Hey everybody this is Bill town

this is Bill town and we're here for the invested

podcast where we're talking about investing in companies, whether public or private or going out

there and starting your own thing. We're looking at the same basic principles.

We're talking about value investing and the rule number one style of value investing

which is what dad is teaching me. Yeah that's exactly right and so we're way

down the road in this podcast.

Hopefully you've been listening to other podcasts

before we got up to this place right here.

Because we're going down in the weeds

these next few weeks.

We started this a little bit ago with kind of revisiting the 4M analysis, which is based on Charlie

Munger's description of the proper way to invest is to understand

what you're in or be capable of understanding what you're investing in.

Make sure it has a big moat, intrinsic characteristics that protect it.

It's got management with integrity and talent

and it's on sale.

So those four things we call the four M's, meaning moat management

margin of safety, and we've been banging away at them for weeks now. Yes do you know what

part we're on in our multi-part series I'm calling back to basics? Yeah I do. You do? What part are we on? Which well okay we're on management. Oh I'm

Yes, that is accurate. Correct. Okay. I meant what number?

Oh, this has got to be number nine, I think.

...