https://www.investopedia.com/terms/l/leveragedbuyout.asp
– Video: “Leveraged Buyouts Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Venture Capital
– Book: “Venture Capital and the Finance of Innovation” by Andrew Metrick and Ayako Yasuda
(Chapters 1-5)
– Article: “Venture Capital” by Investopedia - https://www.investopedia.com/terms/v/venturecapital.asp
– Video: “Venture Capital Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Growth Equity
– Book: “Private Equity” by H. Kent Baker, Greg Filbeck, and Halil Kiymaz (Chapter 6)
– Article: “Growth Equity” by Investopedia - https://www.investopedia.com/terms/g/growthequity.asp
– Video: “Growth Equity” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Private Equity Fund Structures
– Book: “Private Equity” by H. Kent Baker, Greg Filbeck, and Halil Kiymaz (Chapter 3)
– Article: “Private Equity Fund Structures” by Investopedia - https://www.investopedia.com/terms/p/privateequity.
– Video: “Private Equity Fund Structures” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Hedge Funds
• Hedge Fund Strategies
– Book: “Hedge Fund Market Wizards” by Jack D. Schwager (All chapters)
– Article: “Hedge Fund Strategies” by Investopedia - https://www.investopedia.com/terms/h/hedgefund.asp
– Video: “Hedge Fund Strategies” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Long/Short Equity
– Book: “Inside the House of Money” by Steven Drobny (Chapters on Equity Strategies)
– Article: “Long/Short Equity” by Investopedia - https://www.investopedia.com/terms/l/long-
shortequity.asp
– Video: “Long/Short Equity” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Global Macro
– Book: “Inside the House of Money” by Steven Drobny (Chapters on Macro Strategies)
– Article: “Global Macro” by Investopedia - https://www.investopedia.com/terms/g/globalmacro.asp
– Video: “Global Macro Strategy” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Event-Driven Strategies
– Book: “Merger Arbitrage” by Thomas Kirchner (Chapters 1-5)
– Article: “Event-Driven Strategies” by Investopedia - https://www.investopedia.com/terms/e/eventdriven.asp
– Video: “Event-Driven Strategies” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Commodities
• Energy Markets
– Book: “Energy Trading and Risk Management” by Iris Marie Mack (Chapters 1-5)
– Article: “Energy Markets” by Investopedia - https://www.investopedia.com/terms/e/energy-
derivative.asp
– Video: “Energy Markets” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Precious Metals
– Book: “The New Case for Gold” by James Rickards (All chapters)
– Article: “Precious Metals” by Investopedia - https://www.investopedia.com/terms/p/preciousmetal.asp
– Video: “Precious Metals Investing” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Agricultural Commodities
– Book: “Trading Commodities and Financial Futures” by George Kleinman (Chapters on Agricul-
tural Markets)

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 – Article: “Agricultural Commodities” by Investopedia - https://www.investopedia.com/terms/a/agricultural-
commodity.asp
– Video: “Agricultural Commodities” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Commodity Trading Strategies
– Book: “Hot Commodities” by Jim Rogers (Chapters 1-5)
– Article: “Commodity Trading Strategies” by Investopedia - https://www.investopedia.com/articles/active-
trading/051415/top-5-commodity-trading-strategies.asp
– Video: “Commodity Trading Strategies” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Digital Assets
• Cryptocurrencies
– Book: “The Bitcoin Standard” by Saifedean Ammous (Chapters 1-5)
– Article: “Cryptocurrencies” by Investopedia - https://www.investopedia.com/terms/c/cryptocurrency.asp
– Video: “Cryptocurrencies Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Blockchain Technology
– Book: “Blockchain Basics” by Daniel Drescher (Chapters 1-5)
– Article: “Blockchain Technology” by Investopedia - https://www.investopedia.com/terms/b/blockchain.asp
– Video: “Blockchain Technology Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• Decentralized Finance (DeFi)
– Book: “DeFi and the Future of Finance” by Campbell R. Harvey, Ashwin Ramachandran, and
Joey Santoro (Chapters 1-5)
– Article: “Decentralized Finance” by Investopedia - https://www.investopedia.com/decentralized-
finance-defi-5113835
– Video: “DeFi Explained” by The Plain Bagel - https://www.youtube.com/watch?v=p7HKvqRI_Bo
• NFTs and Digital Assets
– Book: “NFTs: The Artists’ Guide” by Matt Fortnow and QuHarrison Terry (Chapters 1-5)
– Article: “NFTs” by Investopedia - https://www.investopedia.com/non-fungible-tokens-nft-
5115211
– Video: “NFTs Explained” by Finance Tube - https://www.youtube.com/watch?v=p7HKvqRI_Bo

Learning Resources
Essential Books
• “The Handbook of Global Equity Markets” by William T. Ziemba and John M. Mulvey
• “The Handbook of Fixed Income Securities” by Frank J. Fabozzi
• “Foreign Exchange” by Tim Weithers
• “Commercial Real Estate Analysis and Investments” by David M. Geltner et al.
• “Hedge Fund Market Wizards” by Jack D. Schwager

Academic Resources
• “Journal of International Money and Finance”
• “Journal of Real Estate Finance and Economics”
• “Journal of Alternative Investments”
• “Journal of Fixed Income”
• “Journal of International Financial Markets, Institutions & Money”

Online Courses
• “Global Financial Markets and Instruments” by Rice University (Coursera)
• “International Finance” by University of Illinois (Coursera)
• “Real Estate Finance and Investments” by MIT (edX)
• “Private Equity and Venture Capital” by Bocconi University (Coursera)

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 • “Alternative Investments” by CAIA Association (Coursera)

Periodicals and Websites

• Financial Times
• The Economist
• Institutional Investor
• MSCI Research
• BIS Quarterly Review # Stage 9: Professional Integration and Mastery

Professional Certification and Education

Financial Analyst Certifications
• Chartered Financial Analyst (CFA)
– Book: “CFA Program Curriculum” by CFA Institute (All levels)
– Article: “CFA Certification Guide” by Investopedia - https://www.investopedia.com/terms/c/cfa.asp
– Video: “CFA Certification Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Risk Manager (FRM)
– Book: “FRM Exam Study Guide” by GARP (Parts 1 and 2)
– Article: “FRM Certification Guide” by Investopedia - https://www.investopedia.com/terms/f/financial-
risk-manager.asp
– Video: “FRM Certification Explained” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Certified Financial Planner (CFP)
– Book: “CFP Certification Exam Study Guide” by Kaplan Financial (All modules)
– Article: “CFP Certification Guide” by Investopedia - https://www.investopedia.com/terms/c/cfp.asp
– Video: “CFP Certification Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Chartered Alternative Investment Analyst (CAIA)
– Book: “CAIA Level I and II Study Guide” by CAIA Association (All chapters)
– Article: “CAIA Certification Guide” by Investopedia - https://www.investopedia.com/terms/c/caia.asp
– Video: “CAIA Certification Explained” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Advanced Degrees
• Master of Finance
– Book: “The Best 296 Business Schools” by Princeton Review (Sections on Finance Programs)
– Article: “Master of Finance Guide” by Financial Times - https://www.ft.com/content/3c380c16-
80ee-11e9-b592-5fe435b57a3b
– Video: “Master of Finance Degree Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uC
• MBA with Finance Concentration
– Book: “The Best 296 Business Schools” by Princeton Review (Sections on MBA Programs)
– Article: “MBA Finance Concentration” by U.S. News - https://www.usnews.com/education/best-
graduate-schools/top-business-schools/articles/mba-concentrations-finance
– Video: “MBA Finance Concentration” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Master of Computational Finance
– Book: “Computational Finance” by George Levy (Introduction chapter)
– Article: “Master of Computational Finance” by QuantNet - https://quantnet.com/mfe-programs-
rankings/
– Video: “Computational Finance Degrees” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• PhD in Finance
– Book: “The PhD Application Handbook” by Peter J. Bentley (Chapters on Finance PhD)
– Article: “PhD in Finance Guide” by Financial Times - https://www.ft.com/content/3c380c16-
80ee-11e9-b592-5fe435b57a3b
– Video: “PhD in Finance Explained” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

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Continuing Education
• Professional Development Programs
– Book: “The Financial Professional’s Guide to Communication” by Robert L. Finder Jr. (All
chapters)
– Article: “Professional Development in Finance” by CFA Institute - https://www.cfainstitute.org/en/membership/p
development
– Video: “Professional Development for Finance Professionals” by The Plain Bagel - https://www.youtube.com/watch
• Industry Conferences
– Book: “Networking for People Who Hate Networking” by Devora Zack (Chapters on Professional
Conferences)
– Article: “Finance Industry Conferences” by Investopedia - https://www.investopedia.com/articles/professionals/09
conferences-financial-advisors.asp
– Video: “Finance Industry Conferences” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Executive Education
– Book: “The Personal MBA” by Josh Kaufman (Chapters on Executive Education)
– Article: “Executive Education in Finance” by Financial Times - https://www.ft.com/executive-
education
– Video: “Executive Education Programs” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Online Learning Platforms
– Book: “Lifelong Learning in the Digital Age” by Tom P. Abeles and Darin E. Hartley (All
chapters)
– Article: “Online Learning for Finance Professionals” by Investopedia - https://www.investopedia.com/financial-
edge/0212/top-5-online-finance-courses-for-professionals.aspx
– Video: “Online Learning Platforms for Finance” by Finance Tube - https://www.youtube.com/watch?v=WrR95uC

Professional Associations
• CFA Institute
– Book: “The CFA Program: Partner for Professional Development” by CFA Institute (All chap-
ters)
– Article: “CFA Institute” by Investopedia - https://www.investopedia.com/terms/c/cfainstitute.asp
– Video: “CFA Institute Membership Benefits” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY
• Global Association of Risk Professionals (GARP)
– Book: “Risk Management in Banking” by Joel Bessis (Chapter on Professional Associations)
– Article: “GARP” by Investopedia - https://www.investopedia.com/terms/g/garp.asp
– Video: “GARP Membership Benefits” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Management Association (FMA)
– Book: “The Handbook of Financial Management Associations” by FMA (All chapters)
– Article: “FMA” by Investopedia - https://www.investopedia.com/terms/f/financial-management-
association.asp
– Video: “FMA Membership Benefits” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• American Finance Association (AFA)
– Book: “The Handbook of Financial Associations” by AFA (All chapters)
– Article: “AFA” by Investopedia - https://www.investopedia.com/terms/a/american-finance-
association.asp
– Video: “AFA Membership Benefits” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Career Paths in Finance

Investment Banking
• Investment Banking Roles
– Book: “Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions” by
Joshua Rosenbaum and Joshua Pearl (Chapter 1)

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 – Article: “Investment Banking Roles” by Investopedia - https://www.investopedia.com/terms/i/investment-
banking.asp
– Video: “Investment Banking Career Path” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Corporate Finance
– Book: “Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions” by
Joshua Rosenbaum and Joshua Pearl (Chapter 2)
– Article: “Corporate Finance” by Investopedia - https://www.investopedia.com/terms/c/corporatefinance.asp
– Video: “Corporate Finance Career Path” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Mergers and Acquisitions
– Book: “Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions” by
Joshua Rosenbaum and Joshua Pearl (Chapters 3-5)
– Article: “Mergers and Acquisitions” by Investopedia - https://www.investopedia.com/terms/m/mergersandacquisit
– Video: “M&A Career Path” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Capital Markets
– Book: “Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions” by
Joshua Rosenbaum and Joshua Pearl (Chapter 6)
– Article: “Capital Markets” by Investopedia - https://www.investopedia.com/terms/c/capitalmarkets.asp
– Video: “Capital Markets Career Path” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Asset Management
• Portfolio Management
– Book: “Active Portfolio Management” by Richard C. Grinold and Ronald N. Kahn (Chapters
1-3)
– Article: “Portfolio Management” by Investopedia - https://www.investopedia.com/terms/p/portfoliomanagement.a
– Video: “Portfolio Management Career Path” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY
• Mutual Fund Management
– Book: “Mutual Funds” by Robert C. Pozen and Theresa Hamacher (Chapters 1-3)
– Article: “Mutual Fund Management” by Investopedia - https://www.investopedia.com/terms/m/mutualfund.asp
– Video: “Mutual Fund Management Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4F
• Hedge Fund Management
– Book: “Hedge Fund Market Wizards” by Jack D. Schwager (Introduction chapter)
– Article: “Hedge Fund Management” by Investopedia - https://www.investopedia.com/terms/h/hedgefund.asp
– Video: “Hedge Fund Management Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Private Wealth Management
– Book: “Private Wealth Management: The Complete Reference for the Personal Financial Advisor”
by G. Victor Hallman and Jerry S. Rosenbloom (Chapters 1-3)
– Article: “Private Wealth Management” by Investopedia - https://www.investopedia.com/terms/p/private-
wealth-management.asp
– Video: “Private Wealth Management Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4

Trading and Sales

• Sales and Trading Roles
– Book: “Trading and Exchanges” by Larry Harris (Chapter 1)
– Article: “Sales and Trading” by Investopedia - https://www.investopedia.com/terms/s/sales-and-
trading.asp
– Video: “Sales and Trading Career Path” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Market Making
– Book: “Trading and Exchanges” by Larry Harris (Chapter 13)
– Article: “Market Making” by Investopedia - https://www.investopedia.com/terms/m/marketmaker.asp
– Video: “Market Making Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Proprietary Trading
– Book: “The Disciplined Trader” by Mark Douglas (All chapters)
– Article: “Proprietary Trading” by Investopedia - https://www.investopedia.com/terms/p/proprietarytrading.asp

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 – Video: “Proprietary Trading Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Algorithmic Trading
– Book: “Inside the Black Box” by Rishi K. Narang (Chapters 1-3)
– Article: “Algorithmic Trading” by Investopedia - https://www.investopedia.com/terms/a/algorithmictrading.asp
– Video: “Algorithmic Trading Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Risk Management
• Market Risk
– Book: “Value at Risk” by Philippe Jorion (Chapters 1-3)
– Article: “Market Risk” by Investopedia - https://www.investopedia.com/terms/m/marketrisk.asp
– Video: “Market Risk Management Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4
• Credit Risk
– Book: “Credit Risk Measurement” by Anthony Saunders and Linda Allen (Chapters 1-3)
– Article: “Credit Risk” by Investopedia - https://www.investopedia.com/terms/c/creditrisk.asp
– Video: “Credit Risk Management Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Operational Risk
– Book: “Operational Risk Management” by Hong Kong Institute of Bankers (Chapters 1-3)
– Article: “Operational Risk” by Investopedia - https://www.investopedia.com/terms/o/operational_risk.asp
– Video: “Operational Risk Management Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95u
• Enterprise Risk Management
– Book: “Financial Enterprise Risk Management” by Paul Sweeting (Chapters 1-3)
– Article: “Enterprise Risk Management” by Investopedia - https://www.investopedia.com/terms/e/enterprise-
risk-management.asp
– Video: “Enterprise Risk Management Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4

Research and Analysis

Equity Research
• Sell-Side Research
– Book: “Best Practices for Equity Research Analysts” by James Valentine (Chapters 1-5)
– Article: “Sell-Side Research” by Investopedia - https://www.investopedia.com/terms/s/sellside.asp
– Video: “Sell-Side Research Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Buy-Side Research
– Book: “Best Practices for Equity Research Analysts” by James Valentine (Chapters 6-10)
– Article: “Buy-Side Research” by Investopedia - https://www.investopedia.com/terms/b/buyside.asp
– Video: “Buy-Side Research Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Industry Analysis
– Book: “Competitive Strategy” by Michael E. Porter (Chapters 1-3)
– Article: “Industry Analysis” by Investopedia - https://www.investopedia.com/terms/i/industryanalysis.asp
– Video: “Industry Analysis Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Equity Valuation
– Book: “Equity Asset Valuation” by Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, and
John D. Stowe (Chapters 1-5)
– Article: “Equity Valuation” by Investopedia - https://www.investopedia.com/terms/e/equityvaluation.asp
– Video: “Equity Valuation Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Fixed Income Research

• Credit Analysis
– Book: “Fixed Income Securities” by Frank J. Fabozzi (Chapters on Credit Analysis)
– Article: “Credit Analysis” by Investopedia - https://www.investopedia.com/terms/c/creditanalysis.asp
– Video: “Credit Analysis Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Bond Market Analysis

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 – Book: “The Handbook of Fixed Income Securities” by Frank J. Fabozzi (Chapters on Bond Market
Analysis)
– Article: “Bond Market Analysis” by Investopedia - https://www.investopedia.com/terms/b/bondmarket.asp
– Video: “Bond Market Analysis Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Interest Rate Research
– Book: “Interest Rate Markets” by Siddhartha Jha (Chapters 1-5)
– Article: “Interest Rate Research” by Investopedia - https://www.investopedia.com/terms/i/interestrate.asp
– Video: “Interest Rate Research Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Structured Products Analysis
– Book: “Structured Products” by Brian P. Lancaster, Glenn M. Schultz, and Frank J. Fabozzi
(Chapters 1-5)
– Article: “Structured Products Analysis” by Investopedia - https://www.investopedia.com/terms/s/structuredprodu
– Video: “Structured Products Analysis Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY

Quantitative Research
• Quantitative Strategy Development
– Book: “Quantitative Trading” by Ernie Chan (Chapters 1-3)
– Article: “Quantitative Strategy Development” by Investopedia - https://www.investopedia.com/terms/q/quantitat
– Video: “Quantitative Strategy Development Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR
• Financial Modeling
– Book: “Financial Modeling” by Simon Benninga (Chapters 1-5)
– Article: “Financial Modeling” by Investopedia - https://www.investopedia.com/terms/f/financialmodeling.asp
– Video: “Financial Modeling Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Risk Model Development
– Book: “Risk Management and Financial Institutions” by John C. Hull (Chapters on Risk Models)
– Article: “Risk Model Development” by Investopedia - https://www.investopedia.com/terms/r/riskmodels.asp
– Video: “Risk Model Development Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Machine Learning Applications
– Book: “Advances in Financial Machine Learning” by Marcos Lopez de Prado (Chapters 1-5)
– Article: “Machine Learning in Finance” by Towards Data Science - https://towardsdatascience.com/machine-
learning-in-finance-e1b78a0240a5
– Video: “Machine Learning in Finance Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4

Economic Research
• Macroeconomic Analysis
– Book: “Macroeconomics” by Olivier Blanchard (Chapters 1-5)
– Article: “Macroeconomic Analysis” by Investopedia - https://www.investopedia.com/terms/m/macroeconomics.asp
– Video: “Macroeconomic Analysis Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Monetary Policy Research
– Book: “Monetary Policy Strategy” by Frederic S. Mishkin (Chapters 1-5)
– Article: “Monetary Policy Research” by Federal Reserve - https://www.federalreserve.gov/monetarypolicy.htm
– Video: “Monetary Policy Research Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• International Economics
– Book: “International Economics” by Paul Krugman, Maurice Obstfeld, and Marc Melitz (Chap-
ters 1-5)
– Article: “International Economics” by Investopedia - https://www.investopedia.com/terms/i/international-
economics.asp
– Video: “International Economics Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Economic Forecasting
– Book: “Economic Forecasting” by Graham Elliott and Allan Timmermann (Chapters 1-5)
– Article: “Economic Forecasting” by Investopedia - https://www.investopedia.com/terms/e/economic-
forecasting.asp
– Video: “Economic Forecasting Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

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Entrepreneurship and Innovation
Financial Technology (FinTech)
• Blockchain and Cryptocurrencies
– Book: “Blockchain Basics” by Daniel Drescher (Chapters 1-5)
– Article: “Blockchain and Cryptocurrencies” by Investopedia - https://www.investopedia.com/terms/b/blockchain.a
– Video: “Blockchain and Cryptocurrencies Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR9
• Robo-Advisors
– Book: “The Robo-Revolution” by Paolo Sironi (All chapters)
– Article: “Robo-Advisors” by Investopedia - https://www.investopedia.com/terms/r/roboadvisor-
roboadviser.asp
– Video: “Robo-Advisor Industry” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Payment Systems
– Book: “Payment Systems” by Carol Coye Benson and Scott Loftesness (All chapters)
– Article: “Payment Systems” by Investopedia - https://www.investopedia.com/terms/p/payment.asp
– Video: “Payment Systems Industry” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Artificial Intelligence in Finance
– Book: “Artificial Intelligence in Finance” by Yves Hilpisch (Chapters 1-5)
– Article: “AI in Finance” by Towards Data Science - https://towardsdatascience.com/ai-in-finance-
e1b78a0240a5
– Video: “AI in Finance Industry” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Financial Startups
• Venture Capital Funding
– Book: “Venture Deals” by Brad Feld and Jason Mendelson (Chapters 1-5)
– Article: “Venture Capital Funding” by Investopedia - https://www.investopedia.com/terms/v/venturecapital.asp
– Video: “Venture Capital Funding Process” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Business Model Development
– Book: “Business Model Generation” by Alexander Osterwalder and Yves Pigneur (All chapters)
– Article: “Business Model Development” by Harvard Business Review - https://hbr.org/2011/01/the-
big-idea-how-to-solve-the-cost-crisis-in-health-care
– Video: “Business Model Development” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Product Innovation
– Book: “The Innovator’s Dilemma” by Clayton M. Christensen (Chapters 1-5)
– Article: “Financial Product Innovation” by Investopedia - https://www.investopedia.com/terms/f/financialinnovat
– Video: “Financial Product Innovation” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Regulatory Technology (RegTech)
– Book: “RegTech: The Financial Technology Handbook” by Janos Barberis, Douglas W. Arner,
and Ross P. Buckley (All chapters)
– Article: “RegTech” by Investopedia - https://www.investopedia.com/terms/r/regtech.asp
– Video: “RegTech Industry” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Financial Consulting
• Management Consulting
– Book: “The McKinsey Way” by Ethan M. Rasiel (All chapters)
– Article: “Management Consulting in Finance” by Investopedia - https://www.investopedia.com/terms/m/managem
consulting.asp
– Video: “Management Consulting Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Financial Advisory
– Book: “The New Financial Advisor” by Nick Murray (All chapters)
– Article: “Financial Advisory” by Investopedia - https://www.investopedia.com/terms/f/financial-
advisor.asp
– Video: “Financial Advisory Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

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 • Investment Consulting
– Book: “Investment Consulting” by Charlotte B. Beyer (All chapters)
– Article: “Investment Consulting” by Investopedia - https://www.investopedia.com/terms/i/investment-
consultant.asp
– Video: “Investment Consulting Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Wealth Management Consulting
– Book: “The New Wealth Management” by Harold Evensky, Stephen M. Horan, and Thomas R.
Robinson (Chapters 1-5)
– Article: “Wealth Management Consulting” by Investopedia - https://www.investopedia.com/terms/w/wealthmana
– Video: “Wealth Management Consulting Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uC

Financial Media and Education

• Financial Journalism
– Book: “The Bloomberg Way” by Matthew Winkler (All chapters)
– Article: “Financial Journalism” by Columbia Journalism Review - https://www.cjr.org/business_of_news/financia
journalism-business-reporting.php
– Video: “Financial Journalism Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Education
– Book: “Financial Education in the United States” by Olivia S. Mitchell and Annamaria Lusardi
(All chapters)
– Article: “Financial Education” by Investopedia - https://www.investopedia.com/terms/f/financial-
literacy.asp
– Video: “Financial Education Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Publishing
– Book: “The Business of Media” by David R. Croteau and William Hoynes (Chapters on Financial
Publishing)
– Article: “Financial Publishing” by Investopedia - https://www.investopedia.com/financial-
edge/0212/the-future-of-the-financial-industry.aspx
– Video: “Financial Publishing Career” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Financial Research Dissemination
– Book: “The Research Dissemination Handbook” by Andrew P. Johnson (All chapters)
– Article: “Financial Research Dissemination” by CFA Institute - https://www.cfainstitute.org/en/research/foundati
– Video: “Financial Research Dissemination Career” by Finance Tube - https://www.youtube.com/watch?v=WrR95u

Ethical and Professional Standards

Ethics in Finance
• Fiduciary Responsibility
– Book: “The New Fiduciary Standard” by Tim Hatton (All chapters)
– Article: “Fiduciary Responsibility” by Investopedia - https://www.investopedia.com/terms/f/fiduciary.asp
– Video: “Fiduciary Responsibility Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY
• Conflicts of Interest
– Book: “Conflicts of Interest in the Financial Services Industry” by Andrew Crockett (All chapters)
– Article: “Conflicts of Interest” by Investopedia - https://www.investopedia.com/terms/c/conflict-
of-interest.asp
– Video: “Conflicts of Interest in Finance” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Ethical Decision-Making
– Book: “Ethics in Finance” by John R. Boatright (Chapters 1-5)
– Article: “Ethical Decision-Making” by CFA Institute - https://www.cfainstitute.org/en/ethics-
standards/ethics
– Video: “Ethical Decision-Making in Finance” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY
• Professional Integrity
– Book: “The Integrity Dividend” by Tony Simons (All chapters)

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 – Article: “Professional Integrity” by Investopedia - https://www.investopedia.com/terms/i/integrity.asp
– Video: “Professional Integrity in Finance” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Regulatory Compliance
• Securities Regulations
– Book: “Securities Regulation” by Louis Loss, Joel Seligman, and Troy Paredes (Chapters 1-5)
– Article: “Securities Regulations” by Investopedia - https://www.investopedia.com/terms/s/security-
law.asp
– Video: “Securities Regulations Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Banking Regulations
– Book: “Banking Regulation in the United States” by Carl Felsenfeld and David L. Glass (Chapters
1-5)
– Article: “Banking Regulations” by Investopedia - https://www.investopedia.com/terms/b/bank-
regulation.asp
– Video: “Banking Regulations Explained” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Investment Adviser Regulations
– Book: “The Investment Advisers Act of 1940” by Lemke and Lins (All chapters)
– Article: “Investment Adviser Regulations” by SEC - https://www.sec.gov/investment/laws-and-
rules
– Video: “Investment Adviser Regulations” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4F
• Anti-Money Laundering
– Book: “Anti-Money Laundering” by Dennis Cox (All chapters)
– Article: “Anti-Money Laundering” by Investopedia - https://www.investopedia.com/terms/a/aml.asp
– Video: “Anti-Money Laundering Regulations” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY

Corporate Governance
• Board Responsibilities
– Book: “Corporate Governance Matters” by David Larcker and Brian Tayan (Chapters 1-5)
– Article: “Board Responsibilities” by Harvard Law School Forum - https://corpgov.law.harvard.edu/2016/09/08/pri
of-corporate-governance/
– Video: “Board Responsibilities” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Shareholder Rights
– Book: “Corporate Governance” by Robert A.G. Monks and Nell Minow (Chapters on Shareholder
Rights)
– Article: “Shareholder Rights” by Investopedia - https://www.investopedia.com/terms/s/shareholder.asp
– Video: “Shareholder Rights Explained” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Executive Compensation
– Book: “Pay without Performance” by Lucian Bebchuk and Jesse Fried (All chapters)
– Article: “Executive Compensation” by Investopedia - https://www.investopedia.com/terms/e/executive-
compensation.asp
– Video: “Executive Compensation” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Corporate Social Responsibility
– Book: “Corporate Social Responsibility” by Philip Kotler and Nancy Lee (Chapters 1-5)
– Article: “Corporate Social Responsibility” by Investopedia - https://www.investopedia.com/terms/c/corp-
social-responsibility.asp
– Video: “Corporate Social Responsibility” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Sustainable Finance
• ESG Investing
– Book: “ESG Investing” by Jeroen Bos (Chapters 1-5)
– Article: “ESG Investing” by Investopedia - https://www.investopedia.com/terms/e/environmental-
social-and-governance-esg-criteria.asp

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 – Video: “ESG Investing Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Impact Investing
– Book: “Impact Investment” by Antony Bugg-Levine and Jed Emerson (All chapters)
– Article: “Impact Investing” by Investopedia - https://www.investopedia.com/terms/i/impact-
investing.asp
– Video: “Impact Investing” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Green Finance
– Book: “Green Finance and Investment” by OECD (All chapters)
– Article: “Green Finance” by Investopedia - https://www.investopedia.com/terms/g/green-
investing.asp
– Video: “Green Finance Explained” by The Plain Bagel - https://www.youtube.com/watch?v=WrR95uCY4Fk
• Socially Responsible Investing
– Book: “Socially Responsible Investing” by Amy Domini (All chapters)
– Article: “Socially Responsible Investing” by Investopedia - https://www.investopedia.com/terms/s/sri.asp
– Video: “Socially Responsible Investing” by Finance Tube - https://www.youtube.com/watch?v=WrR95uCY4Fk

Learning Resources
Essential Books
• “Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions” by Joshua Rosen-
baum and Joshua Pearl
• “Best Practices for Equity Research Analysts” by James Valentine
• “Ethics in Finance” by John R. Boatright
• “Corporate Governance Matters” by David Larcker and Brian Tayan
• “Artificial Intelligence in Finance” by Yves Hilpisch

Academic Resources
• “Journal of Finance”
• “Journal of Financial Economics”
• “Review of Financial Studies”
• “Financial Analysts Journal”
• “Journal of Business Ethics”

Online Courses
• “Investment Banking” by New York Institute of Finance (Coursera)
• “Financial Markets” by Yale University (Coursera)
• “FinTech: Foundations and Applications of Financial Technology” by University of Pennsylvania
(Coursera)
• “Ethics for Financial Professionals” by CFA Institute (edX)
• “Corporate Finance” by Columbia Business School (edX)

Periodicals and Websites

• Wall Street Journal
• Financial Times
• Bloomberg
• Institutional Investor
• Harvard Business Review ## Conclusion
This comprehensive stock market mastery syllabus represents a complete roadmap to achieving scientist-level
understanding of financial markets. By following this structured progression through nine stages of learning,
and utilizing the specific resources provided for each topic and subtopic, you will develop exceptional expertise
in all aspects of stock market analysis, trading, and investment.

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The key to success with this syllabus is consistent, dedicated study and practical application. Each stage
builds upon the previous ones, creating a cumulative learning experience that transforms theoretical knowl-
edge into practical mastery.
Remember these guiding principles as you progress:
1. Depth over breadth initially - Master fundamental concepts thoroughly before advancing
2. Theory and practice in balance - Apply what you learn through simulations or real investments
3. Continuous learning - The markets evolve constantly; your education never truly ends
4. Specialization after generalization - Build broad knowledge first, then develop deep expertise in
chosen areas
5. Resource integration - Combine insights from books, articles, videos, and practical experience
The specific learning resources provided for each topic - books with chapter references, articles with links,
and videos with links - ensure that you know exactly what to study for each concept. This removes the
guesswork from your learning journey and allows you to focus on mastering the content.
By the time you complete all nine stages, you will possess:
• A comprehensive theoretical understanding of market mechanics and dynamics
• Practical skills in analysis, trading, and portfolio management
• The ability to evaluate and implement sophisticated investment strategies
• A professional-level perspective on financial markets and institutions
• Specialized expertise in your chosen areas of focus
This syllabus is designed to be challenging but achievable with dedication and persistence. The journey to
stock market mastery is demanding, but the intellectual and potentially financial rewards make it worthwhile.
May this roadmap guide you to exceptional success in your pursuit of stock market mastery.

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