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 I am teaching my lovely daughter how to invest.

Wow, yeah, how to invest.

Like what, dad?

What kind of investing?

Well, the only real kind of investing. Well, everything else is not investing. Everything else is some form of speculation, actually. So what's the only real then? Everything that they teach you. Everything that they teach you. Everything that they teach you, everything that they teach you in school about investing, about

modern portfolio theory, about what almost every single advisor does, all of it is speculation.

Because what they're telling you to do is diversify across the whole market.

And what that means is you're just speculating that the US economy will go up and maybe it will probably

it will but it isn't really investing. Investing according to Warren Buffett and Charlie

Munger the two best investors in the world,

investing is really only happening when you with a high degree of certainty

are buying $10 of value for $5.

That is definitely true.

But I'm a little thrown that you're saying

that investing in the US is actually speculating

because Buffett says that that's an investment.

He says that's a good investment actually.

It's a good bet, actually, I think is what he says.

It's a good bet that the United States economy will continue to lead the world.

It's been a good bet for a long, long time.

And I think he would agree that it's a decent bet and he's made that bet actually.

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