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This podcast introduces financial frameworks as an essential tool for making sound financial decisions. The podcast outlines frameworks, provides concepts and tools while asking listeners questions. The emphasis is on learning by doing and includes two problems to be addressed by answering questions, doing some research and thinking about the values that go into financial decision making. This is an interdisciplinary approach to financial decision-making.
Episodes
Wednesday Dec 06, 2023
Wednesday Dec 06, 2023
Financial Frameworks is now focusing on two topics: Value investing and how we learn about investing - for the purpose of getting better at it. This podcast outlines Dr. Lehan's "Four Hardest Value Investing Tasks" - for him anyway, and then discusses his first hard task - insuring a margin of safety in an investment. After a brief tribute to Charlie Munger - who definitely believed in margin of safety - Dr. Lehan outlines his three basic criteria, then presents three examples of different techniques that are widely, and successfully, used. This is followed by a problem - the learning portion of the podcast - to apply the concepts to their own investing thinking.
The examples are Benjamin Graham's Net-Net approach, Dr. Bruce Greenwald's three-step valuation approach and a review of the principles applied by The Baupost Group, run by Seth Klarman. Dr. Lehan presents his assessment of Berkshire Hathaway's margin of safety using his three criteria and provides a blank template on his website - https://finframeworks.com .
The podcast alternates between clear, basic, concepts for investors new to value investing and a detailed overview of Dr. Greenwald's thought for more experienced investors interested in refining their thinking.
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