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Layer 2 · Looking at a Stock

Stage Mission

After learning the industry, now we land on a single stock. From "I know where NVDA sits in the AI supply chain" → "I have 1 yaml to discuss with others why I buy / don't buy now."

Stage Invariant — The Backbone of This Layer

Thesis 4 Dimensions = WHAT / WHY / SO WHAT / RISKS Each of the 5 chapters returns to these 4 dimensions, changing only 1 detail. The backbone stays fixed; the content grows.

5 Chapter Map (Learn in Order)

# Title 核心一句话 What You Can Do After Estimated Time
C1 What Problem Does Your Stock Solve First WHAT, then WHY Explain in 30 words why you're looking at a stock 30 minutes
C2 4-Dimensional Thesis Framework Don't miss a single dimension Expand 1 sentence into yaml, discuss with friends 1 hour
C3 Valuation/Financial Glossary Translate terms first Map each term to the 4 dimensions, fill yaml with real numbers 1 hour
C4 Real Walkthrough (NVDA) First time running a real case Go from transcript to yaml to KPI in 1 loop 2 hours
C5 Write Your Own Thesis You only learn by writing Ship 1 personal thesis within 24 hours 1 hour + ongoing

Total Time: ~6 hours of focused reading (1-2 weekends) + C5 continuous review.

graph LR
    L1[Layer 1 Complete] --> C1[Day 1<br/>C1 30 min]
    C1 --> C2[Day 1<br/>C2 1 hr]
    C2 --> C3[Day 2<br/>C3 1 hr]
    C3 --> C4[Day 3-4<br/>C4 NVDA 2 hr<br/>+ Wait for Q1 earnings to verify]
    C4 --> C5[Day 5-7<br/>C5 Own thesis 1 hr<br/>+ Weekly review]
    C5 --> L3[Layer 3<br/>Multiple Perspectives]
  • Day 1 (1.5 hr): C1 + C2 in one go — both are frameworks
  • Day 2 (1 hr): C3 with your own ticker's financials to look up terms
  • Day 3-4 (2 hr): C4 Follow along with NVDA + wait for next NVDA earnings to truly verify (this step of waiting for a real catalyst is critical, don't skip)
  • Day 5-7 (1 hr + ongoing): C5 Ship your first personal thesis, add it to a weekly review rhythm

What You Can Do After This Layer

  • Use the yaml template (view / supports / red_flags / catalysts / price_outlook) to break down any stock
  • Understand financial terms (revenue / EPS / gross margin / segment / RPO / FCF / Rule of 40)
  • Turn vague predictions into verifiable KPI predictions (with numbers + verify date)
  • Know what to look for before a catalyst (earnings / product launch)
  • Have 1 personal thesis + a weekly review rhythm

All 5 ✓ → Move to Layer 3 Multiple Perspectives. Any ✗ → Go back to the corresponding chapter.

This is the core layer — spend most of your time here

Layer 1 (Industry) is the introduction; Layer 2 is the main battlefield. Most of your time will be spent cycling between C2-C5 — writing thesis / waiting for catalyst / verifying / rewriting. A year from now, your thesis library will be your most valuable asset.