Three Lenses on Stock Value: Why Cash Is Still King

Podcast: Money Lessons with Andrew Temte, PhD, CFA · Andrew Temte

Opublikowano: 2026-05-16

In this episode of Money Lessons, Andy tackles one of the most foundational questions in investing: what is a stock actually worth? Returning to value-investing pioneer Benjamin Graham, Andy walks through the three primary lenses professional analysts use to estimate stock value—relative valuation, asset-based valuation, and cash-flow-based valuation—and shows how each one offers a different angle on the same question. Using the dot-com bubble as a cautionary tale, Andy illustrates what happens when relative valuation becomes untethered and stock prices disconnect from underlying business fundamentals. The unifying principle: speculation can run for surprisingly long stretches, but e...