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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

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

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

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

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

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?

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

Welcome to Invested! Phil Town and Danielle Town introduce themselves. For show notes and more information visit www.ruleonepodcast.com
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00- Welcome to Invested: The Rule #1 Podcast

Basics of Rule #1 Investing and how to look for a business you might want to invest in. For show notes and more information visit www.ruleonepodcast.com
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01- Understanding a Business, Investing With Your Values (Part 1)

Free resources to help you invest in a business that you understand and love. For show notes and more information visit www.ruleonepodcast.com
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02- Understanding a Business, Investing With Your Values (Part 2)

How to find a company that has a competitive advantage and how we know it will be around long-term. For show notes and more information visit www.ruleonepodcast.com
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03- Finding a Competitive Advantage

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

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