# User guide

The guide follows the pipeline: data comes in, becomes panels, is restricted to a universe,
turned into factors and labels, learned by a model, converted into portfolio weights and
backtested. Start with *Concepts*; the [API reference](../reference/index.rst) holds every
signature and option.

```{toctree}
:caption: Fundamentals
:maxdepth: 1

concepts
frame-api
```

```{toctree}
:caption: Data
:maxdepth: 1

data-sources
datasets
universes
sharadar
massive
wrds
```

```{toctree}
:caption: Research pipeline
:maxdepth: 1

factors
models
portfolio
backtesting
```

```{toctree}
:caption: Daily operation
:maxdepth: 1

data-update
live
```