In one sentence: A short holiday message in which Phil and Danielle thank listeners, describe Rule #1 as a family of teachers running from Graham to Buffett and Munger to them, and say they'll return on 8 January with a 2019 outlook.
Key ideas
- Gratitude to listeners and to each other. Danielle thanks Phil for teaching her this practice. [00:00–01:30]
- A lineage of teachers. Phil describes Rule #1 as an extended family from Ben Graham in the 1930s to Buffett and Munger, then to his own teacher, to him and to Danielle. Its aim is financial security and freedom pursued with virtue and integrity. [02:00–03:30]
- Loneliness aside. Phil mentions reading that being alone has health effects comparable to heavy smoking and invites isolated listeners to treat the Rule #1 community as family. Treat the statistic as his recollection. [01:30–02:00]
- Looking ahead. Back on 8 January with a 2019 outlook. Phil expects a pivotal year, comparing it to 1998–99 or 2007–08, and thinks it's a good year to be learning and patient. This is his opinion, not advice. [04:00–05:00]
How it maps to RuleOne
- Nothing in the screen applies. The one link is Phil's view that patience and learning are the work in an expensive market; compare /holdings/ cash.
Buffett, Munger and Graham links
- The lineage Phil names runs from Graham's The Intelligent Investor to Buffett, who wrote in a later edition's preface that it shaped his approach.
Words to know
- None new.
Try this
Write down who taught you the most about money, and send them a short thank-you note.
Check yourself
- Whom does Phil name as the start of the Rule #1 "family"?
Answer
Ben Graham in the 1930s, then Buffett and Munger and the teachers after them.
Short quotes
"Every religion has gratitude in it at the core." (Phil, ~03:50, auto-transcribed)