Hi everybody this is Phil Town this is Phil Town this is Danielle Town

welcome to Invested where we're talking about Warren Buffett style investing

we are aided in large part by Charlie Munger Warren Buffett's style investing. We are aided in large part by Charlie Munger,

Warren Buffett's partner.

We are diving into the basics of great investing.

And I want to just make a quick point.

Make that, yeah. This is not value investing.

Often it's called that and that's not a horrible thing to be called, but value investing has become its own kind of thing,

very low PE kind of buying of companies.

So we don't really have a great name for this,

so what we call this is Rule 1 Investing.

Which means Warren Buffett has two rules of investing. One is

rule number one is don't lose money and rule number two is don't forget rule

number one. And we're focusing in this style of investing on the risk

rather than the reward. That's a real good way to think of it.

Okay, I have, you just threw so many things out there.

Okay, so by saying that the number one rule of investing and the only real rule of investing

is don't lose money money that should tell you that you're if you took it seriously rather than just sort of an obvious thing

That you would focus your investing on things that you had such a high degree of

certainty about that you were very confident you weren't going to lose money and

you let the rate of return take care of itself. This is hugely

important. You just said that you focus on the risk rather than the reward and

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