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

welcome to the invested podcast where we're talking about managers of companies and how you know if a

thing's got a moat and whether you're capable of understanding it and if you can do

all these things is it on sale and if it is can you make the kinds of returns that will make

you wealthy even working a regular job? Can you? Can you dad? Can you? It's up to you.

Oh man.

It's up to you.

Can you?

Yes.

Will you?

It's up to you.

The good news is that small investors have tremendous advantages in the market

compared to fund managers and what that lets us do is have the hope of beating the market substantially, getting high rates of return

with low levels of risk because we don't have to answer to investors we can think long term nobody's making us

swing at the pitch we can just sit there and watch and wait until we know we've got

something we understand yes we can which makes it really not a lot of difference

than going out and buying a piece of real estate or going out and buying a

franchise or buying even a laundromat downtown. All of those things require about the same level of knowledge.

So if we can figure out enough about real estate

to buy a rental home that is going to be a good investment for the next 20

years, we can do this. We just can't do it with very many stocks. We can do it with a

handful and that's all we need it turns out. Warren Buffett recently said that if you figure on buying 20 companies in your lifetime,

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