Hey everybody this is Phil Towne. Welcome to the invested

podcast I am apologizing right off the bat because Daniel's not here today

but we're gonna be talking about check list right off the bat because Danielle's not here today.

But I'm going to be talking about checklist still.

And I hope you guys can bear with me

without my daughter chewing away

at all of my ideas about investing.

Although she's come around a long way since we started this whole thing about

dang five years ago,

she has really actually become a really, really good investor.

I'm very proud of her.

So this podcast, the Invested Podcast is about investing as close as we can to the way Charlie

Munger, Warren Buffett, and other great investors in that

style of investing, nobody really knows what to call it. Buffett sometimes refers to it as

value investing, sometimes says not really because value investing has come to mean

buying stuff that's sort of low PE ratio kinds of things when really he said there's only really one kind of investing that's when you buy an asset

and you pay quite a lot less than it's worth and of course in order to do that you have to know what it's worth and in order to do that

You need to be capable of understanding the business and it has to be a very specific kind of business or you figuring out what it's worth is just impossible.

And a very specific kind of business has qualities that we've put into a checklist and

we're going to continue on next week with our checklist and we'll have Daniel's inputs on this checklist that I'm going to go over today,

which isn't ours, but which we have adopted in my own practice and with my analysts, we've added this to what we do because it is a

really nice succinct way to look at a company that's not as long as all of the

...