In one sentence: A "from the vault" rerun of 190, played because it fits the checklist series; read that note for the ideas.
Key ideas
- Rerun. Danielle introduces it as a replay, and the content matches 190: Phil's three-circles start, the bumblebee drift from flower to flower, the three outcomes of a deep dive (no, too hard, or watch list) and the Burlington Northern example. [00:00–28:00]
- What's new here: only the framing. It is played alongside the checklist series on how to dig into a company, and the (misheard) show notes add that the goal is to be proud of what you own. [00:00–01:00]
How it maps to RuleOne
See 190. The stock pages are the place to work one company to a decision.
Buffett, Munger and Graham links
See 190.
Words to know
- Circle of competence: businesses you can understand well enough to forecast.
Try this
Do the exercise in 190, and give each company a status: no, too hard, or watch list.
Check yourself
- Why does a rerun get a short note?
Answer
The content is already recorded in 190, so only anything new is added.
Short quotes
None.