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Basis Report/Resources

Investor learning center

The research desk you actually need.

Structured frameworks for stock valuation, earnings analysis, accounting quality, and capital allocation — built to improve real investment decisions, not fill a blog.

20published guides
4research areas
5 minto start learning
Start with valuationBrowse all 20 guides

Research areas

Pick your question. Read the right guide.

Valuation

Price a stock correctly.

  • Why your DCF inputs matter more than the formula itself
  • When P/E misleads — and what to use instead
  • How to stress-test the assumption your price target depends on

Most valuation errors aren't math errors. They're assumption errors no one checks.

Valuation guides15 guides · 5 min to start

Earnings

Judge the quarter, not the headline.

  • Why EPS beats can be engineered — and how to spot them
  • How cash conversion exposes accounting quality before it's obvious
  • What management tone actually signals about the next quarter

A company can beat EPS estimates every quarter while its business quietly deteriorates.

Earnings guides2 guides · 8 min to start

Accounting

See through adjusted numbers.

  • The GAAP-to-adjusted gap that quietly erodes real cash returns
  • Working capital signals that show up before earnings do
  • How to read a 10-K for what it's not saying

Every 'adjusted' metric is a choice management made. Understanding that choice is the analysis.

Accounting guides2 guides · 10 min to start

Capital Allocation

Grade management's decisions.

  • Why ROIC separates compounders from value destroyers
  • How to tell if a buyback is creating or destroying shareholder value
  • The M&A red flags that show up before the deal closes

Buying back stock at a premium to intrinsic value is the same as burning shareholder cash.

Capital guides1 guide · 7 min to start

Start here

Three guides worth reading first.

These cover the most common blind spots in self-directed stock research. Read one, apply the same lens on a live ticker, then move to the next.

Valuation foundations

Start here12 min

How to value a stock without fooling yourself

Great valuation work starts before the model. You need the right lens, the right assumptions, and a written rule for what would make you change your mind.

What you'll learn

Write what the current price already expects before you call the stock mispriced.
Choose one primary valuation lens, then force every other metric to justify or challenge it.
Read guideTest on MSFT

Earnings discipline

8 min

Earnings quality checklist: judge the quarter, not the headline

Reconcile income statement optics with cash flow immediately.

OpenUNH

Accounting quality

10 min

GAAP vs adjusted earnings: the investor audit playbook

Start with GAAP and require proof for every add-back.

OpenCRM

Apply it

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