A research process, not a stock screener
Most private investors have access to more information than a fund manager had in 1995 and no process for using it. This is the process: narrow, read, value, challenge, decide, and keep the record.
Free plan. No card required.
What is an investment research platform?
An investment research platform is where the work between having an idea and having a position happens. It narrows a universe to a shortlist, gives you the primary documents behind each name, provides the models to value them, and produces something you can look back at later to see what you actually believed. Data alone is not research. The process is the product.
- Filed fundamentals per company
- 10 years
- Plan with no card required
- Free
- Per month for the full workspace
- £20
- From a figure to its filing
- One click
The specifics
Start from a screen, not from a headline
Filter the universe on filed fundamentals rather than starting from whatever you read this morning, which is how most private portfolios are actually assembled.
More on thisRead the primary document
The filings themselves, with this year's language compared against last year's, so you see what changed rather than what a summary chose to mention.
More on thisValue it yourself
A discounted cash flow and a comparables set that open with the filed numbers already in, so the effort goes into the assumptions.
Argue the other side
The bear case constructed explicitly, as its own case, rather than hoping you thought of it while you were already convinced.
Write down why
A memo you can reread in eighteen months, which is the only reliable way to find out whether your process works or your luck did.
Leave something watching
Alerts and scheduled workflows on the things that would change your mind, so the thesis is monitored rather than remembered.
How the work actually goes
- 01
Narrow
A screen on characteristics you can defend. Twenty names, not two thousand.
- 02
Read
Forty minutes per name in the filings, guided to the sections that actually change year to year.
- 03
Value
Build the case with real inputs and see how much of the answer depends on the terminal assumption.
- 04
Challenge
Construct the bear case as though you were being paid to. If it is easy to write, that is information.
- 05
Record
Write the memo before you buy, not after. It is the only version that is honest.
- 06
Monitor
Set the alert on the specific thing that would falsify the thesis.
This will not tell you what to buy
It is a research tool, not an adviser. It does not know your circumstances, it is not regulated to give advice, and nothing it produces is a recommendation. Its usefulness is that it makes the work faster and the reasoning checkable. The judgement, and the position, stay yours.
Frequently asked questions
Is Khan Terminal suitable for individual investors?
It is built for them. The tools are the ones a professional analyst uses, without the seat price or the assumption that you have a data team behind you. The free plan covers company pages, fundamentals, a watchlist, a portfolio and a daily allowance of AI questions.
Do I need to know how to build a DCF?
Not to start. Company pages, screening and the AI research work immediately. The valuation workbench assumes you know what a discount rate is, and the glossary covers the vocabulary. The model opens with the filed figures already in it, so learning happens on the assumptions rather than on data entry.
How much does it cost?
There is a free plan with no card and no expiry. The full workspace is twenty pounds a month with a seven-day trial, and there is a heavier tier at fifty-five pounds for document intelligence and banking tools. You can cancel from settings and keep access to the end of the period you paid for.
Is this investment advice?
No. Khan Terminal provides research tools and AI-assisted analysis. It does not provide investment advice or recommendations, AI can make mistakes, and no output should be treated as a reason to buy or sell anything on its own.
Start with one company
Pick something you already own and run the whole process on it.