Value Investing with Vinley AI

1. Introduction to the course: Investors. Welcome to this new training Value Investing with ll.ai. My name is Kenny Carrera. I have been for the last 27 years a value investor. I was able to actively retire at the age of 49 thanks to Value Investing. I'm also, in the meantime independent board director, and I've been managing a couple of tech companies as well. The objective of this training, first of all, it's not a investing training is also not to be considered as financial advice. I'm just generally sharing how to use ll.ai as a tool that we have created, first of all, for ourselves and that I created with the team for myself to enhance the productivity of my investment process. Cost structure, we'll start with an introduction to AI and financial statements just to set the scene a little bit. We will then be using a navigating Vinla AI. We'll explain to you where to find various information, how to perform analysis. There's going to be a couple of practice examples. The first example will be running a fundamental analysis, intrinsic evaluation and mode with Vinla AI, and then also more advanced, let's say practice example, how to run a forensic accounting. Analysis using a couple of metrics that probably you have never heard about like the BeniJamscore, the Sloan ratio, and Banfoldslaw. And, of course, I will be then concluding with a bonus lecture. Going to have, as always, on the Skillshare platform, the possibility to submit the course includes two potential assignments that you can submit that I can review. The first one is analyzing Hyottls which is probably a brand that you know from a forensic accounting perspective. There are some interesting things to be analyzed with yottls from a forensic accounting perspective. And then the second one assignment that you can do is take a company that you like. I had this morning a student who did Rolls Royce and sent me his assignment, and then you can actually look at the company and perform a fundamental analysis and intrinsic evaluation. That's thank you and enjoy the course. 2. Introduction to AI in Financial environment: The investors, welcome back to a new training. This time, it's training related to value investing, but more specifically, how to leverage vilent AI, which is, in fact, the application that we have created as value investors, first of all, for ourselves, but also for other value investors across the world. So it's an update of the formal training that was speaking about Winch GPT. So the objective, as I said, of this training is really to introduce you to villain.ai, which is this AI powered platform for value investors. And so just one note of caution. This is not a detailed training on value investing. So, of course, I will speak about value investing. I will show you how to execute a full investment process. I mean, at least as I am doing it in villain.ai. But if you really want to go into the details of value investing, I really recommend you to take the training the out of value investing. This is really just a less than 2 hours training just to introduce you to ville.ai and support you in using and leveraging so ville.ai as a powerful value investing tool. And always, of course, things that I'm speaking about her may change and evolve as we, of course, continuously developing the roadmap of vile.ai. So in terms of first chapter, I want to introduce you to villin.ai where I'm coming from with my co founder Adriana about this and then also how to prompt large language models and also how to navigate in Villain. Because what I already said is that Vinlat AI compared to Ving GPT, I mean, we have had hundreds and hundreds of students who just took the specific training on Vin GPT. Vin GPT was a custom GPT build on Open AI. Vinla actually has a user interface, which allows you to have portfolios, watchlist, throw prompts. I'm going to be showing this to you show prompts, preprogram prompts to the AI, but it has also the AI companion. So we are trying to have best of both worlds. So introducing you to vinla.ai. Before doing that, I think it's important that you understand what is my journey. So I've been starting to act as a value investor 27 years ago, right? That doesn't make me much younger when I say this. And with the luck, I feel very lucky that in 2022, I could just stop working from my daily job. And at that time, actually, still today, I only live and our family budget is purely covered by the dividends that come through our value investing portfolio. Journey started in 1999. And if I can summarize really the people who have inspired and influenced me, these are the five people. The first one is Ben Graham, who has been the tutor of Warren Buffett. So, Ben Graham, I learned through his book, Intelligent Investor, how to at least from a relative variation perspective, how to find cheap companies. What Warren Buffett and Charlie Monga have added to this. And as I said, Warren Buffett has been a student of Ben Graham, I think it was at Columbia University, if I'm not mistaken. So Warren Buffet and Charlie Monga have taught me through the annual Cholo meetings, through the books, et cetera, podcast, how to perform an intrinsic evaluation and also how to look at strategic modes of companies. So the mode is really the competitive advantage that their company has. Peter Lynch was, for me, very interesting because he also taught me how to look at undervalued companies, specifically when markets are emotional. And Aswa de Moderan, I consider him as a leading valuation expert. So he's from New York University Stern School of Business. And I've been through his couple of books really going into the mathematics of valuation, and that helped me a lot to really figure out what are the right methods, right vocabulary. So I'm very happy that Aswa de Monderan has been a inspiration for me on this. Challenges that I face during my 27 year journey, there have been many, in fact. The first one because I started before 1999, investing into stock markets, but I didn't know how to invest. So it's really in 1999 when I started to invest as a value investor. So at that time, I realized that I didn't know how to value company. So when the market is giving you a share price, is that a fair price, or is it not a fair price? Is the market overreacting and really the market is hot, as we say, so the price is totally exaggerated, or is the market really emotional and you can buy the company at a bargain? That's the type of thing where I was struggling to have clear and easy answers when I started as a value investor. Also how to calculate intrinsic value. A lot of people when they hear the term intrinsic value, they always come up with a method of discounted cash flow. So I mean, a lot of people use Excel files for this, and in Excel files, you know that you can be wrong. You will have to go into financial reports to extract values and feed them as variables into the Excel file. And that was always taking me like a two hour process for one company. But if you have 15 companies in your portfolio and doing this on a quarterly basis, that's just, I mean, a lot of time. So, in my opinion, there should be a method to make this much more productive and much more efficient. Which cause of capital or which discount rate to use, I saw analysts repos. Well not disclose which companies, investment companies. I saw those repos, but also websites like Morningstar give you buy sell recommendation, but it's a black box assumption model. You have no clue how do they value the company? What are the underlying assumptions, which for me creates a lack of transparency and explainability. And then also, I mean, I'm a business person as well. I like to invest into companies where I understand the business of the companies, and amongst the metrics that I look also at companies is amongst others, is it a strong brand? What are customers and employees say about the company. And those were things where I had probably at that time before we started the whole Ville project, probably six, seven, eight websites I had to go to. So we tried to consolidate in Ville dot on the one single website. And then last but not least, when I say this, a lot of people tend to smile, but I do like to read financial repots. But sometimes they are long and too complex. So we try also to support through an AI companion, let's say, the analysis of financial repots. And it's just the beginning what we currently have in ville.ai. We will be developing much more things here. As I said, from VingPT to villa.ai, we started actually, we started the project with my co founder Adrian in November 2023. We launched Vin GPT, the first version in May 2024 as a custom GPT on the N open AI Store. But what we were lacking is a couple of things. First of all, there was no contextual memory. So users, I mean, if you would have a portfolio, I do have a portfolio with Rough cut 15 companies. I don't want each time to have to explain to the GPT what is my portfolio. Second thing, it was only prompting, and I believe that I agree that those large language models like Anthropic and CHA GPT are very useful. Absolutely. I'm using them as well. But at the same time, it's just prompting, and I believe that there are things, specifically in an investment process that can be much more efficient by having also a user interface that is complemented by an AI agent. Also, the quality of results was partially relying on the quality of the prompts. I mean, we observed this from our users in the first version in Ving GPT before Vinladt AI. Because we saw that. I mean, that's okay. I mean, I have a tendency to because I also did prompt engineering courses to try to be specific when I write prompts. But a lot of people don't know exactly how to write prompts, at least today in 2026. So this was the reason why we said, Well, maybe we can create in ville.ai, we can actually send prompts to the AI agent, but the prompts are already pre written by us. I'm going to show you how this works in ville.ai. And also what we observed in Chan GPT, or specifically in Ving GPT, that with the underlying AI sub processing engine, so after the model is 51, five dot two, we had what is called prompt drifting. We not going now into AI conversations, but we were seeing that the prompts were just so the same prompt, depending on the model that the user was choosing wasn't providing reliable results. So that was also one of the reasons why we started, actually. So we are now recording this mid March 2026. And so we started actually in the summer of 2025 to build this so vile.ai, what we'll be launching now in a couple of hours. So basically, vine.ai is Ving GPT on steroids. So it's an enhanced AI companion. I will show you the differences. We have preprogrammed it with also prompts. You have AI helpers as well that you can throw at the AI companion. And we tried really to build a visual interface that is also nice and that can help investors in their investment journey. So we're not going into the details. I mean, you will have I mean, you can download these slides as well on the various platforms. So there is nothing secret here. But, I mean, of course, we do use curated data brokers, so we do not rely on HGPT on Tropic for the data points. So we have, first of all, data points that we curate from our own data brokers, amongst others, AMP in Canada, New York University, Interbrand, comparably, there is an SEC API. We are connected directly and reduce it to the US Federal Reserve, as well. Have now in lat AI already first version where we are connected with coin market cap for crypto assets as well, because crypto assets will come very, very soon. In Ville one dot two, you're going to even be able to have crypto assets in your portfolio. So we are working on this. We intend also to add compliance elements like ESG, sanctions, international reports, also European and Asian macro indicators, not just US fed macro indicators. Lot of things that are happening there in terms of curated knowledge. So in the meantime, we are at 180 pages of our own knowledge that we have written every single word that includes also rough cut 20 pages of crypto knowledge. We have added specific books. So, yes, you have access to the Intelligent Investor book of 1929. There are some interesting research papers as well, public research papers. You have the IFRS, US GAAP references. So we are feeding with curated knowledge also VinlatAI. So there are a lot of things actually that are much, much better than what we had in the previous version, which was Ving GBT. You have a lot of functions. We were limited in Ving GPT. We only had 30 functions. Now we have 107 different functions, including forensic accounting analysis. That does not exist in Ving GPT. It's existing now in vile dot a. We'll show you how this looks like in a typical investment process. You have portfolio watch list, screen nos, you have even a personal calendar. I use this in Vinla now because I have my own portfolio of 15 companies. I want to know when is the next earnings of my company? When is the next dividend coming up. So this is something I have also in my personal calendar in vine.ai. And assets. So our scope has not changed. So we are now at 60 global stock markets that are covered. Rough cut, 38,000 stocks, 10,000 ETFs, and we have the first crypto assets that can be analyzed, but there for the time being not visible yet in the portfolio. So when you search for them, you will not find them, but you can ask the AI companion to perform, for example, analysis of Bitcoin or Ripple or Etherium, for example. So one thing that I would like always to remind people when we speak about vin.ai is that vile.ai is a specialized AI model. So it has been trained by us. So there is curated data points. There is curated knowledge, curated processes. And, of course, it's a curated interface, right? So this is really something different than, for example, when you use a general AI model like ChenGPT or Enthropic. So I mean, this is very broad knowledge. They have general data. I have seen for some of them, and it's not a criticism that I'm expressing here. Of them, they just search websites and then they just provide the results of the website. So this creates, for example, when you try to calculate the intrinsic valuation of a company, this creates risks because as I always say when I do public conferences about Vt AI or even in GBT before, if the AI is telling me that the intrinsic value of Coca Cola is between $10 and $180, that doesn't help me. I mean, that is worthless for me. What I need to know is more or less, what is the interval, I'm just saying now maybe $65-69 for Coca Cola. That is helpful. So that's why also, and I believe and there are many also academic studies about this that the world, and I hope that users will understand that it's better to have a specialized AI than a general or generalist AI. One of the things that I want to address, as well, is how to prompt large language models. So I won't go too much into the details. I'm going to show you the evolution of what we did in villa.ai, but I want to show you, nonetheless, or at least create a little bit of awareness around how to prompt in an adequate way an AI model, including villa.ai. I mean, what I've learned doing prompt engineering courses as well is that effective prompts, they typically carry two characteristics. The first one is to be correctly formulated and being specific. So as explicit as possible and as implicit. I mean, avoid having implicit prompts and also give them all the time to think specifically when it is a complex prom that will require a lot of processing. You have to tell explicitly to the prompt. Take your time. Do not rush to provide the results, for example. So examples of general knowledge questions could be, what are the main accounting principles? What is why is return on invested capital a good measure of profitability or performance? What is the formula for DDM, for example. So there are general knowledge questions that can be phrased. And I'm going to give a couple of examples. I'm going to give you an average prompt. So for example, here, I was using Vinla so I was using the AI compared to Vine. I'm not showing yet the whole interface here. I was asking the model, can you provide me list of the top ten stocks by market cap on the New York Stock Exchange that have a PE ratio below 15? Okay. You would say that's already pretty okayih type of prompt. And I'm going to tell you, yes, but it's just average. Why? Because there are a couple of things that are implicit. So what is implicit is that I'm not mentioning that the time element around this, because here, the model may understand that I'm asking for the latest, the most recent top ten stocks by Market Cap with a PE below 15 on the New York Stock Exchange, but it could be also that the model would come up with the results of 2024, for example, because I'm not explicitly mentioning this, there is a risk, okay? So a better prompt would actually be that you add so that you add the same prompt, you just add using the latest data. Or you write in March 2026, for example, that will allow the model to be much more explicit what type of data you are actually looking at and will avoid what is called an hallucination of AI or at least a result where you are not happy with the results that the AI companion has provided you. So one of the things that we have added to vile.ai is, I'm putting it this way. I'm saying this very respectfully, and I'm saying this for me because I mean, writing prompts is nice, but sometimes I'm lazy. I just want to have the results of something. So what you will see in the user interface, and this is spread across the whole user interface of vila.ai, you're going to be actually having prompts that you can throw at the AI engine without having to write them. Here's an example. So here I want to search for undervalued companies on I've selected the New York Stock Exchange. And actually, I have not written the prompt that you see on the right hand side. I just clicked on Search, one of the search arrows here. And with the variables that I wanted to have using the sliders, so you see that I'm using the UI, it throws a prompt at the AI engine and the AI engine comes back with results, for example. You're going to see this. This is happening in the screeners page. We'll explain later on what are those pages very briefly. So the screen page is to find undervalued companies using three methods, the Graham ratio method, the enterprise value to EBIT on the variation method, and the market cap to CAF on the valuation method. This is the current methods that we currently use. You're going to see the same in the intrinsic evaluation screen where you can actually send a preprogram prompt to Vine to assess the intrinsic evaluation of a company if you would be Warren Buffett, for example. So we have Peter Lynch or Joel Green, but those are the current methods that we currently are using. So when you are discussing with an AR agent, so as said, it's important that you write explicit prompts so that prompts are precise. And, of course, and this is something that is called disambiguation. So avoiding ambiguity when you are asking about a company. So for example, if I look at those three prompt examples, perform a fundamental analysis of Hershey. The first thing that Vnleyt AI will do is trying to understand who is Hershey. I mean, of course, we have trained that Hershey is probably a company name or an ETF name. So the first thing that Viney will do is disambiguation. So it will check does it have Hersche in its investment universe? And maybe if there are multiple results, it will actually ask you which one you want to analyze because I may have multiple Hersheys in my investment universe. So Worry veinle knows that, if there is just one, it will immediately do the fundamental analysis. Same here, what is the cost of capital for Nike, it will first check what is the ticker of Nike. I mean, of course, you can be more precise if you just throw the ticker directly at the AI engine. So those are examples and things that the engine will do actually for you. So this is something important when you write an AI model, what is called this ambiguation related to, for example, company names or ETF names. They're navigating in Vinlay. So as I said earlier, I mean, Vinla is not just an AI companion. It's an AI companion, or it's an app. It's a visual app that is, let's say, enhanced by an AI companion, where Ving GBT was just a prompting model. So what you will have in inlay, you're going to have on the left hand side, this is what I'm showing you here. So I've just took a part of the Vinlay home screen. You will have on the left always this navigation bar available to you where you're going to have at least for the time being, we are March 2026. Home analysis, screeners calendar very rapidly before the summer, we intend to come up with performance world radar and Mastery. You can read what those modules will do. And also, one thing that is important in a lot of screens, you will always have your portfolio and watch list available. You just have to click on it and it will run the analysis for you, in fact, very, very the intention of this villa.ai application enhanced by an AI Companion is really to make your life and your investment journey as productive and efficient as possible. What you will see in the interface as well is you're going to see what I call AI helpers. So AI helpers are icons. When you click on it, it will send a prompt to Vinla VinlaEplain me, for example, relative valuation. You will also have what I was already showing you here on fundamental analysis. You can send a prompt when you click on an arrow in the interface, so you don't have to write the prompt. The inlay app will write the prompt and send it to the AI agent. You just have to wait for the results and read the results in the eye companion. Also, what you have in some screens, you will actually have the AI agent that is not directly visible because we felt that, for example, looking at fundamentals analysis of stocks, that what was on that one more important was really to have the metrics available and chart, for example. But you can always request an AI agent to be popped up by clicking on so the third icon that you see on the right here. If I move my mouse, you're probably going to see my mouse moving here. And of course, you can then, I mean, the AI agent will pop up. You can minimize it. You can maximize it to have the full screen. So play with it and provide us feedback that will, of course, very appreciated. But we thought that in some screens it does make sense that we have all the time the AI agent that is visible. So you're going to see this when you're going to be using the interface. So I'm giving you now an example of an AI helper. So this is the intrinsic valuation screen. So it's so you see here, I'm here in analysis. I'm going to valuation. So that's the my typical investment process first fundamental, then intrinsic valuation, then mode, and then forensic accounting. I will be explaining this in Chapter two in this training. So here you see, for example, where the red dot is. So I have this AI helper where the label is relative valuation, and here by clicking on it, I don't have to write it. So yes, it's okay to be lazy. Let's be very honest about this. So it sends a prom to the AI agent Win explain me relative valuation. That's it, basically. Okay? That's what AI helpers are all about. And you're going to then get the results back from I mean, we have a specific knowledge content for the AI helpers. So you're gonna get this is content that is coming from our own knowledge base that Microphone Ariano has been actually writing. Has been writing the knowledge base for the A helps. Here's another example on the fundamentals. So I'm still in the analysis bench. So you see that's the first sub screen or let's say, first card, which is about fundamental analysis of a stock on ETF. So here I'm on a stock, which is LVMH, luxury group that I actually disclaim. I have that in my portfolio, so I'm just showing you here. And so, I mean, when you click on it here, it will already fetch all the necessary data points. But I'm interested in having the interpretation. How does Winley assess those fundamentals? I just then have to click here on this arrow. This is a prompt submission, icon. And actually, you don't have to write it. It writes it for you. It says, perform fundamental analysis of mc dot pA, which is a ticket that I've selected here. And the prompt has been preformatted by us. That's, I would say our knowledge as also having done prompt engineering courses. So we are setting explicit expectations towards Vinlas AR agent. We are saying perform a fundamental analysis of the ticker, dot format the output in a markdown table and assess the results. So that's the preprogram prompt that we are sending to Vinla in fact. So you don't have to write it. It's okay to be lazy. I'm sometimes lazy. I just ask Vinla just by clicking on the prompt, assess me the results of this company. And I think that's okay. So intention is to make productive and that you can really spend more time on your investment decisions than spending time writing prompts. Example of the AI agent. So you see, I was just mentioned a couple of seconds ago. So this is the fundamental screen. So by default, you see here, if you see my mouse moving, the fundamental screens on the right hand side does not have the AI agent compared to the home screen. You can when you click here on the icon, it will actually throw so it will make an AI agent appear, and you can then discuss with Vinla if you have specific questions that are not AI helper related or that you are not sending a specific prompt. And of course, you see it here. I've just maximized it here that you see it. You can, of course, minimize it, create a new chat or maximize it. So maximizing means that you are expanding the AI agent to the full screen. And when you minimize it or when you just reduce it, you will be coming back actually to this view. So play with it, provide us feedback. We appreciate any feedback to make this tool as successful as possible. And Valla that's for Chapter number one. In the next chapter, I will be showing you how I use Vine to do my investment process for a specific company. So thanks for tuning in and talk to you in the next chapter. Thank you. 3. 2 minutes quick onboarding: Welcome to Vinley, your AI powered investment analysis platform to make you a Smarter investor. Start by searching for any stock, ETF or cryptoasset and adding it to your watch list or portfolio. Vinley helps you organize your investments and track opportunities across global markets all in one place. For stocks, Vinley provides a complete analysis process from fundamentals, valuation, MOT up to forensic analysis, helping investors evaluate quality, valuation, competitive advantage, and financial risk. Use Vinle's AI agent to get deeper explanations about fundamentals or key metrics like reliability of financials, financial strength, profitability, and return to shareholders. Then move to valuation, where Vinley helps investors estimate and understand intrinsic value using discounted cash flow models, future earnings estimates, and other valuation scenarios. Vinley also helps identify potential accounting red flags using forensic analysis metrics like the aggregated Beneish M-score and its variables. Want to compare investments side by side, Vinley makes it easy to compare fundamentals, valuation, profitability, and financial strength of multiple stocks side by side, helping investors allocate capital with greater confidence. ETFs and crypto assets, Vinley provides simplified fundamental analysis with efficient visual interpretation. Quickly evaluate the crypto assets by analyzing Vinley crypto quality score, token age, token dominance, market capitalization rank, and risk indicators with intuitive traffic signal style interpretation designed to simplify investment analysis for crypto assets or even compare multiple cryptoassets simultaneously. For ETFs, quickly understand sector exposure. Top holdings, geographic allocation, diversification, and asset composition, helping investors instantly evaluate what they're investing whenever you need help, simply ask the Vinley AI agent. Get instant explanations, investment summaries, valuation insights, and financial analysis in more than 25 languages. You can also explore holdings and portfolio movements from our Vinley users and also some of the world's most successful investors, including Warren Buffett, to discover new investment ideas. Vinley gives investors the tools to invest with greater clarity and confidence. Welcome to Smarter Investing with Vinley. 4. How to use Vinley AI: Welcome back Investors, Chapter number two in this training, value investing with ville.ai. So what I will be showing you. And again, I'm not going into all the details, what is value investing. Why I have chosen some metrics together with the team in the tool. That's part of the a value investing training. But here I'm just showing you the process, how a typical investment process would look like. So first things first, of course, is setting up your portfolio and your watch list, okay? Something that you didn't have in VNC GPT before. So the first thing that you have to do, I mean, at least we recommend you is that, I mean, you're going to have frozen empty screen here. You will have to decide which ETFs and stocks you want to add either into your watch list or into your portfolio. If you're adding it into your watch list, you just click on Add watchlist, say Add, and it will, as shown here, I mean, quantities, cost, et cetera, will be put to zero. If you're adding it as an asset in your portfolio, of course, you'll have to tell what is the quantity, the purchase price. The purchase currency will be set by default because that is linked to the ticker and the purchase date. Okay? And then you click on AD, and this then gives you this type of results, this is an example, where you have assets that are yellow flagged here, which are assets that you have in your portfolio, and then it gives you comparison. I mean, the typical type of thing that you find on financial investment websites, and here you have the assets that are just on the watch list. But the advantage is that you're going to have them available afterwards. So all of them, you can, of course, click your portfolio watchlist, if you want to run analysis on those companies. So this is to explain to you how to, first of all, populate your portfolio or watch list. For the time being, ETF stocks, crypto assets will come very, very soon in inleon dot two. The typical next step that I do after having populated my watch list and my portfolio is, I analyze the fundamentals and I'll start with the fundamentals of the company. I mean, I'm not an ETF investor. I have to be honest about this, but I know that a lot of you are also a mix between value investors and ETF investors. So I'm showing you here both things in fundamentals. The first thing is, when you go then to the fundamental screen, I mean, you can either search if the ticker is not available here, neither in your watchlist nor in your portfolio, you can of course search here and analyze a company that is not even in your watches or portfolio. Of course, that's normal. But otherwise, I mean, this is like a quick navigation bar where you can just click on the ticker here and it will then fetch all the data that you want. Here I'm in the fundamental analysis screen. So you're going to be having for stocks, it fetches the information, the fundamental analysis metrics, like reliability of financials, profitability, solvency and financial strength, relative valuation, those type of things. So typically things that we were doing already before I vingBT and the typical things that I recommend to do when performing a fundamental analysis. And then, of course, what you can do is send a prompt to the AI, and you can say to Willy, Analyze me the fundamentals. ETFs, you see that actually, I mean, Vinley knows that when the user selects an ETF, that the information is not the same than stock information. So you're going to have, of course, the asset information, but you're going to have the sector ratings, the counter ratings, and you're going to have immediately the AI agent available on the ETFs. You're going to have also the expense rate. You can also here click on, I mean, I'm not sure if you're seeing my mouse here, but you can click here and ask Vine what are the holdings that the ETF actually has. So that's something for the time being that is done through a prompt, for example. So this is what I was showing you here. So zooming in here. So you see that clicking. Again, I was using LV mature. So you have kin formation, asset information, company description. Because sometimes you're analyzing a company and you're interested just to know what is a company basically doing. And you have so this is our method, the reliability of financial solvency, profitability, passive income, and you have the relative valuation as well on the right hand side. So that's analyzing the fundamentals. If the fundamentals look okay and ask Vinlay what is the opinion of Vinley about the fundamentals by clicking on this R and asking inlay to assess the fundamentals, then the typical thing that I do next is, okay, the fundamentals look solid. I understand the business of the company. What is the intrinsic valuation of the company now? Because the market is giving me today a share price, and I want to know, actually, what is the company really worth versus what the market is giving me today in terms of share price. So there you go typically into the second screen, which is the valuation level two screen, we call it. And there, in fact, inley will do, let's say, pre calculations for you, where you don't have to send a prompt, it will immediately come in the user interface. So you're going to have, first of all, relative valuation measures. You're going to have immediately, even without sending a prompt, the calculation of the intrinsic valuation, discounted cash flow, intrinsic valuation discounted future earnings and intrinsic valuation dividend discount model. Of course, that's going to be zero the DDM, if the company is not paying out any dividends, of course, right? We agree. And what you will see when you will leverage villle.ai, it will actually do what is called sensitivity analysis. So that's something that was for me, very important as an investor, and still today, even as an independent board director, very important. When you think about investments, as I said in the introduction, need to think, what is the cost of capital and what is the expected growth rate for business plan, for example. What Winley will do automatically, and you're going to see, actually, the sliders move automatically when you click on the company on the left, it will predetermine for you what is the average growth rate on free cash flow for the last three years. Maybe some of you would not like to use a three year free cash flow. We will enhancing the user interface here and adding so showing you the three values that we have because we have also growth, not just on the free cash flow, but, for example, on net income and on revenue. We have decided for the time being just to do it on the three year average on free cash flow. And we are using from New York University. So this is what Aswa Asman Aran is doing with his students, and I'm thankful for that. He knows that we are using his database. We actually making when a company we have to calculate intrinsic value. It actually uses the industry cost of capital as a proxy for the company. And so what it does as well, when it does those, it analyzes those two variables per default. If the growth rate has been negative, as we have to project the intrinsic value, that's a future projection of earnings of cash flows, Ville will automatically set the growth to zero, and it will tell it to you. So it will actually have here a message where it says, I've set the growth rate to 0% because the three year average growth rate on free cash flow was minus four 16%, for example. And if it is above 10%, we have decided to cap it at 10%. You have sometimes companies that grow at 25% over the last three years, but that's more like growth investing. We have decided that and you can change this, of course. I mean, you can modify the sliders as you want, and it will recalculate the IV, of course, right? We just feel that when you're doing a valuation of a company for the next ten years, 20 years, 30 years, and the company is growing at 78%, the company will not be able to continue growing at 78%, okay? So that's why we said the growth, if the sensitivity analysis on the growth is above 10%, we're going to cap it at ten. We're going to mention it. So you're going to see in the explanation of Vinla it will say that I have capped the growth, and it will tell you what was actually the original three year average historical free cash flow growth. Okay? So this is what we call sensitive analysis. And then what you can do, of course, you can send prompts. You can say assess the IV like Warren Buffet, assess the IV like Peter Lynch, assess the IV like Joel Greenblatt. So, Warren Buffett, I mean, for those who have done the Auto Valle investing training, that's a typical intrinsic value DCF, discounted future earnings and dividend discount model. For Peter Lynch is going to be the price earnings growth, the price to earnings growth yield, and for Joel Greenwell, it's going to be the earnings yield. So that's a little bit we are what is different in those three methods. And I have to be honest, I'm more Warren Buffett type of investor, but we have users who like to have the perspective of Peter Lynch. If Peter Lynch would be in the room, how would he assess the company? And the same for Joel Greenlat. Then, so we did fundamentals analysis looking, are the financials reliable? I mean, the aggregated score, the Benjam score, the other ratios, are they okay, bankruptcy risk, solvency risk, so profitability, those type of things. Then we did absolute valuation. That's the second step. And then the next step that I typically do is looking at the mode. Does the company have a mode, so a strategic competitive advantage that is difficult to attack by competition? So I'm sticking here with my example of LVMH. So one of the tiers of LVMH is c dot pA on the Paris Stock Exchange. And so just to explain what we have in modes, I modes, we have rough cut 13 years of the top hundred brands in the world. So Ville will tell you, for any company, it will say here, yes or no, is the company part of the top hundred global brand? And then, so here see LVMH LVMH has multiple brands in the top hundred. They actually have five, so Louis Vuiton Tiffany's and Co that they bought. Couple of years ago, Dior, I think it's Christian Dior, if not mistaken Hennessy, I think that's like whiskey cognac. Sorry, that's maybe not the right term. But this is like alcoholic drinks, and then they have sopora, which is cosmetic retail shops. So those are five brands that LVMH has in the top 100. We only have the top hundred in the world currently for the last 13 years. So please bear with us on that. What we have as well is, and that's own curated data, we have selected, I think it's 389 companies that have a white mode or a narrow mode. And this will be then explained here, and we are updating this on an annual basis. Of course, we are looking at also publicly available information, but we are trying to be strategic here on when we say a company has a white mode or a narrow mode. And then, and I've been running webinws about this in September, October timeline, 2025, we do have now for nearly 2000 companies of the 38,000, so it's true it's just 5%, but those are the largest companies in the world, where we were able actually to get data from comparably about which is publicly available data, but we are just aggregating that data. And this is available in the I mean, for any user, so you don't need a paid subscription in Ville to have access to this information. So you're going to have access to CSM and employee satisfaction information. So what we call the net promoter score and the employee promoter score. And it will show you on the right hand side, a couple of metrics. We have added a couple of metrics. I will not go today into that. What is the customer happiness score and the management quality score, which is an aggregated score of the three sub metrics that we have for customers and for employees. But I think it's important to know, customers happy about the company? Are employees happy about the company or not? Then the last thing that I typically do at least from an investment process perspective is looking at the This requires a little bit more, let's say, knowledge in corporate finance. I look at, so I do forensic accounting, in fact. So what is forensic accounting? And of course, I want to make this available to my students and to our users in villain.ai. Or we want to make this available to all of you, as well. It's about productivity and efficiency. I really promise you and no arrogance here. I promise you that there are only a few platforms that have, for example, the Danish MScore available. So, you got to have access to a couple of things in forensic and accounting. And you see it again, in the analysis sub screen, you have forensics, which is here. So you're going to have access to the Benish AM score first. The Benish AM score tells you if the earnings are manipulated or not. At least if there are signals of manipulation, yes or no. What Vine will do is you just have to either click or search on an asset that would not be in your watch list or in your portfolio, but you can also click on the assets that are in your watch list on your portfolio, and it will fetch the latest available annual filing, and it will calculate the Benish AM score aggregate it. And you're going to have even the variables available here. We are adding a small label that you understand what are those eight sub variables that actually make up the Banish aggregated A score. If you don't know, just click here on the prompt and ask Vinla to analyze the Benish Score in detail, and it will send a prompt where you will have an explanation for the eight sub variables which are okay, which are not okay. But this, of course, requires a little bit of accounting knowledge because the Benish MScore relies a lot on the three financial reports, balance sheets, income statement, and cash flow statement, mostly balance sheet and income statement, if I recall that correctly. And then what I believe is the most powerful currently function in terms of forensic accounting in Vine is this one. So you can actually just by clicking on this arrow, of course, you can prompt if you want differently, but just by clicking on this arrow, and as I said earlier, it's okay to be lazy. I'm sometimes lazy. I just want to know from Vinla I want to invest my money into this company. Beyond the Benish AM score, there are other metrics that I believe are important. These are the four that we are currently analyzing from a forensic accounting perspective. The BainisEScore, up to ten years. I promise you, I've not seen one single platform. Financial platform having this. The second one is a bankruptcy risk. So you're going to see up to ten years back how the bankruptcy risk. So the Altman ZScO has been evolving. On top of that, the Sloan ratio, the Sloan ratio is a metric that looks at the quality of earnings because in fact, you could manipulate earnings through accrual. So sending out fake invoices, and as nobody will be paying those invoices, those invoices will sit in accounts receivables for those who know how this works in a balance sheet. Then Ben fords law, that's something that financial auditors know. So this is something also very specific. I've seen outside of Vinlay and I'm saying this will love humility, nobody providing this type of information. And I tell you, this was complex to program in Vinlay. So because I mean, this is the calculations, one thing that maybe I could have mentioned. Sorry, those calculations are not done by the AI. Those calculations are done by our algorithms, okay? So just to avoid hallucinations. The Ben ford looks at so this is a law that financial auditors use. When they analyze a sample of financial transactions, there is, according to Benford, this has been observed a natural distribution of the first digits of numbers. So one digit will appear, for example, twice as much as a two digit, and the three digits will even be less, let's say, available in everything in nature, in financial repos, et cetera. This is basically what Benford's law is looking at. And what financial auditors actually do, maybe you didn't know this, is that Benford's law is analyzing and the auditors do this, really, they analyze just by looking at the numbers and the first digit of a number, if there is a risk that the numbers have been manipulated because when, for example, a CFO, he or she manipulates the numbers, they're going to make mistakes and will disrespect the natural distribution appearance of first digits as they appear in nature and in financial reports. So this is something I have to be honest, very evolved, but it's interesting. So I recommend you and this is what I do as a fourth step before I invest into company. And I'm giving you an example of Hyatt, which was one of the companies lately, which had a bad Benish AM score. So there are elements that suggest that it could be that Hyatt is manipulating their earnings. This is the latest 2025 annual report. I think it came out a month ago in February, if I'm not mistaken. And then you see on the right hand side, I just clicked here on the arrow, and it sends this prompt, provide a multi annual forensic analysis for company H because, of course, I had selected company H here. And it will provide me, in fact, the results in interpretation. So again, this is I'm just showing you how I execute a typical investment process using villa.ai. Well, that's it. So I will just conclude in the next very short lecture. I hope that this is useful for you that you see, maybe if I can come back here to this slide. This is a typical process I do. So the first one is just building up my portfolio and watch list and then going through fundamentals, valuation mode and forensic accounting, specifically for companies because I'm a value investor, and I typically investors into companies. But you have also ETFs that you can add to your portfolio, but you will not have for the time being the same depth of analysis that you have with stocks. Hope this is useful and talk to you in the conclusion. Thank you. 5. Practice Example - Complete company analysis process from Fundamentals to Moat: Morning investors. Welcome back. I'm showing you here in this lecture a full process from how to log in to Vine and how to set up your portfolio and even potentially doing a full analysis. We're going to be looking at Nike, in fact. So let me show you here. So when you log in or when you go to the first page, which is a dill and I, you have here just to log in, in case you haven't log in, you will have, of course, to create an account. So what I will be doing here, of course, I'll just put my password, which is secured. So it's not us being the security provider. It's Microsoft, so we're using Microsoft as a security provider. So the first time you're going to, in fact, be logging in, I'm going to show you you will be landing on the guided tour that you can either skip or there are just three pages just to explain you really the fundamentals of Vin. So I'm just finalizing here the tour, and what you will have here. I mean, the first time you're going to land here, it's going to be totally empty. You will have to find assets. Let me just switch White M. So you have all the time a Togal here where you can switch between light and dark theme. So I'm going to just be using now the light theme. And so if this is normally empty, I already have prepared for this lecture. But what you can do is actually just type a ticker, for example, and just add it to the portfolio, or you can also type the company name. Or the ETF name, and you will then find here the various tickers that are available in asm Universe. Just showing to you, for example, on Dow Jones, let's see what comes up. So you're going to see, for example, here, when you type Dow Jones, a couple of ETFs that also appear. Okay. So that's the first thing that you have to do. I'm just going to do now, let me do it for any type of company. I'm going to be adding, do I have Adidas, which is a competitor to Nike? No, I'm going to show how to add Adidas here. So and when you add Adidas. So this one, for example, you have to choose either adding it to the portfolio. So this is really like you're owning the company and you decide how many stocks you have accompany the purchase price and the dates, or you just add it to the watch list, and that's basically it. And you'll see it has appeared, in fact, now here. Good. So, and what is interesting. So as I was showing you in previous lectures, again, this is just an example lecture. You're going to have the various navigations, and what you can do. In fact, now, if I go back to Adidas, you can either go here and click on fundamental analysis. I will bring you to the fundamental screen, and you're going to have the main elements. The fundamental analysis of a company which already pre calculated that you see here. I mean, you have done the Audi value investing training. You know that I'm always interested in reliability of financials, then solvency profitability, passive income, and a little bit of iative valuation. If you want to know how Winne feels about, you just have to throw here the prompt. Ask Vinne to analyze the fundamentals of the company, and you're going to see, in fact, that automatically it's will. So just showing you this again here. So it will, in fact, overlap. So you have here the icon. You're going to have the agent that is running and will be performing and it already came back. You see the fundamental analysis, in fact, of Adidas. So as you have learned from the Audi value investing training for those who did it, so you see the reliability of financials. You see everything that is related to relative valuation, the passive income, of course, you can find the values here. You see 1 422-066-9002. So you have the same that you have here as well. And then you have debt to equity interest coverage ratio, altmanZ score, and return on invested. Capital. Right. I mean, what you can, of course, do is you can maximize the AI agent, if you wish, of course, I've taken a full screen, clicking back on it. And so if you're minimizing the AI agent, the current conversation that you have, if you navigate somewhere else will remain in fact, okay? So here, for example, again, I open the AI agent, I minimize it, and I'm going to any other type of screen, the conversation is what is called stateful, in fact. The second, going back to Adidas, the second typical thing that you can do. In fact, of course, in the analysis screen, you can also search here for the company. If you would not have it. I'm just looking now at, for example, Danone. It's not part, neither of my portfolio nor my watches, but I could, of course, just do analysis directly here just by searching for the assets. But let me go back to Addidas. So Adidas, so we did the fundamental analysis. We asked Vin what is this about? One of the things that you can also do is ask, for example, what is called an AI helper. So you see here this term reliability of financials, but you don't know exactly what that is. Well, just click on it. Ask inlay, and in will explain to you what is reliability of financials. So it will throw a prompt at the AI agent, so at Vinla and VNA will now, of course, look at its internal knowledge and provide you feedback on that. So let me show you how that works. You see, I mean, the reference, this is our explainer AI helper file. So it means that this is curated data that is coming from us and explain a little bit, what is reliability of financials, for example. What is that all about? The next typical thing that I do as an investor is I do a intrinsic evaluation. Not going into the details because if you want to learn how to calculate intrinsic valuation, it was relative or absolute, do the trainings, the out of value investing, the out of company valuation. But what is interesting is when you're going to see the sliders move here and the values change, when I click on a specific company, you can actually see that it will, depending on the company, it will calculate the intrinsic value automatically, and it will do the sensitivity analysis, and it will change the sliders based on three years of free cash flow. For example, here, it says that for Coca Cola, V has performed a sensitivity analysis using 0% growth for the last three years on the free cash flow and a cost of capital of 730 9%. And you can, of course, adjust this. And you see when you will be adjusting these values, you're going to see, in fact, that is recalculating immediately the intrinsic valuation. For example, here on BSF, you see that a couple of things are moving because it does the sensitivity analysis. Then for some companies, not all of them, you may have those companies may have a mode. You know that I'm a big fan of looking at Cosm and employee sentiment, and you can see, in fact, that, for example, we do have this is Ferrari, so Ferrari, we don't have the employee and customer satisfaction, but we do have the brand position, brand evolution. But, for example, if I go to Microsoft for Microsoft, we see that they have two brands at the top hundred, which are Micoft and LinkedIn. And we do have Cosm and employee satisfaction. So this is what I want to show you. And again, for Adidas, I'm not sure. Adidas is part of the top hundred in the world. And we do have the Cosmic employee sentiment. So you see that for Adidas, typically, I mean, the three step process that I use is doing the fundamentals, potentially asking Vinley to analyze the fundamentals. This is what I was, in fact, doing here, so you see when I come back. So you see that the prompt is pre planned. Then the evaluation. So here you see that it does a sensitivity analysis and then the mode. And for the mode. So here, again, in full transparency from the Rough ca 37,000 companies that we have, only 2000 companies have Cosmin and pre satisfaction, so the 2000 biggest in the world. And sometimes we don't have access to that information. And for modes and brand information, it's 13 years of the top hundred in the world of Interbrand. This is what I wanted to show you. I'm going to be showing you in another example lecture, forensic accounting because that's the fourth step that I do, but I will wrap up here so that you have understood how to go from fundamentals to valuation to mode. Thank you. Hope that this was useful and enjoy using Villa as your AI, investing AI companion. 6. Practice Example - Forensic Accounting analysis example with Hyatt Hotels: Welcome back Investors. This lecture, I will be showing you one of my favorite functions in Vine, which is a forensic accounting. To be very transparent, you will need a plus subscription for this, but it's one that actually is extremely powerful that we have created, and I've created because I never found such a function in any other tool. Maybe Bloomberg has it, but I don't want to pay 50,000 per year for this. So we were speaking about Adidas, and I can show this workers father company. So I have Adidas, of course, in my watch list. It's not part of my portfolio. So you see how I navigate here on the screen, and I've been showing you how to look at fundamental valuation modes. So one of for me the most powerful functions in VNA is this forensic accounting function. So this forensic accounting function, you see in this screen, I mean, I will just create a new chat here. In this screen, in fact, I have selected the company, so I'm looking at Adidas. And what inlay will do will automatically look at the latest annual available financial repots. So you see you may see it moving here, in fact, depending on when the company has published their latest annual results. I'm just checking if I have an example where they have not published yet the 2025 results. Yeah, they all already have published We are March, so it doesn't surprise me looking at no. So you see they all have 2025, but in will be, in fact, looking at what is the latest annual report of these companies. And coming back to Adidas, you see, I mean, you probably have seen that the numbers were moving here. I will automatically. So first of all, select the latest annual report and show you the Benish AM score, which if you remember, and I have a specific course on the Benish AM score. This is really showing you if the earnings of the company are manipulated or not. And even here in the forensic accounting, it will give you the details of it. So what I would like now here to do as a first step, and this is really what I do as an investor, I going to be asking, in fact, for Adidas Adidas, I'm going to be asking Vinlay to do a detailed analysis of the Benish M score. So not just having the aggregated one, but really knowing what Viney feels about the various variables that he is, in fact, seeing here. So you see here, I mean, of course, here you only have two decimals, but you see the gross margin index 10777-108 rounded. For the leverage, 109824, you see it here, 098. So remember that we don't do calculation in the AI. All the calculations are done in our back end just to avoid hallucinations of AI. So you see that the overall Benish score is minus 233, which is below the threshold of minus 178. And you see that. So it explains all the various variables that, in fact, make up the Benish A score, and it gives you an interpretation at the end. So it tells that this Nellis reflects the financial data from the last two audited annual reports up to 2025. So you see it here, it says 2025, 2024. And overall, the Ben Jamco suggests that Adidas is not like engaging in earnings manipulation, but some variables like gross margin index and Dale the day sales in receivables, they require monitoring. I'm going to show you one that is, in fact, for the time being a little bit, is at least flagging red on the Benish, which is, if I remember, well, Hyatt's hotels, you see. So I was just clicking here on Hyatt. You see that the aggregated M score is 072, and let me just ask just by clicking on the link here, let me ask Viney to provide me an analysis of Hyatt for 2025. You're going to see that the results will not be good, in fact, but I just wanted to show you this. So here you see it comes back with the results. And you see here that it says in interpretation that the combination of a high Benish AM score, very high gross margin index, and high, this is the sales general administrative expenses. It's a sales growth index. So it suggests that hots maybe under pressure and could be at risk of earnings manipulation. So what it means, in fact, is you would need to analyze overall in details the financials. If I would have to invest into this company, which I'm not doing. But you see that so Vin says that the Beni Jamskv 072 is significantly above the threshold of minus 178, which suggests a higher likelihood of earnings manipulation. Of course, what you could do is look at zero, sorry, at 2024, you see that here the value is okay. So this seems to be a short term thing. There is another way of doing this in a much better way and much more efficient. And this is a pretty advance. I'm going to be probably doing a specific or extending the Benes and Autman Ziskni. You have here the multi annual forensic analysis. So this one will be looking at ten years, up to ten years. We'll select how many years are available and do an analysis of the company on four metrics. Let me just show you so this is a prompt. Of course, you can write those prompts manually, but I'm showing you how this prompt actually will provide a certain amount of elements in the screen. What I'm going to be doing are just going to be reducing the zoom a little bit that we see better the results. So what this does, so so this is already I mean, this is pretty advanced. I can tell you that you are really now in the era of forensic accounting. Let me just increase the zoom a little bit. So you see that it has been analyzing, and you saw that it was pretty quick. From 2016, 2025, Benihamscore, the Altman z score, which is rated to bankruptcy, the Benford's law, and also the accruals quality, which is the Sloan ratio. We'll not go into the details of it, but what it tells me in summary, what Windle is telling me and you saw this took what 3 seconds. I mean, this cannot be done manually. I mean, if you would have to have those four ratios over ten years, this is a huge amount of work that you would have to do. So what it shows is while bankruptcy risk is low, there are in terminant red flags related to earnings manipulation and data anomalies. So probably the Benford score. Yeah, there are some years where the Benford score shows suspicious or strong anomalies. The Benish was red interesting. In 2020, I didn't catch that one. So I knew that 2025 for Hiatt hotels, that the Beini Jam score was not good. You saw that when I clicked on 2024, it was okay. Because I made a historical analysis of up to ten years, it actually is telling me that 2020 also the Beni Jamsko was not good. So you see all I know that this is an extremely powerful function. Just in a couple of clicks, it will give you elements, signals of potential earnings manipulation, data and figures manipulation. And also, if the quality of the revenues is linked to a high number of accruals. So basically, what are accruals is that I sending out a lot of invoices that I recognized as revenue, but I will never get those invoices paid back. That's a way of inflating artificially. Revenues. So this one I wanted to show you how to use this in Vine, and I hope that you liked it and that you will be able to leverage this function because I really believe it's a very, very powerful function that a lot of investors and me being a valid investor for now 27 years, I'm so happy that I have this. You see, it's a couple of cliques with interpretation in the AI age and how to do forensic accounting analysis for a company and detecting some signals. With that, thank you for your attention, and, yeah, enjoy practicing and playing around with Vinla AI. Thank you. 7. Practice Example - Compare side-by-side companies & ETFs: The investors welcome to a supplemental lecture about Vinley and how to use Vinley to have an efficient investment process. So this supplemental lecture is about a new functionality that we have added to Vinley, which myself, I have to be honest, I wanted to have, which is a side by side comparison of companies, and I do know that some of the users already have provided a lot of positive feedback of having this visual capability of just comparing ETFs and stocks side by side. So let me show you exactly what it is about. So, I mean, going back to I'll start before going to the compare screen. I'll start with the analysis screen. So if you remember, the investment process typically that is executed is a fundamental evaluation. For a small subset of companies, remember that on the mode, we only have the top hundred brands in the world for the last 13 years, and we have around 2000 companies with NPS and eNPS, forensics amongst others. And so what we have now added, you see here, if you see my mouse moving, we have added a compare screen. And Compare screen works in a similar way. You can search for an asset that you don't have in your portfolio or in your watch list. So as always, you can click here and just having all my assets available here. And same logic, you're going to have this horizontal bar which allows you to look at the comparison between AO stocks or ETFs really side by side. We're going to be adding crypto in a couple of days as well. So you'll be able also to see side by side comparison of crypto assets. How now, so you see, of course, it says select stocks from the ASEL is a search baar to compare live data. So I will just compare here, let's say, two companies side by side. So I just clicked on Porsche and on Ferrari, you see that they appear here. And you can I mean, I'm just deleting them here. You can, of course, at any time, just delete them, and then add or select new companies. For example, I'm just adding now Proc and Gamble and I'm going to add Mondelez to it and coca cola, for example. So you can do this up to five. You're going to see here that we are looking at stocks. So of course, if you click now on an ETF, it will say that there is an asset type mismatch, because you are now analyzing stock. So if you want to compare ETFs, you remove all the stocks, and then I'm going to show you how this looks like. So remove all the stocks that you want to compare side by side, and you start with the first ETF. It will set the category of comparison to ETF, and then I'm just selecting three ETFs that I have in my watch list. And you have here an ETF side by side comparison with the top countries, the top sectors, the market cap, the exchange, last price, those type of things, in fact, that are available in a side by side comparison of ETF. So let me go back and show you concretely through an example. So I was about to compare propan gamble, mondels Coca Cola, for example, and let me add Unilever to it. So we have four now. So we're looking at four side by side. What is actually the first part? You're going to have a side by side comparison of the fundamentals. So the fundamentals is the same, let's say, details that you have in the fundamental analysis. So we start with reliability of financials. We start, then we continue with solvency and financial strength, profitability, passive income return to shareholders, the key financials. Of course, you always have the AI agent available to you. So we have the AI helpers here as well. You can always click here and send a prompt to the Vinley AI agent, for example. Okay? So let me just minimize this. So let's come back to the compare screen. And of course, we have the traffic lights that help you, in fact, very rapidly make the interpretation of the visual elements. On top of that, we do have a fundamental so the fundamental analysis screen, but a visual representation. This has been, I have to say, very tricky, but I wanted to have with the team, I wanted to have this visual representation. So have the same categories of elements, if it's solvency, financial strength, profitability, liquidity, passive income, and reliability. And you're going to see, in fact, so this took us a lot of time to bring in the right logic, specifically when you have extreme values, how, for example, to make the visual representation of a current ratio of an operating margin. So see, of course, here we are in a very similar industry that they are overlapping. But of course, you could say, Let me add, I'm just saying now, let me add Uber to it, for example. And just by clicking on it, it will, in fact, add Uber. And of course, if you want to change, you can just click here and remove one of those assets here, we are looking at stocks and just add supplemental one. You can only do five. So if I add Nike, we say that for the time being, we have limited at five because this is I mean, it takes a lot of resources to make this. And we believe also from an ergonomics perspective and UI, five is definitely enough. What you have, as well, is you can make a side by side intrinsic valuation comparison. So this is extremely powerful and it's not just static. So I mean, for those who have done already intrinsic valuation in the analysis screen for a specific stock, have the same values. You have everything that is relative valuation, and again, you have the AI agent, of course, that is here. You see that the AI agent came back with a reply. If you don't remember, you can just click on it and say, Okay, what is relative valuation? So I will just minimize this. So we have the price to earnings, everything that is relative valuation, price of free cash flow, price to book, et cetera. And you have also the last prices. So you see that we are the last day of April when I'm doing this recording. You have the intrinsic value discounted casual dis counted future earnings. We have now also written out completely the labels instead of having the abbreviations. And what I really like is that, so it makes a sensitivity analysis for all those stocks, in fact, okay? But if you want to change, you can change your growth rate, and it will actually just change the values for the stock that you have changed the assumption. So you see that the values, of course, are changing, and we just put her 5% for proctor. And this is something I think that is very powerful so that you can really do side by side intrinsic valuations and having the capability of changing the input variables for the intrinsic valuation on the fly. I think that's very powerful. The last one. So, I mean, we decided for the time being mode and NPS eNPS not to provide the functionality because let's be very honest, from 38,000 stocks that we have in the Investment Universe, we only have top hundred brands for the last 13 years and the top 2000 companies from NPS ENPS perspective. If you really believe that's something that you want to have, I mean, we can create a site by site for modes. For the time being, we decided not to do it, but we created already the site by site for forensics. This allows you actually to see very quickly. And if you remember, we have improved for for our users, we have improved also the separation of the eight subvaribs of the Beni Jam score. So we do use mostly in forensic accounting, the Beni Jam score as a first proxy measure. But if you go into forensic accounting, you can do the ten year analysis. So that's very powerful, I have to say. So that was difficult to replicate here. So here we really concentrated on the Beni Jam score, and, in fact, you can't see, so let me just we'll just remove one company. Let's remove Coca cola. At Hyatt Hotels, for example, which is this one. And you're going to see actually that indeed, of course, if you remember the examples that Hyatt has a red Benish ESCR, so the Beni Jam Score is not looking good at Hyatt. And then you have the various subvariable. So you have the two categories, sub variables of the Beni Jam Score, which are really linked to potentially direct earnings manipulation signals and other ones that are more let's say, if those variables are bad, it will create pressure on management, and it will create an incentive to potentially start manipulating the numbers. So this is what you have as well here in the forensic screen. That's basically what I wanted to show you. So if you allow me just remind you. So this is a typical analysis screen where you do for one specific company, you work through the company and you have very advanced features. But now in the compare screen, you can do the same if it is for stocks. You have the opportunity to do it for ETFs as well. Of course, for ETFs, we only have the fundamentals, and in very near future, you will have the capability of also analyzing the fundamentals of crypto assets. That's a very major update that we're going to add just in a couple of days, in fact, everything goes fine. I hope that this was useful to show the compare screen, and I said, thank you for all the users who have provided positive feedback that we have created this compare screen. And yeah, as always, do not hesitate to provide us feedback by sending us emails at contact at vin.ai if there are even specific features you'd like to have. So feel free either to join our discode community or send us emails, and we will then analyze if we can add this to the roadmap. Thank you for your attention. Talk to you in the next lecture. 8. Practice Example - Cash circulatory system: Mac Invests, welcome to a new lecture about Do value investing and looking specifically at your investment process using Vinley AI. One thing that for me as an investor is extremely important is looking at the value creation cycle of a company. So let me before actually I show you how it looks like in Vinley, just to re explain and set the scene about why the value creation cycle, also called the Cash circulatory system is extremely important for investors. So if you remember, for those who did the O value investing training. So if this is a simple review of a balance sheet, a balance sheet shows the creation and destruction of wealth of the company since day one, since inception, which is different from the income statement cash flows stim, if you remember. Cash flow statements and income statements only look at a certain period of time. It can be a quarter, a month, a year. The balance sheet, at any moment in time you look at the balance sheet, you're looking at the creation of wealth or destruction of wealth of company management since day one. So it shows you the whole history of the company. If you think in terms of a balance sheet, if you remember for those who did the other very investing trading, but again, warming things up here. So you have two sources of capital. You have lenders. So people who are so the company is borrowing money from debt holders, from lenders, can be a bank, can be even I don't know, private people who are making money available through a loan to the company. And you have shareholders, so the shareholders typically, not always, but typically bring in cash into the company, and they own a portion, let's say, economic rights on amongst others, the assets and the profits that the company is generating. So those are the two sources of capital that you have on the right hand side, right? So those are called liabilities. You have debt or type of debt liabilities and a type of equity liabilities. So let's take the assumption. Of course, a shareholder can bring in a car, a laptop into the company as a tangible asset will be valued by the accountant. But let's consider that an investor brings in cash or debt holders, they're going to provide cash to the company. What we hope, what company management, which is sitting in the middle will do is that they're going to use that cash and allocate that money into and use it for real assets. Real assets can be buying manufacturing plant, buying office space, buying goods, for example, so buying inventory, for example, raw materials that then they will transform into semi good or final products that they're going to resell, for example. And so those assets, so the cash is converted into assets, and those assets will hopefully generate a profit. This is the flow number three, remember, for those who did the training, the Auto value investing. So profit is actually let's say, an outflow of cash that comes from the assets. So the assets hopefully generate the profit. So this is called the operational or the operating cash flow. Then when the company has generated a positive operating cash flow, the company management and the board of directors, they have three ways or three things that they can do, in fact, with a positive profit generated that has been generated from an operating cycle. Either they reinvest the cash that has been generated by the profits into the company and they buy more assets, they buy more factories, more cars, more office space, more raw materials. Or it's non exclusive. Flow number five is they provide a return to shareholders, sorry, to credit holders, first of all, so they reduce the amount of debt if there was debt in the company, and or flow number six, they provide a return to shareholders, which can be a cash dividend, but it can also be buying back shares from the market. And it can be a combination of those three flows, okay? So the operating cash flow flow number three, can have a investing cash flow that goes back to the company, but it can also have two types of financing cash flows, one, which is reducing the amount of debt that the company carries so that the company also pays less interest to service that debt, or they provide a return to shareholders. Now, this is the theory and I have realized over now more than 25 years of being an investor that it's nice to have this in theory. I mean, I did not invent this cash circulatres system. This is coming from Harvard Business School, so it was a training I did on finance, and I found the way how they were explaining this, the value creation cycle extremely, extremely relevant. And was for me, eye opening, how the sources of capital actually generate profits and how they are transformed into assets that hopefully generate an operating profit. And then what can happen then with the operating cash flow? Was missing is so beyond the theory, a way of looking at it. And this is basically what we did with Vinley. So let me show you what we did in Vinley. So let me just switch over here. So what we did in Vinley, let me just re login. My apologies. I was locked out, so let me just relogin here into the application. And so what I will show you is that now since a couple of days, what you have available, is that you have the capability of visualizing the cache circulatory system, the value creation cycle. So when I go here to analysis, and I'm just going to take Microsoft. Okay? So let me just select Microsoft to Microsoft is here. For example, I could have sorted it alphabetical. It doesn't matter. I go to financials. And I remember, we have the side by side view, which is, I think, a unique view that nearly nobody has, I think, I'm saying this with a lot of humility. But we have added this one, the Cash circulatory system, and look how it looks like. So what you have now for every company is, of course, you already had before the main on the left hand side, the main financial metrics, you had already the operating cash, investing cash, et cetera. But what we did here is exactly what I have been taught from Harvard Business School and what I have been teaching in the Audi Var investing how to look at the cash circulatory system of companies. And here, for example, you see from Microsoft, let me maybe zoom in a little bit. You see here from Microsoft that Microsoft has, so they have a operating cash flow of 136 billion. So of course, you can do this on a quarterly and annual basis, of course. You can switch between the two. So it will take the last one. So for the time being, we have limited, it's the last full fiscal year or the last quarterly review. So in the last annual fiscal review, so Microft has generated 136 billion of operating cash flow. This is real cash that they have generated, and they have invested 72 billion, and they have provided 51 as a financing cash flow. What is interesting is when you look here at the visualization, so you're going to have the same number, 136,000,000,072, you will not see the 51 because the 51 is now split it. But let me do first things first. What I have learned from Harvard Business School is that the first thing that you have to do when you're looking at company operations is their profitability. How good is the company generating profits from its assets? So here, the company has a balance sheet of 619 so $620 billion. And the company was able with that amount of assets to generate 136 billion of operating cash flow, which is fantastic. It's 22% of total assets. If you take another company, I'm just taking now Nestle, for example, you're going to see, well, that company is still okay, so they generate a 12%. But if I take maybe one that is not as good, for example, Hyatt Hotels, they just were able to generate 2%. So the operating cash flow represents only 2% of their total assets, which is, in fact, bad. If I go back to Microsoft, that's the first thing, so really making the circulatory system practical here. Then typically in a typical scenario, if you remember what I've been telling in the Audi value investing, normally, the company has, first of all, an operating cash flow that is positive. It can happen that the company has a negative operating cash flow. That's very problematic. And if under the assumption that the company has a positive operating cash flow, normally, it will allocate a certain amount back to buying new assets, expanding the amount of assets. And this is what Microsoft is doing here. So you see that they have actually allocated half of the operating cash flow. So it's pre calculated by Vinley here, and you have the traffic light. So this is orange. This is a lot. So it means that it's for the time being, Microsoft has a very high reinvesting ratio. They spend a lot of their profits, and if you have followed the story of Microsoft, yes, it's true because they are investing a lot into data centers and into AI. So that's why they're operating cash flow. In fact, they allocate for the time being, nearly half of it to buying new assets, which is buying chips from Invidia, for example, or expanding their data center capacity. Then what they need as well, if you remember, so those are the 72 billion and then they have 51 billion that are financing cash flow. What I don't like when just providing those three numbers is I don't see clearly the value creation cycle, the cash circulatory system. So what we did in Vinley we have splitted the financing cash flow into everything that is debt reduction and everything that is cash dividends being paid out and share buybacks. So basically what is interesting is that you see that they have reduced debt by 8 billion. You even have here the financial debt to equity ratio of Microsof which is very low at 0:13. They have total amount of debt after the reimbursement of 43 billion, still, but they have reduced debt by a lot, actually. And also, you see that they have allocated 17% of the operating cash flow to paying out dividends. Why is it orange? Because me as a VA investor, I like to be 30-70% in terms of dividend payout ratio, if you remember, for those who did the training, the AdiV value investing. So it's giving the traffic light. So this is very positive because they have reduced by a lot, their debt. The financial debt to equity ratio is also pretty low. And also you see here what they have been doing on allocation of 17% of operating cash flow to cash dividends and 12% of the operating cash flow to buying back shares from the market. Go to show you an example that is also interesting and that you understand that the arrows can actually change direction. For example, so I was speaking about Hiottel. So Hiottls had a small operating cash flow of two 7%, so that's why it's orange. It's not fantastic. It would be ready. It would be negative, actually. What is interesting, you see here and we provide a red arrow to say that there has been an investing cash flow that is positive. How is this possible? So because a lot of even of my students, they very often do not understand, and I'm saying this with a lot of respect. They don't understand how an investing cash flow can be positive because normally the typical value should be operating cash flow being positive, investing cash flow being negative, debt reduction being negative. And if there is some return to shareholders through share buybacks or cash deans, also to be negative. Those are the typical values. But the values are not always like this. Operating cash flow can be negative, first of all, when the company doesn't generate a profit from its own assets. Investing cash flow, which normally is negative can become positive. How, when the company sells its own assets or sells a division of their business, for example, then they have a unique investing cash flow by selling their assets. But of course, those assets will reduce the size of the balance sheet. Those assets will disappear in the next operating cycle. Debt can, in this case, it's being reduced, but it can also go the other way around. The value of debt can be debt issuance so that there is more debt that is flowing into the company than debt reduction. So we will be analyzing this, and we will tell you. I don't remember if it was it Porsche, I think. So I don't remember on debt on debt, of course, they have not reduced their debt here, but the ratio is still okay. But, for example, on shares, so here see that they spend a certain amount of money on cash dividends in the annual report or in the annual cycle. But, for example, here see that the arrow on shares issued is the other way around, comes from right to left. Why? Because there is an equity dilution mechanism. So the company has not bought back money or shares from the market. It has actually printed new shares, maybe for employee stock option plans, for example. So what is interesting is that and you're going to see, for example, at Porsche, in the last annual one, they had 52 billion of assets. They generated six 9%, which is still okay in terms of operating cash flow. So the profitability on the total amount of assets. They had to invest a lot. So they have actually invested more than the cash flow generated. So it means that the cash balance has come down for those who are fluent in analyzing those numbers. Didn't allocate any money reducing the debt. They paid out rough cut 58%, so that's in the 30% to 70%, which is, for me, healthy to shareholders, and nonetheless, they have created equity dilution. Not a lot very minor, but those are typical things that you have to look into. And again, so for example, this case, Proc Dan Gamble. So here you see that again. Typically, Proc and Gamble has a very nice operating cash flow, 48% of total assets. Investing is negative, which is a typical, let's say, orientation of investing cash flow. The company who invest only 21%, so it's not to capital intensive business. What is interesting is that the debt has increased. So you see here a red arrow, and you see that it has increased by a rough cut one 8% of the total amount of financial. It's not huge, 630 million over a debt of 34 billion, and it's still the financial debt to equity ratio is 066, so it's pretty okay. They have spent 55%, which is for me as a Val investor, 30% to 70% payout ratio. So they are in the middle of that dividend payout ratio. They have also spent big amounts of money on buying back shares from the market. So that's also something that I wanted to show you. So you have seen now the various cases. Again, if I come back to Markov, which is the typical example where you see how the arrows typically should go, while when the arrows are abnormal, you're going to see actually that we're going to make the arrows red, in fact. This tells you a little bit what is going on the company, and at least for me, it is an extremely strategic tool to look how management is, in fact, employing money that is coming out. Well, the first thing I'm going to look into is the operating cash row positive or not? If it is negative, the company is in trouble. For sure. You have to analyze this. And then really how capital intensive are they? And what are they doing are they reducing the debt? Are they providing some type of return to shareholders? So we have splitted the financing cash flow. I hope that this was useful. I wanted to show this to you. Honestly, and again, saying there's a lot of humility, I think this is extremely powerful, and I have not seen any platform who has this. So most of the platforms they're going to provide you the operating cash flow and investing cash flow financing, but they will not provide the logic of the value creation cycle. So I hope that you will find this useful as a serious investor, and this will hopefully help you in your analysis when you will be doing your investment journey, how to seriously invest into companies and analyze how company employs the cases they generate hopefully if they have a positive operating cash flow. That thanks for your attention and talk to you in the next lecture. Thank you. 9. Conclusion: Alright. Welcome back, investors. Thanks for taking the time to go through the concluding lecture. It's going to be very short. I just want to wrap up what I've been showing you here. So first of all, and before I wrap up things, in Vinlat AI, of course, we welcome feedback. I mean, we are trying to make this app to help us as investors to make our journey as efficient as possible. So please if you have feedback, if it is a bug that you observe, if you want to add things to our roadmap, if you want to have if you have things that you don't like, of course, and if you have things that you like, please provide us feedback. We are, of course, very attentive and we want to listen to the feedback that our community is providing you have a feedback form when you go in Vinla in your profile menu, just click on Contact Support and it will send an email to us, in fact, you just fill out what you want here. So, so that was basically the purpose of these three lectures. I wanted to share with you how to invest. So a typical investment process that I perform, I hope that you have understood that lat AI is much more powerful already in terms of knowledge of data points, brokers, but also having added user interface what we had with Ving GBT. So if you want to know more about villa.ai, of course, please go to our website. Also through our website. You can contact us. We're going to be running webinars. Of course, I mean, I didn't put it here, but we have a YouTube channel as well. And starting March 15, you can log in and register to Vinla by navigating to app.ai, or you just go to our website, and from the website, you will be able to go to this logging screen, which is the login screen of Vinlay. So with that, thank you very much for your attention. If you have any questions, of course, if this video is on YouTube or on platforms like You Dare me or Skillshare, please contact us. We welcome all questions. Or use the Q&A sections or the comment sections in the various platforms that are available, and looking forward to getting your feedback. So thank you very much. I hope that you will be enjoying inlay, as we are enjoying it. We have put a lot of effort since two years and specific now since the summer of 2025 to build this platform. So thank you very much and talk to you very soon. Thank you.