Open now: required Stages 1–3 (free) + Stage 4 review course (separate fee) + Stages 5A/5B/5C (free); Stage 6 onward is updating.
Stages 1–3: compounding mindset, inflation & IRR, risk metrics.
Stage 4: fused refresh + applied project, one course fee — not required to finish the core path.
Free required extensions: Stages 6 and 8; Stage 7 elective sold separately; advanced series pack: Stages 9–11; electives: Stages 12–15.
Understand opportunity cost through everyday choices; build intuition for compounding, discounting, and EAR; draft a first savings and DCA plan.
Outcome: Think in opportunity cost; compute compounding, discounting, and EAR by hand.
See how CPI and inflation affect returns; learn IRR and mortgage comparisons; realize nominal gains can still lose purchasing power.
Outcome: Separate nominal vs real rates; compute purchasing power and IRR.
Separate volatility, drawdown, and loss; learn Sharpe, VaR, and fat-tail intuition for diversification.
Outcome: Describe risk in probability language; understand expectation, volatility, drawdown, and VaR.
Optional paid course: fuse Stages 1–3 into a refresh plus a hands-on money project (cash → real return → risk check). Not required for the core path.
Outcome: Connect compounding, real returns, and risk checks on one money scenario.
5A funds/bonds/ETF/index, 5B stocks & fundamentals, and the 5C valuation memo are all open.
Outcome: Move from product information to fundamentals, then to a valuation memo.
Monetary/fiscal policy and cycles through everyday cases (planned; not open yet).
Outcome: Read rates, FX, and cycles as investment signals.
Examine the limits and misuse of common metrics (PE/PB, Sharpe, drawdown); separate short-term price noise from long-term fundamental anchoring; strengthen investor psychology (elective, sold separately, planned HK$3.88, opening soon).
Outcome: Spot when metrics fail; don't let short-term quotes and biases drive decisions.
Integrate knowledge into a usable playbook (planned; not open yet).
Outcome: Ship a first executable Personal Investing Handbook v1.
Bond pricing, YTM, duration, and convexity (planned; not open yet).
Outcome: Understand duration, YTM, and rate risk.
Mean-variance frontier, CAPM, and beta (planned; not open yet).
Outcome: Optimize portfolios with a Markowitz-style frame.
Prospect theory, biases, and Kelly sizing (planned; not open yet).
Outcome: Spot common biases; build position-sizing intuition.
Duration via derivatives and sensitivity (planned; not open yet).
Outcome: Understand price sensitivity and convexity corrections.
Payoffs, binomial trees, and BS intuition (planned; not open yet).
Outcome: Explain option pricing with a binomial model.
Iterate a complete personal investing system (planned; not open yet).
Outcome: Ship Handbook v2.
Backtests and overfitting traps (planned; not open yet).
Outcome: Backtest independently and spot common traps.
