Hi everybody this is this is Phil town this is Danielle town we're here for

the podcast invested which is about what we call rule number one investing and that's all about

gosh not losing money for starters it's investing your values it is investing your

values it is investing your values. Yep.

And it's actually taking on the financial service industry paradigm

that says that if you want to invest,

you have to understand some basic things about the stock market.

And the first one is that you can't beat the stock market.

That's what everyone else is supposed to know?

Everybody's supposed to know that.

You can't beat the stock market,

and the reason you can't beat the stock market

is because in the stock market,

all prices are the correct values of the business or rather all prices are correct.

Oh at any given time, it's efficient.

This is the efficient market.

Hypothesis?

Exactly. Hypothesis. And from that comes in modern. hypothesis? Hyl hypothesis.

Hypothesis.

And from that comes a modern portfolio theory, which is how your 401k, mutual funds, pension funds are all being managed by 95,

99% of the fund managers out there are managing the money according

to the principles of modern portfolio theory, which say, first you can't beat the market

...