Educational publication only. Not investment, tax, or legal advice. No fiduciary relationship. Hypothetical / paper results do not indicate future performance. Full disclaimer
This classroom is an educational publication, not advice. Study tools, labs, and paper results stay hypothetical. Read the disclaimer.
Foundation
Lesson 03 of 22 · 17 min
What a portfolio actually is
A portfolio is a set of exposures that move together in messy ways. Ticker count is not diversification. Cash is a position.
What you will be able to do
After this lesson you can look at a list of holdings and estimate how many independent bets it actually contains, explain why cash is a position rather than an absence of one, and say what a staged classroom price is for.
Inside this lesson
Holdings are not the same as risk
How many bets do you actually hold?
The classroom book, counted honestly
Cash is a position
Prices here are props
This lesson is on Scholar
Audit includes orientation and the two-rooms lesson. The rest of the path is paid course access — still education, still not advice.