Whether it's an under the radar genre or a proper out there podcast, sometimes it's better when you get weird, especially when it comes to switching up your soft drink, introducing new Dr Pepper Zero

with the same blend of 23 unique flavors,

it tastes just as weird as regular Dr Pepper,

but with zero sugar and zero calories.

It's a taste you can't quite put your finger on.

Weird, but in a surprisingly good way, try more weird with Dr. Pepper Zero.

Hey everybody and welcome to Invested, I'm Danielle Town continuing our focus on management and obviously how important that is.

We've got another episode from the vault this week. It's episode number one 23 and it's on choosing your management team.

So enjoy and we will be back next week with new episodes. Thanks everybody.

Bye. Hey everybody, this is Phil Town.

And this is Danielle Town.

And welcome to the Invested Podcast

where we're talking about how to buy individual companies,

the way Warren Buffett does, the way Charlie Munger does, how to go after a very high rate of return with what we would consider very low risk, which is...

Well, that sounds great.

Doesn't exist as far as most of the regulators are concerned and most of the and most of the academics and I can

almost say almost all the academics and probably 95% of the people who are managing money and almost all of the financial advisors,

none of them believe this is how the world works.

And we've discussed why at great length and I'll summarize it really quickly here.

Modern portfolio theory is the standard theory under which money is managed and which advisors are taught by the SEC to manage money.

And that theory says that price is equal to value

in the stock market because nobody's stupid enough to pay too much or to buy it for too much and the or sell it for too little and so in this sort of perfect world of rational people in the stock market, no one ever makes a mistake on price.

...