Thank you all for being with us. We are

here to talk about analyst academy.

We're here to talk a little bit about AI

and blending AI with the core chassis of

investment process.

All right, let's do it. So, first and

foremost, Analyst Academy is a virtual

program. I'm based in Arizona. Andrew

Carr is based in New York. We found in

training uh fundamental equity analysts

that taking time off the desk is very

expensive to do, very hard to do. And so

the core design principle of every

everything we do is everything is

recorded. Um you can sort of join join

the sessions live. Um but everything

will sort of exist in a 12-month wrapper

with virtual virtual recordings as

digital curriculum. um as a background

uh to sort of the curriculum ideation,

the curriculum is really a function of

the time I spent as a fundamental

analyst and portfolio manager. Now, it

isn't necessarily Brett's way to invest.

We sort of tried to take a lot of the

personalization out of the investment

process. But the benefit I had as an

investor is the ability to have worked

at a number of tier one hedge funds and

I got to see the investment process

practice a large tiger cub a large

multistrat a large mult multi-manager a

quantitative fund and another another

mult multist strateger strategy fund and

what I found through that process is

that the core of the investment process

at really all funds is about 75% similar

60 80 some somewhere in that range of

the types of investment process

practiced from fund to fund is very

different. Now the expression of that

investment process will vary based on

your risk wrapper and your culture etc.

But what we've really tried to do in the

analyst academy is take that essential

investment process that is widely

practiced but seldom taught and put it

into an accessible training academy

virtually via the analyst academy. I'm

joined in this effort by Andrew Carr who

will introduce himself now.

>> Good evening everybody. My name is

Andrew Carr. Uh I joined Fundamental

Edge in February of 2024. Prior to that

uh I spent about seven years on the buy

side. I did about three and a half at

Balaznne. I did one year at a single

manager backed by Blackstone. And then

up until about the summer of 2023, I was

working on a Fins team over at Exodus

Point. And one of the things that I was

doing during my time as a hedge fund

analyst is a lot of coaching of hedge

fund analysts who were earlier in their

journey. And so I reached out to Brett

admiring what he had put together on the

tiger cub style analyst process. And I

said you have managed multi-manager

analyst but you don't have the

perspective of having been a

multi-manager analyst. And that's where

I think we can team up. So, by joining

Fundamental Edge, uh, I've been helping

out with the pitching, uh, some of the

breaking in stuff, as well as rounding

out the curriculum to make sure that we

have as non-denominational a curriculum

as possible that is effective for as

many learners as possible. Back to you,

Brett.

>> Thank you, Andrew.

So the re the the very simple core

question that the entire 60-hour program

is is tilted at is this very common and

very terrifying question that almost

every junior analyst gets from their PM

of take a look at this stock and let me

know what you think. And that seems

quite innocuous but that happened to me

in August of 2008 and I didn't know how

to answer the question. I was an Arizona

State grad. Spent a year of investment

banking. Joined Maverick in August 2008.

About as motivated as I could be.

Totally totally green. Super excited.

Super excited to be there. But the first

time on the desk, I also had a bad

haircut and wore an undershirt and all

sorts of had a little acne still back

then. Um, I did not have a structured

investment process to answer that

question. Well, and for the first 18 to

24 months on the desk, I struggled

intensely because of that. And so that's

been part of our mission, right? Part of

the mission is sort of take what Andrew

and I have learned the hard most of the

time the hard way living on the desk and

bring that back to you. And there's been

a there's been a movement to sort of

identify that the learn through osmosis,

it's an apprenticeship business really

means figure it out on your own kid,

right? And as you'll see in the 1500

slides and 60 hours of analyst academy,

it's hard to figure it out all all out

on your own. Of course, there are many

things you will figure out on your own

that you can only figure out through

getting reps, through getting feedback

from the market, right? But there has

been an awareness in the market over the

last 5 to 10 years that analystmies can

teach the core chassis of an investment

process. [clears throat] Whether it's

the point 72 academy or citadel or

balazzy the multimmanagers have been

building these large internal

trainingmies that's a big that's a big

resource lift to do and so part of what

most funds do is you know each team

trains individually right that gives the

advantage of teaching their own way but

there's no scale to teaching the

foundational principles most PMs are not

going to sit with you for 30 minutes and

break down unit economics and return on

incremental invested capital and the

eyesight whisper and the pre-trade etc.

That's what we do. We teach the

non-denominational principles that form

the solid backbone of our assessment of

good investment process. So that's

really the standard is to deliver a

training program that prepares analysts

for the rigors of the buyside seat. The

vast majority of our students are either

you know in the first three years at a

byside seat. That's about 2/3 not the

first three years in some but most of it

most of them in the first three years we

have people in three year 3 to year 15

join as well or investors who are tilted

towards that towards that seat. They're

sort of coming from sellside equity

research or private equity or investment

banking. We do have a small subset of

people who want to practice

institutional grade investment process

on their on their own join as well too.

Um Andrew you want to break down the

structure uh structure of the program?

>> Sure. So, one of the questions that you

might have is, you know, my my schedule

is crazy. I can't possibly commit to

being in person for any of this. And so,

we've anticipated that it is actually

impossible to find a schedule that suits

the schedule of all learners. And that's

why what we did is we put our core

content into roughly 30 to 35 hours that

you can consume on your own time, on

your own schedule. And from the time

that you enroll, you'll enjoy 12 months

of access to the materials. Now we also

do have some live components but those

are not mandatory to join either. We

have office hours and you may have

questions as you make your way through

the materials. We for that we actually

have a mailbag where you can send in

your questions or you can join live.

Either way the office hours will be

recorded live so you can review them

later. We're also responsive over email.

On top of that, one of the things that

we do is we offer coaching sessions for

any question that you may have where you

want to have one-on-one to talk through

something, whether that's something that

you're dealing with on the job or

whether that's uh something related to

recruiting or some other topic related

to research. And actually one other

thing that we do is also for those who

are interested now twothirds of our

learners are already at byside firms.

For you, you will have to clear it with

compliance. One of the other things that

we'll do is a pitch review um as part of

the other personalized coaching if that

is something that would interest you.

Back to you.

>> Yeah, great. Um so, uh you know, that's

that that's an overview. It's about 30

hours core curriculum, another

um uh probably 30 hours of speaker

series. So, bringing bringing in a

masterclass guest speaker series to

supplement the core curriculum. We'll go

through a number of those speaker

series. I'd say we're making a I think a

relatively notable pivot in the August

cohort of investment uh of the analyst

academy. I say here to for we have not

blended AI processes into the core

analyst academy really in any meaningful

way other than a few demonstrations in

office hours. But we as a good investor

does we try to adapt with the times.

Much of the core curriculum is evergreen

in terms of the way to sort of think

about business quality doesn't shift

that much over time but the AI toolkit

has shifted notably Ken himself caught

this sort of you know change change in

the paradigm from January where he was

talking about AI as a slot machine into

May where he's talking about the

profound improvements that agents have

introduced to to Citadel and so we try

we've tried to be very um at the

forefront of thinking about investment

process and how to build an agentic

investment process. We've done that in a

separate program called the AI

accelerator which you may have seen

which is a six-month program where we're

leading about 200 analysts and portfolio

managers through the augmentation of

their investment process with AI. We've

learned a lot through that process. We

that sort of program is ongoing

in a large way. A lot of the AI

accelerator is actually better suited

for more established

investors and that sort of fits with the

profile of the typical AI accelerator

student. It's hard to hard to augment a

process if you don't have an existing

process. And part of what we do in the

analyst academy is help you see an an

existing process. So what we've done

with this program is we've taken the

foundational seminar which is recorded,

the AI augmented deep dive session which

is recorded and live access to our

earnings module and October module and

we're going to roll that in blend that

in to this program. And so you'll get

the four modules that are more suitable

for an early career learner with no

incremental cost. We're sort of blending

blending this into that that investment

process. So we've expanded the program

which is historically a six week program

to six six-month program and really for

the first time integrating the analyst

academy with the sort of you know mo

most junior part junior relevant part of

the AI excel accelerator. So that's sort

of a nice you know I think a notable

change uh to the program at no at no

incremental no incremental co cost. Why

are we doing this? We think I think that

really for the first time the tools have

passed um uh past threshold for

institutional grade process that what

we've always endeavored to do is is seek

which is a very hubristic sort of

viewpoint seek best practices right

we're trying to give you analyst academy

our best assessment of what best

practices are for an investment analyst

a tier one investment analyst our view

is that really now you cannot be uh run

a process with best practices with

without some degree of AI augmentation

in that process. So we're we're trying

to move with that move with that with

that um with that sense. Uh anything to

add on that Andrew?

>> Yeah, I think uh just I would point out

we are always trying to prepare people

for the realities of the seed. And

although there are some parts of

investing that are going to be true no

matter what era of AI we're in, there

are other parts about the day-to-day

workflows and the tooling where the onus

is on us to prepare our students for the

types of things that they either are

encountering or will encounter on the

seat. Many given that two-thirds of our

students are already in a seat, we're

offering a lot of color commentary to

things to kind of round out their

knowledge uh because it's certainly busy

enough on the desk.

Andrew, do you want to take us through

the core curriculum and the ninestep

thesis development process?

>> Sure. So, um, what [clears throat] Brett

alluded to earlier is Analyst Academy is

our answer to the question of what to do

when a PM says to you, "Take a look at

this stock and let me know what you

think." And in this kind of industry,

sometimes it's not so clear. Your PM may

not have time to spell out every last

thing that the PM wants you to do. You

may find out the hard way when you spin

your wheels on a pitch and you spend

three days when the PM wanted you to

spend 12 hours or you may have focused

too much on one part of what's going on

at the company but missed the forest for

the trees a little bit and not

identified the key drivers. What we go

through is it's never going to be

exactly a chameleonike process for each

and every seed for all of our learners.

But what we do is we give kind of a raw

rough cut of the ingredients that are

commonly involved in an analyst process

and then we walk through the different

ways that people go through those and we

don't just do them for one kind of

mandate either. Sometimes people wonder

you know is this over represented for

multi-managers and that's actually not

the case. We have a good mix of people

from long only single managers and

multi-manager investment firms. So we go

through what this process looks like and

we pay attention to the nuances between

the different types of investment

mandates that there are. But this is

everything from when you get a company

to understand what the company does,

thinking through the financials, getting

a model together, all the baseline

research you need to do, starting to

understand what what the key drivers of

the stock are, and then advancing that

understanding into a researchable

question in search of finding a variant

view versus what the street is already

pricing in. If you're not sure if you

can tell whether the street is pricing

in uh a given development or another, we

also have assessing expectations and

applied valuation to sort of take the

temperature of what a stock is telling

you and what the market believes. We're

going to help you identify catalysts for

when your variant view and the market

view hopefully converge and that's

through earning season. We go through

meeting management where you learn to

stay on top of your companies, monitor

things, and continually play offense to

deepen your understanding of your

company so that you can be better than

95% of the street if not more. We go

through what a process of deep dive

research looks like, what buyside

modeling look like. It's very easy. We

just had a guest on our podcast who said

it's very easy to download a model that

looks like a hedge fund model, but you

really have to decode why the model was

built in the way that it was. And to do

that requires the judgment, discernment,

and nuance that uh are exactly the kinds

of things that we go through in analyst

academy. Now, we also go through

shortselling. We go through industry

coverage. We go through all the

different parts of the job that usually

you learn through osmosis or you really

only get there after a year or two when

it would have been hugely helpful to

have learned them a year or two earlier.

And of course, what is a variant view

without being able to communicate it to

your PM. We go through how to take a

stock pitch from what is commonly a book

report into something that actually

makes a PM sit forward in their seat and

think whether you should do more work or

whether they should put the position on.

So we we cover all the elements of what

being a buyside analyst is in a sort of

salad bar approach. Take what works for

you, leave what doesn't.

>> Yeah. So I think you know Andrew

mentioned the salad approach and that's

a lot of what we try to do right in in

some ways we try to almost overengineer

an investment process. So you can take

the backbone of our ninestep thesis

development process of how do you

develop expertise on a new company and

new industry. How do you identify if an

idea is promising or not with a sniff

test and you know sort of you know

filler kill gates you know how do you

build the model structure you your due

diligence do your expectations and

valuation work identify the core debate

and tailor due diligence you know

develop that critical differential

insight and quantify that differential

insight into key inputs into your

process build roll that all up into a

thesis and then present feedback you

know receive feedback back um and moni

monitor the idea. Is this to say that

you know step five has to come right at

step five? It can't come as step two. Of

course not. But the activating of your

antenna to uh give you a sort of typical

investment process we find to be a

helpful educational educational o

overview and sometimes you know even a

simple chart like this would have been

quite helpful to me in August 2008 when

I didn't know where to start and I

started reading the annual report of two

travel 6 hours later I'd read every

footnote but I had no view of any any

differential perspective on the company

would have been helpful for me to

understand okay this is how you might

want to calibrate your first few days on

an idea we'll also give a number of

lived examples with some you know worked

excel models some worked case studies

some supplemental readings that will

create a holistic uh holistic approach

so ultimately the materials will be

about 30 hours of core curriculum

supplemental videos there some sometimes

webinars we've done in the past or

sometimes program exclusives uh some

stock pitch competition videos, guest

speaker recordings, supplemental

readings. So in total, I don't think

we've been accused of of sort of

underdoing it from a from a depth

perspective. In total, it's about a 100

hour process if you were to sort of work

every element of the process. Now,

different students work different parts

of it. So many longings will skip the

short selling. Very few students will go

through every supplemental video or

speaker session. But what we really want

to do is put a resource in front of you

for that 12 months that will sort of

help take your game from day zero to day

365 and level up level up your level up

your process. We'll do that with a live

kickoff next week uh rolling into our

our monthly office hours that will have

students from the sort of past cohorts

on their six month six-month journey.

That's really an opportunity to answer

any questions. And then monthly we will

have an office hours in AI lab where we

will do sort of a a little bit of like a

what's new in AI what are the new things

that are that are happening uh to

stimulate some conversations and then

we'll take any question any time in

those September office hours if there's

anything urgent like Andrew mentioned

we're available via email um Andrew has

some time to do one-on-one coaching uh

but then really the the journey for the

August cohort will be office hours into

into January where you'll certify

completion for the fundamental edge

certificate. Uh and part of that is is

is is if compliance allows the virtual

virtual pitch competition. So in theory

this you know 60 hours 60 to 100 hour

program can be completed in six days or

six months. You know generally we find

the average student takes a number of

months to work through work work through

all the curriculum. Andrew you want to

take us through the guest speakers?

Yeah. So, uh, with the guest speaker

sessions over the years, we've been very

fortunate to have speakers come in and

record sessions and we've got just a

variety of perspectives. Now, you're

going to think about investment

philosophy and kind of being

unemotional, learned from Howard Marx,

who had a number of great buys that were

fueled by being unemotional and

objective. You're going to get an

overview of macro analyses and leading

and concurrent and lagging indicators.

You're you're going to hear from Ricky

Sandler and how he changed the approach

of his fund after 2021.

Moreover, you're going to actually get

some people from different aspects of

the market. For instance, one of our uh

best speaker, we have a session with Tom

Elnik who talks all about uh alternative

data. If you're curious about forensic

accounting, we have David Zion who's uh

whose livelihood is teaching forensic

accounting to real investors.

Additionally, we also have um

uh we have interviews with for instance

the head of IR of a company that I

covered. So, some of you are going to be

doing management meetings and here's

Aaron Hoffman who did the job for 28

years and he spent 90 minutes saying

here's what good analysts do in meetings

and how they prepare and here's what the

bad analysts do. and he didn't pull any

punches. And Brett and I sat watching

this webinar thinking where was this

when we were just getting started out.

Also, you'll if you're not already doing

the job, you'll certainly be able to uh

anticipate this. Your mindset is going

to be critical. And for that, we have

Lisa Mogi who uh was Brett's uh mindset

coach at DE Shaw. And if you're curious

about activist shortselling, we talk not

only with people from Muddy Waters, but

someone from a short dedicated fund. uh

you you will find no shortage of

perspectives, valuable and incremental

perspectives from the guest speaker

sessions that we do and continue to do.

>> Part of the journey to stay stay current

too has just been the exploration of of

AI. We started this in the fall of 2024

uh with a cutting edge webinar series.

We've done that now with the podcast

invest with AI. Uh we've open sourced a

number of these speakers, but we do a

number of these sort of embedded in our

core programs as well too. So we include

many of those guest speakers in the AI

accelerator we're including in the

analyst academy as well too. I'd say the

last element of of uh of the fundamental

edge analyst academy which has been

really fun over time has been the sort

of endeavor to build a community around

it right our goal from the start was

that when you see fundamental edge on a

resume it means something so that's part

of the certification

process that we sort of you know

evaluate evaluate program you know

substantial program completion now that

means different things to different

people to earn the fundament fundamental

edge uh e edge badge uh that gives you

know students preferential access to the

talent hub sort of top of stack top of

stack process and it really becomes a

part of the growing community of nearly

two 2,000 analysts over time uh that

have completed completed the program.

We're not quite there yet in competing

with the, you know, credentials of

Columbia Business School. But that's

sort of our that's sort of idea over

time is that, you know, this community

should meet something when you meet

another analyst academy graduate.

There's a there's a expected level of

understanding and comprehension which

gives you, you know, an all clear to at

least interview that person. And if they

don't do well in the pitch, if they're

an analyst academy grant, don't don't do

well in the pitch in the interview, send

them our way for a little for a little

uh for a little tuneup. Logistics,

everything is done in a learning

management system called Teachable with

Zoom links. And the ultimate objective

at the end of the program is that when

your PM asks you to take a look at a

stock, you have a structured program

you've drawn from our salad and have the

ability to conduct investment investment

grade research. for your participation.

We'll email this out as well too. Um

info-2026

for your participation being with with

us on this fine Thursday afternoon uh

for info session. If you're interested,

please please use that. Uh with that,

that's sort of the core of the

presentation and we are happy to take

questions from anyone on the line.

Feel free to drop them in the chat. uh

drop that in the chat or um just raise

your hand as well.

>> I see one in the chat. And as the

questions fill in, one thing I would add

is uh Analyst Academy also prepares you.

I know we talked a lot about

underwriting an idea, but one of the

other things you'll get from Analyst

Academy is the in the trenches

experience of what to do when that

position is actually live in the

portfolio. How to be wrong with your PM.

Uh the kinds of things that can only

happen once kind of the boat has left

the dock and that pitch can either help

or hurt your P&L. How do you rewrite a

thesis without shredding your

credibility with your PM? Uh how do you

uphold dispassionate analysis across

whatever your coverage universe may be?

whether you're a generalist or

specialist, we show how to do these

things kind of at the atomic level or

per unit level, but then also the kinds

of systems you're going to need to

manage this process as you do the job

full-time. So, it looks like our first

question that came through uh comes from

BU who asks besides Excel, Gemini,

Claude, or Chat GPT, are there any other

tools or services we would be using or

we may need to subscribe to for this

course? There's no tools that you may

need to subscribe to uh for this course.

But one thing that I would point out is

as part of analyst academy, we've

partnered with a number of different

vendors who offer different tools or

solutions that are commonly found in the

analyst seat. Uh to that effect, when it

comes to learning about sellside

consensus and pulling cellside

consensus, we have trial partnerships

with visible alpha. When it comes to

doing expert network calls and reading

through expert call transcripts, we have

a partnership with AlphaSense. When it

comes to getting audited, click-through

historical data, we have a partnership

with DUPA as well. So, uh it's not like

you need a Bloomberg terminal in order

to get the most out of Fundamental Edge

Analyst Academy. We try to make it as

non-denominational as possible.

We got a question from Karen who asked,

"Do we get one-on-one time?" All

students will get a 30-inut coaching

session uh that's included with uh

enrollment and then also a capstone

pitch review.

And I would say generally what we found

is

um you know

in our office hours um you know maybe

20% of the cohort joins for the live

office hours. So those can be you know

those can be smaller groups and those

are quite good opportunities to get a

lot of questions questions answered as

well too. And I think this comes back to

people are quite people are quite quite

quite quite quite busy. Question for

Max. How much of the AI accelerators

incorporated in the analyst academy? Why

should I consider doing both? Do you

incorporate any special situations

research? So I'd say roughly about half

of the AI accelerator is incorporated in

uh the analyst academy. So, I'd say for

an early career investor, there's no

need to do both. Um, because I'd say

there's sort of like two elements to the

um AI accelerator. There's some of the

basic level one processes,

deep dive system, uh building an Excel

system, building an earnings preview

system. those are more relevant by our

estimation to um sort of the early

career investors and we've included that

now officially in analyst academy. I'd

say the more advanced modules in the AI

acceler

it's not the right time like if you're

just landing on the desk those can sort

of be addressed later. So that's how

we've thought about the the relevant

structure. Now, if there's interested in

doing both, we can obviously offer a

bundle to that at sort of substantially

reduced economics for the AI AI

accelerator, but I wouldn't necessarily

Max uh point you to I don't know your

specific instance, but I wouldn't

necessarily point you towards towards

both. Certainly, if you're interested in

both, email us because you know, you

shouldn't pay sort of retail price for

for for both. Do we incorporate any

special situations research? A little

bit, but not that much. I mean Andrew,

what do we have in the special sits um

sits side?

>> Um one of the things that we talk about

is you know kind of on the event driven

side perhaps one of the things we talk

about with assessing expectations is the

probability of success framework which

is used in the case of merger ARB or in

the case of uh binary outcomes whether

that's litigation or others. Uh it's one

of the handy ways that we talk about

assessing the different nodes of upside

and downside. Uh that that's one thing I

would call out.

Yeah, question. If I want to boost my

financial modeling skills, should I

pursue a separate course first then come

back to uh to uh to FE? Yeah, I'd say if

it's like if you if you are not

comfortable with your speed and Excel

and the basic accounting

um that can be an that can be a helpful

prerequisite. There are number like Wall

Street prep training the street courses

that are a few hundred dollars that can

be sort of a an an easy addition. We

generally take the lens in our analyst

academy that you you have those

foundations

uh ironed out a bit. So we don't want to

you know many of our students have had a

few years experience in some finance job

before they come to an analyst academy.

Um so that could be a that could be a

helpful uh prerequisite. So I'd probably

say start there start there first. Um,

and then access to prior academy grads

for networking community purposes.

That's always a little tricky candidly

because some want to network, some

don't. We do that principally through uh

principally through uh New York m New

York City mixers. Uh if you're on the

West Coast, sorry, you kind of miss out

on a lot of that. Roughly 50% of our

students are in the New York City area.

So at least, you know, generally around

once a quarterish, we will do a mixer

where where I'll throw the fundamental

edge credit card down and we can see how

much damage you can do. You know, young

people don't drink as much as uh as we

did back in our day. Um so the bill's

not usually that bad, but then we'll

sort of sit and connect and a lot of

great networking happens that way. We do

have a LinkedIn um uh for alumni that

once you you sort of certify in the

course, we will invite you to that. I'd

say that's not the most it's not the

most active uh active um but I'd say

what happens a lot quite a lot is either

funds come to us looking to hire analyst

academy grads or more and more former

analyst academy grads are saying hey

Brett you know you know my CIO is happy

with me are there others we can sort of

pull along then the PM sort of gets a

pre-trained analyst which is which is

they like um so a lot of the networking

happens through. It's the same way

that's like, you know, a Wharton person

gets to a hedge fund, then hires two

other Wharton people. So, there's a

little bit of that activity going on as

well, too. I'd say overall, we stopped

keeping count, but I think we've played

a role, or at least an introductory role

into over a hundred placements um since

the start of an F fundamental edge. Now,

to be very clear, out of nearly 2,000

students, that's a small percentage. So

this is not don't view Analyst Academy

like a coding boot camp where there's a

guarantee of a job by any means. Um but

we do like to play a role in in

introductions where we where we can.

Will there be a September cohort?

Generally uh Dylan we run about um you

know every other month or so. So most

likely won't be a September. There'll

probably be like an October October

cohort. I would point out that if you

have a busy August or traveling lot in

August, the kickoff sessions will be

recorded. So you can come back and you

can effectively start in start in uh

September. Although that would be a sort

of you'd be you'd be on a delay. You'd

be watching a a recorded session rather

than participating live. So if you'd

like to participate live in all of the

sessions, uh we haven't set a date for

that yet, but likely uh likely

midocctober.

Andrew, any other FAQs that we get in

info sessions that are relevant?

>> Got my little scratch pad here of

questions that often come up. So, one of

them, you know, is it asynchronous? Yes,

the whole course can be completed uh

without joining the live sessions. U

secondly, you know, sometimes people

say, is this just for breaking in?

Actually, the facts are that twice as

many students in analyst academy are

already at a firm versus not. And what I

would say is these skills are in demand

whether you're looking to enter the

industry or improve in the industry. Um,

always a question on time limit. From

the time of purchase, you have 12 months

access to the materials and six months

access to the live sessions. We talked

about the mandate agnostic part.

uh certainly you can see that AI is uh

an increasing part of analyst academy to

reflect the reality on the ground. So uh

we are keeping up with AI certainly and

then there's a question of um you know

do I get coaching we hit that um what

about modeling we went through the uh

the recommendation to get kind of the

101 uh before doing kind of the 2011 in

fundamental edge analyst academy and we

talked through the coaching and pitch

review. Those are the most frequently

asked questions uh that we get. Um

yeah, I'd say that ties off usually the

FAQs.

Great.

Keep it uh keep it open for a few

seconds for any last questions. Other

other than that, I think we uh um gave a

relatively comprehensive overview. any

overlap with CQF Institute or not

really. Do you know what CQF Institute

is? I'm gonna have to Google this one.

>> Yeah, that's the uh certificate in

quantitative finance. Um I wouldn't

really I would say this is much more

fundamental analysis. um you know in a

simple way as I can put it uh

quantitative analysis uh more often than

not tends to uh view the world through

the lens of the future will tend to look

like the past and fundamental analysis

tends to view the world through the lens

of the future might not look like the

past. So uh I wouldn't say there's too

much overlap between the CQF certificate

and fundamental edge. With that said, I

don't have a full and complete knowledge

of uh all content taught by the CQF

institute. Yeah, we do run a factor

academy which is sort of answers a more

senior analyst question of like what is

a factor? So we spend about 25 hours

answering what is a factor uh factor

risk management factor risk models

factor rotations all of that. That's

typically not content a curriculum that

is the core focus of your first three

years on your de on the desk as a

fundamental investor. The first three

years on the desk is about creating an

idea engine, idea processing, due

diligence, modeling, differentiated

research, value added research, variant

perception, riskreward etc. Um so um I

think there's been a convergence of

quantitative and fundamental over time

which we talk about in other programs

but not really in the core analyst

academy. This is about the toolbox of

the fundamental investor. Thank you so

much. I hope to uh I hope to see we try

not to give the hard cell on this. This

is a program that's uh I think

engineered for a specific uh uh niche of

fundamental investors. Um and if that

sort of fits with your journey now or in

the future, uh we would be super

grateful uh to uh be a part of your be a

part of your learning journey. Um and uh

other than that, you can reach me or

Andrew. Um my email is BrettfundedEdge.

Andrew is Andrew at Fundamentedge

and uh hope to see some of you next

Tuesday for live kickoff. Thanks so

much.