Hi everybody this is Phil Towne and this is Danielle Towne. We're here for the

Invested Podcast where we talk about investing in businesses, also known as stocks.

We talk about buying the whole business

or acting as if you buy the whole business.

Exactly. When you buy one whole business. Exactly.

You buy one share of stock.

Yeah, we've been talking lately about the basic idea that Warren Buffett has.

We're very big on Warren Buffett and Charlie Munger-type investing.

And we've been talking about Warren Buffett and Charlie Munger type investing.

And we've been talking about how to value something in the way Buffett looks at, say, a piece of real estate or a farming operation and just values them as a business is exactly the same way that we want to value any business,

whether it's public or private, we want to pay a certain price for it and we want to understand what we're buying. And we started off this

podcast a long time ago with Charlie Munger telling us these four simple things

and it would probably be a good idea. What do you think just to repeat them really

quickly right here?

I love the four principles. I think about them all the time now. They're so simple and yet there's so much

to say about them. I mean we spent I think six podcasts maybe when we first started talking about four

principles and I I almost think we should do another six now that we were like

40 podcasts down the road.

And we've got a lot of,

we've got a lot of sort of water under the bridge

or a little more experience of talking about the overall ideas of investing

and there's no question that Charlie is you know at one

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