444- Catastrophic Mistake

InvestED: The Rule #1 Investing Podcast

Phil Town & Danielle Town

Investing, Business

4.6 • 1.6K Ratings

🗓️ 14 November 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What exactly constitutes a “mistake” when it comes to your investing practice? Is it any time a company doesn’t pan out the way you thought it would, or is it simply when something causes you to break Rule #1 and lose money? While fear of being “wrong” on a position can be paralyzing for some, being willing and able to adapt to constantly shifting market conditions is a must for anyone looking to wade into the world of investing. This week, Phil and Danielle talk about what it means to “get it wrong” in your investment practice and how that should (or shouldn’t) influence your decision-making process. For more thought-provoking or debate-inspiring quotes from one of the world’s best investors, click here for the Warren Buffett Book of Quotes: https://bit.ly/3OEPXjL Topics Discussed: Durable competitive advantage Mistakes vs. normal market occurrences Investing mindset Fear of failure in investing Understanding and preparing for risk Resources Discussed: Rule #1 Investing Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everybody this is Phil Town and this is
0:10.5	Danielle Town. Welcome to the
0:13.4	Invested Podcast we're bringing you our view of investing via our instructions from
0:21.5	Warren Buffett Charlie Munger,
0:23.7	a whole bunch of great mentors who are out there
0:26.3	doing what we call Rule 1 investing
0:27.8	or also known as value investing sometimes.
0:31.6	That's what we're doing. Yes. H. That's what we're doing. Sometimes, yes. That's what we're doing.
0:36.0	We just think about this investing. So we're trying to figure out how do we actually do there?
0:44.0	Or maybe that's I should say that's what I'm trying to figure out and you're trying to teach me.
0:48.0	How do I actually sort this thing out so that I don't make boneheaded mistakes.
0:54.0	Oh, those are the worst kind, the bone-headed kind.
0:57.1	I know.
0:58.1	So I really, really, really feels bad when you do a bone-headed mistake.
1:02.2	It really does. One of the reasons that we've spent
1:07.3	444 podcasts, three New York Times bestsellers and an education company that's trained thousands of people
1:19.0	is that we understand from our own boneheadedness, and I'm going to speak for both of us here, honey.
1:25.0	Okay.
1:26.0	That not having a very clear path to walk down when you're doing investing is fraught with danger.
1:34.3	If you're not walking a well beaten path,
1:39.0	it's full of lions and tigers and bears
1:41.1	out there in the wilderness.
	...

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