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Lyssna när som helst, var som helst

Phil Town & Danielle Town

Phil Town is a hedge fund manager and author of 3 New York Times best-selling investment books, Invested, Rule #1, and Payback Time. On the InvestED podcast, Phil and his daughter Danielle shine a light on the successful investing strategies that gurus like Warren Buffett have used for 80 years. Listen in for a great stock market education on basics, learn how to invest on your own, and follow along with real-time examples and investing tips from week to week. Subscribe and leave a review. Questions? Email questions@investedpodcast.com.

InvestED: The Rule #1 Investing Podcast

In the high-stakes world of investing, mindfulness helps value investors stay focused, patient, and rational. It strengthens resistance to fear and greed, promotes long-term thinking, and sharpens decision-making. By staying present, investors can tune out market noise and stick to their principles.
In this Vault interview, Phil and Danielle revisit a conversation with mindfulness expert Dawa Tarchin Phillips. His insights on leadership and mindfulness equip investors with the patience, clarity, and resilience needed for volatile markets. By integrating mindfulness into investing, he provides tools to stay focused and make rational, long-term decisions—essential skills for any serious investor.
For more inspiration from some of the investing world’s most brilliant minds, click here for Phil’s free guide to The Best Investors in the World: https://bit.ly/4haMBQ6

Topics Discussed:

Empowerment Holdings

IMTA

Mindful Leadership Tribe

Transformational Leadership Council

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497- FROM THE VAULT: Dawa Tarchin Phillips on Becoming a Mindful Investor

Engaging in any form of investment involves some level of uncertainty. While it's natural to feel proud of our achievements, it's equally important to analyze our process when things go wrong.

As with anything in life, if we practice value investing for long enough, we’ll inevitably make some missteps. By reflecting on failures, we uncover insights and lessons that not only strengthen our decision-making but also help us grow as more informed and resilient investors.

On this Vault episode we look back on the troubled story of Horsehead Holdings, and Phil dives into his connection to the company and what he took away from his experience watching a business defy expectations.

If you’re looking for help with how to plan, save, and invest—at any age—make sure to get our free guide, Map Out Your Investing Journey: https://bit.ly/3DTy4qN

Topics Discussed:

Horsehead Holding Corporation

13F filings

10-K reports

Zinc industry

EBITDA

P/E ratio

Resources Discussed:

GuruFocus

DATAROMA

Seeking Alpha

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496- FROM THE VAULT: What Happened to Horsehead Holding?

Free cash flow is a key metric in value investing. It provides a more reliable view of a company’s financial health than its earnings, which can be influenced by creative accounting. By focusing on free cash flow, investors can identify financially solid companies with long-term potential and reduce reliance on speculation.

As we close out 2024 and as InvestED nears its 500th episode, this week we’re looking back on an episode from very early in the show’s run. This Vault pull serves as an excellent primer to anyone who’s new to the show and gives a great overview of Rule #1/Buffett-style investing.

For some great year-ending insights into the mind of the Oracle of Omaha, click here for a free copy of Phil’s Warren Buffett Book of Quotes: https://bit.ly/3OEPXjL

Topics Discussed:

Humanizing companies

Crowdfunding and regulation

Cash flow vs. earnings

Certainty in investing

Resources Discussed:
Payback Time

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495- FROM THE VAULT: Understanding Free Cash Flow

Season’s greetings, value investors!

Phil and Danielle check in to reflect on the holiday season and express gratitude for the support of all InvestED listeners throughout the year. As our hosts prepare for some vacation time to close out 2024, we want to share a warm reminder to cherish the season (while staying mindful of long-term financial goals).

Whether you’re new to InvestED or just looking to revisit some classics, click here for curated playlists featuring some of the best episodes from over the years: https://bit.ly/3MUOiFn
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494- Happy Holidays

So a business you own is undergoing an event that’s made the future less certain—so what’s your next move as a value investor? Finding the right time to sell can be difficult when the M.O. is to buy and hold, but knowing when to break with an investment can be just as important as knowing what to buy in the first place.
Investing success hinges on finding antifragile companies—those that thrive in adversity and compound growth over time. Focusing on a few resilient businesses, rather than over-diversifying, leads to better long-term returns, especially during downturns.
Rather than timing the market, investors should prioritize companies with strong fundamentals and compounding potential. Patience and discipline are vital to benefit from their growth through adversity.
On this week’s show, Phil and Danielle discuss how to approach your investments having events and what the Rule #1 philosophy can tell us about these situations.

For help in planning out your investment journey in the year ahead, don’t miss your free copy of Phil’s 12-Month Financial Success planner: https://bit.ly/45AP6Xh

Topics Discussed:

Chipotle’s E. coli outbreak

San Diego real estate problems

Intrinsic value

Antifragile businesses

Emotion in investing

Sprouts

FOMO

Tulipmania

Resources Discussed:

All In

Rule #1

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493- Eventing

Your circle of competence is the cornerstone of smart investing. Expanding your knowledge as you grow keeps your skills sharp and your strategy strong.
When you focus on what you know best, you gain a clearer view of potential investments. This clarity can help you navigate market shifts with greater confidence and resilience than when you’re taking on an investment with more unknowns.
In this episode, Phil and Danielle discuss how your perspectives can change over the years, and how expanding and refining your circle of confidence can use that change to your advantage.
If you’ve found your circle of competence and you’re ready to invest, click here for your free copy of How To Pick Stocks: The 5-Step Checklist for help with identifying which businesses are right for you: https://bit.ly/3ros8mU

Topics Discussed:

Figuring out “wonderful”

Qualitative vs quantitative analysis

Continuous education

Circle of competence

Finding your “one thing”

Rule #1 of investing

Resources Discussed:

Groundhog Day

City Slickers

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492- Questionable Mastery

To novices and outsiders, the practice of investing can appear intimidating and overwhelming. However, despite the seemingly high barriers to entry and understanding market dynamics, an investor’s IQ matters less than their ability to be disciplined, patient, and emotionally detached from their investments.

In fact, this applies even more to newcomers than it does to seasoned investors, as working with more capital can make it difficult to find impactful investments compared to a modest portfolio. As you grow in your investing practice, those added complications can be countered by an expanded circle of competence and deeper market knowledge.

This week, Phil and Danielle discuss how an investor’s mental state and learned habits can aid their investing journey more than their sheer brain power. They also dig into the ongoing antitrust trial over Google’s practices and what the outcome could mean for the tech world.

For more insights on the fundamentals practiced by Buffett and other investing greats, make sure to get your free copy of these 6 Market Crusing Investing Principles : https://bit.ly/45szJ2v

Topics Discussed:

Jim Simons/Renaissance Technologies

Amazon founding

Buffett’s change of heart re: Apple

Reliance on China

IQ vs hard work

Circle of competence

Google antitrust cas

Lina Khan

Differentiating between short- and long-term problems

Fiat/Ferrari

Resources Discussed:

Mohnish Pabrai on Ferrari

Gemini (Google AI)

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491- Google Brainpower

As value investors, we aim to identify and monitor exceptional, well-managed companies that dominate their industries, effectively operating as unique monopolies.
A good starting point is using Google to gather basic insights—stock charts and financial summaries provide a broad overview. From there, explore their reports to assess transparency: are they forthcoming with information, or does it seem like they’re withholding details?
Finally, conduct a deep analysis to determine whether the company aligns with your values and investment philosophy.
In this follow-up to the previous episode's discussion, Phil and Danielle return to Terumo to talk through a recent application of their research process.

For help to find the right business to start your own deep dive, don’t miss your free copy of the “3 Circles” Exercise Guide: https://bit.ly/3LOexg2

Topics Discussed:

Buffett selling stock

Treasury bonds and P/E ratios

Boeing woes

Rule of 72

Terumo

OTC companies

Resources Discussed:

All In podcast

Rule #1 by Phil Town

Invested by Danielle and Phil Town

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490- Talking Terumo part 2

Modern tools and technology have transformed company analysis and given the general public easier access to a wealth of information to inform their investments. Determining the true metrics of a business is indispensable in value investing, which relies on balancing long-term trends with short-term market spikes.
Discover why thorough research and decisive action are key to uncovering value in today’s fast-paced markets, offering timeless insights for smarter investing.
Join Phil and Danielle as they analyze Terumo, a leading medical technology company, and explore its fundamentals via key investment principles and the impact of consistency in financial data.

To learn more about the philosophy behind Rule #1, click here for sample audiobook chapters from our NYT best sellers: https://bit.ly/3N21M18

Topics Discussed:

Thanksgiving

Terumo

Increased access to information

Rule of 72

Windage

Resources Discussed:
InvestED on YouTube

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489- Talking Terumo

We all know the ever-popular key to financial success in the 21st century: just get your coffee/avocado toast at home and quit wasting all of your money!

While there’s something to be said for limiting unnecessary impulse buys, the benefit of small wins in our daily lives isn’t something that we should overlook. While the #1 rule of investing is “don’t lose money,” it’s important for each investor to decide what “losing” money means to them.

Join Danielle as she checks in for the beginning of this holiday season and talks through her idea of what it means to set yourself up for success no matter what.

For a better understanding of your own investing profile, click here to take the Rule #1 Investing Personalities Quiz: https://bit.ly/468F8eW

Topics Discussed:

Gift giving

“Either way” account

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488- Either Way I Win

In a vault episode from the early days of the podcast, explore the world of value investing in this as Phil and Danielle delve into the power of dividends. Discover how making well-researched, long-term investments can potentially amplify returns and provide a steady income stream. They discuss the strategy of reducing risk by 'getting your money off the table' through dividend-producing companies.

But remember, while dividends offer stability and returns, they're not without their tradeoffs. We'll uncover the complexities of managing dividend-paying companies and navigating potential risks. Tune in to learn how to strike the balance between steady returns and prudent risk management in your value investment journey.

Keep in mind the Rule #1 that’s the namesake of Phil’s company: “don’t lose money.” Click here for a deeper examination of that rule that’s helped so many value investors over the years: https://bit.ly/43jTNEr

Topics Discussed:

Weather Matrix

Ben Graham’s Margin of Safety

RULERS

Compound return

Free cash flow (FCF)

Maintenance capex

Resources Discussed:

Berkshire Hathaway shareholder letter

Email us your questions!

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459- FROM THE VAULT: Reducing Basis With Dividends

Lyssna när som helst, var som helst

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