Hey everybody this is Bill town this is Bill town this is Danielle town and we're here for

invested it's our podcast on, and guess what, investing.

It's on investing, how to be invested in your life,

invested in your money, and for me, learning more about how to live a little bit better by learning about public companies and what they do in our world.

And I want to extend that to everything you're learning about public companies and what they do in the world applies equally to private companies, to franchises, to real estate investments.

In other words, my view of this whole thing is that when you get fully invested into this whole process, this whole thing that you're calling a practice, you end up with a really wide world of

things you can invest in and understand.

Yeah, that's a good point. Somebody said to me recently, oh, you know, I just really like real estate. So I guess listening to your

podcast and learning this stuff isn't helpful. And I was like, no, that's the whole point

is that you can use've learned actually. I wasn't expecting that that would be true.

I really want to push back on that particular listener because the problem that most people

had in real estate in 2005, 6, 7, 8, you know, as the whole real estate market peaked and crumbled

is that they were paying way too much for

pieces of real estate because they were valuing it the way investors value real

estate instead of in value and how do investors value real estate.

Yeah, well, investors value real estate by what somebody paid last week.

And they look at the comps or the comparable sales and say, oh well this townhome sold for $400,000 last year, so surely I can

sell it for $450. And this little error in thinking created a disaster financially, both individually and for

our entire country.

As people assumed this incredibly stupid point of view, which is held by the enormous number of people in all markets,

and most has been written about it with the public markets that the price that you pay for something is what it's worth and it's really stupid.

I mean, there's there's two parts of that.

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