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INVESTMENT NOTES

Investment research grounded in filings and primary sources

Essays on investor decisions and market structure grounded in 13F filings, books, and interviews

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Different market signals pass through a common grid into five portfolio compartments같은 투자, 다른 결과: ETF와 계좌를 고르는 법4. Does currency matter when you buy an overseas ETF in won?Separate settlement currency from economic exposure and calculate returns in your spending currency.Different market signals pass through a common grid into five portfolio compartments같은 투자, 다른 결과: ETF와 계좌를 고르는 법5. What changes across a regular account, ISA and pension account?Compare access, ISA netting, pension contribution credits and withdrawal constraints for Korean residents.Different market signals pass through a common grid into five portfolio compartments같은 투자, 다른 결과: ETF와 계좌를 고르는 법6. Finish an ETF comparison sheet for your own purposeBring the previous installments into a downloadable worksheet and set purchase, deferral and review rules.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation01. What do you own when you buy a share?Distinguish ownership, book equity, and market capitalization with Hanbit Tools.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation02. Reading the financial statements togetherReconcile the same transactions across profit, the balance sheet, and cash flow.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation03. Why profit can fall while revenue growsSeparate revenue recognition and costs to explain falling profit amid growth.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation04. Why a profitable company can run short of cashFollow receivables, inventory, and payables from reported profit to operating cash.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation05. Does more debt always mean more danger?Connect leverage and interest coverage with debt maturities and collection timing.Two independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryFinancial Statements to Stock Valuation06. Where did the money the company earned go?Connect depreciation, capital expenditure, and maintenance spending to free cash flow.