{"levels":[{"id":1,"slug":"fundamentals","title":"Level 1 · Investing Fundamentals","learningObjectives":"Understand what a financial market is and how a price is formed; distinguish the main asset classes (stocks, bonds, ETFs, funds) and the risk and return each one involves; place stock market orders with sound judgment; choose a broker and an investment vehicle that fit your needs; recognize the psychological biases that distort investment decisions.","recommendedPriorKnowledge":null,"expectedOutcomes":"By the end of this level, you can understand the basic language of financial markets: what a market is, how a price is formed, what asset classes exist and the risk and return each one offers, how to place an order with sound judgment, and which psychological biases to watch for before making any investment decision.","sortOrder":1,"icon":null},{"id":2,"slug":"business-analysis","title":"Level 2 · Business Analysis","learningObjectives":"Read a real balance sheet, income statement, and cash flow statement; calculate and interpret ROE/ROIC/margins; judge the quality of a business.","recommendedPriorKnowledge":null,"expectedOutcomes":"By the end of this level, you can read a listed company's real financial statements, calculate and interpret its main ratios, and judge the quality of a business with your own sound judgment.","sortOrder":2,"icon":null},{"id":3,"slug":"valuation","title":"Level 3 · Valuation","learningObjectives":"Build a simple DCF; calculate a WACC; compare multiples between comparables; estimate a margin of safety.","recommendedPriorKnowledge":null,"expectedOutcomes":"By the end of this level, you can distinguish price from value, apply the main methods for valuing a company (discounted cash flow and comparable multiples), and estimate a reasonable margin of safety before deciding on an investment.","sortOrder":3,"icon":null},{"id":4,"slug":"portfolio-management","title":"Level 4 · Portfolio Management","learningObjectives":"Design an asset allocation consistent with your risk profile and time horizon; diversify a portfolio; manage concentration risk; rebalance with sound judgment; understand basic investor taxation; build a real portfolio, step by step.","recommendedPriorKnowledge":null,"expectedOutcomes":"By the end of this level, you can build and maintain a coherent investment portfolio -- not just analyze one asset or company at a time, but combine several positions according to your own risk profile, time horizon, and liquidity needs.","sortOrder":4,"icon":null}],"featuredPaths":[]}