Hey everybody this is this is Phil Town this is Danielle Town and welcome to the

Invested Podcast where we talk about how to make money in stocks in real estate in companies with good

underlying value in businesses with good underlying values maybe one day we'll

figure this out.

Because stocks are just a piece of paper, right?

And people kind of think of them as something to trade or gamble with.

What we're looking at when we're buying things is we're looking at businesses and it could be a real estate

business. Yeah good point when I say company I guess that's too narrow good point. Yeah and so we

want to basically know that the best investors in the world, which are people like Warren Buffett, Charlie

Munger, have been doing this kind of technique now for many, many years, decades, and there's

a family of investors who do this kind of investing that we call

Rule 1 investing and we're trying to teach kind of, you know, everybody how to do it.

It's a great thing to know. So let's start. You're trying to teach everyone to do it. I'm trying to learn. This is true. But I appreciate you including me.

Well I think what we should do today is talk a whole bunch about

Charlie Munger who gave his annual report for a company called the Daily

Journal which has become quite the little social affair.

It has.

So I'm just going to say where we are in the podcast.

What we did two episodes ago was talk about dividends and we promised to talk about buybacks straight away

after that. As tends to happen, life came up and we got to interview JJ Virgin.

So that was the last two episodes was us talking to JJ. Yes. And now we're

going to again put buybacks on hold because dad and I just went to Charlie's

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