Hey everybody this is Phil town and this is Phil town and this is Danielle town and we're

here for the invested podcast where we are learning to invest like Warren Buffett and Charlie Munger and like the best

investors in the world are doing which is very different than what you're learning from your financial advisor.

From your financial advisor you're learning that you cannot invest on your own, that it's really

rocket science, that in order to invest properly you have to buy hundreds, if not thousands of stocks through EDFs index is and very diversified mutual funds.

You have to scatter your money across many, many different kinds of things and then you're protected from the ups and

downs of the market which is all true well not true exactly you're not

protected from the downs of the market and the ups of the market you can still go

through a lot of volatility but what is true

gosh is that you will probably in the long run do pretty darn good that is true

wait a second I got so lost in the long run of me investing on my own or the long run of my

financial advisor doing things for me in the long run of your financial advisor

your roboe advisor, or doing it yourself, investing in broadly

diversified lots of different asset groups.

Ah, I will probably do okay.

You'll probably do okay, but you have to be the long run. You have to be the long run. And the long run is longer than you think. It's a long long run.

How long is the long run, Dad? Well, in the last hundred years, the long run has turned out to be ballpark,

sometimes 25 years before you break even.

That's not as long as I thought you were going to say.

Well, that's to break even on your investments.

If you did it at just the wrong time, like let's say you put your money in the market in,

oh, late 1928, early 1929, you broke even by 1955.

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