Daunvest /Guide
Investor guide

Saving and investing, explained from scratch

Six modules. Short lessons. Real examples. No finance jargon — just plain language. Perfect if you've never invested, or just want to fill in gaps.

Start from the beginning →

Your path through the guide

29 lessons total
  1. 1

    The Basics

    Nybörjare

    What is investing, really — and why does it matter?

    0/4
    →
  2. 2

    Asset classes

    Grund

    Stocks, funds, bonds, crypto — what's what?

    0/4
    →
  3. 3

    Practical guide

    Grund

    Accounts, taxes, and concrete steps to get started

    0/4
    →
  4. 4

    Portfolio structure & risk

    Grund

    How to put your investments together wisely

    0/4
    →
  5. 5

    Strategies

    Grund

    Monthly saving, rebalancing, and the truly wise principles

    0/3
    →
  6. 6

    Psychology — the market is an EQ test

    Grund

    RAP: Risk, Analysis, Psychology. Information is everywhere — the problem is you.

    0/4
    →
  7. 7

    Stock picking (deep dive)

    Fördjupning

    For those who want to pick their own companies — requires more time and patience

    0/6
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Glossary

24 terms
P/E ratio
Share price divided by earnings per share. A rough gauge of how much you're paying for each dollar of profit. Always compare against the industry average.
P/B ratio
Share price divided by equity per share. Useful for capital-heavy companies and banks.
Earnings per share (EPS)
Profit divided by number of shares. The base of the P/E ratio. Follow the multi-year trend, not one quarter.
Market cap
Share price times number of shares — the company's total price tag. Size is what you compare, not the share price itself.
ROE
Return on Equity — profit divided by shareholders' equity. Measures how efficiently the company uses owners' money. Quality companies consistently exceed 15%.
ROIC
Return on Invested Capital — return on all invested capital (equity + debt). Buffett's favorite measure of real quality.
Operating margin
Operating profit divided by revenue. Shows how much of each krona of sales becomes profit — high and stable means pricing power.
EV/EBIT
Enterprise value (market cap plus net debt) divided by operating profit. Fairer than P/E when companies carry different debt loads.
Debt ratio
Net debt divided by EBITDA. Under 2 = good. Over 4 = risky in a rate hike or downturn.
Free cash flow
Cash from operations minus investments. The money a company can actually pay out or use to grow. Harder to manipulate than reported profit.
Moat
Long-term competitive protection — brand, patents, network effects, cost leadership — that keeps competitors out for decades.
Margin of safety
The gap between price and your estimate of intrinsic value. Protection against your own mistakes and bad luck.
Dividend yield
Annual dividend divided by share price. Typically 2–5% for mature companies. A high figure can also mean the market expects a cut.
Payout ratio
Share of profit paid out as dividends. Under 60% is safe — leaves room to keep paying even in a bad year.
Volatility
The size of price swings. Not the same as risk — it's the bumpiness of the ride. Long-term you care more about the destination.
Liquidity
How easily a share can be bought or sold without moving the price. Thin liquidity in small caps can make exits expensive.
Short selling
Borrowing shares to sell them, hoping to buy back cheaper. High short interest signals many expect a decline.
Diversification
Spreading money across companies, sectors and countries so a single mistake can't sink the whole portfolio.
Index fund
A fund that passively tracks an entire market index at low cost. Gives you the market's average return without picking companies.
Fees & commission
Fund management fees and trading commission. Small percentages compound into large sums — fees are the one thing you fully control.
ISK
Swedish investment savings account taxed on a flat notional basis: you pay tax on the capital, not on each gain, and skip reporting every trade.
Compounding
Returns earned on previous returns. The effect is exponential — that's why time nearly always beats picking the right company.
Rebalancing
Selling the parts that have outgrown their target and buying the ones that have shrunk — forces you to sell high and buy low.
Skin in the game
Management having their own money in the company. The difference between someone building something and someone just managing it.