Phil Town

Well, you know, by New York Wall Street standards, I'm completely unqualified to talk about this, actually.

I was a river guide when I started investing, and that would put me off into the netherworld for Wall Street people.

And secondly, almost the entire rest of the world invests using the concepts of modern portfolio theory, which dominate all training for fund advisors.

It's what dominates the thinking at the SEC.

And in that theory, it says that you can't beat the market.

So I'm completely out there in space as far as New York Wall Street is concerned.

But I'm anchored to the rest of the world by some of the greatest investors in the world who I'm following and I've been following for 30 years, including...

Ben Graham, who sort of developed the ideas of value investing back in the 30s and 40s, when he made about 22% per year through the Depression and World War II, with what amounts to, in today's dollars, a billion-dollar fund.

And also Warren Buffett, who is his number one disciple, and Charlie Munger, who together run Berkshire Hathaway's investing.

So I think I've got some really good people that I'm following that Wall Street hates as badly as they...

I hate the idea that someone would actually do better on their own than putting their money in a fund with those Wall Street guys.

What I did was was follow these basic principles of picking really good companies when they're on sale.

So the first thing you have to do is believe that they ever that they ever actually go on sale.

And second, I learned to use other people's money as well and build up that that fund that I was I was just developing on my own and then.

gradually built it up with other people's capital, which is the same path that Warren Buffett went down.

I mean, when he started, he started with $10,000 and went out and raised money from other people and then invested it.

And that's, that's essentially what they do on wall street.

Um, but the crazy thing is that, you know, I basically found out I could do it myself and that's, that's what allowed me to do all that.

So this is all capital coming in from investors and we're under 100 million.

So we're not very large by those standards.