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Framework Launchpad

Welcome to Framework Investing!

These multi-media minicourses introduce you to the main concepts on which we base our work and orient you to the wealth of resources on the site. Each minicourse contains multiple short lessons -- a curated video short or article -- that will help you understand the unique Framework approach to investing. Click "Complete" after each lesson, and when finished with all minicourses, you'll be able to sit down in a one-on-one conference with Frameworks' founders to ask questions and discuss your goals for your Framework experience.

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Introduction to Framework Investing
Welcome to Team Framework! These videos and articles offer you a background of what you can expect from Framework in terms of approach, education, and research, and where to find things on our site.
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A Sound Framework for Managing Portfolios
Learning how to structure a portfolio intelligently, so that it is effective and efficient is a vital skill to avoid the dreaded Salad Bar Portfolio. The videos and articles here offer our thoughts on how to manage a portfolio.
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A Sound Framework for Making Decisions
A great investor is one that consistently makes wise decisions. The videos and articles here introduce our thoughts on what knowledge and skills an investor must have to consistently make wise decisions.  
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A Sound Framework for Valuing Investments
The difference between price and value – what a thing costs and what it's worth – is the key distinction to value-based investors. The videos and articles here offer our thoughts on how to confidently assess the value of an investment.
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A Sound Framework for Structuring Investments
Options are simple, directional instruments that can be used to tailor an investor's exposure to risk and reward. These videos and articles introduce our thoughts on how a prudent investor can use options in a hybrid portfolio of stocks, options, bonds, and cash.

This Week's Office Hours - Get Engaged

Saturday May 26, 2018
Join Now
This Office Hours session is reserved for members of the Brier Fund taking the Options for Intelligent Investors course.
9:25 am | Central Daylight Time (Chicago, GMT-05:00) | 35 mins
Join By Phone: +1-855-797-9485 | Meeting Number (Access Code): 803 358 920 | Meeting Password: eTGDy2F2
Download ICS file
Saturday May 26, 2018
Join Now
This is an Office Hour session open to all Framework Members.
10:25 am | Central Daylight Time (Chicago, GMT-05:00) | 50 mins
Join By Phone: +1-855-797-9485 | Meeting Number (Access Code): 809 095 380 | Meeting Password: MFJf3wMW
Download ICS file

Suggested Courses - Build Your Skills

Advanced Option Pricing: Understanding and Using the Greeks
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Complimentary Mini-Course: The Language of Business
Learning Outcome: Learn to analyze how a business is doing financially by understanding the basics of corporate accounting and financial statements.
  • Parlez-Vous Accounting? Accounting deservedly gets a bad name because (frankly) it is boring and pedantic. In this mini-course we get you oriented to some of the language and concepts of corporate accounting.
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Framework Investing 101 – Overcoming Behavioral Biases and Structural Factors
Learning Outcome: Learn to better manage your own human decision biases and get to know the other players in the capital markets.
  • Understand how investing professionals view the markets and why.
  • Develop active strategies to guard against making analysis and decision mistakes and learn how to take advantage of others’ errors.
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Framework Investing 102 – Confidently Valuing Stocks
Learning Outcome: Learn Framework's proprietary, step-wise framework for how to value a company (or any other asset!) by focusing on 3 key factors that dictate long term value creation.
  • Understand how to analyze financial statements and learn where “snakes” and “lottery tickets” lie within them.
  • Dive deep into “price” vs. “value” by analyzing different business scenarios’ impacts on growth.
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Framework Investing 103 – Exploiting the Options Market
Learning Outcome: Demystify the stock options markets and learn how options uniquely provide you the information to make better investments – whether you actually use options or not.
  • Discover how the use of options can reduce capital at risk while improving returns.
  • Learn to uncover and then invest in mispriced opportunities using hybrid-investment structures.
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Introduction to Options

This is the first in our Options for Intelligent Investors series. In this course, we introduce what options are, how they came into being and the role(s) they serve in modern financial markets.

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Option Basics

In this course - second in our Options for Intelligent Investor series - we introduce our distinctive method for visualizing option risk and reward while teaching you some inescapable option jargon. By the time you finish this course, you will understand why we say that options are peerless financial tools for tailoring investment risk and reward.

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Option Market Mechanics
Progressing on from the introductory mini-courses in our Options for Intelligent Investor series, we delve into important operational details about the option market - expiration cycles, transaction volume measures, and "notional value" - and also discuss the role of market makers and institutional investors.
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Option Prices & Pricing

In this course - part of the Options for Intelligent Investors series - we explain how an option pricing screen is set up, how prices are generated using option pricing models, and discuss nuances of option pricing that sometimes trip up newcomers to options.

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Forum - Connect to the Community

IOI Training Course Q&A
Most Recent Topic: Anchoring (10 hours, 14 minutes ago)
Topics: 1 Posts: 4
If you're working through the online courses or trying to remember what you learned at an onsite one, this is the place to do it.
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Macro and Other
Most Recent Topic: Covered Call Corner (19 hours, 2 minutes ago)
Topics: 7 Posts: 26
Here, you can talk about other ideas — quantitative, macro, etc.
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Real Estate
Most Recent Topic: Gramercy Kudos (1 week, 4 days ago)
Topics: 3 Posts: 5
This is the S&P sector represented by the XLRE ETF. Examples: Simon Property Group (SPG), American Tower Corp (AMT), Public Storage (PSA)
Newest Post
Consumer Discretionary
Most Recent Topic: GameStop (GME) - GAME OVER or GAME ON? (1 month, 1 week ago)
Topics: 9 Posts: 33
This is the S&P sector represented by the XLY ETF. Examples: Amazon (AMZN), Home Depot (HD), Comcast (CMCSA)
Newest Post
Technology
Most Recent Topic: Alphabet (GOOG) (1 month, 1 week ago)
Topics: 8 Posts: 28
This is the S&P sector represented by the XLK ETF. Examples: Apple (AAPL), Microsoft (MSFT), Facebook (FB)
Newest Post
Practical Tips, Tricks & Suggestions
Most Recent Topic: Trade Convexity (2 months ago)
Topics: 6 Posts: 9
This is a knowledge base for the community related to topics not covered in our other forums. Have an idea about finding a good broker? Wonder about transacting options in a foreign country? Here is a good place to leave advice and to find good advice left by others.
Newest Post
Industrials
Most Recent Topic: Bearish Union Pacific Position - 2017 (3 months ago)
Topics: 3 Posts: 10
This is the S&P sector represented by the XLI ETF. Examples: General Electric (GE), 3M (MMM), Honeywell (HON)
Newest Post
General Information
Most Recent Topic: Michael Mauboussin on Decision Making (3 months, 1 week ago)
Topics: 5 Posts: 19
These forums are for alumni and participants of IOI Training sessions and for those with recurring subscriptions. Please keep a civil and respectful tone in your comments and allow this forum to be a welcoming learning environment for all participants. When discussing investment ideas, frame your arguments in terms of the valuation drivers and metrics … Continue reading "General Information"
Newest Post
Portfolio Management
Most Recent Topic: Hedging (6 months, 1 week ago)
Topics: 4 Posts: 7
Newest Post
Health Care
Most Recent Topic: GILD (9 months, 4 weeks ago)
Topics: 2 Posts: 7
This is the S&P sector represented by the XLV ETF. Examples: Johnson & Johnson (JNJ), Pfizer (PFE), Merck (MRK)
Newest Post

Latest Articles - Improve Your Understanding

Netflix is Uninvestable
Erik Kobayashi-Solomon
A great advantage of having a robust framework to assess investments is that it is easy to figure out where the risk in a particular idea is. Our recent members-only research work on Netflix is a case in point. Our process homes in on only four fundamental drivers of valuation: Revenue Growth Profitability Investment Level … Continue reading "Netflix is Uninvestable"
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The Science of Investing: Union Pacific (UNP)
Erik Kobayashi-Solomon
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Netflix (NFLX) Off-Balance Sheet Obligations
Erik Kobayashi-Solomon
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Valuation Waterfall and Model for STORE Capital (STOR)
Robert Ruggirello, CFA and commentary by Erik Kobayashi-Solomon
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May 2018 Covered Call Corner Update: AGO, CVS, DIS, GSK, NYCB, WCC
Erik Kobayashi-Solomon
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Guided Tear Sheets Case Studies

Guided Tear Sheet – Union Pacific (UNP) – April 2017
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Guided Tear Sheet – Caterpillar (CAT) – January 2017
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Guided Tear Sheet – Zimmer Biomet (ZBH) – December 2016
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Guided Tear Sheet – Garmin Ltd. (GRMN) – October 2016
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Guided Tear Sheet – Gilead Sciences (GILD) – September 2016
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