Hey everybody this is Phil Towne

this is Phil Towne and this is Danielle Town and we're here for the invested

podcast where we're talking about how to invest like the best investors in the world

Charlie Munger Warren Buffett and Phil town and somehow we've wandered into

Bitcoin or neither of us are experts.

But it's been fun like learning about it.

So let's recap how you invest.

First you need to really understand the asset class you're investing in.

You need to look at it as a business that has some kind of intrinsic characteristic that protects it from competition.

You need to know that the managers of the thing are really trustworthy people with

integrity and talent and then you got to buy it on sale and on sale means you've got to

be able to figure out what the future cash flow looks like or at least what it is today and by

based on that okay now Bitcoin has nothing to do with any of those things it has nothing

nothing to do we don't understand it. There's no visible moat. There's

are scammers who are managing half of the Bitcoin out there.

And there's no 10 years of history

to be able to get a sense of what's up with it.

It's not an asset class that produces cash flow,

so we don't know what kind of price to put on it. We're completely out to see,

I can't even believe we're discussing this, except that we have gotten so many questions

about it. So everybody wants to know about Bitcoin. Everybody wants to invest it. It's the cool thing and I get it. So we gave, I thought, a very good explanation the last two weeks.

It was clearly horrible.

...