Hey everybody this is Phil Town and this is Daniel Town. Hey welcome to the

invested podcast where we are

very very busy constructing Warren Buffett and Charlie Munger and all of these other investors that are working hard to do real investing.

We're very busy and important.

Didn't we figure that out last week?

By the way the market has gone so deep into exchange-traded funds now,

which Warren Buffett has been recommending for years,

if you're not going to learn how to invest

go get an exchange-traded fund that does the whole market.

Totally agree with him.

But now Charlie Munger, before he died,

started warning that the ETFs are sucking up

so much capital that a handful of ETF managers,

literally three major managers, have enormous voting

control over the market, number one. And number two, the volatility that

comes from having everybody buying something that isn't seeking prices.

It's not seeking value at all.

It's just paying the price, whatever it is.

That's what an ETF does.

It's causing market volatility and as expected this is what we think is that

it's going to create enormous market volatility. So anyway just a brief aside that it's

important to learn how to invest because you've got to put price on things and so we want to buy things at a good price

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