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invested podcast where we are following as best we can the rules of investing created by the greatest investors in the world,

essentially key guys like Warren Buffett, Charlie Monger, Ben Graham,

Manesh Pabry, Guy Spear,

some fantastic people who are following a simple rule of investing that says

the main focus of your investing has to be rule number one. Don't lose money and

essentially that means you're focused on the downside. Maneshaprise says

it's like you're looking for free lottery tickets and the key is if you'll think

about that as a metaphor it's so brilliant I love it and Manesh is brilliant and he said

basically you're looking for something

and it isn't going to cost you anything it doesn't have a downside it's a free

ticket but the upside is amazing it's a lottery ticket you have a ticket to the big show. And so we really want to have both of those things in each investment.

But the critical one is that it's a free lottery ticket. Very little downside. So Manesh sometimes says, you know,

heads I win, tails I don't lose much. I don't lose much.

I don't lose much, yeah. To me that's the that's the one that I keep in my mind

because the idea of no losses and free lottery ticket instead of very cheap lottery ticket makes me feel like the

bar is way too high and one great lesson I've learned from watching Buffett in

these last few years is that he makes mistakes on the regular and people just don't talk about them that much because he gets out of them really fast.

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