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Per investire con successo, non è necessario conoscere il beta, i mercati efficienti, la MPT, il prezzo delle opzioni o i mercati emergenti. Anzi, forse è meglio che non ne sappiate nulla. A nostro avviso, gli studenti di investimenti hanno bisogno solo di due corsi ben impartiti: 'Come valutare un'azienda' e 'Come pensare al mercato'.

Warren Buffett

Investire in azioni è semplice, ma non è facile.

Per ottenere buoni risultati nello stock-picking, non serve essere geni della matematica, ma il giusto approccio. Tramite case study, teoria, molta pratica, insight innovativi e il mio framework con cui ho generato un CAGR levered del 39.7% dal 2021 al 2024 (vs. 13.4% S&P500 TR), questo corso punta a fornirtelo.

Il mio framework di investimento di 7 elementi, spiegato nel corso, con cui ho battuto il mercato.

Vuoi maggiori informazioni? Vai al mio Instagram o al video di introduzione!

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investimenti multibagger\"}]}]},{\"type\":\"listItem\",\"content\":[{\"type\":\"paragraph\",\"content\":[{\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":null}}],\"text\":\"… e molto altro ancora!\"}]}]}]},{\"type\":\"heading\",\"attrs\":{\"level\":3},\"content\":[{\"type\":\"text\",\"text\":\"Al termine, avrai un \"},{\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}],\"text\":\"framework di investimento\"},{\"type\":\"text\",\"text\":\" solido e replicabile.\"}]}]}",["D",1739893209000],["D",1742398764000],"deleting","archived","

Cosa contiene?

15+ ore di video (in italiano)
- 700+ slide consultabili online
Modello DCF dettagliato (.xlsx)
- Sommario con risk/reward
- Analisi di scenario con toggle
- Market sizing autonomo
- 3 financial statement integrati
- Analisi di unit economics & KPI
- Fade rate/CAP implicito
File di esempi del corso (.xlsx)
- Unit economics, ROIIC, ecc.
- 30+ tab di esempi numerici
- Lista dei migliori tool pratici
La mia checklist di investimento
Un feedback gratuito da parte mia su una tua tesi d’investimento
Accesso a storie Instagram esclusive (@fossatoeconomico)

Cosa imparerai in questo corso

Cos'è il Value Investing, i principi chiave e l'efficienza dei mercati
Quando, e perché, l'ipotesi dell’efficienza dei mercati (EMH) crolla
Come si è evoluto il Value Investing nel tempo e quali basi matematiche sono necessarie per investire
Come analizzare il business model, i KPI, e le unit economics di un'azienda
Dove reperire i documenti di bilancio, come valutarli, su quali aspetti concentrarsi e come interpretarli
Come riclassificare lo Stato Patrimoniale per calcolare il NIC e il ROIC nelle sue varie forme (e il ROIC incrementale)
Come riconoscere i business di qualità e quali caratteristiche hanno
Come calcolare e interpretare il valore intrinseco aziendale utilizzando multipli di mercato, metodi "back-of-the-napkin" e altri approcci
Come ricercare e valutare la strategia di un'azienda, la value chain, il contesto competitivo e i fattori chiave di successo di un'industria
Come analizzare le risorse aziendali idiosincratiche e la corporate strategy
Cosa sono i punti di flesso strategici e come identificarli
Cos’è la disruption e come riconoscere un'azienda commodity
Come valutare il fossato economico di un'azienda, perché è importante, quando e come viene ottenuto, e quali tipologie esistono
Come stimare la dimensione del mercato, l'evoluzione dei ricavi, dei costi e delle altre voci di bilancio per costruire un modello DCF in stile buy-side
Come valutare le opzionalità di un'azienda, il fade rate e cosa implica il prezzo di mercato
Come analizzare il management, i suoi incentivi, la struttura organizzativa, la cultura aziendale e la capital allocation
Come ottimizzare l'impatto fiscale, calcolare i tuoi rendimenti TWR e usare la leva finanziaria con il Credit Lombard
Come trovare le migliori opportunità di investimento sui mercati, con metodi quantitativi e qualitativi
Come interpretare le earning call, il tono del management, e la guidance
Quali sono i principali catalyst che portano a una rivalutazione dei titoli
Come trovare ed analizzare le occasioni di merger arbitrage
Come gestire il position sizing, il ribilanciamento del portafoglio e quando vendere un titolo
Come strutturare un processo di investimento efficace, prendendo spunto dal mio e da quello dei fondi buy-side
Come sviluppare una tesi di investimento, partendo da cosa non è una tesi e analizzando esempi concreti
Quali sono i migliori pattern ricorrenti degli investimenti multibagger
… e molto altro ancora!

Al termine, avrai un framework di investimento solido e replicabile.

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L'investimento è più intelligente tanto più è imprenditoriale.

Benjamin Graham

La disciplina del value investing, di Benjamin Graham, si fonda su principi immutabili nel tempo:

Valore intrinseco
Margine di sicurezza
Metafora di Mr. Market
Circolo di competenza
Mentalità imprenditoriale

L'idea per cui il value investing si basi sull'acquisto di azioni che scambiano a bassi multipli è errata. Nell'era odierna, chi è stato indottrinato a ragionare in termini di multipli deve resettare le proprie convinzioni.

Per chi invece si approccia con una mente fresca, capire come si è evoluto il value investing, cosa è e cosa non è, aiuta a comprenderne i principi, i pregi, e i difetti.

In questo capitolo introduttivo, gettiamo le basi per l'approccio mentale da adottare sui mercati, capiamo l'efficienza dei mercati (e quando diventano inefficienti), assieme a dei concetti elementari di matematica: tutta quella necessaria ad investire.

Fonti:

Barattolo ed Efficienza: Market Efficiency and the Bean Jar Experiment (Traynor, 1987)
Efficienza del Mercato: Revisiting Market Efficiency: The Stock Market as a Complex Adaptive System (Mauboussin, 2002)
Anomalia del PEAD: Rest in Peace Post-Earnings Announcement Drift (Martineau, 2021)
L'Investitore Marginale: The Role of Marginal Investor (Damodaran)
Le Nuove GEICO: GEICOs of the 21st century (Lima, 2020)
I Superinvestor: The Superinvestors of Graham-and-Doddsville (Buffett, 1984)

Libri:

L’Investitore Intelligente (Capitoli 1, 8, 20): The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing (Benjamin Graham)
The Most Important Thing: La cosa più importante per investire con buon senso (Marks, 2022)
Azioni da 100x: Stocks that Return 100-to-1 and How to Find Them (Mayer, 2018)
Evoluzione del Value Investing: Where the Money Is: Value Investing in the Digital Age (Sessel, 2022)
Libro completo su Value Investing e altro: The Joys of Compounding:: The Passionate Pursuit of Lifelong Learning (Baid, 2020)

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Capitolo 1: Value Investing4

Capitolo 2: Business Model11

Capitolo 3: Valore Intrinseco6

Capitolo 4: Strategia5

Capitolo 5: Fossato17

Capitolo 6: Valuation13

Capitolo 7: Management4

Capitolo 8: Operatività8

Capitolo 9: Recap & Extra7