the 4 pillars of investing fundamentals: module 4 · 2017-11-10 · so if this were stocks, we...

Fundamentals: Module 4THE 4 PILLARS OF INVESTING

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The 4 Pillars of Investing | Fundamentals : Module 4

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Before we invest, we ask what the goals are. It’s just like I said, “Should I buy gold? Should I buy silver? Should I hedge? What should I do?” We gotta know what our goals are. For me, I separate this at the beginning level for three different goals. And so this is where we now shift to a personal fundamental analysis. Now we’re going to talk about what your policy is. Now we’re going to talk about what you own, because as an investor, we have to do all three. We gotta know sovereign because everything that happens happens in the shadow of the sovereign. Debt to GDP ratio, foreign sovereign debt, European debt, printing money, inflation. Okay, well that affects corporate. Well we gotta know what we’re buying corporately. What are we getting, value? What’s the growth? And do we want income or do we want growth? What do we want?

So let’s start with real estate. If I’m selling my house, I’m gonna have a capital gain or a capital loss. Maybe you’re like Armando Montelongo, you want to be a house flipper. Maybe you’re like Robert Kiyosaki, you want to buy the house, hold it for cash flow. I’ll bet Armando’s probably flipped a thousand houses, Robert Kiyosaki’s bought two thousand houses, he’s bought 2,500 houses, plus five golf courses. So one guy is flipping them and he’s getting rich and becoming a millionaire by buying low selling high, buying low selling high, buying low selling high. A guy like Robert, he’s on his way to becoming, he’s going to be a billionaire someday; Trump is a billionaire, because they buy and hold and rent, buy and hold, and buy buy buy, they never sell. They buy it and let it appreciate and hang onto it.

So different philosophies, both will get you rich, which one do you want to do? So we’re gonna flip the house, we’re gonna rent the house. Or do we want to spend some money to insure our nest egg here. So in my mind, those are the three things you want to do. None are better than the other. I respect all three. Hey, I’ve flipped houses; I’ve also got houses I hold for cash flow. I have insurance on all my houses. What are our goals? Well let’s do real estate, then we’ll do stock.

If we look at the fundamental analysis, we can look at different parts of it and the heart is the financial statement. So if you’re going for a capital gain, that’ll increase your asset; it’s either

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A transcription of

The 4 Pillars of Investing

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going to increase in value or maybe you have a housing bubble that decreases in value. Well, assets minus liabilities is net worth. So when you go for capital gain, then you’re either going to have it go up in value, down in value; your net worth changes. So you ask yourself as you do your personal fundamental analysis, what do I need? Do I need to increase my net worth? If I want to increase my net worth, maybe I buy some capital gain stocks, buy some gross stock.

Okay, right here, cash flow. I’m not focused on this one, I’m focusing on the cash flow. I need income to live on each month. And that’s my favorite because that’s what’ll help you retire. Net worth doesn’t help you retire, cash flow does. That’s an important distinction to make. We’ll talk about that again in a minute. Hedging, that’s just a liability; I’m not expecting anything back from that money. I’m just buying something so that if the house burns down, I can over it. In Robert Kiyosaki’s latest book, Unfair Advantage: The Power of Financial Education, what they’ll never teach you about school, he asked me about this. And I say the biggest difference between professionals and amateurs is, amateurs are always going for the capital gain, professionals go for cash flow. Amateurs are always trying to hedge or trying to protect themselves with diversifying and yet professionals use contracts like insurance.

So if this were stocks, we could do the same thing. Some people want to buy Apple, buy $300, maybe you sell it at $600. Now your net worth’s gone up. You have more money than you did before. But maybe you want a dividend stock where you buy the thing and then it just pays you as long as you own the stock, as long as they declare a dividend. One of the things you gotta realize is that this does not solve the problem. This is where 401Ks are right? Your value, your mutual funds go up and down. Very rarely are you taking a dividend out of that now. It’s usually reinvested in for more growth to buy more stuff into the fund. So a mutual fund generally is not a cash flow thing. There are some that are, but most 401Ks, you’re not drawing money each month. Your net worth is going up and down.

Well understand this; someday we gotta have cash flow. Look, catch this. If you have a nut to crack, let’s say you got a $4,000 nut to crack each month. Well, having your net worth go up and down isn’t really going to matter. You need what? You need to pay this bill every month. So what income producing assets do is they produce cash that help crack this nut. If you can get $4,000 in cash flow coming from assets; see, most people have to get it from a job out here, and the job is putting in the money. You can get rid of the job if you have the assets through producing the same cash. So you might do it this way, wealth equals, wealth is when you’re passive income, right? There’s two types of income. Active income is if you’re making, let’s say you got a $4,000 nut to crack; if you’re making $4,000 at your job, that’s called an active income. We don’t want that. But if you’re making $4,000 from your assets, that’s called passive income. If your passive income is greater

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than your expense number, in other words if you can get this to $5,000, then you don’t need this job anymore.

So I believe the key to wealth is cash flow. Maybe we can look at it this way. Maybe what we might say is that net worth, if a guy has a high net worth, he’s rich. But if a guy has a passive income above his expenses, then he’s independently wealthy. In other words, he has enough wealth that he’s independent from having to work. You could be rich and still have to work. You can have a high net worth and still not be able to pay your bills. You can have a huge 401K. You can have a million dollars in your 401K and still have to retire, because you’re young or what have you. What I don’t like about a 401K is that it affects net worth. But I like about income producing assets is when they produce cash flow. So I think one of the reasons I wrote the book 401(k)aos is people don’t understand that. They don’t understand that they’re trying to grow their net worth and the sad thing is, is often 401Ks, what can they do? They can go down, right? And so your net worth goes down.

But let’s say you have a stock, like P&G, the cash value of that might go up and down. But if their dividend keeps getting paid, maybe the price of the stock goes down, but that dividend is still coming in consistent right? So that’s kind of the difference between those. And there’s other ways as we talk about cash flow. It’s not just about dividends guys. I got a whole, we’re going to do a whole class just on cash flow. So what we’re doing is, we’re looking at a personal financial statement now, right? What area do you need to focus on? Do you need net worth? Do you need cash flow? What do you need? And we’re going to work on buying assets and stocks to help fill those needs.

I buy a lot of stuff just for insurance. When we do risk management, the risk class, we’ll talk about put options. We buy an option to hedge some risk and preserve capital. All kinds of stuff, preserve our assets, so all kinds of stuff we do here with our assets. How do I find stuff? This is using technology. Now, I would imagine that you’re going to want to do this in a cool way and be a little bit more professional. So I use technology. Yeah, you can do this on the Yahoo Finance thing and all this, that’s cool, but for example here’s some technology. Now this is called Fundamental Score. You’ll notice here that there’s this green thumb. Well that means it’s gone through all the numbers already, it’s gone through the earnings, the growth, the revenue, and it tells me, is this fundamentally solid? Is this Blockbuster video? Is it threatened to go out of business? Hey, it could, but the fundamentals say this looks pretty strong right now.

If I want to short the market, as we’ll talk about, I might find red thumbs with weak companies that are going out of business. I could short them for a bit of a capital gain. So that’s kind of cool. I can search for different criteria. For example, if you look closely on this one, this one right here says ‘fundamental score’, so in the software I use there’s 67 different things I can look for. One of

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those things is, how strong are they fundamentally? How strong is their fundamental analysis? So see, I could go through all 14,000 stocks. I could go to Yahoo Finance which is free, and I could type in ‘Apple’ and compare it, then ‘P&G’ and compare it, then ‘Microsoft’ then compare it, then ‘Phillip Morris’ and compare it. And just go through all these stocks one at a time and compare. That takes 14,000 stocks. Or I can say, hey just go find the ones with the most solid fundamental analysis, or the weakest fundamental analysis. Fetch! And go get them for me.

Here I’ve sorted by fundamental analysis. See all the green thumbs, the best of the best. So I can organize this, it saves me a lot of time when I’m looking for investing ideas, right, looking for what I want to buy. Filters and scans, maybe I like certain, want to compare apples to apples; this is called ‘finance’ so I can look at just insurance, or I can look at regional banks, stuff like that. So these are called industry groups, these are called sectors, sector industry group. I could filter it down, just save me a lot of time here. A lot of time, right? Boom. So that is software. And this software that I’m showing you now was written by a friend of mine. He lives in Chicago, name’s Tom Joseph; shout-out to you, Tom. And Tom’s not listening, it’s just you and me. Here’s the thing. Tom, the reason I like him is, I don’t sell his stuff personally, but I’ll tell you what, look into it because he’s not just a software developer. The guy trades, and he’s an option trader, so he kind of understands what we look for for cash flow and stuff. So nice software package. Hey, I don’t care what software you use. There’s some great ones out there. Find what works for you. But don’t be cheap. Make sure you spend a little money here. Remember, it’s not about price, it’s about value. When it comes to my investments, do I want to trust that some cheapo thing, you don’t want cheap whiskey, you don’t want cheap women, and you certainly don’t want cheap software, so make sure you pay a little at least for the software. The others I don’t know what you’re gonna do, so there you go.

So we’ve been talking about income and expenses and of course, the more debt we have there’s often payments associated with that. And debt is an accelerator right? It’s not good or bad, it simply gets us what we want before we have money for it. So we want health care now, we don’t want to wait for it ‘til we can collect enough taxes, we borrow money then we spend more than we have. Maybe not as wise, but we want people to feel good. If we want to grow our business, we certainly can’t always wait for revenues to come in. We say, hey let’s take on a little debt risk. As long as we’re solvent, our expansion should result in more revenues. And so you can see, there’s wise debt and unwise debt. Well, what debt is, there’s risk when we go into debt. We want to make sure we’re solvent when we do it, and so a lot of people do it for consumption, and a lot of people do it for investment.

A lot of the debt that I hold is investment debt. For example, I have real estate, but it is solvent, meaning that the income from the real estate pays for the debt. I have a mortgage on the rental

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property. Let’s say the mortgage is $700 and maybe the rent is $1,000. That gives me $300 a month cash flow, that’s locked in for 30 years. The rent will likely grow, the payment will likely not. 30 years from now, the house will probably be worth more. The rent will probably be charged more, but yet the payment will either disappear from being paid off, or remain the same. So that’s a very solvent situation. My risk is what? The tenant doesn’t pay or the tenant moves out. But as long as I have good fundamentals of the area, I say okay what’s the average home worth? What’s the average vacancy rate? What’s the average rent? Oh, the average rent is $1,300, okay I’ll do mine for $1,000. Now my tenants nervous that I’ll actually kick him out and there’s high demand for what I have, because I’m giving a good value for the dollar.

So people say, “What if someone moves out?” Well if you offer better value than everybody else, then no one wants to move out, and when someone does, you got someone ready to come in and even pay more. So really, I don’t look at that as that risky. Homes are something, one of the basic necessities of life, and if I’m renting mine a lower price than most people, and I keep it in good shape, then people will want to be there. It’s very very simple. Lot less risky I think than being out of control and having a job. So I don’t mind using debt one bit, as long as the debt is solvent. In other words, the program that I’m in is paying for itself, and it’s making me money rather than maybe consumer debt, is debt that isn’t paying for itself. So I don’t mind going into debt as long as I have an asset that pays for it, whether it’s a house or a car or whatever. If I’ve got an asset that’s paying for it, debt’s not a problem and it helps me get the things I want faster than if I try to grow my way into them.

Imagine if I’d have waited to buy that home when Marcie and I were earning minimum wage and we want to buy a $200,000 home. How are you going to save $200,000 out of your earnings? You’re going to use debt as the accelerator. The problem is what most people do in their personal life is they use debt as an accelerator to buy things that aren’t solvent. We can list all the things they use a credit card for. So we have Experian and TransUnion, we’ll do a fundamental analysis on someone. That’s literally what they do. And they say, hey based on this person’s policies, and based on the direction they’re going and based on what it looks like they’ve been doing; these guys look like they have a policy of using all their debt, maxing out. These people look like they have a policy of buying only liabilities on their department store credit card. These guys look like they have a policy of paying late. These guys looks like they have a policy of paying it all off at once. Look at all these different policies. These guys have a policy of getting into massive amounts of debt, massive amounts of credit, and they use it all. These guys have a habit of getting massive amounts of credit, but they don’t use it as much. They have a little more meekness, power under control. So Experian and TransUnion will give you a credit score.

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So far we’ve dealt with six different numbers. Maybe we could draw some of them maybe? Let’s do this. Let’s just draw a little financial statement here like this. And so far, we’ve had six numbers. We’ve had income, we’ve had expenses, and over here we’ve put the cash flow usually, right? The income minus expense is cash flow. So there’s three numbers. Then we’ve had the assets, we’ve had the liabilities, and what we call the equity or the net worth, right? So that’s one, two, three, four, five, six numbers we have. Well we also have something called a credit score. And a credit score is given to us by an entity that understands how to do a fundamental analysis. So there’s seven numbers. Cash flow, income, expenses, assets, liabilities, equity, and a credit rating or a credit score. Very important part of fundamental analysis. And guess what?

Everyone has a personal credit score. Some people might be zero. You got Dun & Bradstreet, Standard & Poor, Moody’s giving corporations and nations credit scores. So again, fundamental analysis occurs on all three levels. Experian, TransUnion, Equifax, whoever they are, doing personal credit scores. So as we look at fundamentals on the personal level, we need to understand how debt and credit score work on all the levels actually. I think we can agree that there are many corporations we study today that were using debt extremely responsibly and profitably and it helped them grow and helped them flourish, and now they’re making billion and billions of dollars. I don’t think Steve Jobs makes billions of dollars without going into some type of debt or getting investors or selling off his company or growing in some way. I don’t think the United States has used debt vey responsibly. But what’s the deal?

The Federal Reserve, do you think they want you to know about all this stuff? Do you think the powers-that-be want you to know about these things? I think there’s a lot of people that would rather keep you in ignorance. One of the great moments when I’ll teach this to other people is when we talk about the Federal Reserve being private, and how they can just simply acquire US bonds by writing a check that they’ve given power by the government to. No wonder The Creature from Jekyll Island is such a popular book. No wonder everyone should read it. All of a sudden these bankers decide they’re gonna be the Fed, and they can simply buy debt and pay money for the debt and acquire these bonds and put the United States in debt to them, and it’s privately done? Boy, that’s just something that most people don’t understand.

The importance of understanding monetizing the debt, expanding the balance sheet, the vocabulary, huge because the sovereign debt, boy that’s a bad bad deal. Encouraging to go into debt to people that aren’t part of the government, amazing amazing stuff. So, let’s understand what debt is. Debt is simply when you make a promise. It’s an agreement. “Hey will you loan me some money, I’ll pay you back?” That’s all it is. “Oh, I’m in your debt. I owe you. I promise you. I’m in your debt. I’ll get you back. I’ll scrub your back sometime if you scratch mine.” Credit is power,

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and to me this is a very important conversation for you and I to have, so I hope you’re listening carefully between the two of us.

Look, credit is the power to buy things. If I’m an investor, what am I in the business of doing? I’m interested in expanding my balance sheet just like the Federal Reserve is. So look, the Federal Reserve wants to buy what? They want to buy treasuries. Donald Trump wants to do what? He wants to buy real estate. Warren Buffet wants to do what? He wants to buy assets. So if I have an asset column, that’s where it starts. I want to build my asset column every day because what’s that gonna do? That’s gonna build income isn’t it? That’s what it’s gonna be. I want to focus on my ability to what? My power to buy things. Now, I don’t care whether I buy things from money I get from earnings or if I get it from credit as long as it’s solvent. As long as it can pay for itself and the debt, it’s a great move. In fact, it’s better to buy things on credit actually, if the program that you’re buying, the asset you’re buying can pay the debt off and give you cash flow.

Why? Why is that better? Because if all I do is, this is very important, if all I do is use my earnings to finance new assets, I can only grow my asset column at the rate that I’m earning that. That’s a very slow process if you’re making, what if all you can invest is $100 a month right now? And all you can do is buy $100 worth of stock each month, and the dividend on that’s small. Hey, I’ll tell you what, you’re not going to get rich in a very appreciable amount of time. You might not even be able to outpace inflation. But if a person will say, “No, I’m going to be responsible unlike the US government, and I’m going to find a way to find assets that produce enough money that also covers the payment, the expense, there’s no limit to how fast I can acquire assets, and how fast I can build my cash flow. And my return is infinite because I’m not using any of my money.”

So that’s a very important concept I explained in Robert’s book on the infinite returns. He asks me, “Can you do this on paper?” I says, “Yeah you can. I’ll give you an example of how it can be done.” So, we definitely are a fan of credit, definitely a fan of that. These guys I’m not a fan of. Here’s the Standard & Poor’s report. Now watch this. United States of America long-term credit rating lowered. Why? Now outlook negative. On what? Political risks, what’s that? Fiscal and monetary policy and rising debt burden, this off-balance sheet having to put in more debt. Standard & Poor sees this, I see it, you see it. Alan Greenspan, what are you whining about? This is not Triple A paper, it’s $100 trillion, it’s a deficit of $1.6, GDP is sluggish. Political fiscal responsibility, the fiscal policy’s all screwed up. No wonder Standard & Poor’s does a fundamental analysis and says, “You know what, the risk is higher.”

What is a credit score? It’s the risk of loaning someone money. It’s the risk of buying a bond. And the risk of buying a bond went up because the GDP’s gone down, the debt’s gone up because of all these factors, printing money, the Fed, the whole thing. No wonder Standard & Poor’s and

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Moody’s will follow, it’s only a matter of time. What is the pattern? Insolvency, delinquency, bankruptcy. And so what do we do to tell the future? We look at what is likely by demographics, policy, and add a little time in. Interesting stuff.

Great use of credit by Exxon Mobil. What, you’re gonna build a billion dollar oil platform, digging new technology deeper into the earth than ever before out in the gulf; you can’t do that out of earnings. It’s not fast enough. We’re not buying gas fast enough. So what do you do? Use debt. Finance it with debt. Use debt as a lever so you can grow faster, and if you grow faster that generates even more revenue, right? That’s the game. This is Triple A paper. Long-term outlook? Stable. Long-term outlook by S&P? Stable. Here, negative, negative long-term outlook here, stable, lots of revenue. Here deficit, here revenue, stable. Alan Greenspan, this is what Triple A paper looks like. Apple has Triple A paper, right? Triple A credit reading, why? Look at the debt to GDP ratio here, debt to our ability to make money, debt to assets, debt to cash flow; we got all kinds of cash flow, we can pay this debt. Look at all that cash flow, they can pay that debt. Very cool stuff.

This is gross before a lot of things are taken out, but still, good Triple A paper. The bottom line is outlook, stable. They haven’t had to adjust this since 1999. This is today’s report. Last time they had to do something, they gave them that rating in 1999, hasn’t changed in what twelve years? Stable, people buying oil, using their debt wisely, not stable, outlook stable. So when we look at power, it’s kind of like having a child; you teach people to do it the right way, use that power the right way, or you go see R-rated movies and do it the wrong way. You don’t want to cut that power, you just want to teach them to use it the right way. Same with credit. You’re cutting the credit cards up, no. If you cut the credit card up, remember if we want to change things, we need to have what? Buying power. And all we’re doing is killing people’s buying power when we cut up their credit card.

So really, if I look at my personal financial statement, that’s the most important we’ve talked about today. The most important fundamental analysis we can talk about between the two of us, you and I, is your personal financial statement. Are you operating at a deficit? Is your net worth negative? Is your income reliant on a job? Are you having to make payments for mortgages, loans, and taxes? Is your credit poor? These are the seven numbers. One, two, three, four, five, six, seven, right here. That’s the thing we’re looking at. So if a person wants to change their financial life, they start by looking at these seven numbers. And they say, “Okay, which one can we improve? Should we work on our deficit? If we should, how do we do it? Do we do it by cutting expense? Do I do it by earning income? And if I’m gonna earn income, what’s my policy? Is my policy to get a second job? Is my policy to clip coupons and cut expenses or quit buying less or lower my standard of living? Is it my net worth I’m worried about? Should I pay down these debts, or should I buy

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assets?” What is your policy? “Should I try to do it from money from a job, or should I increase credit where I can buy the assets quicker?”

So these are the questions we need to ask. We want a surplus. We want passive income. We want net worth. People that are rich have high limits and an excellent credit history. They keep their promises, they use credit. So there’s lots of different voices to listen to. I said I wouldn’t mention Suze Orman, Dave Ramsey, but the fact of the matter is, they’re always screaming for people to get out of debt or get a better job. The school number one says get a job. Well, that’s focusing on increasing income. I don’t know that that really helps the long-term issue of what? Expenses. You’ve got food, clothing, health. Well if I’m going to work at a job as my source of income, I’m always going to have to have a job to make my payments on food, clothing, shelter. So I don’t know if getting a job’s a good idea. Some people say, like Dave Ramsey, act your wage. Well I don’t like that idea, ‘cause now I have to live under the standard of my job, which means my job will dictate my happiness. Everything I do in my life will now be under the umbrella and limitation of a job. If my job is not an abundant thing, then I can’t have abundance. And I have to do things like clipping coupons and going without and getting Bic pens instead of MontBlanc pens. It reduces my standard of living. It’s a goal to live smaller. I don’t like that idea.

And those are the two major things, get a second job, get two incomes, put your wife to work, put your husband to work, cut payments, try to get out of debt, try to pay all this stuff off. Actually, I think there’s a better way. If you get power and educated; look, what is buying an asset about? You’ve got to have two things if you want to fill this asset column. I’ll write down what they are right now. There are two things you need to build this asset column. Number one you need the power to buy. So we’ll call it not British Petroleum, not Broken Pipe, Buying Power. And that means increasing credit. The second thing we need, is you need financial education. So when you see an opportunity, you know whether it will be solvent or not, whether it’s good or not. And if you see the opportunity is solvent, you just need the buying power. But if you have no education, you’ll buy the wrong stuff. And if you have the right education but no income, you won’t be able to buy the opportunity.

So the key I think to growing your asset column is knowledge and buying power. And that’s my policy in my family, is we’re focusing on our knowledge and focusing on our buying power, because then there’s no limit to the assets we can build. That’s the one that I want. And you need to make your own decisions. If you want to get another job, or if you want to act your wage, you clip coupons. But I think actually instead of cutting up credit cards, I think you A – increase your education which you’re doing now, and I hope you can feel that, I hope you can feel the time’s been well spent. I hope you feel that, “My gosh, I just did learn some things. I just became

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a higher IQ financially.” We can read lots and lots of books and we don’t tend to remember them. The Seven Habits of Highly Effective People, did you like it, yeah? Well name the seven habits, go right now. Do it, name them, if it was so good. Even my friends Robert and Kim will tell you this; you read Rich Dad Poor Dad, there’s six lessons in Rich Dad Poor Dad in order, name all six. It’s just interesting.

And my goal was to provide classes where people could start to learn education. What are the four pillars? Fundamental analysis, technical analysis, cash flow, and my goal working with you is to do more and more and more classes just like this, to where at the end, you feel you have some specifics, you feel like “Okay, I just made some progress in my financial education. I understand it better than I did before. I’m going to review this over and over.” So I say get educated right there. And then I say build your buying power with credit. And use that credit to buy assets that pay for themselves, to develop passive income where the job, we don’t need a job, no more job. And that I think is the key to getting rid of a job, is to do a what? Is to do a personal fundamental analysis. See which of those seven numbers needs to be buoyed up. Some people say get rid of the seventh number, don’t go into debt at all. I disagree. I think it’s part of the way corporations do it. If you want to run your life like a business, then you’re going to do what businesses do, and businesses use debt in a proper way.

So, we just finished fundamental analysis, and again I hope you found tremendous value. What we’re gonna do next is we’re gonna move on now to technical analysis. Today we talked about the strength of an entity, right? What makes it valuable? Next we’re going to talk about the strength of the market, what drives these stock prices up right? And then we’ll get to cash flow, we’ll get to risk management, but next on the list, technical analysis. If you enjoyed this one, boy you’re really going to enjoy this one. It’s awesome awesome stuff. So very cool. Also, we made some progress. Hopefully you became aware of some new things. If you were a beginner, perhaps you learned about the Federal Reserve, you’re aware of that. Inflation, printing money, fiat currencies, PE ratios, right? Debt, all these types of things, debt to GDP, what the bond market is. Boy did we cover some ground? Holy cow, I think we did.

So we’re in phase one and I’m excited. We’ll do three more classes in phase one and then I’m going to show you how you can move into some advanced courses. I have some wonderful friends that help with this area. These right here, we spent a little time, these we could get so detailed. And then of course the ultimate goal is if you just keep doing what you’re doing now, I’m telling you, we’ll just take you by the hand, go all the way through, and eventually you get to the point where there’s proficiency. But I hope you feel you’re making great progress. Hey, congratulations. You and I, we just made it through together. Gonna keep holding your hand, gonna keep walking you

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through, I’m always gonna be there and committed to your financial success. Congratulations, you and I together have just completed basic fundamental analysis. Great job. Look forward to seeing you in the technicals class, awesome.

END OF FUNDAMENTALS – MODULE 4

the 4 pillars of investing fundamentals: module 4 · 2017-11-10 · so if this were stocks, we...

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