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FOUNDATIONS · LESSON 002

What is a share?

A share is one unit of a company’s stock. To understand how much of the company you own, compare your shares with the total number of equal shares.

10%OWNERSHIP

10 of 100 equal shares

100 equal shares in this example; Maya owns 10 of them

Read the picture as a company divided into 100 equal shares. Maya owns 10 of them, so she owns 10 out of 100: 10%. The other 90 belong to other shareholders. If the company instead had 1,000 equal shares, the same 10 shares would represent only 1%. Ownership percentage depends on both numbers: the shares you own and the total shares in the company.

EXPLAIN + CHECK

Why does your share count need the company’s total to show your ownership fraction?

See the explanation

Owned shares divided by all equal shares gives ownership fraction; the count alone does not.

My Market Book · R25 · Book page 08
Source references: S01
© 2026 My Market Book. All rights reserved.

FOUNDATIONS · LESSON 001

What is a stock?

A stock represents part ownership in a company. Buying stock makes you a shareholder: one of the business’s owners.

STOCK = OWNERSHIPMAYA · SHAREHOLDER

A part-owner of the business

Potential reward. Real risk.

Tesla: a picture of shared ownership

Imagine Maya buys a Tesla car: she is a customer. Maya buys Tesla stock: she owns a small part of the company. In the picture, the shareholder owns a stake in the whole business, not a particular car or factory. A lender is different again: the company owes the lender money. A share can gain or lose value. Owning it does not promise a profit or a dividend.

EXPLAIN + CHECK

In one sentence, tell a friend why buying a car differs from buying its maker’s shares.

See the explanation

A customer buys a product; a shareholder owns part of the business; a lender is owed money under a loan’s terms.

My Market Book · R25 · Book page 07
Source references: S01 · S51
© 2026 My Market Book. All rights reserved.

FOUNDATIONS · LESSON 004

How does the stock market work?

A trade happens when buying and selling instructions can be matched at an acceptable price and quantity. Most of this work is electronic.

WHEN TWO ORDERS MEET

BUYER$20maximum

Wants 10 shares

SELLER$20minimum

Offers 10 shares

10 shares × $20 = $200

Money goes to the seller; shares go to the buyer. Costs excluded.

Maya wants to buy 10 shares at $20 each. Leo already owns shares and wants to sell 10 at $20 each. Their prices and quantities can match: Maya pays $200 and receives 10 shares; Leo receives the $200 and gives up those shares. If Leo will only accept $21 and Maya will only pay $20, these two orders do not match. A trade needs a willing buyer and seller at an acceptable price.

EXPLAIN + CHECK

Why can a buyer offering at most $20 fail to trade with a seller asking at least $21?

See the explanation

There is no price both accept. Those two orders cannot match unless an instruction changes.

My Market Book · R25 · Book page 10
Source references: S03 · S16
© 2026 My Market Book. All rights reserved.

FOUNDATIONS · LESSON 006

Why do companies sell new shares?

A company can sell new shares to raise money for its business. The buyers receive shares, and the company receives their payment.

TESLA SELLS NEW SHARES

NEW SHARES SOLD100,000

PRICE FOR ONE SHARE$200

TOTAL TESLA RAISED$20 million

Investors get new shares. Tesla gets money for the business.

Imagine Tesla sells 100,000 new shares for $200 each. Read the three boxes from left to right: how many shares, the price of one share, and the total Tesla raises. Multiply 100,000 by $200 to get $20 million. The buyers become shareholders and Tesla gets money for the business. This is called raising capital: bringing money into the company. Tesla may pay expenses from that total, so it may keep less than $20 million.

EXPLAIN + CHECK

After Tesla sells new shares, what does Tesla get, and what do the buyers get?

See the explanation

Tesla gets money for the business. The buyers get new shares: part-ownership of Tesla.

My Market Book · R25 · Book page 12
Source references: S01 · S51
© 2026 My Market Book. All rights reserved.

FOUNDATIONS · LESSON 008

Who gets the money when you buy?

Buying new shares from a company and buying existing shares from another investor are different transactions. The seller receives your payment.

FOLLOW THE MONEY

01 · NEW SHARES

InvestorsTesla

$20 million payment← 100,000 new shares to investors

02 · EXISTING SHARES

MayaLeo

$2,000 payment← 10 Tesla shares to Maya · $200 each

Buying Leo’s existing shares pays Leo. Tesla gets none of that payment.

The two rows answer one question: who gets your money? In row 1, investors buy new shares from Tesla, so Tesla receives the payment. In row 2, Leo already owns 10 Tesla shares. Maya, another investor like you, buys those existing shares from him for $2,000. Leo gets her money; Tesla does not. The green arrows show money moving to the seller. The gold arrows show shares moving to the buyer. Most everyday stock-market purchases are purchases of existing shares.

EXPLAIN + CHECK

When Maya buys Leo’s shares, who gets her money? What does Maya get?

See the explanation

Leo gets Maya’s $2,000 payment. Maya gets his ten Tesla shares. Tesla gets $0 from their trade.

My Market Book · R25 · Book page 14
Source references: S01 · S02 · S51
© 2026 My Market Book. All rights reserved.

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THE MY MARKET BOOK EXPERIENCE

What’s in the app?

A personal library of visual learning, useful tools and space to think. Explore the experience we’re building for your phone.

73: Lessons & Articles
190: Glossary Terms
6: Market Cards
3: Calculators
25: Practice Questions
4: Publications

Explore the 73 Lessons & ArticlesFrom first principles to financial statements and valuation.

Financial statements6

How to Read the Three Financial Statements Together
Balance Sheet Explained
Cash Flow Statement Explained
Free Cash Flow Explained
Gross Margin vs. Operating Margin vs. Net Margin
Quality of Earnings: What to Look For

Valuation & expectations4

Enterprise Value Explained
EV/Sales and EV/EBITDA Explained
How Valuation and Growth Work Together
Guidance, Estimates and Revisions Explained

Bonds & Rates5

The Yield Curve Explained
Bond Duration Explained
Credit Spreads Explained
Treasuries vs. Corporate Bonds vs. Bond Funds
Real Yields Explained

Macro & policy5

How Economic Reports Move Markets
Jobs Report Explained
CPI vs. PCE vs. PPI
GDP, Retail Sales and PMIs
Economic Data Revisions and Why They Matter

Global & cross-asset6

Currency Markets Explained
Why the US Dollar Matters to Markets
Commodities Explained
What Drives Oil and Gold Prices?
International Investing and Currency Risk
American Depositary Receipts Explained

Corporate finance3

REITs Explained
IPOs, Secondary Sales and Follow-on Offerings
How Companies Raise Capital

Derivatives & volatility5

Option Pricing: Intrinsic Value, Time and Volatility
Option Greeks Explained
Implied vs Realized Volatility
The VIX Explained
Futures Explained

ETFs & indexes6

Research & operations3

SIPC vs FDIC: What Is Protected?
10-K, 10-Q and 8-K Explained
How to Read an Earnings Call

Market basics1

What Is the Stock Market?

Market mechanics2

How Does a Stock Price Move?
What Happens When You Buy a Stock?

Trading mechanics3

Market Order vs. Limit Order
Margin Explained
Short Selling Explained

Technical analysis1

How to Read a Stock Chart

Fundamentals3

P/E Ratio, Explained
Revenue vs. Profit vs. EPS
How Earnings Move Stocks

Options1

Calls and Puts, Explained

Economics3

How Interest Rates Affect Markets
Inflation Explained
Federal Reserve Basics

Risk & psychology4

Common Beginner Investing and Trading Mistakes
Diversification Explained
Volatility Explained
Asset Allocation Explained

Bonds & rates1

Bonds Explained

Stocks3

Dividend Basics
Market Capitalization Explained
Stock Splits, Buybacks and Dilution

Taxes & account rules8

What Is a Wash Sale?
The Wash-Sale 61-Day Window
Wash Sales, Cost Basis and Holding Period
Partial Wash Sales and Multiple Lots
Wash Sales Across Accounts, Spouses and IRAs
Wash Sales: ETFs, Options and Digital Assets
How to Avoid Accidental Wash Sales
Wash-Sale Recordkeeping Checklist

Find the words. Make the connection.190 Glossary Terms · 6 Market Cards

Look up a term in plain English, then revisit the ideas behind it. The glossary contains 190 terms; six compact market cards connect the essentials.

A stock is ownership

A share represents an ownership interest in a company. Its market price and the company’s business results are related, but they are different things.

Price is not company size

Market capitalization is share price multiplied by shares outstanding. Share price alone cannot tell you which company is larger or cheaper.

An order is an instruction

A market order prioritizes execution but does not guarantee price. A limit order controls the worst acceptable price but may never fill.

Look through the labels

Diversification can reduce concentration risk. Several funds may still hold the same companies, and diversification cannot eliminate all market losses.

Borrowing changes the risk

Margin adds financing costs and magnifies gains and losses relative to your own equity. A broker may liquidate positions to meet its requirements.

Losses and gains are asymmetric

After a loss, the recovery gain is measured from a smaller balance. Equal loss and gain percentages do not cancel.

Put the numbers into perspective3 Calculators · Clear inputs. Useful comparisons.

Stock Profit & Loss

Explore what a hypothetical price move means for a position.

Compound Growth

Bring a starting amount, regular additions and time into one picture.