// FainTrading School

Financial Statement Analysis

The numbers only tell half the story. Competitive moats — network effects, switching costs, cost advantages, and intangible assets — protect returns on capital over time, while management quality shows up in capital allocation history, ROE, and the candor of shareholder letters. Insider ownership aligns management with shareholders. This module helps you build a qualitative checklist that filters for businesses likely to compound returns before you ever open a financial model.