Hey everybody this is Phil Towne and this is Phil Towne and this is Daniel Towne

welcome to the invested podcast where we are continuing to focus on investing in pretty much anything, but basically doing it the way Warren Buffett does it. That's the idea. That's the idea. That is the ability to go out and buy a business as a business.

So our investments are businesses, not shares of stock, not real estate, not, you know gold not in other words we buy things that we can value as a business

and Manesh Pribri who is one of my favorite investors to follow, who does lovely, really

great YouTube videos at Boston University with a friend of his who teaches there, sometimes at Columbia.

Manesh calls it Dondo Investing, if I'm not saying that wrong, how would you say D-H-A-N-D-H-O, I think?

Yeah, I hear Donno. I don't know. Okay, Dondo. Which is, I guess it's Hindi or Sanskrit for business like investing, investing in businesses.

So the idea being, and this is very Warren Buffett and very Charlie Munger,

the idea, and this is really important right now because we are, we are in this pandemic and we are facing a stock market that has

disconnected itself from what's going on out there in the real world and there's all

sorts of reasons why that that's the case which we could talk about already or what you already have I guess to a certain

degree but it's important that when we think about buying something we don't think about

it like most people who think of themselves as investors who are looking at what its price was

That's just a little too much like buying gold jewelry on Miami Beach. Yeah a store that says 80% off.

You were cracking me up about that recently.

Right?

So we don't look at what prices people have paid or we're willing to pay or want to charge you.

When we're looking at buying a business, what we're buying is a cash flow.

We're exchanging current cash today, you know, our $10,000, we're giving that over to somebody in exchange for cash flow

tomorrow.

And that is really the essence of a business investment. That's one essence of it. The second essence is to pay a

reasonable price. You have to be able to exchange your cash today for something that reflects

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