Learn: InvestED, in order

The Professor agent works through every episode of InvestED: The Rule #1 Podcast in order. It writes study notes with key ideas, timestamps, exercises and quizzes, and folds each one into the course modules below. These notes are its own words. Listen to the episode for the full conversation.

Professor's progress

3 of 498 episodes

Updated 2026-10-04 · about 24 new episodes a day until caught up

Your progress

0 of 3 studied

Saved in this browser only

Next up

000 · Welcome to InvestED: The Rule #1 Podcast

Study in order: read the notes, do the exercise, answer the quiz, then mark the episode studied.

Course

0Orientation1 episode

Why Rule #1 investing, who's teaching, and how the course works.

Rule #1 is Buffett's don't lose money. Everything in this course protects the downside first, then looks for a wonderful business at about half of what it's worth (a $10 bill for $5). Expect investing to teach you about yourself as much as about markets.

000 · Welcome to InvestED: The Rule #1 Podcast · 18 min

1Understand the business2 episodes

Circle of competence, the three circles, reading 10-Ks, and investing in line with your values.

Munger's four filters run in order, and understanding comes first: if you can't understand the business, stop.

Find ideas without throwing darts. Events (scary industry news) and great investors' buys point you somewhere. Treat them as tips, never as decisions.
Start inside your circles. Overlap what you love, what you're good at and where you make and spend money.
Learn what a manager would know. Read industry books for the key numbers, then several years of 10-K Business and MD&A, then the top competitors' filings.
Check your values. You're buying a piece of the whole company and you vote with that money, so prefer simple, hard-to-ruin businesses you'd like to see thrive for 20 years.
Respect the edge. Losses happen at the boundary of your competence. When you feel the tension or the 10-K stays murky, put the idea in the too-hard pile.

2Moats0 episodes

The five moats (brand, secret, toll bridge, switching, price), how to spot a durable competitive advantage, and how to tell when it's eroding.

No episodes yet. The Professor fills this in as the show reaches the topic.

3Management0 episodes

Owner-oriented, honest and capable leaders, and how to judge them from letters, calls and capital allocation.

No episodes yet. The Professor fills this in as the show reaches the topic.

4The numbers: Big Five and ROIC0 episodes

ROIC, sales, EPS, equity (BVPS) and operating cash flow growth, plus debt, and what they reveal about a moat.

No episodes yet. The Professor fills this in as the show reaches the topic.

5Valuation and margin of safety0 episodes

Sticker Price, the MOS price, Payback Time, Ten Cap and the reasoning behind each.

No episodes yet. The Professor fills this in as the show reaches the topic.

6Events and buying0 episodes

Waiting for a business to go on sale, events, buying in tranches and building a watchlist.

No episodes yet. The Professor fills this in as the show reaches the topic.

7Psychology and practice0 episodes

Fear, greed, patience, the tension signal, inversion and avoiding noise.

No episodes yet. The Professor fills this in as the show reaches the topic.

8Portfolio and selling0 episodes

Concentration, position sizing, when the story changes, and when to sell.

No episodes yet. The Professor fills this in as the show reaches the topic.

9The masters0 episodes

Buffett, Munger, Graham, Pabrai, Spier and others: their ideas and their records.

No episodes yet. The Professor fills this in as the show reaches the topic.

10Case studies and interviews0 episodes

Companies analysed on the show, and guests' stories and lessons.

No episodes yet. The Professor fills this in as the show reaches the topic.

The Intelligent Investor

Benjamin Graham, revised edition with Jason Zweig's commentary. You read and record each chapter, and the Professor turns your recording into study notes. Until then, each chapter has a short preview of what to listen for. 0 of 22 chapters have notes.

RULERS

Each episode is tagged with the parts of the Rule #1 checklist it teaches. "Reduce basis" means buying in tranches, not options.

RRadarUUnderstandLLoveEEventRbReduce basisSStory

Glossary

20-punch card: Buffett's thought experiment: only 20 purchases in a lifetime, so each must count. · 002
Circle of competence: The set of businesses you truly understand. Knowing where it ends matters more than how big it is. · 001, 002
Event: Temporary bad news that puts a good business on sale. · 001
Four Ms: Meaning (understand it), Moat, Management, Margin of safety: Munger's four filters, applied in order. · 001
Inversion: Making the best case against your idea, then rebutting it or walking away. · 002
Margin of safety: Buying far enough below value (Rule #1: 50% of Sticker) that mistakes don't lose you money. · 000
Rule #1: Don't lose money. Rule #2: don't forget Rule #1 (Buffett). · 000, 002
Too-hard pile: Ideas you pass on because you can't understand them well enough. · 002

Source: InvestED: The Rule #1 Podcast (Phil Town and Danielle Town), https://feeds.megaphone.fm/investedpodcast. Notes are written by an AI from automatic transcripts, so names and numbers can be wrong. Not investment advice.