210- Mistakes of Omission

InvestED: The Rule #1 Investing Podcast

Phil Town & Danielle Town

Investing, Business

4.6 • 1.6K Ratings

🗓️ 23 April 2019

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

“The practice of investing implies joy in the process of learning something that's difficult.” - Phil Town For show notes and more information visit investedpodcast.com. This week Phil and Danielle talk about what Charlie Munger calls, “Mistakes of Omission.” You can get pretty good at investing pretty quickly because there are only a few rules that you need to follow. One of the hardest things about investing the agony of missing out on something because you’re not confident or clear, or you don’t have the patience to wait something out. If you’re investing correctly, you should have mistakes of omission, not mistakes of commission. When it comes to investing, you need to be brutally honest with yourself to understand your mistakes and move on. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Pepsi Max. Christmas is great, but there's loads of ways to make it better.
0:08.0	Like sneaking some chili into the gravy for some extra ink,
0:12.0	or building a playlist that will even get your
0:14.8	nann up on the table or just cracking open an ice cold Pepsi Max. Christmas better with Pepsi Max Christmas.
0:23.0	Better with Pepsi Max.
0:35.0	Hey everybody this is Phil Town and this is Danielle Town welcome to the invested podcast where we are rapidly becoming really
0:40.4	good investors. I'm not kidding. We're actually seeing so many people listening to this
0:49.5	podcast are becoming better and better investors which is really fun because we're
0:53.8	essentially trying to teach you the way Warren Buffett and Charlie Munger
0:58.5	invest the way Monash Probye does it the way Guy Spear does it.
1:03.2	I mean, we're taking liberties here because none of these guys said, oh yeah,
1:06.0	you're definitely teaching the way I do it.
1:07.8	Yeah.
1:08.2	But I think we're close and then you can read their books and you'll see that we're in the
1:11.4	ballpark of being able to pick individual
1:15.8	companies, just pick a few of them. Warren Buffett once said, all you got to do is pick maybe 20 in your lifetime.
1:25.5	And if as long as you don't violate rule number one, which is to not lose money, four or five
1:31.2	of those will turn out to be wonderful investments and will make you
1:33.6	rich it's I mean it's really that simple honestly it's really that simple so
1:40.2	what are we doing talking about all this for years now?
1:43.0	Yeah, exactly.
1:45.0	Well, we laugh when Charlie says,
	...

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