In one sentence: A rerun of 027, played during the summer break. Read that note for the content (mindful means noticing, a promise beats a goal, dharma and freedom). Only the intro is new.
Key ideas
- Rerun. The audio is the original 2015 episode, with a new introduction by Danielle recorded for the 2016 break. She says the show is on hiatus "last week and this week" (this is the second break week) and that new episodes return in September. [00:00–01:00]
- The new intro. She repeats that investing your values is core to her and Phil and asks listeners to keep practising reading 10-Ks. [00:00–01:00]
- What's covered (see 027): noticing that you aren't investing, why people avoid it, promise versus goal, and dharma as doing what you're suited to, with money buying the freedom to do it. [01:00–37:00]
- A takeaway for an investor. Phil's closing point is that wealth beyond a salary gives choices, which connects to later episodes on owner cash flow and dividends ("equity bond"; see 012). [35:00–37:00]
How it maps to RuleOne
See 027. The practical link is building a regular habit, such as a few minutes on /stocks/ most days.
Buffett, Munger and Graham links
See 027.
Words to know
See 027.
Try this
Write one promise, not a goal, about your investing practice, such as "I will read one 10-K section each week for a month". Check it off on a calendar and note how it felt.
Check yourself
- Is any new material here?
Answer
No. It is a rerun of episode 027 with a new short introduction. - What is the difference between a promise and a goal, as Phil uses them?
Answer
A promise puts your character on the line, while a goal is an intention that lets you off the hook. Danielle isn't sure the word alone changes behaviour.
Short quotes
"A promise is something that's all about your character." (Phil, ~17:00, auto-transcribed, paraphrased)