{"level":{"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},"modules":[{"id":2,"levelId":1,"slug":"introduction-to-markets","title":"Introduction to markets","learningObjectives":"Distinguish a financial market from other forms of economic exchange, understand the role of a stock exchange as a regulated institution, understand what it means for a company to be publicly listed, and read a stock market index as an aggregate benchmark.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain, in your own words, what a financial market is, how the price of a stock is formed on an exchange, what obligations a company takes on when it goes public, and what a stock market index measures -- and does not measure.","sortOrder":1},{"id":3,"levelId":1,"slug":"financial-assets","title":"Financial assets","learningObjectives":"Distinguish the main types of financial assets -- stocks, bonds, currencies, and commodities -- and understand what determines an asset's liquidity, beyond simply \"being able to sell it quickly.\"","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what a stock and a bond are and how they differ structurally, recognize currencies and commodities as asset classes with their own logic, and understand what makes an asset liquid.","sortOrder":2},{"id":4,"levelId":1,"slug":"risk-and-return","title":"Risk and return","learningObjectives":"Understand what risk means in an investment, how it relates to expected return, what volatility is as a way of measuring it, and why time horizon changes the correct way to take it on.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what investment risk is, why a higher expected return requires taking on more risk, what volatility is, and why time horizon changes the correct way to manage risk.","sortOrder":3},{"id":5,"levelId":1,"slug":"stock-orders","title":"Stock market orders","learningObjectives":"Understand the different types of orders for buying or selling on an exchange, how a trade is actually executed, and the costs and fees -- including ones that are not always obvious -- involved in trading.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can choose the right order type for your goal, understand what happens between sending an order and having it settled, and recognize the real costs of trading beyond the visible commission.","sortOrder":5},{"id":6,"levelId":1,"slug":"brokers","title":"Brokers","learningObjectives":"Understand what a broker is and why its activity is regulated, what criteria actually matter when choosing one beyond the commission, and what common mistakes beginners make when they start trading.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what a broker is and why it is regulated, choose a broker using criteria beyond the commission, and recognize the most common mistakes when starting out with one.","sortOrder":6},{"id":7,"levelId":1,"slug":"etfs","title":"ETFs","learningObjectives":"Understand what an ETF is and how it tracks an index, how it actually differs from an index fund, and why TER matters more than it seems over the long term.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what an ETF is and how it tracks an index, distinguish it from an index fund, and understand why TER matters over the long term.","sortOrder":7},{"id":8,"levelId":1,"slug":"investment-funds","title":"Investment funds","learningObjectives":"Distinguish active management from passive management, know what to look for in a fund's prospectus before investing, and understand why management fees matter more than they seem.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can distinguish active management from passive management, read a fund's prospectus with sound judgment, and understand the real impact of management fees.","sortOrder":8},{"id":9,"levelId":1,"slug":"investor-psychology","title":"Investor psychology","learningObjectives":"Recognize the most common cognitive biases when investing, understand why the average investor underperforms the market, and know how to build a decision-making process instead of acting on a hunch.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can recognize your own cognitive biases when investing, understand the origin of the investor return gap, and build a structured decision-making process.","sortOrder":9}]}