Well, hi, I'm Phil Town. I'm Danielle Town. And we're here to talk about being

invested all the way in. We're here to talk about these numbers that we've been talking about and how they can

indicate soft information with hard numbers.

That's what we've been talking about.

Yeah, we're kind of working our way down trying to be, to see if we're capable of understanding

a business, right?

Yeah. That's kind of fundamentally rules of the game. And from Charlie Munger who said that's the first most critical

thing is that we have to know that we're capable of understanding the

business.

So part of that is that you have to know that the business

has certain qualities, intrinsic characteristics

that make it durable and that management is the kind of people you want to put

your money with that you trust them and that they have integrity.

So how do we know that?

That's so hard to know and like in the management stuff.

That we kind of...

It is.

It's like you can think somebody's really a good person and what they are is really a

good sales person.

Yeah good at controlling their image and a lot of CEOs are just like that.

Yeah. This is not to say they're bad people but they got to the top because they're really good at

controlling their image and you know it's a political game to get to the top of a lot of

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