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Brian is an encyclopedia of investing information. And he is enthusiastic about his craft. Great questions and another gem of an interview.

Great job Clay. Your podcasts are next level. You are one of the few people who interview others who allows the person to speak and rarely interrupt the speaker. You questions also are fantastic.

Brian is amazing. Thanks for bringing him on. However, very important to remember and clarify though that Buffet‘s and Munger‘s value investing approach is not based on "valuation is everything". Most important factor is always quality, or if you will, moat, first. Only then comes the price into play. And I think that’s often misunderstood or not known by many people who talk about value investing or define themselves as value investors.

This guy's brilliant, love the market history/backstory! I wonder how he got up to speed on the background, I'd be interest in his development journey.

Rule#1 (Don't lose money) is underappreciated. it works at different levels and is effectively a "synthetic option", forcing money to flow in one direction and one direction only. Two examples of its implementation are stop losses and options (which are technically non-synthetic options lol). If you extend the concept of the synthetic option to lifestyle, we all know those people who scoop up goodies in good times, skip town and let everybody else deal with the wake of technical dept. Companies do this all the time with externalities.

It's interesting to say that value and growth are just preferences on a spectrum but I can't help but looking at the risk of ruin for favoring growth. Does a growth investor who invests long enough eventually run into a losing streak where all the capital is lost? This is why the buffet rule exists.

Good

❤🙏🤝

Where’s security analysis in your description of the history?

What’s Brian’s net worth?

He is not a billionaire and this channel is compromising its brand.