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

we're here for the invested podcast coming to you direct from Zurich, Switzerland.

Here is Switzerland.

Welcome to Switzerland, Dad.

Thank you.

It's so great.

It's really, really beautiful.

I moved here recently because my husband lives here, my new husband, and now dad is visiting.

And I'm having so much fun.

Nuno is a Duke MBA amazing consultant to the banking industry,

in particular private banking.

And we had this gigantic talk yesterday.

You guys are hilarious.

You guys like literally took over the entire day.

The entire day.

And just sat in the kitchen and discussed, well first because I wanted to talk about it valuation,

I've been trying to figure out valuation.

And then that got into like actual non-layman valuation shall we say like valuation that's a

little more complicated than what we've been doing? We went from the idea that you

have to put a price on risk and we use what we call a minimum acceptable rate of return or the Marr of 15%.

So we sort of set the bar at like we're going to invest in companies.

But we're pricing in, in other words, we're going to pay a price that reflects the risk.

...