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2026/4/20
In investment decision-making, relying solely on stock price movements is insufficient to accurately assess a company’s value. A more rational foundation can be established through systematic valuation methods. This article begins with the concept of intrinsic value, explaining the differences between book value and enterprise value, and illustrates how financial models integrate industry analysis, business models, and assumption building to derive a fair stock price. It also outlines common valuation approaches and their applications, helping investors build a comprehensive valuation framework and improve their ability to identify undervalued or overvalued stocks.
# Beginners Guide
# Investment
# Stocks
# Fundamental Analysis
2025/12/10
Value investing focuses on buying quality stocks at low prices and waiting for the market to recognize their true worth, generating solid returns. The key is not just finding what’s cheap—but what’s valuable. This article outlines common causes of value traps, including operating in declining industries, intensifying competition, poor corporate management, and financial red flags. It also briefly explains how investors can avoid falling into these traps by staying cautious and not being misled by low prices alone.
# Financial Lessons
# Investment Analysis
2025/12/3
According to regulations, publicly listed companies are required to regularly disclose financial reports. This obligation is not only a matter of information transparency — it also serves as a “health checkup report” that companies present to the market. This article provides a brief overview of the three core financial statements — the Income Statement, Balance Sheet, and Cash Flow Statement — outlining their roles and functions. It also highlights how investors can utilize the distinct characteristics of each report to better understand a company’s fundamentals, laying the groundwork for preliminary fundamental analysis.
2025/3/17
Equity is a fundamental concept of business ownership that influences corporate governance, capital raising, and investment decisions. This article begins with the basics of equity, explaining how shareholders participate in a company’s operations through ownership. It outlines shareholders’ rights and obligations, including the right to profit distribution, voting rights, claims to residual assets, and access to company information. The article also explores various types of equity—such as common stock, preferred stock, and restricted shares—as well as the investment risks and responsibilities shareholders must bear. Through these discussions, readers gain a clearer understanding of how equity functions.
# Taiwan
2025/2/20
Unlike its intuitive meaning, goodwill in accounting refers to a key item that reflects a company’s value during a merger or acquisition (M&A). It represents a company’s intangible assets and signifies the acquiring firm's recognition of the target company's brand, customer relationships, and market position. This article provides an in-depth analysis of goodwill’s critical role in M&A, explaining its underlying significance, calculation methods, and impact on financial statements. Finally, it illustrates these concepts with the well-known case of Facebook’s acquisition of Instagram.
# Editor's Pick
2024/12/23
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a widely used financial metric for assessing a company's core profitability, eliminating non-operational factors that may distort financial performance. This article explores the definition, formula, and advantages of EBITDA, along with practical applications. Additionally, the article discusses the limitations of EBITDA, including its exclusion of capital expenditures and comparability issues as a non-GAAP metric.
2024/10/18
FedWatch is a tool developed by the Chicago Mercantile Exchange (CME) to predict the probability of future rate hikes or cuts by the Federal Reserve. It calculates these probabilities based on the prices of "30-day Federal Funds" futures, offering insights into market expectations. The tool provides both short-term and long-term interest rate forecasts and includes the Fed officials’ dot plot to help analyze policy direction. With these features, investors can adjust their strategies in line with market expectations, preparing for potential rate changes in advance.
# Financial Tools
# Macroeconomics
# USA
# Central Bank
# Federal Reserve
Gold has a wide range of uses, including jewelry, industrial applications, central bank reserves, and private investment. Its strong hedging characteristics make it particularly appealing to investors as a store of value, especially during periods of inflation and economic instability. There are various ways to invest in gold, ranging from physical gold to gold ETFs, such as Yuanta S&P GSCI Gold ER Futures ETF (00635U) and SPDR Gold ETF (GLD).
# Financial Products
Nvidia's 1-for-10 stock split attracted market attention by making the stock more accessible to a broader range of investors. A stock split is a way to restructure a company's shares, adjusting the price per share while altering the total number of shares without changing the company's total market capitalization. Stock splits can be either forward or reverse. Forward splits reduce the share price, increase liquidity, and attract more investors, and reverse splits works vice versa. Although a stock split does not affect the company's intrinsic value, it can influence market psychology and investor behavior.
A narrow-based security index refers to an index dominated by a small number of constituent stocks, leading to a higher concentration. According to the U.S. Commodity Futures Trading Commission (CFTC), an index is considered narrow-based if it meets any of the following criteria: it has fewer than 9 constituent stocks, a single stock accounts for more than 30%, or the top 5 stocks together exceed 60% of the total index weight. In contrast, a broad-based index has a larger number of constituents and covers a wider market scope. Recently, due to the rise in TSMC's stock price, the Taiwan Stock Exchange Weighted Index (TAIEX) has been reclassified as a narrow-based index, drawing significant market attention.
