Free online course
Value Investor Program (online) (2020 version)
<p>We have released a more recent version of the Value Investor Program. This one is still amazing (and free!), but it is the slightly older version.</p>
Updated 2026
Value Investor Program (online) (2020 version) course overview
This online course includes the full Rask Value Investor Program material and curriculum. This is the 1.0 course (from 2020) - please visit our Value Investor Program 2.0 course for the update version.
The Value Investor Program is designed for:
Finance students – who want to ace an interview and ‘talk the talk’ (but also see how research is approached in the real world)
Private investors – this program will round out the experience that comes with years of part-time investing
Finance professionals – professional analysts and portfolio managers have taken this course to improve their skills and knowledge (your boss might even pay for it!)
Career changers – this program assumes some knowledge but not much, offering great insights for those transitioning to a finance or investment role
Business owners, executives and managers – good businesses attract good investors and good business people know what makes a good investment opportunity. Therefore, the benefits from this program will be two-fold for business owners and managers
The concepts discussed in this program are of an ‘advanced’ level. However, most of the lessons and topics will be manageable and understandable for people who have been investing in some form for, say, 12 months or more.
The technical difficulty of the program increases as you go, meaning the first lessons are very approachable and are arguably the most valuable.
Towards the end of the program, students finish with a walk-through of the valuation process and modelling techniques and are given real-world approaches to what we’re taught in academia.
A basic level of accounting or financial knowledge is assumed. For example, if you understand the basic flow from top to bottom of an income statement (e.g. revenue minus costs equals gross profit) and/or you know the basic differences between the cash flow statement and income statement (i.e. one is cash, the other uses accrual accounting) — that will be enough to get by in this program.
While that may seem like a low (or high!) hurdle for some, almost everyone can benefit from this program because we cover so much that’s not necessarily about financial statements and math. Here are the high-level topics covered in the program:
Investment philosophy
Psychology & essential mental models for long-term investing
Building your own investment process from the ground up
Assessing a business’s competitive advantage & moat
Management incentives, bias & culture (and how to test it)
Common accounting traps & hidden opportunities in financial statements
Valuation & modelling, and
Portfolio management
Course length: Go at your own pace!
FAQs
Is the program online?
Yes. You can enrol, begin and finish the program right now.
How long does it take to complete the course?
It depends on your time, experience and energy but there are 10-12 hours of videos, spreadsheets and examples to work through, plus quizzes. Some people have completed it in just 3 days, others commit an hour each week for 2-3 months.
Can I download the materials?
Yes, all of the spreadsheets and slides are downloadable and can be used in Microsoft or Google Sheets/Drive format.
Are there any exams or tests?
There are no exams, “must-pass” tests, or trick questions. We have added short self-paced questions throughout the program but these are designed purely for you to test your own understanding. There are no pass or fail marks.
01Course Introduction3 lessons · 24 min
Welcome to the Value Investor Program (online) (2020 version)! The full program is divided into lessons and then topics. For example, the introduction lesson includes a few short topics. Some lessons or topics have short quizzes at the end to test your knowledge as you go.…
- Key Takeaways – WorkshopLesson · 8 min
- A Bit About Me (Owen)Lesson · 8 min
- Supercharged LearningLesson · 8 min
02Thinking – The Philosophy of Investing Better6 lessons · 48 min
The first lesson, together with the accompanying topics, might seem ‘wishy-washy’ but it is arguably the most important lesson on investing you’ll ever take. Plus, it’s an easy topic to wrap your head around — so it’s worth the few minutes it takes to get through it. As you’ll…
- Investment philosophyLesson · 8 min
- Six blind priestsLesson · 8 min
- Thinking trapsLesson · 8 min
- Information trapsLesson · 8 min
- 1st & 2nd level investingLesson · 8 min
- Active Vs. PassiveLesson · 8 min
03A 5-Step Investment Process1 lesson · 8 min
This Lesson has one topic & video (you’ll find it below). This lesson also includes some bonus materials (see the “Materials” tab, above). If you wish, you can use those resources or read more widely before we apply the concepts of this lesson again later in the course. The…
- A 5 Step Investment ProcessLesson · 8 min
04Understanding Moats6 lessons · 48 min
This lesson is about understanding one of the most important aspects of business – competitive advantage. In this lesson, you’ll be introduced to the concept of a ‘moat’ and how to think about and identify businesses with competitive advantages. For many long-term investors and…
- Can you spot the moat?Lesson · 8 min
- Not all moats are created equallyLesson · 8 min
- Morningstar's 5 moats & examplesLesson · 8 min
- Business value creation & moatsLesson · 8 min
- Finding moats in the stockmarketLesson · 8 min
- Combining moats with growthLesson · 8 min
05Filtering processes1 lesson · 8 min
This lesson contains a single topic and video. This is where the practical application of the theory begins to come together and ‘make sense’. We’re talking about stock filtering techniques, also called ‘screening’, ‘idea gen’ or, simply, where your investment process starts.…
- The different types of filtersLesson · 8 min
06Case studies – Xero & Pushpay1 lesson · Self-paced
This short video introduces you to the two case studies which we will be analysing as part of this educational course. Please Note: At no time is your course instructor or Rask Education suggesting these companies are good or bad investments or recommending these companies in…
- Case studies – Xero & PushpayLesson
07The Research Process4 lessons · 32 min
This lesson is about organising your research notes and kicks off the first part of our investment process after the filter. In this lesson, we’ll be using tools to help fine-tune your research output. This is an important step because it introduces you to so many things which,…
- Research notesLesson · 8 min
- An investor's most important sourcesLesson · 8 min
- Industry research reportsLesson · 8 min
- From Stock filter to the 'One Pager'Lesson · 8 min
08Step 1: Researching The Business1 lesson · 8 min
This lesson has one topic and video. (trust us, it’s good) Click on the topic below to give it a go.
- Circle of CompetenceLesson · 8 min
09Step 2: Competitive Advantage2 lessons · 16 min
This lesson is divided into two videos. Both videos take the next step in researching a business, assessing its competitive advantage. Don’t forget to tweak the model to fit your philosophy, style and process. Click the topic’s title below to get started.
- Assessing Competitive AdvantageLesson · 8 min
- Porter's Five ForcesLesson · 8 min
10Step 3: Company Management2 lessons · 16 min
I’m still amazed when long-term investors buy shares in companies run by executives and managers with incentives that are totally at odds with their own. Just imagine being a long-term shareholder and saying, “I’m planning to own these shares for 5+ years” only to realise that…
- Accounting Traps, Incentives & LanguageLesson · 8 min
- Management IncentivesLesson · 8 min
11Step 4: Financials & Growth2 lessons · 16 min
This lesson, which includes two videos, focuses in on the company’s growth prospects and introduces some easy tools that investors and analysts use to develop a ‘variant perception’. Click the topic below to get started.
- Variant perception: 3 accounting notesLesson · 8 min
- Assessing Growth & The FinancialsLesson · 8 min
12Step 5: Valuation & Modelling4 lessons · 32 min
Value Investor Program (online) (2020 version) Step 5: Valuation & Modelling In Progress Lesson Progress 0% Complete Lesson Content 0% Complete 0/4 Steps Valuation Overview & Intro to DCFs A PxQ DCF model & reverse-engineering Full DCF analysis SaaS Metrics (example: Afterpay)…
- Valuation Overview & Intro to DCFsLesson · 8 min
- SaaS Metrics (example: Afterpay)Lesson · 8 min
- Full DCF analysisLesson · 8 min
- A PxQ DCF model & reverse-engineeringLesson · 8 min
13Portfolio Management1 lesson · 8 min
This lesson has one topic and video. In this lesson, you will be introduced to the basic concepts of portfolio management and Owen will provide some insights that many investors can apply when buying, holding or selling.
- Portfolio Management 101Lesson · 8 min
14Course Summary & Next Steps1 lesson · Self-paced
Congratulations! You have just finished all of the learning included in the Value Investor Workshop. As one of our most advanced and challenging courses, you are among just a few people who have taken and completed this entire course. Well done.
- Course Summary & Next StepsLesson
151 Final Thing1 lesson · Self-paced
Value Investor Program (online) (2020 version) 1 Final Thing In Progress Congratulations, you finished! Thank you for taking the time to take this course, I really hope you got a lot out of it. We would love to know what you thought so that we can serve you and other aussies…
- 1 Final ThingLesson
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