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.