Investments explained is intended to teach the investment basic to someone who has some knowledge about the world of investing, but wants to learn more. It explores qualitative topics like mutual funds, ETFs, the benefits of passive management and global diversification. It also helps to better understand quantitative topics like bond valuation, expected price changes in bonds given interest rate changes, several different models for equity valuation, several different options strategies, and portfolio performance attribution. This book is intended to be used in a college classroom. It is currently being used as the textbook for Investments and Portfolio Analysis as taught at Penn State Behrend and Penn State World Campus.