Welcome to the Money Tree Investing Podcast.

Stock market, wealth, personal finance, value stocks, invest in your life.

Hello and thanks for tuning in again to the Money Tree Investing Podcast.

I'm your host, Nick Krakman, founder of Valuesprudgeshirti.com, and today we have a high profile guest for you.

He is a member of the Boston Security Analyst Society and the CFA Institute, as well as author

of the thought-provoking book, Its Earnings That Count.

I'm proud to welcome you at Heismund to the show.

Good to have you here.

Thank you, Nick.

Yeah, so let's go into the first question.

In your book, you refer to what Benjamin and Graham described as a cautiously greedy investment strategy.

Could you explain this concept to our listeners and why it is so important?

Sure, Nick.

Thanks for having me on your show.

Let's explain who or introduce who Ben Graham was.

He was Warren Buffett's mentor and friend and employer.

And Ben was the first great investor of the modern age.

And he is generally thought of as the father of security analysis and he's written a couple of influential books.

And Ben was a product of the Great Depression and he got wiped out financially a couple of times.

And to protect himself, he believed that when we buy stocks, we should have a margin of safety.

Now for Ben, that margin

of safety was the balance sheet. Ben wanted to own companies that were cheap in relation to

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