Hey everybody this is Phil Town and this is Danielle Town

welcome to the invested podcast we're really excited you guys are here we are

what are we doing dad really excited you guys are here. We are long-term investors. We're long-term.

We and we can't wait for this market to give us a bunch of companies at super cheap prices because that's what we're waiting for.

As long-term investors is for there to be fear, I hate to say it, but that's exactly what we pounce on ideally is we stay rational, we don't get emotional, we try to make sure we understand the downside of our investments and make sure that we don't think there's much of a

downside in terms of risk of loss before we buy into these things.

In other words, we invest a little bit the way if you were to go to a garage sale and you

are an expert at a certain kind of, I don't know, maybe a what, Bowflex or something, you know? something that people get rid of all the time

exercise a button yeah exactly peloton bikes you you're an expert at it and you know when things are on sale because you know what they should sell for and you know that they will sell for that.

And so you buy it at that low price that that's investing

that's not speculating and that's who requires that somebody's getting rid of

something at the wrong price and the beauty of the stock market is that it

regularly has fund managers exiting positions at the wrong price because they have a different set of

priorities than a long-term investor. Fund managers manage most of the money in the

market and their priority is literally a quarter to quarter

basis of keeping up with your peer group which requires and not to mention the fact that they're

being hired to invest all the time which is really to

mention the fact that they're being hired to invest all the time, which is really hard to do and still beat the market.

Whereas investors like Buffett and Munger, me, Danielle, now, we sit in cash for long periods of time and we don't have anybody

telling us, hey you got a swing, you know, you got to take a swing today.

That's what happens with the fun managers, they have to swing every day and it's impossible really in the long run to beat the market if you're swinging every day.

There are some that managed to do it, but it's it's very few and far between and they have to really make sure that the people who put money with them understand what it is they're about to do.

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