This episode is brought to you by Pepsi Max. Christmas is great, but there's loads of ways to make it better.

Like sneaking some chili into the gravy for some extra ink, or building a playlist that will even get your

none up on the table or just cracking open an ice cold Pepsi Max.

Christmas better with Pepsi Max Christmas.

Better with Pepsi Max. Hey everybody this is Phil Town and this is Danielle Town and we're here for the

invested podcast where we everybody who's listening to this thing for 180 times

knows exactly what I'm going to say, kind of.

We've gotten so many emails from you guys going,

God, we love the podcast, we love the content, we love you guys. But maybe the intro

could use a little tightening. Like everyone's so nice about it, you all.

You think if we were professional, we would have a really tight,

and there would be some music, we'd have music.

Oh God, Dad, our intro music. Oh God, it's it's not good. It's okay. Let's just say that what this podcast is about

that what this podcast is about is about investing the way I've done it 30-some

years the way Danielle's learning how to do it she my daughter, and my humble opinion is that this is really just

investing, this is what investing is, that you figure out the value of the business based on a pretty good idea of what the future cash flows

that you're going to be able to put in your pocket are and you pay some value of that.

You know, some amount today that you're willing to pay for all of that. You know, you some amount today that you're willing to pay for all of that in the future.

That's the basic idea. And that leads us brilliantly to continue in our discussion of owner earnings,

which is not going to be found in your accounting book.

Oh my, I loved that segue.

I hate to say anything away from the segue but I just want to make a quick little

...