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Quarks: Short Finance Lessons

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Learn Finance One Concept at a Time

The
problem

12 videos saved. 3 courses started. 0 finished.

Quarks fixes the order: one idea, 10 minutes, always the right next step.

One idea. One sitting. Done.
About SizeChapter 02

Now it fits
in one sitting.

About ten minutes for one idea, because an hour you have to go and find is an hour you never find.

4Tracks25Subjects96Skills819Concepts
All Of Finance In Four Tracks.
And You Get All Four At The Price Of Your Saturday Afternoon Lunch.

Start with the track your dream finance job needs. Nothing is locked, so the rest joins on as you go.

Pick a track.
See what's inside.

Each column is a track. Each box that drops in is a subject in it. Click a column to see its subjects and what you will learn.

Step 2 · The syllabus

What you'll learn.

Every subject, the track it belongs to, how many lessons it has and the key ideas it covers.

Reading a Business · 48 lessons

Financial Statements

Spot the tricks in company accounts

Key learning

  • Accrual vs cash
  • Three statement linkage
  • Notes to accounts
  • Revenue recognition
  • True net debt
  • Cash flow distress signals
  • Earnings quality screens

Reading a Business · 21 lessons

Financial Modelling

Build the models analysts build

Key learning

  • Model architecture
  • Depreciation and debt schedules
  • Balancing the model
  • Circular references
  • Scenario design
  • Sensitivity ranking
  • Model audit

Reading a Business · 40 lessons

Valuation

What is this company actually worth

Key learning

  • Discounted cash flow
  • Cash flow and rate matching
  • Weighted average cost of capital
  • Terminal value
  • Comparable company selection
  • Valuing banks and loss makers
  • Reverse discounted cash flow

Reading a Business · 24 lessons

Corporate Finance

How companies decide where money goes

Key learning

  • Capital structure theory
  • Optimal leverage
  • Investment appraisal
  • Capital allocation record
  • Buybacks and value
  • Payout policy
  • Working capital release

Reading a Business · 37 lessons

Equity Analysis

Research a stock like a professional

Key learning

  • Sector analysis
  • Moats and pricing power
  • Revenue mapping
  • Driver based forecasting
  • Where you differ from consensus
  • What would prove you wrong
  • When a thesis breaks

Reading a Business · 16 lessons

Ethics and Communication

The rules every analyst must know

Key learning

  • Fiduciary duty
  • Material non public information
  • Conflicts of interest
  • Suitability and know your client
  • Argument structure
  • Honest charting
  • Communicating uncertainty

Instruments and Their Pricing · 56 lessons

Derivatives

Options and futures, finally made clear

Key learning

  • Forward pricing
  • Margin mechanics
  • Payoff diagrams
  • In and out of the money
  • The Greeks
  • Spreads and straddles
  • Structured product decomposition

Instruments and Their Pricing · 24 lessons

Pricing Theory

The maths behind option prices

Key learning

  • Geometric Brownian motion
  • Ito's lemma
  • Risk neutral valuation
  • Replicating portfolio
  • Binomial trees
  • Black Scholes terms
  • Volatility smile

Instruments and Their Pricing · 50 lessons

Fixed Income and Credit

Understand bonds before you buy them

Key learning

  • Bond pricing
  • Yield measures
  • Curve bootstrapping
  • Inversion as a recession signal
  • Duration and convexity
  • Credit spreads
  • Senior and junior tranches

Instruments and Their Pricing · 38 lessons

Currencies, Commodities and Real Assets

Gold, oil, currencies and property

Key learning

  • Currency quoting
  • Covered interest parity
  • Carry trade
  • Storage and convenience yield
  • Roll yield on futures
  • Cap rates and property value
  • Exotic asset screening

How Markets Actually Work · 40 lessons

Economics and Indicators

Make sense of the economic news

Key learning

  • GDP and its limits
  • Policy transmission
  • Quantitative easing
  • Reading policy statements
  • Leading indicators
  • Consensus and surprise
  • Unconventional indicators

How Markets Actually Work · 35 lessons

Banking and Market Plumbing

How banks and payments really work

Key learning

  • Bank balance sheets
  • Credit provisioning
  • Trade settlement
  • Netting and novation
  • Clearing house default waterfall
  • How payments actually move
  • Bank capital rules

How Markets Actually Work · 28 lessons

Trading and Market Structure

What happens when you press buy

Key learning

  • Order routing
  • Payment for order flow
  • Limit order books
  • Depth that vanishes
  • Bid ask spreads
  • Market impact
  • High frequency trading

How Markets Actually Work · 35 lessons

Behaviour and Market Psychology

Why smart people lose money

Key learning

  • Loss aversion
  • Selling winners, holding losers
  • Cognitive biases
  • Herding and information cascades
  • The stages of a bubble
  • Performance chasing
  • The winner's curse in auctions

How Markets Actually Work · 28 lessons

Crises and Market Failures

How market crashes actually happen

Key learning

  • Bank runs
  • Maturity transformation
  • The modern digital bank run
  • Liquidity spirals
  • Repo market freezes
  • Margin call cascades
  • The subprime chain

How Markets Actually Work · 29 lessons

Financial Data

Why your data is lying

Key learning

  • Data supply chain
  • Point in time data
  • Corporate action adjustment
  • Joining data without leakage
  • Alternative data decay
  • Vendor evaluation
  • Data licensing

How Markets Actually Work · 27 lessons

AI in Finance

AI in finance, without the hype

Key learning

  • Machine learning in markets
  • Time series splits
  • Labelling financial data
  • Why financial machine learning fails
  • Filing extraction
  • Model bias
  • AI herding risk

Deploying Capital · 49 lessons

Quantitative Methods

The statistics markets actually need

Key learning

  • Fat tails in returns
  • Multiple testing
  • Statistical significance
  • Regression traps
  • Factor models
  • Backtest biases
  • Monte Carlo simulation

Deploying Capital · 39 lessons

Portfolio Construction

Build a portfolio that works

Key learning

  • Portfolio risk
  • Diversification limits
  • Risk adjusted returns
  • Optimiser instability
  • Equal weight portfolios
  • Rebalancing rules
  • Performance attribution

Deploying Capital · 35 lessons

Risk Management

Know how much you could lose

Key learning

  • Exposure measurement
  • Value at risk
  • Where value at risk fails
  • Expected shortfall
  • Risk contribution
  • Collateral and margining
  • Wrong way risk

Deploying Capital · 29 lessons

Hedge Fund Strategies

How hedge funds make their money

Key learning

  • Long short exposure
  • Short book mechanics
  • Merger arbitrage
  • Arbitrage risk
  • Strategy leverage
  • Expressing a macro view
  • Returns in a crisis

Deploying Capital · 32 lessons

Private Markets

How startup and buyout deals work

Key learning

  • Pre and post money
  • Liquidation preferences
  • Option pool shuffle
  • Sources and uses
  • Returns attribution
  • Distribution waterfall
  • Fund performance measures

Deploying Capital · 26 lessons

Mergers and Transactions

How companies buy each other

Key learning

  • Sale processes
  • Reps and warranties
  • Deal structuring
  • Locked box and completion accounts
  • The accretion dilution test
  • Synergy testing
  • IPO mechanics

Deploying Capital · 28 lessons

Wealth and Personal Finance

Plan your money with real numbers

Key learning

  • Goal funding
  • Sequence of returns risk
  • Safe withdrawal rates
  • Human capital
  • What costs do over thirty years
  • Insurance sold as investment
  • Policy exclusions

Deploying Capital · 19 lessons

ESG and Sustainable Finance

Is ESG investing actually working

Key learning

  • ESG definitions
  • What is financially material
  • Why ESG ratings disagree
  • Greenwashing detection
  • ESG and returns
  • Carbon credit additionality
  • Scope one, two and three
See how every subject connects on the map ↓

See how every idea connects. All in one map.

The 4 tracks sit at the centre. Click one to open its subjects, then a subject to open its skills. Lines show ideas that link across tracks.

The Quarks map:

Quarks
Index
Click a node to open the next level.
click a track · drag to orbit · scroll to zoom
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