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💵 Where Does Your Money Go? Money comes in, money goes out. The game is knowing where. 🐖 Pay Yourself First Savings isn't what's left over — it's the first bill you pay. 🌱 Interest: Money That Makes Money Leave money alone in the right place, and it grows on its own. 💳 Debt: Interest Working Against You The same compounding magic — pointed at your wallet. 📊 Stocks & Bonds, Finally Explained Owning a slice of a company vs lending it your money. 🎓 The Paycheck Exam World 1 Exam — everything from budget to bonds.

🔢 Variables & Distributions Variables & Distributions 📊 Histograms & the Density Scale Histograms & the Density Scale ⚖️ The Average & the Median The Average & the Median 📏 The Standard Deviation The Standard Deviation 🎓 Describing Data Exam World 1 Exam — Describing Data 🎲 What Is Chance? What Is Chance? ➕ Adding & Multiplying Chances Adding & Multiplying Chances 🔀 Conditional Probability Conditional Probability 📦 The Box Model: Expected Value & SE The Box Model: Expected Value & SE 🎓 Chance Exam World 2 Exam — Chance 📐 Standard Units Standard Units 🔔 The Normal Curve & the 68-95-99.7 Rule The Normal Curve & the 68-95-99.7 Rule 📉 Percentiles & the Normal Table Percentiles & the Normal Table 🎯 The Normal Approximation for Chances The Normal Approximation for Chances 🎓 Normal Curve Exam World 3 Exam — The Normal Curve ✨ Scatter Diagrams & Association Scatter Diagrams & Association 🔗 The Correlation Coefficient The Correlation Coefficient 📈 The Regression Line The Regression Line 🎯 Prediction & RMS Error Prediction & RMS Error 🎓 Correlation & Regression Exam World 4 Exam — Correlation & Regression 🧪 Samples, Populations & Bias Samples, Populations & Bias 🌊 The Central Limit Theorem & Standard Error The Central Limit Theorem & Standard Error 🎯 Confidence Intervals Confidence Intervals ⚖️ Tests of Significance Tests of Significance 🔎 The Chi-Square Test The Chi-Square Test 🥋 The Black Belt Exam The Black Belt Exam — Sampling & Inference 📦 Boxplots, Quartiles & Outliers deep dive Boxplots, Quartiles & Outliers 🧩 Correlation Is Not Causation deep dive Correlation Is Not Causation 🔄 Simpson's Paradox deep dive Simpson's Paradox

📈 Exponential Growth & Compounding Exponential Growth & Compounding 🔁 Logarithms & Log Returns Logarithms & Log Returns ➗ Geometric Series & the Perpetuity Geometric Series & the Perpetuity 🎓 Growth & Decay Exam Growth & Decay Exam 📐 Derivatives: The Slope of Everything Derivatives: The Slope of Everything 🔢 Partial Derivatives & the Greeks Partial Derivatives & the Greeks 〰️ Taylor Series: Duration & Convexity Taylor Series: Duration & Convexity ∫ Integrals: Area, Probability, Expectation Integrals: Area, Probability, Expectation 🎓 The Calculus of Change Exam The Calculus of Change Exam 🎲 Probability & Random Variables Probability & Random Variables 🔔 The Normal & Lognormal Distributions The Normal & Lognormal Distributions ⚖️ Expected Value & Variance Expected Value & Variance 🔗 Covariance, Correlation & Beta Covariance, Correlation & Beta 🎓 The Mathematics of Uncertainty Exam The Mathematics of Uncertainty Exam 🧭 Vectors & the Portfolio Vectors & the Portfolio 🔲 Matrices & Portfolio Variance Matrices & Portfolio Variance 🌀 Brownian Motion & Itō's Lemma Brownian Motion & Itō's Lemma 🏆 The Master's Final The Master's Final 🌱 Why e? The Limit of Compounding deep dive Deep Dive · Why e? The Limit of Compounding ⛓️ The Chain Rule, Visually deep dive Deep Dive · The Chain Rule, Visually 🎯 The Central Limit Theorem deep dive Deep Dive · The Central Limit Theorem

📊 GDP: The Size of the Economy GDP: The Size of the Economy 👷 Unemployment: Counting the Idle Unemployment: Counting the Idle 🎈 Inflation: The Price of Everything Inflation: The Price of Everything 📋 Dashboard Briefing Dashboard Briefing 🛒 The Goods Market & the Multiplier The Goods Market & the Multiplier 🏦 Money & the Interest Rate Money & the Interest Rate 🛠️ IS-LM: The Machine Assembled IS-LM: The Machine Assembled 🏚️ Banks, Risk & the Extended IS-LM Banks, Risk & the Extended IS-LM 📋 Short-Run Briefing Short-Run Briefing 🤝 The Labor Market & the Natural Rate The Labor Market & the Natural Rate 📉 The Phillips Curve The Phillips Curve 🧭 IS-LM-PC: The Road Back to Normal IS-LM-PC: The Road Back to Normal 📋 Medium-Run Briefing Medium-Run Briefing 🗺️ The Facts of Growth The Facts of Growth 🌱 Saving, Capital & the Solow Model Saving, Capital & the Solow Model 💡 Technological Progress & Growth Technological Progress & Growth 📋 Long-Run Briefing Long-Run Briefing 💱 Openness & Interest Parity Openness & Interest Parity 🚢 The Open Goods Market The Open Goods Market 🌐 Mundell–Fleming: Policy Goes Global Mundell–Fleming: Policy Goes Global ⚓ Exchange Rate Regimes Exchange Rate Regimes 📋 Open-Economy Briefing Open-Economy Briefing 🔮 Expectations: The Economy Looks Ahead Expectations: The Economy Looks Ahead 🏛️ Fiscal Policy & the Government Debt Fiscal Policy & the Government Debt 🎯 Monetary Policy: Rules, Targets & the ZLB Monetary Policy: Rules, Targets & the ZLB 🔥 Crises: When the Machine Breaks Crises: When the Machine Breaks 🏆 The Chief Economist's Final The Chief Economist's Final 📜 A Short History of Macro Thought deep dive A Short History of Macro Thought 🖨️ How Money Is Created deep dive How Money Is Created 🥇 The Golden Rule of Saving deep dive The Golden Rule of Saving 💸 Hyperinflation: When Money Dies deep dive Hyperinflation: When Money Dies

⏳ The Time Value of Money The Time Value of Money 🧮 Net Present Value Net Present Value 🔁 IRR & Payback IRR & Payback 🏦 Annuities & Perpetuities Annuities & Perpetuities 🏗️ Capital Budgeting: Project Cash Flows Capital Budgeting: Project Cash Flows 🎓 Value & Time Exam Value & Time Exam 📜 Valuing Bonds Valuing Bonds 📐 Yields & Interest-Rate Risk Yields & Interest-Rate Risk 📈 Valuing Stocks: The Dividend Discount Model Valuing Stocks: The Dividend Discount Model 🌱 Growth, Payout & Free Cash Flow Growth, Payout & Free Cash Flow 🎓 Valuing Cash Flows Exam Valuing Cash Flows Exam 🎢 Risk, Return & the Historical Record Risk, Return & the Historical Record 🧺 Diversification & Portfolio Risk Diversification & Portfolio Risk 📊 Beta & the CAPM Beta & the CAPM 🎯 The Cost of Equity & the SML The Cost of Equity & the SML 🎓 Risk & Return Exam Risk & Return Exam 🧊 The Cost of Capital & WACC The Cost of Capital & WACC ⚖️ Capital Structure & Leverage Capital Structure & Leverage 🧩 Modigliani–Miller Propositions Modigliani–Miller Propositions 🛡️ Taxes, Distress & the Trade-off Taxes, Distress & the Trade-off 🎓 Financing Exam Financing Exam 💸 Payout Policy: Dividends vs Repurchases Payout Policy: Dividends vs Repurchases 🔀 The Payout Irrelevance Debate The Payout Irrelevance Debate 🔄 Working Capital & the Cash Cycle Working Capital & the Cash Cycle 🏆 The Corporate Finance Capstone The Corporate Finance Capstone 🪤 IRR vs NPV: The Reinvestment Trap & MIRR deep dive IRR vs NPV: The Reinvestment Trap & MIRR 🧬 Beyond CAPM: Multifactor Models deep dive Beyond CAPM: Multifactor Models 🔬 APV: Valuing the Tax Shield Separately deep dive APV: Valuing the Tax Shield Separately

🏛️ Futures Markets: A First Look Agree the price today, settle the trade later. 💰 Margin, Settlement & Mechanics How the exchange makes strangers trade safely. 🛡️ Hedging with Futures Lock in a price you'll face later. 📜 Interest Rates, Essentials Money has a time value — and quants measure it in e. ⚖️ Pricing Forwards & Futures No-arbitrage alone fixes the fair forward price. 📐 Interest Rate Futures Futures whose underlier is an interest rate. 🔁 Swaps Swap one stream of payments for another. ⚔️ The Floor Exam Prove you can stand on the exchange floor. 🎯 How Options Work The right, but not the obligation. 🔗 Put–Call Parity & Bounds The unbreakable link between calls, puts, cash and stock. 🔀 Trading Strategies with Options Combine options into a shape that matches your view. 🌳 The Binomial Tree Price an option by building a tiny model of the future. 🧮 Black–Scholes at a Glance The most famous formula in finance, demystified. 🎛️ The Greeks The dials that tell you how an option's price will move. 🌗 Volatility & the Smile The one input you can't look up — and the shape it makes. 🥊 The Options Desk Exam Earn your seat on the options desk. ⬛ Options on Futures & Black's Model Black–Scholes, re-pointed at a futures price. 🪄 Exotic Options Options with a twist — and a path. ⚠️ Credit Derivatives & 2008 Trading the risk that someone doesn't pay you back. 🏗️ Structured Products in Practice Bond + options, wrapped and sold as one product. 🎖️ The Risk Manager's Final One exam to prove you've earned the desk. 🔗 Put–Call Parity, Derived deep dive Build the arbitrage table that proves parity. 📐 Why Black–Scholes Works deep dive The idea behind the formula, without the heavy calculus. 🎚️ The Greeks, in Full deep dive Every sensitivity, one by one. 🧩 Anatomy of an Autocallable deep dive Take the best-selling retail structure apart, piece by piece.

🧠 The Two Systems The Two Systems 🎯 Substitution & the Lazy Controller Substitution & the Lazy Controller 📰 The Availability Heuristic The Availability Heuristic 🎲 Representativeness & Base Rates Representativeness & Base Rates ⚓ Anchoring & Adjustment Anchoring & Adjustment 🎓 Two Systems Exam Two Systems Exam 📐 Value, Not Wealth Value, Not Wealth ⚖️ Loss Aversion & the Endowment Effect Loss Aversion & the Endowment Effect 🖼️ Framing Framing 🎰 Probability Weighting & the Fourfold Pattern Probability Weighting & the Fourfold Pattern 🕳️ The Sunk-Cost Fallacy The Sunk-Cost Fallacy 🎓 Prospect Theory Exam Prospect Theory Exam 🦚 Overconfidence & Calibration Overconfidence & Calibration 🔮 Hindsight & Confirmation Hindsight & Confirmation 🧾 Mental Accounting Mental Accounting 🐑 Herding & Social Proof Herding & Social Proof 💸 The Disposition Effect The Disposition Effect 🎓 Biases in the Wild Exam Biases in the Wild Exam ⚙️ Are Markets Efficient? Are Markets Efficient? 🫧 Bubbles & Irrational Exuberance Bubbles & Irrational Exuberance 🔗 Limits to Arbitrage Limits to Arbitrage 👉 Nudges & Choice Architecture Nudges & Choice Architecture 🛡️ Debiasing Yourself Debiasing Yourself 🧩 Final Boss: Diagnose the Bias Final Boss: Diagnose the Bias 🧲 The Anchoring Playground deep dive The Anchoring Playground 📉 The Behavior Gap deep dive The Behavior Gap 🥊 Fama vs Shiller deep dive Fama vs Shiller

🏦 Introduction to Financial Markets What gets traded, who trades it, and the language of markets. 🤝 Transactions & Counterparty Risk How a trade lives, and how desks keep counterparties honest. 📜 Interest Rate Instruments I Time has a price. Meet interest rates, discounting, and bonds. 🔁 Interest Rate Instruments II Locking future rates: FRAs, swaps, and building the yield curve. 📈 Equities & Equity Indices Owning a slice of a company — and trading it forward. 💱 Foreign Exchange Currencies, quotes, and the parity that pins FX forwards. 🛢️ Commodities Oil, metals, grain — assets you can store, ship, and consume. ⚠️ Credit Derivatives Trading default risk: CDS, the credit triangle, and tranches. 💼 Investment Funds Pooling capital: NAV, fees, and how funds are built. 🎯 Options The right, not the obligation: calls, puts, parity and payoffs. 🎁 Intro to Structured Products Bonds + options = engineered payoffs. The World 1 boss awaits. 🎲 Probability Refresher The probability toolkit every pricing model is built on. 🌀 Stochastic Calculus I Brownian motion and Itô calculus — the language of prices. ⚖️ The Black–Scholes–Merton Model The model that won a Nobel: pricing options by replication. 🔀 Stochastic Calculus II Changing your probability lens: Girsanov and martingale representation. 🧭 Risk-Neutral Pricing The master key: price = discounted expected payoff under Q. 🧮 Numéraires & Rate Options Pick the right yardstick: numéraires that make pricing easy. 🌐 Foreign Exchange Modelling Two currencies, two rates: the FX option engine. 🪜 American & Exotic Options Early exercise and payoffs that depend on the whole path. 🛡️ Hedging in Practice Where the formulas meet a trading desk — and bite back. 🎰 Monte Carlo Simulation Pricing by brute force: simulate, average, discount. 🌳 Binomial & Trinomial Trees Lattices: discretize the tree, roll backwards, converge to BSM. 🔬 The PDE Approach Solving the pricing PDE on a grid — and the World 2 boss. 📊 Variance Swaps & Volatility Index Trading volatility itself: variance swaps and the VIX. 🌋 Local & Stochastic Volatility Beyond constant vol: smiles, local vol, and stochastic vol. ⚡ Jump-Diffusion Models Adding crashes: jumps, fat tails, and incomplete markets. 📐 Interest Rate Term Structure Modelling the whole curve: short-rate models, HJM and LMM. 🩸 Credit Modelling Modelling default: structural, intensity, copulas and CVA. ⛏️ Commodity Modelling Mean reversion, seasonality and curves — plus the Frontier boss. 🧱 Structuring Toolkit The structurer's craft: assembling payoffs from building blocks. 🏛️ Popular Structured Products The product catalogue: ELNs, autocallables, accumulators and more. 🤖 Dynamic Allocation & Systematic Strategies Dynamic protection, vol targeting, and the final trial. 📜 Bond Risk Mechanics, Worked deep dive The full mechanics of duration, DV01 and convexity — worked end to end. 🧪 Itô's Lemma, Derived deep dive Build Itô's lemma from scratch — and see why a correction term appears. 📐 The Black–Scholes PDE, Derived deep dive Derive the Black–Scholes PDE by building a riskless hedge — step by step. 🧭 Why Risk-Neutral Pricing Works deep dive From one-step replication to 'price = discounted risk-neutral expectation'. 🎛️ The Greeks, In Full deep dive Every Greek — what it measures, its sign, and how they trade off. 🌗 The Volatility Smile, Explained deep dive Why one volatility number can't price every option — and what desks do about it. 🧩 Anatomy of an Autocallable deep dive Take an autocallable apart — coupon, trigger and knock-in — piece by piece. ⚙️ CPPI Mechanics, Worked deep dive Follow a CPPI strategy step by step — cushion, multiplier, and gap risk.

🧭 The Code of Ethics Why the whole profession runs on trust. ⚖️ The Seven Standards Seven Standards of Professional Conduct, decoded. 📋 GIPS & Applying the Code Fair performance reporting — and applying the Code in the wild. ⏳ Time Value of Money A dollar today is worth more than a dollar tomorrow. 💹 Rates, Returns & Money-Weighting How to measure a return — and why there's more than one way. 🎲 Statistics & Probability Describe data, reason about chance, test a claim. 🏭 Microeconomics: Firms & Markets Demand, supply, and how firms actually compete. 🌍 Macro, Cycles & Currencies Output, cycles, policy and the price of money abroad. 🚩 Base Camp Exam Prove you've packed for the climb. 📊 Statements & the Reporting System Three statements, one connected story. 🧾 The Income Statement From the top line to the bottom line. 🏦 Balance Sheet & Cash Flows What a firm owns, owes — and where its cash really went. 🔍 Ratios & Financial Analysis Turn raw statements into comparable signals. 🏛️ Corporate Structures & Governance Who owns the firm, who runs it, and who watches them. 📐 Capital Budgeting Which projects create value — and which just look busy. 💰 Cost of Capital & Structure What capital costs — and how to mix it. 🧮 The Analyst's Exam Read a company cold and price its capital. 🏟️ Market Organization & Indexes Where shares trade, and how we track them. 📈 Equity Valuation What is a share actually worth? 📜 Fixed Income: The Basics The anatomy of a bond, before any math. 🏷️ Bond Pricing & Yields A bond's price is just the present value of its promises. 📉 Yield Curves, Duration & Risk Rates across maturities, and how hard prices move. 🧱 Securitization Turning pools of loans into tradable bonds. 🔄 Derivatives: Forwards & Futures Lock in a price today, settle the trade later. 🎯 Derivatives: Options & Swaps The right, but not the obligation — plus swaps. 🪙 Alternative Investments Beyond stocks and bonds — and what it costs. 🗻 The Markets Exam Price equity, bonds, derivatives and alternatives — all at once. ⚖️ Portfolio Risk & Return Combine assets and the risk shrinks. 📊 CAPM & the Efficient Frontier The price of risk, in one elegant line. 🧭 Portfolio Planning & the IPS Turn a real investor into a real portfolio. 🧠 Behavioral Finance & Fintech Real investors aren't robots — and technology is rewriting the rules. 🏔️ The Summit — Charter Final The final push — everything, from ethics to portfolios. 🎯 Hypothesis Testing, Step by Step deep dive Deep dive: testing a claim, the right way. 🔬 DuPont Decomposition deep dive Deep dive: take ROE apart and see what drives it. 📐 Duration & Convexity, Derived deep dive Deep dive: where duration comes from, and where it fails. 📈 Building the Efficient Frontier deep dive Deep dive: how correlation bends the risk–return curve.

📐 The Regression Model The Regression Model 📉 Ordinary Least Squares Ordinary Least Squares 📏 Slopes, Fits & Residuals Slopes, Fits & Residuals 🎯 Goodness of Fit: R² Goodness of Fit: R² 🧮 Logs, Elasticities & Functional Form Logs, Elasticities & Functional Form 🎓 Simple Regression Exam Simple Regression Exam 🧱 The Multiple Regression Model The Multiple Regression Model 🎚️ Partialling Out: Ceteris Paribus Partialling Out: Ceteris Paribus 🕳️ Omitted Variable Bias Omitted Variable Bias 🚦 Dummy Variables Dummy Variables ✳️ Interactions & Quadratics Interactions & Quadratics 🎓 Multiple Regression Exam Multiple Regression Exam 📜 The Classical Assumptions The Classical Assumptions 📊 Standard Errors & Gauss–Markov Standard Errors & Gauss–Markov ⚖️ The t Test & Confidence Intervals The t Test & Confidence Intervals 🧪 The F Test The F Test 📶 Heteroskedasticity Heteroskedasticity 🎓 Inference Exam Inference Exam ⏱️ Time Series Regression Time Series Regression 🌊 Trends & Seasonality Trends & Seasonality 🔗 Serial Correlation Serial Correlation 🔮 Forecasting Forecasting 🏗️ Building a Credible Model Building a Credible Model 🏆 The Final Exam The Final Exam 👀 Anscombe's Quartet: Always Plot deep dive Anscombe's Quartet: Always Plot 🛡️ Robust & Clustered Standard Errors deep dive Robust & Clustered Standard Errors 🎣 Endogeneity & Instrumental Variables deep dive Endogeneity & Instrumental Variables

💥 Why Risk Is Measured The disasters that created a profession. 📊 Returns, Volatility & the Bell Curve The raw material of every risk number. 🎯 VaR: One Number for the Tail Define the number before you compute it. 🧮 Your First VaR zσW — three symbols, one industry. ⚖️ Horizon, Confidence & the Basel Rules Two dials and a rulebook. 🥊 The Risk Desk Audit Prove you can hold the risk desk. 🧩 Portfolio VaR: Correlation Is Everything Risks don't add — they combine. 🔬 Marginal, Incremental & Component VaR From one number to decisions. 🌊 Volatility That Moves: EWMA & GARCH Yesterday's σ is stale by lunchtime. 📐 Delta-Normal: Fast but Fragile Method one of three: linearize everything. 📜 Historical Simulation: Let the Past Speak Method two of three: replay history. 🎲 Monte Carlo: Manufacturing Futures Method three of three: invent ten thousand tomorrows. 🔍 Backtesting: Keeping the Model Honest The day of reckoning, daily. ⚔️ The Model Validation Audit Defend the engine room. 🌪️ Stress Tests & Scenario Analysis Ask the questions history won't. 🚪 Liquidity Risk: When the Exit Jams The risk that arrives when you reach for the door. 🤝 Credit Risk Enters the Arena The other way to lose everything. 💼 Risk Budgeting & RAROC Risk as a currency you spend. 🕳️ When VaR Fails: Fat Tails & Blowups Know your instrument's failure modes. 🎖️ The Chief Risk Officer's Final The corner office is watching. 📏 The Square Root of Time, Derived deep dive Deep dive: why √t, exactly? 🧪 Inside RiskMetrics: λ = 0.94 deep dive Deep dive: one decay factor to rule them all. 🧮 The Kupiec Test, Derived deep dive Deep dive: the statistics of catching a lying model. 🌒 Expected Shortfall: Beyond VaR deep dive Deep dive: the measure that sees past the line.