Hey everybody this is Phil Town and this is Phil Town and this is Danielle Town

welcome to the invested podcast where we are figuring out how the best investors in the world managed to create

amazingly high returns and we're talking 20% plus for their entire career on average.

And I mean, over double the stock market,

which means massively more money in terms of like,

huge, gigantically more money money not just double more money over many years yeah many

years and they do that this is the best part you guys what the reason we're

really digging in on this is because, you know, any moron can get higher returns by gambling and they'll just never tell you about all the money they lost.

And we can all go to Las Vegas.

Unless you're me who has never won anything gambling ever in my entire life.

So we, but we don't want to just gamble.

What we want is we want to do it like the best investors do,

which is they're getting these enormously high returns

and they're doing it by all measures with lower risk than your mutual fund, they're actually investing in companies that have a lower volatility, a lower beta than the average stock in the stock market.

At least Warren Buffett has been proven to have done that.

And that's presumably impossible according to modern portfolio theory.

So we have something really fun here that the little guy can maybe take advantage of, at least

that's what we're seeing is the little guys are able to, by investing in a similar kind of way, which is to do the four things.

Charlie Munger said, you got to do.

Understand the business.

Make sure it has a competitive advantage.

Make sure management's great, and buy it on sale.

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