This episode is about a key principle of value investing called Margin of Safety. This is a Ben Graham idea who wrote about it in Chapter 20 of The Intelligent Investor.

I explore the different sources of margin of safety.

Learn more about Direk Khanijou at www.rbxinvestments.com

This video is about the role of luck in life and investing.

Topics covered:

-The different types of luck according to Naval Ravikant

-Michael Mauboussin's framework for spotting games that are all luck, pure skill or some combination

-The role of feedback in sports and investing

Learn more about Direk Khanijou at www.rbxinvestments.com

This episode is about stock options, executive compensation, and dilution.

Topics covered:

-Why most stock options programs don't align the interests of management with shareholders

-How stock options are dilutive to shareholders

-How stock options can incentivize bad behavior

-Stock option accounting

-Why I look at the share count over time

Learn more about Direk Khanijou at www.rbxinvestments.com

Topics covered:

-Ben Graham's definition of investing

-How investors behave differently than speculators

-Lessons from past speculative mania

-Book recommendation

Learn more about Direk Khanijou at www.rbxinvestments.com

Learn more about Direk Khanijou at www.rbxinvestments.com