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Hey everybody, this is Phil Town.

And this is Daniel Town.

Welcome to the invested podcast where we are deep into Buffett and Munger and all good

things about serious, I guess, what we could call value investing.

We call it rule one investing in my world, but it's basically investing.

That's really investing, which means, indeed, and they actually talked about that a bit.

Go ahead.

It just means you're buying something that you understand the value of and ideally you're

getting it for less than the value and you have a high degree of certainty that you'll

benefit from this financially over the long run.

And that's it.

It's investing.

And everything else is some kind of speculation, form of gambling, I don't know if there's

anything intrinsically wrong with gambling, but you should know you're doing it versus

...