Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)

Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)

by Danielle Town, Phil Town

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Overview

New York Times bestseller! 

A 12-Month Plan to Financial Freedom

"A terrifically informative and thoughtful book." - Gretchen Rubin, bestselling author of The Happiness Project and The Four Tendencies

In this essential handbook—a blend of Rich Dad, Poor Dad and The Happiness Project—the co-host of the wildly popular InvestED podcast shares her yearlong journey learning to invest, as taught to her by her father, investor and bestselling author Phil Town.

Growing up, the words finance, savings, and portfolio made Danielle Town’s eyes glaze over, and the thought of stocks and financial statements shut down her brain. The daughter of a successful investor and bestselling financial author of Rule #1, Phil Town, she spent most of her adult life avoiding investing—until she realized that her time-consuming career as lawyer was making her feel anything but in control of her life or her money. Determined to regain her freedom, vote for her values with her money, and deal with her fear of the unpredictable stock market, she turned to her father, Phil, to help her take charge of her life and her future through Warren Buffett-style value investing. Over the course of a year, Danielle went from avoiding everything to do with the financial industrial complex to knowing exactly how and when to invest in wonderful companies.

In Invested, Danielle shows you how to do the same: how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons.

In each chapter, Danielle examines the investment strategies she mastered as her increasing know-how deepens the trust between her and her father. Throughout, she streamlines the process of making wise financial decisions and shows you just how easy—and profitable—investing can be.

Capturing a warm, charming, and down-to-earth give and take between a headstrong daughter and her mostly patient dad, Invested makes the complex world of investing simple, straightforward, and approachable, and will help you formulate your own investment plan—and foster the confidence to put it into action.

Product Details

ISBN-13: 9780062672650
Publisher: HarperCollins Publishers
Publication date: 03/27/2018
Pages: 336
Sales rank: 150,973
Product dimensions: 6.10(w) x 8.90(h) x 1.40(d)

About the Author

A corporate startup attorney, Danielle Town earned her law degree from New York University, and holds degrees from Wellesley, Oxford, and University of Colorado. She cohosts the InvestED podcast with her father, Phil Town.


Phil Town is a motivational speaker, investor, and the author of the #1 New York Times bestsellers Rule #1 and Payback Time. He cohosts the InvestED podcast with his daughter, Danielle Town.

Table of Contents

Foreword Phil Town xi

Introduction, or How to Use This Book 1

Chapter 1 January-Becoming Brave 5

Warren Buffett and Value Investing

Rule #1 Investing

Hoard Or Abdicate

Inflation

My Investing Practice

January Practice

Chapter 2 February-Knowing Your Number 37

Primer on the Stock Market

Flavors of Abdication

Calculating My Number

Investment Options Outside of the Stock Market

Maro-Thankfulness

Components of Financial Freedom

Four Levels of Mastery

February Practice

Chapter 3 March-Voting For A Mission With My Money 65

Creating My Investing Office

Primer on Corporations

Asymmetry of Information Between Companies and Shareholders

Voting for a Mission with My Money

Finding Missions

Story of a Company

March Practice

Chapter 4 April-The First Principle of Value Investing 85

Efficient Market Hypothesis (EMH)

Lucky Monkeys

Events

Market-Wide Indicators of Events

Shiller P/E

Buffett Indicator

Charlie Munger

Four Principles of Investing

First Principle: Understanding the Business

Circle of Competence and the Three-Circles Exercise

Primer on Annual Reports

Gurus

Investing Intensive and the Buffett Bible

April Practice

Chapter 5 May-Charlie's Moat and Management 119

Second Principle: Moat

The Five (And a Half) Moats

Moat Case Study: Coca-Cola

Moat Case Study: Apple

Primer on Financial Statements

Big Four Numbers and Growth Rates

Windage Growth Rate

Third Principle: Management

Management Numbers

Checklist For Charlie's First Three Principles

May Practice

Chapter 6 June-Circling Competence 147

Facing Feelings About Money

Investing in What You Know

Annual Reports

Wishlist

Fantasy Investing

Brokerage Account Basics

Family Tradition with Money

Steps to Face Preconceptions Around Money

June Practice

Chapter 7 July-Charlie's Fourth Principle: Pricing 177

Fourth Principle: Price that Makes Sense

Three Methods of Pricing/Valuation

Pricing Using Whole-Company Numbers

Ten Cap Pricing Method

Owner Earnings

Formula for Owner Earnings

Payback Time Pricing Method

Formula for Free Cash Flow

July Practice

Chapter 8 August-Charlie's Fourth Principle: Value 209

Pricing Using Per-Share Company Numbers

Margin of Safety Valuation Method

Formula For Margin of Safety

Opening a Brokerage Account

August Practice

Chapter 9 September-Inverting the Story 229

Checklist of Expensive Errors

Writing the Story

Inverting the Story

Investing Research Organization

Practice Shares

September Practice

Chapter 10 October-Compiling an Antifragile Portfolio 253

Antifragile Portfolio

Passive-Aggressive Strategy

Buying Plan

Tranches

Prepare to Manage Emotions During Events

October Practice

Chapter 11 November-When to Sell 269

Buying A Company

Sell Whew the Story Changes

Reducing Basis

Dividends

Buybacks

Determining When to Sell

November Practice

Chapter 12 December-Living Thankfulness 291

Checklist for Ongoing Investing Practice

Maro-Thankfulness

December Practice

Epilogue 303

Afterword Phil Town 307

Resources for Your Investing Practice 310

Appendix 313

Acknowledgments 321

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Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help From My Dad) 5 out of 5 based on 0 ratings. 1 reviews.
StrengthafterStroke More than 1 year ago
Very easy to read while, at the same time, gives a great account of how to get started investing in the stock market. I enjoyed it immensely.