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Resources

Equity research resources

A curated collection of materials for YUSIF applicants.

Information package A primer on finance roles, technical and behavioural preparation, stock pitches, networking, and a recruiting timeline. Open PDF Example stock pitch A past applicant pitch, shared to illustrate one way to structure the written work. It is not a model answer or a current YUSIF view. Open PDF

Browse the library

Read company filings

Begin with primary sources. Learn how a company reports its business, risks, financial results, governance, and capital allocation.

SEC EDGAR Official database for U.S. public-company filings, including Forms 10-K, 10-Q, 8-K, and proxy statements. Official source · Free SEDAR+ Official database for Canadian public-company filings and disclosures. Official source · Free How to Read a 10-K Plain-language guide to the structure and key sections of a company's annual report. Guide · Free Accounting fundamentals Introductions to the three financial statements and how they connect. Guide · Free Foundations of finance Short courses covering accounting, statistics, finance, and present value. Course · Free

Learn valuation

Understand how operating assumptions translate into cash flow, value, and expected return.

Valuation course A full lecture series covering intrinsic valuation, relative valuation, and the assumptions underlying each approach. Course · Free Valuation data library Country risk premiums, industry betas, valuation multiples, and other commonly used inputs. Data · Free Applied valuation commentary Valuation case studies involving public companies, markets, and current events. Research · Free Finance Theory I University-level instruction in risk, return, discounting, portfolio theory, and corporate finance. Course · Free

Build financial models

Use financial models to make assumptions explicit, connect the financial statements, and test how changes in the business affect value.

Excel shortcuts and formatting Reference material for Excel shortcuts, model formatting, and presentation conventions. Guide · Free Financial modelling knowledge base Articles covering accounting, financial modelling, valuation, and transaction analysis. Guide · Free Modelling tutorials Video walkthroughs covering three-statement models, discounted cash flow analysis, and related modelling concepts. Video · Free

Analyze the business

Evaluate competitive position, business economics, management, and capital allocation alongside the valuation.

Shareholder letters Annual letters covering business quality, incentives, capital allocation, risk, and long-term ownership. Research · Free Research on competitive advantage Research covering competitive advantage, return on invested capital, expectations, base rates, and investment process. Research · Free Investment philosophies Course materials examining the logic, evidence, and limitations behind major investment approaches. Course · Free

Develop a stock pitch

Present a clear recommendation that connects the business, differentiated view, valuation, potential catalysts, and principal risks.

Stock-pitch guide A structured walkthrough of the business overview, investment thesis, valuation, catalysts, risks, and supporting research. Guide · Free Public investment write-ups Published investment cases for studying research structure, supporting evidence, and risk analysis. Do not use them as a source for an application thesis. Research · Registration required Selected public research Examples of public-markets research from professional investors. Access may be limited or require registration. Research · Registration required

Follow companies and markets

Build a manageable routine around earnings calls, company disclosures, and a small number of high-quality secondary sources.

The Transcript A weekly digest of notable comments from company earnings calls. Newsletter · Free Net Interest Analysis of banks, insurers, exchanges, and financial infrastructure. Newsletter · Free Business Breakdowns Long-form discussions of individual companies, industries, and business models. Podcast · Free

Reference library

Additional resources

Lectures, optional courses, books, data tools, and ongoing research sources that complement the core path above.

Lectures

Full-length materials covering valuation, discounted cash flow analysis, company filings, and the work of public-equity research.

Introduction to valuation

Aswath DamodaranFree

An introduction to intrinsic and relative valuation.

Valuation 101

Aswath DamodaranFree

How narratives, assumptions, and financial inputs translate into estimated value.

Investment philosophies

Aswath DamodaranFree

A survey of major investment approaches and their assumptions.

Discounted cash flow fundamentals

Mergers and InquisitionsFree

An introduction to DCF mechanics and key assumptions.

Building a discounted cash flow model

Mergers and InquisitionsFree

A detailed walkthrough of forecasting, terminal value, and sensitivity analysis.

Public-equity research

Fundamental EdgeFree

An overview of company research, idea development, and analyst responsibilities.

Reading a registration statement

Fundamental EdgeFree

A practical walkthrough of an S-1 and its principal disclosures.

Optional paid courses

Paid courses are not required to apply to YUSIF and are not considered during selection. They may provide a structured curriculum, but they do not replace primary-source research or independent practice. YUSIF does not recommend one provider over another and receives no compensation from the providers listed below.

Wall Street Prep Coursework covering accounting, financial modelling, and valuation. Course · Paid Breaking Into Wall Street Coursework covering accounting, financial modelling, valuation, and transaction analysis. Course · Paid Fundamental Edge Coursework focused on public-equity research, idea development, and investment communication. Course · Paid

Books

Optional books for developing investment judgment, company analysis, accounting knowledge, and research communication. None is required for recruitment. Availability varies; students may wish to consult York University Libraries or a local library before purchasing a book.

Investment foundations
  • The Most Important Thing Howard Marks Risk, cycles and second-level thinking.
  • One Up on Wall Street Peter Lynch A practical introduction to company research and investment selection.
  • The Intelligent Investor Benjamin Graham Market psychology, valuation discipline, and margin of safety.
  • Poor Charlie's Almanack Charlie Munger Mental models, and inverting a problem.
  • The Outsiders William Thorndike Eight CEOs and disciplined capital allocation.
  • Richer, Wiser, Happier William Green Profiles of investors and their decision-making frameworks.
  • Common Stocks and Uncommon Profits Philip Fisher Qualitative research, management assessment, and long-term growth.
  • The Essays of Warren Buffett Arranged by Lawrence Cunningham The shareholder letters, organised by theme.
  • Margin of Safety Seth Klarman Risk, valuation, and downside protection. Availability may be limited.
Equity research and valuation
  • Best Practices for Equity Research Analysts James Valentine Research process, forecasting, communication, and analyst productivity.
  • Expectations Investing Mauboussin and Rappaport Valuation through market expectations and implied assumptions.
  • Investment Valuation Aswath Damodaran The reference text.
  • Narrative and Numbers Aswath Damodaran A story and a model, disciplining each other.
  • Accounting for Value Stephen Penman Valuation anchored in the accounts.
  • Value Investing: From Graham to Buffett and Beyond Bruce Greenwald The Columbia value method, in book form.
Competitive advantage and capital allocation
  • Competition Demystified Bruce Greenwald Competitive advantage, reduced to its sources.
  • 7 Powers Hamilton Helmer A vocabulary for durable advantage.
  • Lessons from the Titans Davis, Copeland and Wertheimer What the great industrial operators teach about building businesses that last.
  • The Little Book That Builds Wealth Pat Dorsey Pat Dorsey's clear primer on moats.
  • Quality Investing Lawrence Cunningham A framework for evaluating durable, high-quality businesses.
  • Good Strategy, Bad Strategy Richard Rumelt A real strategy versus a slogan.
Accounting and financial analysis
  • Financial Shenanigans Howard Schilit How earnings get dressed up, and how to spot it.
  • Quality of Earnings Thornton O'Glove The gap between reported and real.
Behaviour, risk, and market history
  • Thinking, Fast and Slow Daniel Kahneman The biases behind every estimate.
  • The Little Book of Behavioral Investing James Montier Behavioural biases and their effect on investment decisions.
  • Capital Returns Edward Chancellor Follow where the capital is being spent.
  • Against the Gods Peter Bernstein The story of risk.
  • When Genius Failed Roger Lowenstein LTCM, and the limits of leverage.
Research and communication
  • Pitch the Perfect Investment Sonkin and Johnson Developing, supporting, and communicating an investment thesis.
  • You Can Be a Stock Market Genius Joel Greenblatt Special situations and overlooked mispricing.

Data and research tools

Access, pricing, and usage limits change frequently. Treat company filings and other primary sources as the source of record, and verify every figure before including it in an investment case.

SEC EDGAR U.S. company filings SEDAR+ Canadian company filings FRED U.S. economic and interest-rate data Bank of Canada Canadian economic and monetary data Stock Analysis Company financials and screening Koyfin Market data, estimates, charts, and screening TIKR Company financials, estimates, and screening Fiscal.ai Segment data and operating metrics Quartr Earnings calls, transcripts, and investor materials BamSEC Filing search and organization ROIC.ai Financial history and returns on capital OpenBB Open-source financial research platform

York University students can also book Bloomberg terminals and use S&P Capital IQ and other professional databases on campus through the Peter F. Bronfman Business Library at the Schulich School of Business.

Newsletters and podcasts

Choose a small number of sources and use them consistently. Company disclosures and earnings calls should remain the starting point. Newsletters and podcasts are supplementary.

Newsletters

Podcasts

Investment checklist

Before recommending a company, an analyst should be able to answer each question clearly and identify the evidence supporting the answer.

  1. How does the company make money, and who are its principal customers?
  2. Why do customers choose the company, and what could cause them to switch?
  3. What supports the company's competitive position and returns on capital?
  4. How large is the relevant market, how quickly is it changing, and where is the industry in its cycle?
  5. Which costs are fixed, which are variable, and how does volume affect margins?
  6. Which operating and financial assumptions have the greatest effect on value?
  7. What expectations for growth, margins, and capital allocation appear to be reflected in the current share price?
  8. What evidence would weaken or invalidate the investment thesis?
  9. Why might the market's view differ from yours, and what developments could change that view?
  10. How has management allocated capital historically, and what are its stated priorities?

Interested in joining YUSIF?

Applications open each fall and winter.

View recruitment details

Third-party resources are included for educational purposes. YUSIF is not affiliated with, endorsed by, or compensated by the providers listed on this page. Inclusion does not constitute an endorsement. Availability, pricing, and content may change. Applicants are not required to purchase or use any listed resource. Financial information should be verified against company filings and other primary sources. Nothing on this page constitutes investment, legal, accounting, or tax advice.