Hey everybody this is Phil Town

this is Phil Town and this is Danielle Town and welcome to Invested

Podcast where we're talking about how to get really, really rich investing like great

and fabulous investors like Warren Buffett. But we do hope as I have that you you know get a sense of what's out there in this world of investing that I knew

zero about or next to zero probably as much as anybody else knows and had zero interest in and

I'll say that straight up but it's becoming more interesting dad I'm getting

into it. Well one of the things that fascinates me is that the investing

world is chock full of advisors, financial advisors, podcast advisors,

SEC regulators, man, I mean just chock full educators in schools all over the country doing

MBA programs, all of whom are continuing to push out this idea

that the market is efficient, that you can't beat the market in the long run, that price and value are the same thing in the market which is why you can't beat it.

And therefore investing strategies which are hyped up to you know such as a podcast like this where we're basically

they would be arguing we're hyping up the idea that you could actually go out on

your own and beat the market is that you know

we're praying to a false you know we're praying to a false God that it can't be done

well yeah we're definitely not hyping it, that's for sure.

Yeah, and that the people who do beat the market are anomalous and expected in a random system

that there will be these lucky outliers like Warren Buffett and so on.

And of course as we've discussed, Buffett has come back and said, yeah, well, all the lucky outliers

happen to be all in the same philosophy of investing that he attributes to Ben Graham and David Dodd back in the 30s in which I have a tribute to Buffett and Munger themselves, which is this idea of investing when you should try to buy a $10 bill for $5.

This, of course, is impossible, according to virtually everyone who teaches this subject, well not so much anymore but pretty

much everybody who teaches it, that there's a paradigm out there that says that just can't be true.

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