In this episode, Phil and Danielle continue their talk about their experiences at the Berkshire Annual Meeting. Phil talks about the “3F’s” of starting a fund. Friends, Family, and Fools. They also talk about what Berkshire’s core competencies are. Buffett answered this question by saying, “We really don’t have one. We don’t expect to know anything particularly except how to pick people that have a core competency.”

They also discuss ESG companies. ESG companies is a new way of talking about “conscious companies”. ESG stands for environmental, social, and governance. They also talk about board members of a company and how they can really make companies act in a horrible way to pad their pockets in the short term. For show notes and more info visit www.investedpodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices