All the Way to the Top

Free Online Resources

  • Damodaran Online is a fantastic resource maintained by Aswath Damodaran. He is a Professor of Finance and David Margolis Teaching Fellow at the Stern School of Business at New York University and has published five books, including
  • Open Yale Courses Shiller on Financial Markets
  • Sloan School of Management at MIT and
  • MIT Free Online Economics Course look to offer some fantastic free online material, though I have yet to dig in deep. From the Sloan School of Management these four courses appear very interesting;
    • Business Analysis Using Financial Statements,
    • Investments,
    • Financial Accounting and
    • Behavioral Economics and Finance.


  • MomentumMomentum studies like this, Momentum Strategies by Louis Chan, Narasimhan Jegadeesh and Josef Lakonishok, reveal how past earnings surprises predict large drifts in future returns as analysts and the market are slow to respond.
  • Momentum Profits, Non-Normality Risks and the Business Cycle by Ana-Maria Fuertes, Joelle Miffre and Wooi Hou Tan. This paper show It shows that momentum profits are not normally distributed and, relatedly, that the momentum profitability is partly a compensation for systematic negative skewness risk in line with market efficiency.
  • For more on momentum.
  • In this post Patrick O’Shaughnessy highlights two ways to improve the momentum strategy, that is by overlaying value or quality.
    You may think that value and momentum are polar opposites, but they work remarkably well together. Think of the combination as cheap stocks that the market is just beginning to notice. … A second way to improve the momentum strategy is to focus on companies with higher quality earnings. The simplest way to define quality earnings is by looking at non-cash earnings. The fewer non-cash earnings (which come from accruals like accounts receivable), the better.

Reading List

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