Hi everybody this is Phil Town this is Danielle Town and it's time for

invested podcast invested mindful money conscious podcast. Invested. Mindful money. Conscious investing. Rule one style investing.

Warren Buffett style investing. Exactly. Which is focused on not losing money.

Or as Monash Pabry one of my favorite

investors says a free lottery ticket which is pretty cool when you think about it.

Ultimately, that's really the right characterization of the kind of things that Buffett buys and that we try

to buy in the Manish buys.

And that is a company which is so on sale and so vastly underpriced below its real value

that pretty much no matter what happens in the future, you know you're going to be able to sell it for what you

got in it, which ultimately makes it free, right?

But it's also got the possibility of going up in price to its real value, which is the lottery ticket side of that thing.

Got it. Yeah, it's a weird analogy.

Yeah, it sounds like gambling. It sounds like gambling. It sounds like gambling and also sounds like

really long odds yeah but if you think about it he's not he's not wrong if you

are gambling without any downside, then you're not gambling.

True.

Right?

Gambling is you can lose your stake.

So Monash's point of view is it's not a gamble,

even though it's got this gambling level upside

that you don't know for sure is going to happen,

but you believe it will. What you know for sure where you

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