Phil Town

Now, I'll tell you where the real problem comes from is that you probably are going to get your values right if you're buying things that you understand, like mink coats and houses next door.

What you're going to miss out on is where we usually end up with trouble is that the management team, whoever's running it, turned out to be a bunch of greedy bastards.

And then you can get in trouble because they can do things that you don't.

They shouldn't do, and they do it for their own benefit, and they do it at your expense.

And that's almost impossible to say for sure that you're dealing, particularly in public companies, actually, that you're dealing with people who have integrity.

I mean, we have been burned in the past for sure, Nathan, and where we really thought we had a great investment and the lower the price on the investment went, the more we wanted to buy it and we bought more and the management team screwed us purple.

And I'll tell you, man, that you can't count for except to just not have all the eggs in one basket, you know, that we can do.

So the book came out in 2005.

And then the second one came out in 2010.

And we just signed a deal with HarperCollins to have another one come out in 2018.

So congratulations.

So the book came out in 2005 and then the second one came out in 2010 and we just signed a deal with Harper Collins to have another one come out in 2018.

So congratulations.

Uh, 400 and some thousand.

It's got to be Intelligent Investor by Ben Graham.

Came out in 1949.

It's a perennial bestseller.

It's about a quarter of an inch thick.

And he summarized everything that he had learned about being a value investor, about how you find things that are on sale.

Warren Buffett wrote a great appendix to it.