#fundamentals

Market cap is the number everyone quotes, but it answers a narrower question than people think. Enterprise value is what it would actually cost to buy the whole business, debt and cash included. Two companies with the same market cap can have wildly different real price tags.

The price-to-earnings ratio is the most quoted number in investing and the most misunderstood. It looks like a measure of cheapness. It's actually the market's bet about the future, packaged as a single number. Here's what it hides.

Most investors look at the wrong metrics during earnings season. Here's the framework for reading software company results the way institutional analysts actually do it.

Long-term investing isn't about predicting next quarter. It's about whether the company will still matter in 10 years and whether you're paying a sane price for that. Six checks that have served me well.