In one sentence: A rerun of 014, "How to Make Your First Trade", with a new two-minute introduction from Danielle that ties it to the SEC-filings talk in 138.
Key ideas
- This is a rerun. The core content matches 014 (what a stock is and an IPO, liquidity, brokerage accounts, commissions, paper trading, sizing, market versus limit orders, day versus GTC). Read that note instead of repeating it here. The broker names, fees and minimums are from 2015 and may be out of date. [01:00–47:00]
- What's new: the framing. Danielle explains that learning how to buy stock, like reading 13F filings, shows you how markets actually work and the practical details you don't think about until you do it. The rerun sets up the next episode on how to use the gurus' filings, since she won't "blindly copy" even Munger or Buffett. [00:00–01:00]
- A note on the options talk. The original includes Phil's description of using options to lower his cost on a stock (the Whole Foods example) and of leaning on options with a small account. It is his own approach and was flagged there as advanced; this rerun doesn't change that. [29:00–35:00]
- A teaser. Danielle also mentions a big announcement due in a few weeks. The note has no more on it. [00:00–01:00]
How it maps to RuleOne
See 014. The new link is to 138: once the screen or a guru's filing surfaces a name, the broker steps in 014 are how an order gets placed.
Buffett, Munger and Graham links
See 014. Nothing new in this rerun.
Words to know
Same as 014: IPO, liquidity, bid/ask, limit and market orders, day and GTC.
Try this
Do the paper-trading exercise from 014, then pick a name from the guru-filing exercise in 138 and size it as a percentage of the pretend account.
Check yourself
- Why was this episode replayed here?
Answer
As a break while the hosts line up the follow-up on using guru filings, and because buying stock is a practical companion to reading filings.
Short quotes
"We're playing one of our episodes from the vault on how to make your first stock purchase." (Danielle, ~00:30, auto-transcribed)