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Air France book your business class tickets now at afrance.co.uk Hey everybody and welcome

to invested. I'm Danielle Towne. We're off this week and obviously there's so much going

on in the world. We'll be back next week with a more up-to-date episode on wow, I hope

what I want to find out is how to deal with these markets while the world events with Putin's

horrific invasion of Ukraine are rocking markets up and down and how that affects long-term

value investing. We ended last episode where I was saying that there was something particular

I learned from Charlie Munger's talk at the Daily Journal meeting and I'm just going

to mention it now quickly and then actually we'll probably start with it next episode.

It's rather appropriate for what's going on right now and what maybe many listeners

are dealing with. He says as far as decision-making, he says it may be that you have to choose

the least bad of your options. That frequently happens in human decision-making. The Mungers

have Berkshire stock, Costco stock, Chinese stocks through Lee Lu, a little bit of Daily

Journal stock and a bunch of apartment houses. Do I think that's perfect? No. Do I think

it's okay? Yes. End quote. So I just love this because Charlie's saying that you got

to choose the least bad of your options which just takes that little bit of pressure off

and then he goes on to describe what he's chosen, these least bad of his options and they're

pretty much fantastic investments that most other people would describe as extremely wonderful.

So the least bad of your options can be good. I think today I'm going to play for you

as an old episode, an interview we did with the founder of Square who wrote a great book

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