Hey everybody this is still town and this is still town and this is

Daniel town welcome to the invested podcast where more importantly

than ever we are learning to invest like the best investors in the world agree

Warren Buffett Charlie Munger and many more like them who are many of them in a lot of cash right now

licking their chops I suspect being ready to buy companies and if you've been

following this podcast for a while you may also be in that kind of position,

we hope you are, where you have basically been priced out of the market by very high prices and now prices are getting more

sensible and you're starting to look for bargains in the market.

You know it's an interesting it's it's curious that you say they're getting more sensible it's not curious it's

exactly what I've been observing that they're getting more sensible they're not

insanely rock-bottom they're not ultra cheap, even in this like COVID crazy world.

The S&P price to earnings is still something like 17 I heard the other day and I might

get that number slightly wrong but it's still like it's still above average

average is something like 15 or 16. I mean that's how priced how crazy the prices

got yeah with all of the, you know, the excess is being being handled by the bond percentage,

you know, the bond rates of return just being zero now and I mean everything has driven this

market up and insanely including buybacks by companies just buying their own stock

taking billions of dollars of tax refunds essentially buying their stock not hiring more people

not building more capital expenditures, not doing anything Trump thought that they would do.

They just bought their own stock and now that money is gone.

gone.

They might as well have taken all of those billions of dollars of tax refunds out

...