# Three Lenses on Stock Value: Why Cash Is Still King

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Text version: https://stenobird.com/podcast/money-lessons-with-andrew-temte-phd-cfa-6946211/three-lenses-on-stock-value-why-cash-is-still-king.md
Podcast: [Money Lessons with Andrew Temte, PhD, CFA](https://stenobird.com/podcast/money-lessons-with-andrew-temte-phd-cfa-6946211)
Published: 2026-05-16T10:00:00+00:00
Episode link: https://saturdaymorningmuse.podbean.com/e/three-lenses-on-stock-value-why-cash-is-still-king/
Audio file: https://mcdn.podbean.com/mf/web/bdv2jum278x57n5p/ML_51626a3o4r.mp3
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Duration seconds: 818

## Resource

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 eventually a business must generate cash, or its price will be revalued to reflect what's actually there.

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## Transcript

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