Primary and secondary markets
Follow who sells the security and who receives the proceeds, then distinguish the third and fourth markets. SIE 1.2.1.
Learn
Understand markets and financial statements without the jargon
Start here
A six-step path into the statements
Read in this order
- 01
How to read an earnings report
Separate revenue, profit, cash, and guidance before treating them as one signal.
- 02
Market capitalization, explained
Market cap is share count times a price. It is not the company’s cash, debt, or intrinsic value.
- 03
Why stocks can move after earnings
A filed result is not a forecast, and a later price move is not proof that the filing was good or bad.
- 04
Free cash flow
A common non-GAAP cash measure: operating cash flow minus capital spending. It is not a GAAP line.
- 05
How to read a balance sheet
Assets equal liabilities plus equity at a date. It is a snapshot, not a period’s profit.
- 06
What an IPO is
An initial public offering registers and sells shares to the public. It is not a quality stamp or a return promise.
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Free cash flow
A common non-GAAP cash measure: operating cash flow minus capital spending. It is not a GAAP line.
How to read a balance sheet
Assets equal liabilities plus equity at a date. It is a snapshot, not a period’s profit.
Industry exams
Explore the official outlines
Independent education · no exam questions
SIE learning hub
FINRA’s four-section Securities Industry Essentials outline, official weights, and a path through published guides.
Series 7 learning hub
FINRA’s four-function General Securities Representative outline, official weights, and a path through published guides.
Practice
Deterministic calculators
Linked from Learn only · not advice
Compound interest / APY
Project an ending balance from principal, rate, compounding, and scheduled contributions. Deterministic calculations with explicit assumptions and yearly progression.
Tracks
Choose a learning track
Saving and Cash
Understand deposit yields, compounding, and the limits of APY.
Investing Basics
Stocks, funds, indexes, market cap, and what an IPO actually is.
Company Analysis
Earnings, the balance sheet, cash flow, and how the statements connect.
Markets & Trading
Bids, orders, and why a filed result can still leave a price unexplained.
Start with Bid, ask and order type shape how a trade is attempted →
Bonds & Rates
Coupons, yields, duration, and the official Treasury curve.
Start with Bond prices and yields usually move in opposite directions →
Economy
GDP vintages, inflation indexes, and how to read a Fed decision.
Options & Derivatives
Time-limited contracts, expiration, settlement, and what they are not.
Start with An option is a time-limited contract, not a cheaper share →
Risk & Leverage
Margin funds a position. Leverage magnifies movement and can force an exit.
Start with Margin funds a position; leverage magnifies its movement →
Library
All guides, filterable
28 of 28
Level
Track
Federal funds target range
The federal funds rate is the overnight rate banks charge each other for reserve balances.
statement vs minutes
The FOMC statement is the decision document.
what a dissent is
A dissent is a named member’s recorded preference against the action the Committee took.
Advance, second, third — three GDPs for one quarter
BEA does not publish one GDP number for a quarter and walk away.
PCE and CPI are not two names for one index
The PCE price index is BEA’s chain-type index of prices paid for personal consumption.
SAAR is a pace, not a total
A seasonally adjusted annual rate takes a quarter-to-quarter or month-to-month change, strips the usual seasonal pattern, and states it as if that pace lasted a year.
A CMT yield is interpolated. A 10s–2s gap is subtraction.
A constant-maturity Treasury yield is a point read off Treasury’s official par curve at a fixed tenor.
Stocks, ETFs and indexes are different objects
A stock is an ownership interest in one company.
Diversification reduces concentration; it does not remove risk
Diversification means spreading exposure across holdings whose risks are not identical.
Bid, ask and order type shape how a trade is attempted
The bid is the highest displayed price a buyer is offering; the ask is the lowest displayed price a seller is offering.
Revenue, EPS and guidance answer different earnings questions
Revenue is the top-line amount recognized from a company’s activities under its accounting policy.
The three financial statements describe one business from different angles
The income statement records revenue and expenses over a period.
An option is a time-limited contract, not a cheaper share
A call gives its holder a contractual right to buy the underlying at the strike price before or at expiration, subject to the contract’s terms.
A futures contract defines delivery or cash settlement on set terms
A futures contract is a standardized agreement traded on a regulated venue to buy or sell an underlying exposure under specified terms at a future date.
Margin funds a position; leverage magnifies its movement
Margin is collateral or borrowed funding used to establish and maintain an exposure.
Bond prices and yields usually move in opposite directions
A bond promises contractual cash flows subject to the issuer’s ability to pay.
Dividends are distributions; yield is a ratio, not a promise
A dividend is a distribution a company pays to shareholders, usually in cash, from earnings or reserves.
SEC filings are the record; EDGAR is where to read them
Public companies file structured reports with the Securities and Exchange Commission.
An index measures; a fund tracks; the two are not the same
A market index is a rules-based measurement of a group of securities — for example, the S&P 500 tracks 500 large U.
Primary and secondary markets
Follow who sells the security and who receives the proceeds, then distinguish the third and fourth markets. SIE 1.2.1.
Related story: Bilibili’s proposed notes and concurrent share transactions →
How to read an earnings report
Separate revenue, profit, cash, and guidance before treating them as one signal.
Market capitalization, explained
Market cap is share count times a price. It is not the company’s cash, debt, or intrinsic value.
Why stocks can move after earnings
A filed result is not a forecast, and a later price move is not proof that the filing was good or bad.
Free cash flow
A common non-GAAP cash measure: operating cash flow minus capital spending. It is not a GAAP line.
How to read a balance sheet
Assets equal liabilities plus equity at a date. It is a snapshot, not a period’s profit.
What an IPO is
An initial public offering registers and sells shares to the public. It is not a quality stamp or a return promise.
What is APY?
Annual percentage yield is the standardized yearly figure for how much interest a deposit account would pay, after compounding. Two savings products can be compared on that same scale.
How oil prices feed into inflation
Oil can change the cost of filling a tank before it changes much else. Following that journey explains why energy can move headline inflation sharply while leaving a smaller, slower imprint on underlying price trends.
Education and journalism only. Read the full disclaimer.