Hey everybody this is Phil Towne

this is Phil Towne and we're here for the invested

podcast where we're going to learn how to invest like the best investors in the world.

And by that we mean Warren Buffett and Charlie Munger and guys like Guy Spear and Manesh

Pabry and David Einhorn and Bill Ackman and other people that the world

calls often calls value investors but most of which are not classic value investors.

We're going to learn the best like those guys.

Awesome.

Yeah.

So they are value investors.

What does that mean?

What's a value investor?

Well, classically value investors follow the teachings of Ben Graham who started teaching

value investing back in the 1930s as a professor at Columbia University and

he wrote a book with David Dodd in 1934 called Security Analysis, which is the Bible of value investing, and which says basically that stock prices are not always priced at the value of the business that sometimes because of fear in the market you can find companies that are priced much, much lower than their value.

And security analysis is the process of figuring out what the value is,

so you know if the price is a lot lower.

And value investing is buying those companies

where the price is much much lower than the value.

Oh, okay. So that's basically what we've been doing.

It's trying to figure out the valuation

so that we can know if the value of a company,

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