203- Charlie Munger Daily Journal Annual Meeting

InvestED: The Rule #1 Investing Podcast

Phil Town & Danielle Town

Investing, Business

4.6 • 1.6K Ratings

🗓️ 5 March 2019

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week Phil and Danielle discuss key takeaways from Charlie Munger’s Daily Journal Annual Meeting that took place at the end of February 2019. In the meeting, Charlie complained at fund managers try to beat the market and don’t, but still charge for it. Charlie’s main philosophy is to do less. They never had the illusion that they could get really useful information on all subjects. They realized that if they worked hard on a few things, and do those things really well, they would come out ahead. For show notes and more information visit www.investedpodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you ready for a Monzo Business Bank Account?
0:03.3	Heather from the Accountant's Growth Club was,
0:05.3	knowing what cash I have is really important and Monzo Business makes it easy.
0:09.8	It automatically puts 20% of my income into a tax pot.
0:14.0	When it's time to pay your VAT, I always know the money's there.
0:17.0	If you're ready for a Monzo business account, apply today.
0:20.0	Just search Monzo Business. Only sole traders or limited company directors in the UK can apply.
0:25.0	Get tax pots with Monzo Business Pro for £5 a month.
0:28.1	Te's and sees apply. Hey everybody this is Phil Town and this is Phil Town and this is Danielle Town
0:38.0	and we're here for the invested podcast where we are closely following Warren Buffett and Charlie Munger and other, not too many, but a few
0:48.6	other really great investors who follow an investing concept that a lot of people call value investing
0:56.4	which is not value investing I don't believe anymore.
1:01.0	So we call it Rule 1 investing.
1:03.0	And Rule 1 being don't lose money, Rule 2 being Don't forget Rule 1, that comes from Warren Buffett.
1:08.0	So this investing structure that we follow, the strategy that we're following that I'm teaching Danielle, which she has learned very well, I would have to say,
1:16.5	is discussed I think in a significant amount of detail just recently at Charlie Munger's annual meeting.
1:25.6	Yes.
1:26.6	And we wanted to give you the highlights of that.
1:28.0	Charlie calls it focus investing, which I really like.
1:31.6	There we go. I like that too. Because it's the value concept
1:36.3	which is finding great companies at low prices compared to their value but
1:42.2	instead of buying a hundred or two hundred of them, he
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