Introduction to Investments Logo

BUS-123 - Introduction to Investments - Spring 2024
Free Textbook

Southwestern Community College
Instructor: Frank Paiano - Email: fpaiano@swccd.edu

Visitors, All Are Welcome!

You don't need to enroll if you are only here for the knowledge.
The material is freely available to everyone. Welcome!
We wish you the best of success in your investing adventure!


Zoom Meeting Room for Office Hours


Textbook: Introduction to Investments
PDF Version (Approximately 30 Megabytes) - LibreTexts.org (mobile-friendly)

Group Based on BUS-123, Introduction to Investments
Thank you, Abe!

Southwestern Investment Club
Thursdays at Noon Online
Zoom Meeting Room for Southwestern Investment Club


First Exam

Exam #1
BUS-123-501/502 Online
Chapters 1 and 2
 Chapter 1: Introduction; Overview of Investment Universe; Risk versus Return; Short-term Investments
 Chapter 2: Mutual Funds
Thursday, February 22nd, to Sunday, February 25th, at 11:59 pm



Announcements

Announcements  (Announcements also available in Canvas)

Week #5 - I am so sorry for such a terrible mistake! - Video - Audio
Week #5 (if I had not made such a terrible mistake) - After the First Exam - Starting Stocks! - Video - Audio
    Due: Chapters 1 and 2 Assignments (if not submitted), Index Funds and Diversification Bonus Assignment

Week #4 - Finish Chapter 2 on Mutual Funds - Exam #1 This Week! - Video - Audio
    Due: Exam #1, Chapter 1 assignments (Submit them late!), Chapter 2 assignments and Le Maison de Mutual Funds discussion forum
Week #3 - Starting Mutual Funds - Exam 1 Next Week - Chapter 1 Assignments and Short-term Discussion Forum Due This Week - Video - Audio
    Due: Short-term Snack Shack discussion forum and Chapter 1 assignments due this week, Exam #1 next week
Week #2 - Continuing Introduction to Investments - Risk versus Return - Short-term Investments - Video - Audio
    Due: Finish chapter 1 material, Add your personal email and mobile phone number to Canvas
Week #1 - Introduction and Welcome to BUS-123, Introduction to Investments, for Spring 2024 - Video - Audio
    Due: Please Introduce Yourself discussion forum
Week #0 - Presemester Announcement - Video - Audio
  Pre-semester announcement for students already enrolled
  Pre-semester announcement for students on waiting list



Chapter Presentations, Handouts, and Assignments




Part 1: Introduction including Mutual Funds


Part 1:


Syllabus:
Updated Course Schedule! - BUS-123-501/502 - Audio Commentary of Class Syllabus - Long Format   Long format also in Canvas
  More Student Services  More student services not included in syllabus
  Support for English Learners and Multilingual Students  Even more student services not included in syllabus
  Add your personal email and mobile phone number to Canvas  This will ensure that you receive all important communications. And you get 2 extra credit bonus points!

Your Humble Professor Introduces Himself
Your Humble Professor Introduces Himself with just audio
A Guided Tour of the class website - Audio  Uh, it's what yer lookin' at right now.
Online Office: Zoom Room Virtual Office Hours  We will have at least twelve online Zoom office hours this semester.
Thursday nights from 7:00 pm to 7:55 pm
     Thursday, February 1st, 7:00 to 7:55 pm (first week of semester)
     Thursday, February 22nd, 7:00 to 7:55 pm (coincide with exam #1)
     Thursday, March 21st, 7:00 to 7:55 pm (coincide with exam #2)
     Thursday, April 11th, 7:00 to 7:55 pm (coincide with exam #3)
     Thursday, May 2nd, 7:00 to 7:55 pm (coincide with exam #4)
     Thursday, May 16th, 7:00 to 7:55 pm (coincide with final exam)
Saturday mornings from 11:00 am to 11:55 am
     Saturday, February 3rd, 11:00 to 11:55 am (first week of semester)
     Saturday, February 24th, 11:00 to 11:55 am (coincide with exam #1)
     Saturday, March 23rd, 11:00 to 11:55 am (coincide with exam #2)
     Saturday, April 13th, 11:00 to 11:55 am (coincide with exam #3)
     Saturday, May 4th, 11:00 to 11:55 am (coincide with exam #4)
     Saturday, May 18th, 11:00 to 11:55 am (coincide with final exam)
Please let me know what days and times are good for you and we will schedule an office hour for you.

Chapter 1:
Introduction,
Overview,
and
Risk versus
Return


Chapter 1: Introduction, Overview, and Risk versus Return
Chapter 1 in textbook on LibreTexts.org
Presentation file  Every chapter has a Google Docs slide presentation that can be read with Google Docs, OpenOffice, LibreOffice, or PowerPointless
Study Guide - Video - Audio  Discussion of the chapter study guides and how to use Google Docs
Assignment - Commentary   The process is more important than the information and answers. Enjoy!
Short-Term Investments Assignment - Commentary
TreasuryDirect.gov Assignment - Commentary
   TreasuryDirect.gov  Your Federal Tax Dollars at Work!
   Cetes Directo    El TreasuryDirect.gov de Mexico - Miralo - Una tasa de interes mas grande que los Estados Unidos
How to Submit Assignments - Commentary
Discussion Forums Assignment Everyone post! We need your input! Don't worry about what you will say! Just write something! - Commentary
  Add your picture to the discussion boards!  We want to see your smiling face!

Work-Based Learning
Work-Based Learning Extra Credit Bonus Assignment - Commentary  Two points for every Investment Club meeting you attend! Better than a poke in the eye, eh?

Security? But I'm not an Administration of Justice Major!   No, not that type of security!
Security Types Matching Handout - Commentary - Answer Key   Memorize for exam! You must know these!
Investopedia: What is a Security?   Kind of a dumb name, huh? "Security."

Sample Portfolio Class Project - Commentary
  Create Your Own Portfolio: Video - Audio  (Check back often to see how we are doing.)
  Snapshot (2 Feb 2024)  Oh, well. Not the best start. But not too bad, either. Down almost 1%.
  Snapshot (9 Feb 2024)  Ooops! Last week, I goofed! I accidentally deleted Chevron. We are just above water.
  Snapshot (16 Feb 2024)  Still above water. Just barely.
  Snapshot (26 Feb 2024)  Up almost 2%! Could be worse. Maybe we should jump on the Nvidia bandwagon, eh?

Bibliography - Books to Read (Eventually) - Commentary
Sixteen Rules for Success  According to Sir John Templeton (We will see him in chapter 6.)
Visualizing the World Economy, August 2023
   December 2022
   December 2021
Visualizing the World Economy in 2050  Prediction is difficult, especially about the future. Nonetheless, the world is changing.

The Value of Long-term Investing
Future Value Worksheet - Commentary - Answer Key
Future Value Tables

Do you want to be an Investor or a Speculator/Trader?
     Psst! If you want to be an Investor, you have come to the right place. If you want to be a Speculator/Trader, sorry, we can't help you.
   Liar's Poker Story - Slide 47  Are you a Speculator/Trader or are you an Investor?
   Investopedia on the Difference between Investing and Speculating/Trading
   The Difference between Investing and Speculating/Trading according to Forbes
   Jack Bogle Interview with Forbes  Aha! I found it! In this interview, Jack Bogle nails the difference between investing and speculating. Scroll down to [06:09] Emotion Is The Enemy
   Speculative Booms of the Past  The History of Capitalism is the History of Booms and Busts, Manias and Crashes
   Schwab's advice on risk versus return  Love the part that shows that checking your portfolio more often makes you more nervous and risk averse.

Scams   They want to take your money!
Turn $33,000 into $7,000,000 in just 2 years! - Rates of Return - Commentary
  Yet another scam -- Turn $500 into $650,000 with no risk!  When you see get-rich-quick advertisements like these, please send them my way. Thanks!
  Whoa! 66% per year since 1988!  This Porter Stansberry guy has been scamming for over 20 years! At 66% per year, $100 would have become $8,392,496,512 by December 2023. Sure, buddy.
Investopedia article on recent stock scams
Advice from a Scam Expert on How to Spot a Scam
The same kind of illegal behaviors go on in the world of weight loss supplements  Some weight loss supplements have Prozac and Viagra!

Short-term Securities Investments
Investopedia: An Introduction to Commercial Paper
Why Brokered CD's Offer Higher Rates  Investopedia's discussion of Brokered Certificates of Deposit
T. Rowe Price Cash Reserves Money Market Fund  Interesting. This fund can have securities that mature in up to 397 days but the average is 60 days.
Fidelity Money Market Fund  Annual Report -- April 30, 2023
Vanguard Municipal Money Market Fund  Municipal money market funds are tax-exempt at the Federal level
U.S. Government Money Market Mutual Fund Annual Report  Scroll down to pages 3, 4, and 5 to see the Treasury bills and other short-term securities that the money market owned on September 30, 2023
Short-term Securities Examples: Video - Audio
  2023 Example: Fall 2023
  2022 Example: Fall 2022
  2021 Example: Fall 2021
  2020 Example: Spring 2020
  2019 Example: Spring 2019
  2018 Examples: Fall 2018 - Spring 2018  The Federal Reserve Bank started raising short-term rates in 2015
  2014 Example: Fall 2014 -  Before 2015, short-term rates were close to zero!
Interview with a Dyed-in-the-Wool CD Investor  Jeanne tells you why she will only invest in short-term investments
Bankrate.com/banking  Popular Internet site for researching short-term investments

The Federal Reserve Bank and the Money Supply
Unusual and Foreboding Change in the U.S. Money Supply    Is this a dangerous indicator or simply a reversion to the average after Covid?

Online Audio Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 54    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 55 to 73    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 54    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 55 to 73    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures on YouTube
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 54    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 55 to 73    Short-term Investments, A Place to Park Your Money

Mutual Funds:
Investments
for the
Masses


Chapter 2: Mutual Funds: Investments for the Masses
Chapter 2 in textbook on LibreTexts.org
Presentation file
Study Guide - Commentary
Assignment - Commentary
Mutual Fund Annual Report Assignment - Commentary   (You can use the Annual Reports and Prospectuses links below)
Thrift Savings Plan Assignment - Commentary
Bonus Assignment: Index Funds and Diversification - Commentary
   Market Concentration in 5 Charts - Summer 2023
Mutual Fund Case Studies - Commentary  (Not an assignment but something like this might just be on the exam -- hint, hint)
Investor.gov: What Are Mutual Funds   The Federal government explains mutual funds

Mutual Funds Used in Lecture #2
AB Large Cap Growth Fund   Formerly Alliance Large Cap Growth Fund
Legg Mason Value Trust   Now called Clearbridge Value Trust
T Rowe Price Dividend Growth Fund
Vanguard 500 Index Fund   The Admiral shares have replaced the orginial 500 Index Fund
Fidelity 500 Index Fund

Mutual Fund Types Scramble Sheet (Online lecture 3) - Commentary

A Sample Mutual Fund  (Online lecture 5 - Just one of over 12,000!)
ICA Prospectus: Full - Summary - Webpage - Commentary
ICA: 90 Years of Investing -  Commentary: Video - Audio
Top 75 Holdings of ICA -  Commentary
The Benefit of Time -  Commentary
Worst Day / Best Day -  Commentary

Hypothetical Illustrations  (Online Lecture 5)
$100 per month for 30 years
$100 per month for 40 years
$100 per month for 40 years - increase $10 each year
$500 per month for 20 years
$1,000 per month for 20 years
   Commentary: Video - Audio

A Shares (commission-based) versus F or I Shares (fee-based, aka Assets Under Management)
$500,000 paying the up-front commission - 20 years
$500,000 paying a yearly 1.25% annual fee - 20 years
$500,000 paying the up-front commission - 25 years
$500,000 paying a yearly 1.25% annual fee - 25 years
   Commentary: Video - Audio

401(k), 403(b), and other Employer-sponsored Plans
Jack Bogle sticks it to the 401(k) world  And Senator Oral Hatch is not pleased...

Offerings of Sample Mutual Fund Companies Performance  (Online lecture 4)
Vanguard Funds Performance
American Funds Performance
Fidelity Funds    Only shows 310 or so of Fidelity's over 500 mutual funds. Woman CEO!
Fidelity Funds and all the other funds that they offer through their web site    Over 3,400 no transaction fee funds. Over 9,700 funds total! Woman CEO!
Dodge and Cox Funds Performance
T. Rowe Price Funds
Franklin Templeton Funds    Woman CEO!

Annual Reports and Prospectuses  (Online lecture 5 and Mutual Fund Annual Report Assignment)
Vanguard Funds
American Funds
Fidelity Funds    Woman CEO!
Dodge and Cox Funds
T. Rowe Price Funds
Franklin Templeton Funds  Choose fund and then find [Documents] - Woman CEO!

Top 10 Largest U.S. Fund Families: Morningstar  ThinkAdvisor, Sep 2019 - Careful: Difficult to get accurate, current results
The Top Three Have Earned Their Stature  At least, according to Morningstar.com
CityWire Alpha Female Report  The Women are gaining but still far behind the Men

Mutual Fund Commentaries, Insights, and Perspectives
Vanguard Insights - John Bogle's Official Website - Obituary for Howard Schow
American Funds Investment Insights - The Capital Ideas (Parent company of American Funds) - Obituary for Jon B. Lovelace
Fidelity Funds Insights - Viewpoints - Ned Johnson on Wikipedia
Dodge and Cox Funds Video Perspectives Gallery - Check out The Benefits of an Active Approach to Global Fixed Income
T. Rowe Price Investing Insights - Biography of T. Rowe Price, Jr.
Franklin Templeton Funds Investing Commentary - John Templeton's Official Website

No Investment Is Perfect ...
Mutual Funds Far Outperform Mutual Fund Investors   Huh? That does not make any sense. But it is true! See last presentation.
Why The Average Investor's Investment Return Is So Low
Like Moths to a Flame   In January 2014, investors (?) rushed out of stock funds and into bond funds ... at just the wrong time. Fun video.
A Cautionary Tale for Investors   An example of a mutual fund without proper oversight by the Board of Directors
Woodford Funds Debacle:   An example of a mutual fund manager who believed he was invincible. Look for long-term results, Dear Students!
  The decline and fall of a star stock picker  To read this one, you have to create a free account with City Wire Selector
  Morningstar's take on the Woodford Funds  Morningstar also requires you to create a free account to read the article
  Woodford Funds Debacle   The Financial Times now has a "pay wall" for this article. Sorry. You can get it at a library.
Recent Mutual Fund Scandal   The investment manager was lying about the value of the investments. How did this happen?!

Online Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund


Part 2: Stocks, also known as Equities

Introduction
to Stocks



Chapter 3: Introduction to Stocks
Chapter 3 in textbook on LibreTexts.org
Presentation file
Study Guide
Assignment
Stock Markets Assignment - Commentary
Earnings Call Assignment - Commentary

Stock Transactions
The difference between limit, stop, and stop-limit orders  Limit, schlimit! If you want the buy or sell the stock, just use a market order!
Market Simulation Handout - Commentary
   Presentation: Chaos in the Classroom! (Spring 2020 just before the lockdown): Video - Video (CC) - Audio

Internet Finance Web Sites   (Assignments, Lecture #3)
Presentation: Video - Audio
The Value Line Awesome resource that used to be pay only. Check it out!
   We will use The Value Line extensively in the next chapter on valuation.
Yahoo Finance   Yahoo Finance was the best free finance site. It is still useful but not as much as before. Oh, well.
   
E-mail to and response from the CEO of Verizon   Verizon bought Yahoo. The CEO answered me personally! (Verizon then sold Yahoo.)
Bloomberg Finance
Marketwatch  Wall Street Journal's free web site (Not so free anymore...)
Morningstar  Same website as chapter 2, mutual funds.
Google Finance   Google Finance is great for checking on the international markets
CNBC
Investopedia  Pretty good website (even though it is owned by the same folks who own Tinder)
The New York Times Markets Overview

ESG - Environmental, Social, and Governance
What is it?  Yet another buzz term to throw around or a real issue (actually three) that must be considered when investing?
ESG will eat itself  Critical look at the difficulties in defining what is good and what is bad

FINRA - Financial Industry Regulatory Authority
FINRA  Investigate your broker and brokerage firm at FINRA's BrokerCheck
FINRA Broker Check  Just type "PAIANO" for the name and hit [Enter]
FINRA Registered Representative Brochure  Registered Representative is the legal term for a Stockbroker
The new Securities Industry Essentials Exam  Started October 1, 2018
Solomon Securities Industry Essentials Exam Preparation  Just one of many exam prep companies (I don't get any kickback!)
The FINRA Investor Knowledge Quiz  Actually, you should wait until the end of the semester before taking this quiz!
FINRA SIE Exam Practice Exam  Take it over and over and over again! Wait until the end of the semester.

The Spread - How market makers (aka dealers) make money
Casas de Cambio - San Ysidro and Tijuana (Lecture 2) - Video - Audio - YouTube
Investopedia explains the bid-ask spread
Robinhood is not free!   How does a brokerage firm that changes no commission make money? From the spread!
The SEC is not happy with Robinhood   But doesn't everyone know that they are still being charged when they use Robinhood? (I guess not...)
How Robinhood makes money on $0 trades   Investopedia is skeptical but not very critical of Robinhood.
Robinhood Is Making Millions Selling Out Their Millennial Customers To High-Frequency Traders
    However, this guy claims the spreads on Robinhood are very high.
SEC Considers Banning Order Flow!   31-August-2021: Whoa! Wouldn't that upset the apple cart?!

Even in hindsight, it is difficult to choose stocks
Eighty-Nine Years Ago (Lecture 3) - Commentary - Results   Don't Peek Until You Have Chosen a Company!
The Thirty Stocks in the Dow Jones Industrial Average

Stock Certificates
Disney - Allied Signal - Campbell Soup Company - Commentary

Stock Worksheets
Stocks Worksheet 1 - (Lecture 2 and 4) - Commentary - Answer Key
Stocks Worksheet 2 - (Lectures 2, 5, and 6) - Commentary - Answer Key
Stocks Worksheet 3 - (Lecture 6) - Commentary - Answer Key

Dividend Reinvestments Plans (DRIPs)
Sempra Energy DRIP (Lecture 4) - Commentary

Penny Stock and Other Stock Scams
DPER -- From $0.006 To $0.06 In Just 9 Days! (Lecture 5) - Commentary   Psst. DPER is gone! Last sold for $0.0000
PPTL -- Turn $0.0138 to $0.05 In Just One Week!   What is it selling for now? $0.0000
Yahoo! Advertisement for AwesomePennyStocks.com - Another: "Penny Stocks Made Me Rich!"
The same people who are doing the recommending to you are the same scam artists who are selling the bogus stocks to you!
They "pump" up the price and then "dump" all the shares! It is a very old scam.

AwesomePennyStocks.com shuts down after SEC/FBI probe  Sigh. These scams will never end as long as people are greedy and stupid.
Another web site that was shut down  And they spelled "receive" incorrectly! I before E except after C...
Two British Teens Ran "Stock-Picking Robot" Scam
Email scam using PRFC -   PRFC was one of the few legitimate companies on the OTC. They warned the investment community that they were being used by the penny stock scammers.
DRMC: 25-Feb-2015 - 26-Feb-2015 -- Definitive Rest Manufacturing
   Formerly manufactured mattresses but now makes materials for aerospace industry. Uh, right...
STHC: 24-Feb-2015 - 25-Feb-2015 -- SouthCorp Capital
   Started June 2014 as a company refurbishing run-down homes but now is manufacturing cans and weight loss products. Okay...
How Bernie Madoff Made Off With $18 Billion   They also ask the question, "Are we protected from the next major Ponzi scheme?" (Spoiler: No.)
PBS Frontline's take on Madoff's fraud
60 Minutes: The Man Who Knew   60 Minutes interviews the man who reported Madoff to the SEC. They didn't listen.

IPO -- Initial Public Offering or It's Probably Overpriced?
It's Probably Overpriced!
Rigging the IPO Game

Bear markets come and go. Keep a long-term perspective.
History of Bear Markets - (Lecture 3) - Commentary
Another History of Bear Markets
Five Weeks of Hell - Fall 2008  It's gonna' happen ag'n, Folks. We just don't know when. Be prepared emotionally.
What Past Market Declines Can Teach Us
Don't Lose Perspective (Lecture 5) - Commentary
BGFN, The Benjamin Graham Financial Network! - Commentary
How to Handle a Market Decline  Don't panic. Keep a long-term perspective. Buy more!
Three Ways to Prepare for Down Markets

Bibliography - Read! It will give you an unfair advantage over everyone else!
Books to Read about Stocks - Commentary (Same as Chapter 1)

Rewards of keeping a long-term perspective
96-Year-Old Secretary Quietly Amasses a Fortune Stocks can make you rich, Dear Students ... but it takes time
Woman buys 3 shares of Abbott Labs at age 26 When she dies at 100, she leaves $7 million to her favorite college

High Frequency Trading (HFT)
FINRA High-Frequency Trading (HFT) Concerns
  But this guy says that HFT is good for us! Arrgh!
  Brad Katsuyama, the Hero of Flash Boys, begs to differ. "The system is rigged."   And he started IEX to level the playing the field
    Mr. Katsuyama's full speech   The link above is an excerpt
  SEC gives approval to IEX to become a stock exchange   FranklinTempleton, Capital Group, and other large financial firms and pension funds backed IEX
  Citadel tries to stop IEX!   Citadel is the company that pays Robinhood for the order flow. They don't want any competition!
  One False Move   A High Frequency Trading firm loses $440 million in 45 minutes

Warren Buffett and Berkshire Hathaway
The History of Berkshire Hathaway Class B Shares

Robo-Advising? Robo-Trading? What is this? It sure ain't investing!
Fidelity Robotic Trading System   Whatever it is, they were charging 1.25% each year! Looks like random senseless trading by a computer.
  Presentation: Video - Audio

Online Audio Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Markets (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Chapter 4:
Fundamental
Analysis:
Valuation
Models


Chapter 4: Fundamental Analysis: Valuation Models
Chapter 4 in textbook on LibreTexts.org
Presentation file
Study Guide
Chapter 4 Valuation Models Assignment - Commentary
Chapter 4 Value Line Assignment - Commentary
The Value Line
    The paper version of The Value Line is available at the Chula Vista and San Diego Central Libraries.
    It is also available at selected San Diego branch libraries. This list may be out of date. Call First.
    Their website only shows the San Diego Central Library and Rancho Bernardo but we know it is available at other branches.
    The Newport Beach Public Library gives you online access to The Value Line for six months.
       (Then you have to travel up to Newport Beach to get a permanent account.)
       Presentation: Video - Audio

Pretzels Unlimited Discounted Cash Flow Spreadsheet   (Lecture 3)
   Presentation: Video - Audio
Valuation Worksheet 1 - Commentary - Answer Key
   Jimba Jomba Jumba Juice Discounted Cash Flow Spreadsheet
   Presentation: Video - Audio
Valuation Worksheet 2 - Commentary - Answer Key
The Value Line: Johnson 'n' Johnson Spreadsheet - Video - Audio

Chapter 4 Formulas
Present Value Table  (Needed for Discounted Cash Flow Model calculations)

Online Audio Lectures
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose

Online Audio/Video Lectures (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose


Text Book



This is an Open Educational Resources - Zero Textbook Cost (OER-ZTC) textbook.
(Ah, that's the fancy-schmancy academic way to say that it is free to read.)

  Introduction to Investments: A Free Manual for Building Wealth
  
PDF Version (>30 Megabytes) - LibreTexts.org (mobile-friendly)


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