In one sentence: A rerun of 011, played during the summer break. Read that note for the content (circle of competence, events, Rule #1, values), since nothing in the main discussion is new.
Key ideas
- Rerun. The audio is the original episode from 2015 with a new introduction by Danielle recorded in August 2016. The show was on hiatus for two weeks and said new episodes would return in September. [00:00–01:00]
- The new intro. Danielle says investing your values is a core tenet for her and Phil, and tells listeners to keep practising reading 10-Ks (see 002). [00:00–01:00]
- What's covered (details in 011): narrowing to what you understand, events as a cue, three circles, Rule #1 as the research question, concentration, margin of safety and values. [01:00–43:00]
- One thread to follow. The closing discussion about moral hypocrisy and "your money is a vote" is picked up in 069, where Phil again urges treating a stock as ownership of the whole company. [36:00–47:00]
How it maps to RuleOne
See 011. The 2016 listener's takeaway is the same: choose industries from your own life first, then use the screen and event watch.
Buffett, Munger and Graham links
See 011.
Words to know
See 011.
Try this
Do the exercise in 011 if you haven't. Then compare your answer with the three-circle list from 001.
Check yourself
- Is any new investing material here?
Answer
No. It is a rerun of episode 011 with a short new introduction. - Where do the details live?
Answer
In the episode 011 note.
Short quotes
"Don't forget to keep practicing reading your 10-Ks." (Danielle, ~00:30, auto-transcribed)