EBITDA
Earnings before interest, tax, depreciation and amortisation — a rough proxy for operating profitability.
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Economic Moats: Competitive Advantage
The qualitative heart of fundamental analysis: what protects a great company's high returns from competition. The concept of the economic moat, why competition erodes excess profits, the five main sources of durable advantage, how to spot a moat in the numbers, and why no moat lasts forever.
Earnings Reports & Guidance
Where fundamentals meet the market: the periodic reports in which companies reveal their results and their outlook. What an earnings report contains, the crucial truth that the stock reacts to results versus expectations (not absolute numbers), why guidance often matters most, how to read beyond the headline, and the volatility earnings bring.
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