Turn money into value,
one decision at a time.
Corporate finance is three questions in a trench coat: which projects deserve the firm's cash, how to pay for them, and what to hand back to shareholders. Capital Quarters teaches the answers the way Brealey, Myers & Allen do — discount every cash flow to today, take every positive-NPV project, price risk with the CAPM, blend debt and equity into a WACC, and reason clearly about leverage and payout. You bring an income statement and a feel for risk; we'll turn them into decisions.
Every decision in this course reduces to one idea: a dollar today is worth more than a dollar tomorrow. Learn to move cash flows through time, add them up with net present value, and judge projects with the NPV rule — plus its flawed rivals, IRR and payback. This is the machinery everything else runs on.
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Level 1 The Time Value of Money ★★★ ◆
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🔒Level 2 Net Present Value ★★★ ◆◆ Needs: L01
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🔒Level 3 IRR & Payback ★★★ ◆◆ Needs: L02
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🔒Level 4 Annuities & Perpetuities ★★★ ◆◆ Needs: L01
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🔒Level 5 Capital Budgeting: Project Cash Flows ★★★ ◆◆◆ Needs: L03, L04
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🔒 👑Level 6 · EXAM Value & Time Exam ★★★ ◆◆◆ Needs: L05
Now point the discounting machine at real securities. Price a bond from its coupons and find its yield; value a share as the present value of its dividends with the Gordon growth model; and see where growth, payout and free cash flow fit. A bond and a stock are just two cash-flow streams wearing different clothes.
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🔒Level 7 Valuing Bonds ★★★ ◆◆ Needs: L06
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🔒Level 8 Yields & Interest-Rate Risk ★★★ ◆◆◆ Needs: L07
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🔒Level 9 Valuing Stocks: The Dividend Discount Model ★★★ ◆◆◆ Needs: L07
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🔒Level 10 Growth, Payout & Free Cash Flow ★★★ ◆◆◆ Needs: L09
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🔒 👑Level 11 · EXAM Valuing Cash Flows Exam ★★★ ◆◆◆ Needs: L08, L10
Discount rates don't fall from the sky — they're the price of risk. Learn what history says about risk and return, why diversification is a free lunch, how beta measures the risk that survives it, and how the Capital Asset Pricing Model turns beta into a required return: the cost of equity.
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🔒Level 12 Risk, Return & the Historical Record ★★★ ◆◆ Needs: L11
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🔒Level 13 Diversification & Portfolio Risk ★★★ ◆◆◆ Needs: L12
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🔒Level 14 Beta & the CAPM ★★★ ◆◆◆ Needs: L13
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🔒Level 15 The Cost of Equity & the SML ★★★ ◆◆◆ Needs: L14
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🔒 👑Level 16 · EXAM Risk & Return Exam ★★★ ◆◆◆◆ Needs: L15
Where does the firm's money come from, and does the mix matter? Blend the cost of debt and equity into a weighted-average cost of capital, then confront the great debate: Modigliani–Miller says capital structure is irrelevant in a perfect market — so which imperfection (taxes, distress) makes leverage worth it?
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🔒Level 17 The Cost of Capital & WACC ★★★ ◆◆◆ Needs: L16
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🔒Level 18 Capital Structure & Leverage ★★★ ◆◆◆ Needs: L17
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🔒Level 19 Modigliani–Miller Propositions ★★★ ◆◆◆◆ Needs: L18
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🔒Level 20 Taxes, Distress & the Trade-off ★★★ ◆◆◆◆ Needs: L19
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🔒 👑Level 21 · EXAM Financing Exam ★★★ ◆◆◆◆ Needs: L20
The last question: the firm has cash — now what? Compare dividends with share repurchases, weigh the payout-irrelevance argument against the frictions that break it, and manage the short-term cash the business runs on day to day. Then face the capstone that ties all five worlds together.
Graduate from Capital Quarters
Clear all 25 levels and the five exams to walk away with the working core of corporate finance: the NPV rule and its rivals, the value of a bond and a share, the price of risk through the CAPM, a defensible cost of capital, the Modigliani–Miller logic behind every capital-structure argument, and a clear head about dividends and buybacks. This is the toolkit the CFO's office actually runs on.
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