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

welcome to Invested the podcast about Rule 1, Warren Buffett style investing.

Rule 1 being don't lose money.

That's kind of a key thing.

And Daniel...

Rule number 2, Dad.

Oh, Rule number 2 is, don't forget rule number one.

Which is don't lose money.

Which means we invest when we think that we have a high degree of certainty

that we're buying something a lot cheaper than what it's worth,

kind of like going to a garage sale and finding things you know are valuable and then buying them really super cheap that you can sell on eBay.

That's Rule 1 investing.

So we have...

Yeah, don't lose money. And Danielle and I have this ongoing discussion about whether

there's any other sort of thing you could call investing.

And that we take a very hard line here, I don't know that she agrees with it, that that's investing.

Everything else when you just put money into something

you pay what it's worth then what you're doing is speculating that something good's going to happen in the future. And since the future is highly unpredictable,

this idea that you're buying things below their value

is critical.

It's the three most important words of investing

according to Ben Graham, of safety and I just want to say

...