Insist on buying stocks on sale. Rulers never pay full price. Phil and Danielle discuss what it means for wonderful companies to be in an event and finding a margin of safety.
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I don't necessarily disagree with what Phil is saying, but he is wrong about Rule Number 1 investing never going down. Berkshire Hathaway has gone down 50% 3 times in its existence, but that is what the market does. As long as you don't sell and live within your means, you will be a winner. Warren tells all average folks to simply do what John Bogle has been saying for years. Invest in stock index funds. What Warren does not say, but will help those who can't handle the short term drops is invest some in bond index funds if you want a smoother ride. No need to make investing a full time job unless you want to.
Thanks for all the information guys! Beautiful podcast