Hey everybody this is Phil Town this is Phil Town this is Danielle Town

welcome to the Invested Podcast welcome we're back to talk about Warren

Buffett style investing and we're not going to be labor you about that.

We're just going to get right into it.

We decided that we've been doing this podcast for a year and a half and if you're brand new to it there is a plethora of episodes in which you should go back and

listen to them and figure out what this podcast is all about and it's all about

rule number one investing and you're in luck new people because

we are doing a whole series on back to basics right now. Yeah. Yeah. And we are in part five of back to basics. Yeah. Part five of a multi-part series.

Which unclear how many parts there will be.

Yeah, unclear.

And we're basically going down Charlie Munger's list of four things that are what

investing is all about as opposed to speculation and those four things are this.

Are you capable of understanding?

Is there an intrinsic characteristic that protects the company from competition, is management

talented and do they have integrity, and is there a margin of safety?

Now did you just do that so that I wouldn't play Charlie for everybody?

Oh you're going to play Charlie. I was going to play Charlie. Yeah, we play Charlie in the next time.

We'll play Charlie next time.

So let's talk about, we've talked about being capable of understanding the business

we've got into that and now we're going to go deeper as we get into this idea of an

intrinsic characteristic that protects the business.

And this is hugely important.

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