As soon as I saw the syllabus, I know it’s a great course. What he taught is exactly what I need, and what I desperately want to learn.

The Highlight I like:

• The ultimate effect is in earnings and cash flows.
• While in finance, like accounting, we break down a business into its assets, the focus is always on the future. Thus, the value of assets in finance is not in what you invested in them but what they will generate as earnings/cash flows for you in the future.
• There are only two ways to fund a business: debt and equity.
• I like when he said valuation is simple, we just make it complex. According to Li Lu’s book, it gives the feeling the philosophy behind the valuation is indeed simple, just right now I don’t fully understand it and I don’t know the technique.