Learn the market from the ground floor up.
Watch for free, read every week, and when you are ready, take a course that builds one floor at a time.
Watch
How the Middle East oil shock became Reliance's best-ever refining quarter
Explainers, seven to ten minutes each
Each video takes one thing that is moving the market and follows it all the way through to the companies you might own: an oil shock to a refiner's margins, a rate decision to a bank's spread, an earnings season to a sector's valuation. No jargon is used without being explained, and no video ends with a stock to buy.
New videos are announced in the weekly letter first.
Read
The Elevator Letter
One email a week on one idea worth understanding. Some weeks it is a concept, like why option sellers get paid. Some weeks it is a company's annual report read slowly. Some weeks it is whatever just happened, explained without the noise. It is short enough to finish and clear enough to repeat to a friend.
Free. No tips, no calls, no sponsors. Unsubscribe with one click.
Courses
Five floors. Each one assumes only the floor below it, so you can start where you are.
Live online cohorts of 25 to 30 people, two sessions a week over four weeks per floor, with exercises on real (and at least three-month-old) data, recordings of every session, and a cohort group that stays open after the course ends.
- G
Free video series
Foundations
For anyone who has a demat account, or is about to open one, and wants to know what they are actually doing.
- What a share is, what a company owes you and what it does not
- How prices are formed: order books, liquidity, circuits
- What Nifty, Sensex and sector indices measure, and what they miss
- Interest rates, inflation and why the cost of money moves every price
- Reading a price chart without fooling yourself
- Brokers, demat, taxes and the costs that compound against you
- 1
4 weeks · live cohort
Reading a business
Open an annual report and come out the other side knowing whether this is a business you would want to own.
- The three statements and how they fit together
- Cash versus profit, and the ways the gap gets hidden
- Working capital, debt and what the notes to accounts are quietly telling you
- Judging management: capital allocation, related parties, promoter pledges
- Red flags that show up in the filings before they show up in the price
- Exercise: a full read of one annual report, together
- 2
4 weeks · live cohort
Valuing a business
What a business is worth, how confident you can honestly be about that number, and what to do with the answer.
- Earnings power and the quality of earnings
- Multiples: P/E, EV/EBITDA, P/B, and what each one hides
- Discounted cash flow without false precision
- Margin of safety and position sizing for investors
- The hardest question: when to sell
- Exercise: value one company three ways and reconcile the answers
- 3
4 weeks · live cohort
Options and F&O, properly
Derivatives as they actually work, taught by people who trade them with their own money, including the parts that make most retail traders lose.
- Futures: pricing, margins, roll-over and what a margin call actually is
- Options: intrinsic and time value, and how a premium is built
- The Greeks in plain English: delta, theta, vega, gamma
- Why most retail option buyers lose, and what sellers are paid for
- Defined-risk structures: spreads, iron condors, hedged positions
- Exercise: build and stress-test a position on historical data
- 4
4 weeks · live cohort
Risk and the trader's mind
The floor most people skip, and the one that decides whether anything above survives contact with a bad month.
- Position sizing and the mathematics of drawdowns
- Leverage: what it does to your returns and what it does to you
- The trading journal, and reviewing it honestly
- Behavioural traps: revenge trading, averaging down, the sunk cost of a thesis
- Building a process you can keep on a bad day
- Exercise: write your own rulebook and defend it to the cohort
Join the waitlist
Cohort dates and fees will be announced to the waitlist first. Tell us which floor you want to start on and we will tell you when it opens.