Learning Objectives
After studying this chapter, you should know about:
- Investing activity and various approaches to investing
- Overview of Technical Analysis for investing in stocks
- Overview of Fundamental Analysis for investing in stocks
- Overview of Quantitative Analysis (Econometrics approach)
- Behavioral Finance approach to equity investing
- Regulatory framework governing research activities
- Practical application of research methodologies
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Investment Fundamentals
📖 Complete Course Navigation
Foundation (Ch 1-4)
- Ch 1: Research Analyst Profession
- Ch 2: Securities Market
- Ch 3: Terminology
- Ch 4: Research Fundamentals
Analysis (Ch 5-8)
Advanced (Ch 9-13)
Annexures (Ch 14-16)
4.1 What is Investing?
Investment, in the context of securities market, involves upfront commitment of a sum of money to earn returns on it over a period of time. It involves thorough analysis of the underlying security in terms of safety/risk, income and growth potential.
Key Distinction: Investing is very distinct from trading or speculative activities in terms of time horizon, risk assessment, and decision methodology.
Detailed Differentiation: Trading vs. Speculation vs. Investing
| Aspect | Trading | Speculation | Investing |
|---|---|---|---|
| Primary Objective | Earn spread between buying and selling price | Bet on short-term price movements | Benefit from increase in asset's intrinsic value |
| Time Horizon | Very short-term (intraday to weeks) | Short-term (days to months) | Long-term (months to years) |
| Risk Approach | Technical risk management | High-risk, high-reward bets | Calculated risk based on fundamentals |
| Analysis Method | Technical patterns, momentum | Market sentiment, news events | Comprehensive fundamental analysis |
| Decision Basis | Price movements without regard to underlying value | Market psychology and short-term catalysts | Intrinsic value assessment and growth potential |
| Capital Requirement | Often uses leverage | Often uses leveraged funds | Own capital commitment |
Investment Activity Focus: Investment focuses on the potential of an asset's value to increase over a period. In the securities market context, value increases when:
- The asset generates higher cash flow without proportionate increase in risk
- The risk associated with the asset decreases without proportionate decrease in cash flow
4.1.1 Active Investing
Definition and Characteristics
Active investing involves identifying specific securities or sets of securities that should be purchased or sold based on detailed analysis.
Key Features of Active Investing:
- Constant Portfolio Evaluation: Every security in the investment portfolio requires ongoing assessment
- Value-Based Decision Making: Sell securities priced above fair value, buy those below fair value
- Higher Transaction Frequency: More effort and greater number of transactions compared to passive strategies
- Performance Objective: Earn returns above the broader asset class (alpha generation)
- Research Intensive: Requires deep fundamental and technical analysis
Active Investing Example: A fund manager analyzing individual stocks, selecting undervalued companies like selecting Infosys over TCS based on valuation metrics, growth prospects, and competitive positioning.
4.1.2 Passive Investing
Definition and Approach
Passive investing involves investing in a broad set of securities that fairly represent the asset class, typically following indexing strategies.
Characteristics of Passive Investing:
- Index Tracking: Buys all securities in a chosen index (e.g., Nifty 50, Sensex)
- Broad Asset Class Focus: Analysis limited to broader asset class rather than individual securities
- Lower Transaction Costs: Fewer transactions, reduced management fees
- Performance Objective: Match the returns of the selected asset class (beta capture)
- Diversification Benefit: Automatic diversification across index constituents
Passive Investing Example: Investing in a Nifty 50 ETF that automatically holds all 50 stocks in the same proportion as the index, requiring no individual stock selection decisions.
4.2 The Role of Research in Investment Activity
The role of a fundamental research analyst comprises two distinct but interconnected parts:
- Research: Obtaining all necessary information
- Analysis: Analyzing available information to arrive at actionable conclusions
Detailed Research Process and Methodology
Primary Research Activities:
1. Annual Report Scrutiny: Detailed examination of financial statements, management commentary, and business updates
2. Industry Expert Interviews: Speaking with sector specialists, former employees, and industry consultants
3. Market Research Access: Utilizing reports from research firms, consulting companies, and industry bodies
4. Secondary Research: Understanding economic trends, regulatory changes, and competitive dynamics
5. Primary Field Research: Visiting company facilities, speaking to customers, suppliers, and employees
6. Competitor Analysis: Tracking actions taken by competitors, market share changes, and strategic moves
Critical Limitation: Annual reports are published once yearly, making information increasingly dated. Industry and economic conditions may not be covered in depth in company filings, requiring extensive external research.
4.2.1 Insider Information vs. Mosaic Analysis
SEBI Regulatory Framework
Research work must never involve collating insider information. Understanding the distinction between insider information and mosaic analysis is crucial for compliance with SEBI regulations.
Insider Information - SEBI Definition
Material non-public information that, when published, would immediately affect an investor's decision to buy or sell the security.
Three Key Criteria:
- Source Reliability: How credible and authoritative is the information source
- Material Impact: Would the information significantly influence investment decisions
- Information Certainty: How definitive and confirmed is the information
Examples: Insider Information vs. Acceptable Information
| Scenario | Classification | Reasoning |
|---|---|---|
| CEO discussing unpublished acquisition proposal | Insider Information | Material, non-public, from authoritative source |
| Employee mentioning increased workload in purchase department | Acceptable for Mosaic | Indicates business activity but not material price-sensitive info |
| Supplier noting increased order volumes | Acceptable for Mosaic | Public domain information that can be aggregated |
| CFO revealing unannounced earnings revision | Insider Information | Directly price-sensitive, material, non-public |
Mosaic Analysis - SEBI Accepted Practice
Collating information from different sources, which individually may not be significant but when combined with other public or non-public information provides critical insights. This analytical approach is acceptable and encouraged.
Mosaic Analysis Example:
Combining: (1) Employee workload increase + (2) Supplier order volume growth + (3) Increased job postings + (4) Public quarterly guidance = Conclusion of business expansion without using any single piece of insider information.
Analyst Responsibility: Analysts must carefully distinguish whether insights came from legitimate mosaic analysis or from being privy to specific non-public price-sensitive information.
4.3 Technical Analysis
Core Assumption: All information that can affect share performance - including company fundamentals, economic factors, and market sentiments - is already reflected in stock prices.
Three Pillars of Technical Analysis
The Three Essential Elements:
| Pillar | Description | Practical Application |
|---|---|---|
| 1. Price History | Past prices provide indications of underlying trend and direction | Chart patterns, trend lines, support/resistance identification |
| 2. Volume Analysis | Trading volume provides inputs on underlying strength of trend | Volume confirmation of breakouts, trend strength validation |
| 3. Time Dimension | Time span factors in impact of long-term influences on prices | Multiple timeframe analysis, seasonal patterns |
Key Technical Analysis Concepts and Practical Principles
Core Concepts:
- Trends: Upward, downward, or sideways price movements with specific characteristics
- Support Levels: Price points where significant buying interest emerges
- Resistance Levels: Price points where significant selling interest emerges
- Volume Confirmation: Strong volumes should accompany genuine trend movements
- Moving Averages: Smooth out day-to-day fluctuations to identify underlying trends
Practical Trading Application
Support/Resistance Strategy: If a stock price approaches an established resistance level, holders can book profits expecting price retraction. If support/resistance is broken with strong volumes, it indicates trend acceleration and changed supply-demand dynamics.
Chart Types and Pattern Recognition:
- Line Charts: Simple price connectivity showing trend direction
- Bar Charts: Open, high, low, close (OHLC) information
- Candlestick Charts: Japanese technique showing price psychology and reversal patterns
Suitability and Limitations:
- Best for: Short-term investors and traders - business fundamentals rarely change drastically in short periods
- Limited for: Long-term investing - business fundamentals can change significantly over time, making historical price trends unreliable
4.4 Fundamental Analysis
Core Premise: Since equity shares represent part ownership of a company, long-term value should be driven by returns generated by the company on its share capital.
The Fundamental Analysis Investment Process
Step 1: Gauge fair price of equity based on expected business performance
Step 2: Compare current market price with calculated fair value
Step 3: If Market Price < Fair Value → Investment Opportunity (Buy)
Step 4: If Market Price > Fair Value → Overvalued (Sell/Avoid)
Fundamental Principle: Profits come from both identifying good investments AND making the investment at the right price. This contradicts Efficient Market Hypothesis (EMH) which suggests all relevant information is already priced in.
Comprehensive Analysis Framework: Three Baskets Approach
1. Economic Analysis
| Analysis Area | Key Questions | Factors to Consider |
|---|---|---|
| Macro-Economic Trends | How are cyclical and secular trends affecting the industry? | GDP growth, inflation, interest rates, currency movements |
| Government Policy | Will regulatory changes help or hinder industry growth? | Tax policies, trade regulations, sector-specific reforms |
| Economic Cycles | Is the economy in expansion, peak, contraction, or recovery? | Business cycle positioning, leading indicators |
2. Industry Analysis
| Analysis Area | Key Questions | Assessment Tools |
|---|---|---|
| Competition Intensity | How intense is competition and is it conducive for existing players? | Porter's Five Forces, market concentration ratios |
| Industry Life Cycle | Is the industry in growth, maturity, or decline phase? | Growth rates, market saturation, innovation cycles |
| Regulatory Environment | How do industry-specific regulations impact profitability? | Compliance costs, barriers to entry, pricing freedom |
3. Company Analysis
| Analysis Area | Key Questions | Evaluation Metrics |
|---|---|---|
| Competitive Positioning | How is the company positioned vs competitors? | Market share, brand strength, competitive advantages |
| Cost Structure | How will costs impact profitability under different scenarios? | Fixed vs variable costs, operating leverage, efficiency ratios |
| Financial Strength | Can the company fund growth and withstand crises? | Debt ratios, cash flows, liquidity ratios, interest coverage |
| Management Capability | Can management execute strategies and handle adversities? | Track record, strategic vision, execution capabilities |
| Governance | Are governance structures aligned with shareholder interests? | Board independence, transparency, shareholder rights |
Detailed Research Questions for Each Analysis Level
Economic Analysis Questions:
- What are the current and expected GDP growth trends?
- How are interest rate changes affecting the sector?
- What is the impact of currency fluctuations on the business?
- How do government policies affect industry prospects?
- What are the implications of global economic trends?
Industry Analysis Questions:
- What is the current stage of the industry life cycle?
- How fragmented or concentrated is the industry?
- What are the barriers to entry and threat of substitutes?
- How is technology disrupting traditional business models?
- What are the key success factors in this industry?
Company Analysis Questions:
- What are the company's sustainable competitive advantages?
- How has management performed during previous challenging periods?
- What is the quality and predictability of earnings?
- How efficient is capital allocation and return on invested capital?
- What are the key risks facing the business model?
4.5 Quantitative Research and Econometric Analysis
Quantitative approach uses econometric analysis and mathematical models to analyze both technical and fundamental factors, moving beyond subjective interpretation to data-driven insights.
Quantitative Applications in Technical Analysis
- Statistical Relationships: Studying correlations between price up/down moves and volume
- Pattern Recognition: Using algorithms to identify chart patterns and trend reversals
- Momentum Indicators: Mathematical formulations of price momentum and mean reversion
- Volatility Analysis: Statistical measures of price volatility and trading ranges
Quantitative Applications in Fundamental Analysis
- Financial Metrics Analysis: Identifying leading indicators for company performance
- Time Series Analysis: Extrapolating future earnings from historical data patterns
- Regression Analysis: Understanding relationships between financial variables
- Econometric Models: Sophisticated approaches to refine fundamental analysis output
Major Limitations of Pure Quantitative Approach in Fundamental Analysis
- Data Availability Issues: Limited availability of comparable historical information
- Accounting Standards Changes: Frequent changes make historical data less comparable
- Business Model Evolution: Changes in business models reduce relevance of past data
- Market Condition Changes: Past data may not reflect current market conditions
- Structural Breaks: Economic and regulatory changes create discontinuities in data relationships
Practical Implication: Pure quantitative research is not often employed in fundamental analysis due to these limitations. Most successful approaches combine quantitative tools with qualitative judgment.
4.6 Behavioral Approach to Equity Investing
Investment decisions should be based on rational analysis of available information. However, they are often influenced by behavioral biases that lead to suboptimal choices and market inefficiencies.
Core Behavioral Finance Philosophy
"Securities prices deviate from their fair values (both upside and downside) because of the fear and greed of market participants, creating profit opportunities for disciplined investors."
Common Behavioral Biases in Investment Decision-Making
| Bias Type | Description | Market Impact | Example |
|---|---|---|---|
| Loss Aversion | Pain of losing is stronger than pleasure of gaining | Holding losers too long, selling winners too early | Refusing to sell a stock at 20% loss hoping for recovery |
| Confirmation Bias | Seeking information that confirms existing beliefs | Ignoring negative news about owned stocks | Only reading bullish reports about portfolio holdings |
| Herding Behavior | Following crowd decisions rather than independent analysis | Creates bubbles and market crashes | Buying during market euphoria, selling during panic |
| Anchoring Bias | Over-relying on first piece of information received | Incorrect valuation based on purchase price | Considering ₹1000 stock "cheap" at ₹800 without analysis |
| Overconfidence Bias | Overestimating one's ability to predict outcomes | Excessive trading, inadequate diversification | Making frequent trades believing in superior market timing |
| Recency Bias | Giving more weight to recent events | Extrapolating short-term trends indefinitely | Assuming tech stocks will keep rising after recent gains |
Market Psychology and Price Distortions
Fear-Driven Scenarios:
- Market Panic: Selling quality stocks at deeply discounted prices
- Risk Aversion: Avoiding good investments due to unfounded fears
- Liquidity Preference: Holding cash during optimal investment periods
Greed-Driven Scenarios:
- Bubble Formation: Paying excessive prices for trendy investments
- FOMO (Fear of Missing Out): Chasing past performance
- Leverage Abuse: Taking excessive risks for higher returns
Investment Opportunity: Understanding behavioral biases helps identify when markets are creating temporary mispricings, providing opportunities for rational investors to profit from others' emotional decisions.
🃏 Flashcards
Click any card to reveal the answer. 76 cards covering the full chapter.
In the context of the securities market, what is the primary goal of an investment?
To earn returns on an upfront commitment of money over an investment horizon.
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How does a trader primarily earn profit compared to an investor?
By earning a spread between the buying and selling price without necessarily changing the asset's underlying value.
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What is the typical time horizon for a trader?
Short-term.
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Traders who depend specifically on price patterns and charting techniques are known as _____.
Chartists
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What defines the cycle of a 'day trader'?
The entire investment and disinvestment cycle occurs within one day.
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Investment activity focuses on an asset's potential to increase in value over a period by generating higher _____ without a proportionate increase in risk.
Cash flow
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What is the maximum period within which a trader typically expects price anomalies to be corrected?
3 to 6 months.
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What is the primary objective of an active investor?
To earn a rate of return above the return generated by the broader asset class.
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Active investing involves selling securities when they are priced above their _____.
Intrinsic value
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_____ investing involves buying a broad set of securities that fairly represent a specific asset class, often following an index.
Passive
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What is the objective of a passive investor regarding returns?
To earn the rate of return that the select asset class provides.
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In fundamental research, what is the distinction between 'research' and 'analysis'?
Research is obtaining necessary information, while analysis is evaluating that information to reach a conclusion.
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Why is information in a company's annual report considered to become 'dated'?
Because annual reports are published only once every year.
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Primary research for a fundamental analyst might involve speaking to which external stakeholders?
Customers, suppliers, and employees.
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According to SEBI regulations, research work must strictly avoid collating _____ information.
Insider
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What defines 'insider information' in the context of security prices?
Material non-public information that would immediately affect an investor's decision if published.
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Which three factors determine if information is considered 'insider'?
The reliability of the source, its impact, and its certainty.
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The process of combining various pieces of public or non-significant non-public information to gain critical insight is called _____.
Mosaic analysis
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What is the core assumption of Technical Analysis regarding market information?
All information (fundamentals, economics, sentiment) is already reflected in stock prices.
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Technical analysis focuses on forecasting price direction by studying patterns in historical _____ and volume.
Price
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List the three essential elements in understanding price behavior in technical analysis.
Price history, volume of trading, and time span.
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In technical analysis, what do 'support levels' represent?
Points at which there is significant buying interest.
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In technical analysis, what do 'resistance levels' represent?
Points at which there is significant selling interest.
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What is indicated if a price break through resistance is accompanied by strong trading volumes?
The trend has accelerated and the supply/demand situation has changed.
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Why do chartists use 'moving averages' of stock prices?
To reduce the impact of day-to-day fluctuations and better identify the underlying trend.
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Why is technical analysis considered less suitable for long-term investing?
Business fundamentals can change drastically in the long term, making past price trends unreliable.
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Fundamental analysis posits that in the long term, a company's value is driven by its _____ and cashflows.
Profits
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An attractive investment opportunity exists in fundamental analysis when the market price is MP < IV, where IV stands for _____.
Intrinsic value
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Which theory does fundamental analysis contradict by assuming prices can diverge from fair value?
Efficient Market Hypothesis (EMH)
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What are the three main 'baskets' or levels of fundamental analysis?
Economic analysis, Industry analysis, and Company analysis.
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Within fundamental analysis, 'economic analysis' evaluates whether macro trends are _____ or secular.
Cyclical
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What does a fundamental analyst evaluate regarding a company's 'cost structure'?
How it impacts profit under different business environments.
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In fundamental analysis, 'governance' studies whether the board and management act in the best interest of _____.
Shareholders
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In technical analysis, a quantitative approach might study the statistical relationship between price moves and _____.
Volume
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Why is a pure econometric approach rarely used in fundamental analysis?
Frequent changes in accounting standards and business models make past data less comparable.
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Which investment philosophy assumes security prices deviate from fair value due to the 'fear and greed' of participants?
Behavioral Finance
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Concept: Loss Aversion
The behavioral bias where the pain of losing is stronger than the pleasure of gaining.
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Which bias involves seeking only information that supports one's existing investment beliefs?
Confirmation Bias
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The tendency to follow crowd decisions rather than independent analysis is known as _____ behavior.
Herding
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Concept: Anchoring Bias
Over-relying on the first piece of information received (like a purchase price) when making decisions.
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What behavioral bias leads to excessive trading and inadequate diversification?
Overconfidence Bias
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Fundamental analysis in commodities focuses primarily on the study of _____ and demand factors.
Supply
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Identify two key supply-side factors that influence commodity markets.
Production and weather conditions.
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How does global GDP growth typically affect the demand for metals and energy?
It creates additional demand.
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Higher interest rates generally lead to a stronger USD, which has what effect on commodity prices?
It lowers commodity prices.
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Which commodity is widely considered a 'safe-haven' asset and an inflation hedge?
Gold
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According to historical data, gold carries an inverse relationship with which other asset class?
Stocks (or Bonds/Currencies).
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Which sector accounts for the largest percentage (47%) of gold demand?
Jewellery
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Which country is listed as a major producer and major consumer of both gold and crude oil?
China
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How does expansionary monetary policy (reducing interest rates) typically affect gold prices?
It acts as a positive driver (prices likely increase).
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What is the primary usage of Naphtha and Bitumen, both products of crude oil?
Energy/Industrial (specifically polymers and road asphalt).
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The quality of crude oil is determined by which two physical characteristics?
Density and Sulphur content.
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Which crude oil benchmark is explored in the United States and traded on NYMEX?
West Texas Intermediate (WTI)
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Which crude oil benchmark serves as the pricing standard for Europe and Africa?
Brent Oil
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What percentage of the world's proven oil reserves is owned by OPEC?
75%
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Why did WTI crude oil prices fall into negative territory on April 20, 2020?
Contract expiry combined with no demand and limited storage/delivery capacity during COVID-19 lockdowns.
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What happened during the first major global oil crisis in 1973?
OPEC quadrupled oil prices to approximately $12 a barrel and prohibited exports to the US and Japan.
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How does a rise in commodity prices generally impact the profit margins of manufacturing companies?
It reduces profit margins due to increased input costs.
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A fall in copper prices is often viewed by equity markets as a signal for what economic condition?
Slowing industrial demand.
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In the context of Technical Analysis, what is the 'Time Dimension' used for?
To factor in the impact of long-term influences on prices over a period.
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What is the performance objective of passive investing often called in financial terms?
Beta capture.
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What is the term for the excess return earned by an active investor over a benchmark?
Alpha
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How do government tariffs and levies affect the supply side of the commodity market?
They act as policy-driven supply restrictions or promotions.
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Which behavioral bias involves giving disproportionate weight to recent events when predicting the future?
Recency Bias
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According to the source, what is the 'lifeline of the global economy' whose imbalance causes global inflation?
Crude oil
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In technical analysis, what is the suggested action when a stock price approaches an established resistance level?
Booking profits.
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Which chart type used by technicians shows price psychology and reversal patterns through open, high, low, and close data?
Candlestick charts
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What is the 'Three Baskets Approach' in fundamental research used to categorize?
Research questions (Economic, Industry, and Company analysis).
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Why is 'management capability' a critical focus in company analysis?
To determine if they can execute strategies to exploit growth while defending against adversities.
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A fundamental researcher identifies a 'secular macro-economic trend.' What does 'secular' mean in this context?
A long-term trend that is not seasonal or cyclical.
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What is the specific risk regarding accounting data in quantitative fundamental research?
Frequent changes in accounting standards make historical data non-comparable.
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In the commodity market, what is the 'Substitution Effect'?
Switching between different commodities based on price or availability (a demand factor).
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How does a 'weaker' U.S. Dollar typically affect the price of Gold?
It is a positive driver for gold prices.
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What is 'Cushing, Oklahoma' known for in the crude oil market?
It is the physical delivery point for WTI crude oil contracts.
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If a trend in share price is not supported by trading volumes, what does technical analysis conclude?
There is weakness in the trend.
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What is the primary difference between active and passive strategies regarding transaction costs?
Active strategies have higher transaction costs due to more frequent trading.
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Sample Questions with Detailed Explanations
Question 1
Speculation is _____________ calls made with leveraged funds, unlike investing money which is a _________ disciplined activity for creating wealth.
- Short Term; Long term ✓
- Long term; medium term
- Long term; Short term
- Long term; Long term
Answer: a) Short Term; Long term
Explanation: Speculation involves short-term bets with leveraged funds based on market movements, while investing is a long-term disciplined approach focused on wealth creation through fundamental value growth.
Question 2
Fundamental analysis includes which of the following?
- Economic Analysis
- Industry Analysis
- Company Analysis
- All of the Above ✓
Answer: d) All of the Above
Explanation: Fundamental analysis encompasses the three-basket approach: Economic analysis (macro factors), Industry analysis (sector dynamics), and Company analysis (specific business evaluation).
Question 3
The time span over which price and volume are observed factors in the impact of long term factors that influence prices over a period of time. State whether True or False.
- True ✓
- False
Answer: a) True
Explanation: Time dimension is one of the three essential elements in technical analysis, helping factor in long-term influences on price movements alongside price history and volume analysis.
Question 4
In technical analysis, impact of day to day fluctuations in prices is annulled by which of the following factors?
- Increasing Time Period of price charts
- Using liquidity parameter along with prices
- Using Moving Averages ✓
- None of the above
Answer: c) Using Moving Averages
Explanation: Moving averages smooth out day-to-day price fluctuations by averaging prices over a specific period, making it easier to identify underlying trends without noise from daily volatility.
Question 5
Which of the following statement about limitation of quantitative approach to fundamental analysis is correct?
- Quantitative approach cannot be used to analyse economy
- Changes in accounting standards, business structures and regulations limit the effectiveness of quantitative analysis in forecasting future ✓
- Investing is an intuitive art with very limited scope for quantitative analysis
- None of the above
Answer: b) Changes in accounting standards, business structures and regulations limit the effectiveness of quantitative analysis in forecasting future
Explanation: The primary limitation of pure quantitative approaches is that frequent changes in accounting standards, business models, and regulatory environment make historical data less comparable and reliable for future predictions.
Key Takeaways for NISM Exam Preparation
- Investment vs. Trading: Understand time horizons, risk approaches, and decision methodologies
- Active vs. Passive: Know the differences in approach, costs, and performance objectives
- Research Process: Distinguish between research (information gathering) and analysis (interpretation)
- Regulatory Compliance: Understand SEBI guidelines on insider information vs. mosaic analysis
- Analysis Approaches: Technical for short-term, fundamental for long-term investing
- Three-Basket Framework: Economic, industry, and company analysis in fundamental research
- Quantitative Limitations: Data availability and comparability issues in econometric approaches
- Behavioral Finance: Impact of fear, greed, and cognitive biases on market pricing and investment decisions
Note: This comprehensive chapter covers all key concepts from the NISM Research Analyst Certification Examination syllabus. For exam success, focus on understanding the practical applications of each concept and their regulatory implications.
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Fundamentals of Research
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You've completed Chapter 4! Here's what comes next:
- Chapter 5: Economic Analysis - Understand macro and microeconomic factors affecting investments
- Chapter 6: Industry Analysis - Learn sector-specific analysis techniques
- Chapter 7: Company Analysis - Business - Evaluate business models and competitive positioning
- Chapter 8: Company Analysis - Financial - Master financial statement analysis
