Hey everybody this is Phil Town this is Phil Town this is Daniel Town

and we're here for the invested podcast where we're learning how to

invest from Warren Buffett and Charlie Munger in particular? Yes, deep value investing.

Yeah, I don't know if I like that name.

Deep value.

Value investing with a low number of purchases.

Somebody called it once growth at a reasonable price, garp investing.

Growth at a reasonable price.

Right.

Well, the thing is value investors tend to follow Ben Graham, who's the father of value investing,

wrote a book called Security Analysis back in the 30s.

It's still in print print and he's Buffett's

mentor. But Buffett and Charlie Munger left that sort of hardcore by a hundred

stocks that are all sort of cigar butts, you know, they're just a little bit left in them and you buy them cheap.

And you buy a lot of them because some of them are going to go down.

Charlie Munger and Warren Buffett took the principles from security analysis of how you figure out if a

company is really good or not and then they've just focused on buying really

good companies at a fair price and they don't have a name for it we call it

Rule 1 investing.

Because what Ben Graham did was buy cheap companies.

They didn't necessarily have to be good underlying companies.

Right, he was buying them so cheap in the Depression

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