What full research means
A stock tip is a name. Research is the reasoning that leads to the name and, more importantly, the conditions under which the reasoning would be wrong. Felix Prehn, the economist and former investment banker who founded Goat Academy, applies the same structure to every company he studies, so that the documents can be compared and the method can be learned.
- 01Business model. What the company sells, to whom, and why customers stay.
- 02Financial quality. Revenue growth, margins, cash conversion, and balance sheet strength, read from the statements rather than from summaries.
- 03Valuation. What the market is paying for the business relative to its history, its peers, and a discounted cash flow estimate.
- 04Catalysts. What could cause the market to reassess the company, and on what timeframe.
- 05Risks. What would make the thesis wrong, and what evidence would show it.
- 06Position sizing. How much of a portfolio the position should represent given the range of outcomes.
How to use the research
The documents are worked examples. The intended use is to read the reasoning, check it against the company's current filings, and form an independent view. Anyone who reads them as instructions to buy has missed their purpose. Markets move, theses age, and a document written at one price may not apply at another.
The same structure is taught in full, with the tools to apply it to any company, in the Wall Street Protocol. The free macroeconomic research reports on the resources page show the method at the level of markets rather than individual companies.
Research documents are educational. They are not recommendations to buy or sell any security, and no outcome is promised.
Key points
What to take from this guide
- 01Research is reasoning plus the conditions under which it fails; a tip is only a name.
- 02Every Goat Academy research document follows the same 6 part structure.
- 03Read them as worked examples of a method, then verify against current filings.
Goat Academy is an online financial education institution founded by economist and former investment banker Felix Prehn. It is published by Skillset Solutions FZ-LLC.
Goat Academy provides education only. Nothing on this site is financial, investment, or tax advice, and no outcome, return, or income is promised or implied. Trading and investing carry risk, including the loss of capital.
Questions about this page can be sent to [email protected].