Hey everybody this is Phil Town

this is Phil Town we're here for the invested podcast where we're going to talk about

Warren Buffett style long-term investing where we try to go for low risk and high

rates of return.

Which sounds imaginary and yet I believe that perhaps it is possible.

And yet the Securities Exchange Commission

exclamation point would say to me

you are smoking something because

this is a world where you can't get high rates of return with low risk.

Well, that's what they would say.

Probably a lot of people would say that to you.

And I say, I think this is more of a world like you're going to a garage sale and you can find a bow flex for $10 because people get emotional about what they own and decide they want out of it for all

sorts of reasons that have nothing to do with the value of the thing they're selling.

They just want out.

And that kind of thing sometimes applies when a company goes through a major crisis

or the economy goes through a major crisis.

And then things go on sale.

This is of course Warren Buffett's opinion.

It's Charlie Buffett's opinion.

Charlie Munger.

Sorry, Charlie Munger's opinion.

I mean, I get that you're saying that emotions are involved,

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