21 September 2014

Stig has studied stock valuation at Harvard University, worked as a power trader (it was as stressful as it sounds!), and now works as a college professor in finance (more fun than it sounds!). Preston graduated from West Point with a degree in aerospace engineering. Together they have studied and written books about Warren Buffett and how he invests in stocks.

Preston and Stig decided to share their passion with the world and stood up the site BuffettsBooks.com a few years ago. The next natural step has been creating this podcast to talk about Warren Buffett and other billionaire’s investing approaches. In later episodes, they will bring in guests to join the lively discussion.

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  • Who are Preston and Stig, and why did they create TheInvestorsPodcast?
  • How does Warren Buffett invest?
  • What is the intrinsic value?
  • What is a share?
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Think about Tom Cruise in Jerry Maguire. He works as a sports agent and is being told to have one purpose: “Show me the money!!!”. Investing is really as simple as that. Warren Buffett wants to know how much profit a company is making. Ultimately there is no reason to buy a stock if it’s not profitable, or soon going to be profitable.

Valuation does not have to be hard. As a rule of thumb, you can multiply the yearly net income of a company by 10. So a coffee shop with a net income of $10,000 could be valued at $100,000. This is the same as having a Price to Earnings ratio (P/E) of 10. In other words, you pay $10 for $1 profit (or a 10% annual return). As you can see Warren Buffett wants to buy stocks with a low P/E. For example, if the P/E was 5, and the profit was still $10,000 for the Coffee Shop, that would offer the potential buyer the same business for $50,000 (or a return of 20%).


Intrinsic value is a fancy word for “what is the company really worth”? Warren Buffett is a smart guy and always knows what the true value of a stock is before he buys it. Just like everybody else, Warren Buffett likes shopping and finding good products at discounted prices… However, when he shops, it is not at the local mall – he shops at the stock market. An important piece of the puzzle to figuring out the intrinsic value for Warren Buffett is asking how much money the company is making, how much will it continue to make, and how much is he willing to pay for that profit or net income.


A share is small ownership of a real business. Think about it like this: A single slice of pizza has the same taste as the whole pizza. Unless you are very rich, you won’t have the option to buy the whole business. Businesses know that, and therefore break-up their companies into small pieces (or shares) so everybody can afford a piece. For just $20-40 you can buy a single share of some of the biggest businesses in the world. The great part is the share is completely proportional to every other share, therefore owning one share is no different than owning all of the shares.

Who said you need to be a genius to become a billionaire? This simple and fantastic quote from Warren Buffett pretty much sums up the most important takeaway for the first episode:

“Rule #1, don’t lose money. Rule #2, don’t forget rule #1.“ – Warren Buffett


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Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Intro 0:00
Broadcasting from Bel Air Maryland, this is The Investor’s Podcast. They’ll take complex things and make them seem insanely simple. They make your boring drive to work feel exhilarating. They give you actionable investing strategies. Your hosts, Preston Pysh and Stig Brodersen!

Preston Pysh 1:07
All right, how’s everybody doing? This is Preston Pysh, and I’m your host for The Investor’s Podcast. And I’m accompanied by my co-host, Stig Brodersen.

Stig Brodersen 1:16
Hello, everyone! Preston and I are just so pleased that you chose to spend the day with us.

Preston Pysh 1:21
All right, guys! So, let’s go ahead and kick off this first show. And we have two segments for the first show. In segment one, we’re going to give you a brief introduction of who we are and our goals for the podcast. And then, when we move into the second segment we’re gonna be talking about what it is that’s made Warren Buffett the great investor that he is today. And for anyone out there, Warren Buffett is a very famous stock investor who’s amassed about $66 billion. So that’s who we’re going to be talking about first. So Stig, let’s go ahead and start off the intro and the goals here. So go ahead and introduce yourself.

Stig Brodersen 1:54
Okay, guys! So thanks for the introduction, Preston. My name is Stig Brodersen. I have a background in valuation from Harvard University. I had also been a commodities trader on the trading floor, actually. Right now, I’m a college professor. I am teaching accounting. I am teaching economics, but most importantly, stock investing.

Preston Pysh 2:13
All right, Stig! Perfect. So my introduction, my name is Preston Pysh. I graduated from West Point with a degree in aerospace engineering. Later on, I really took up a lot of interest in investing, and particularly investing with the approach that Warren Buffett uses. Through the years I’ve studied every book that Benjamin Graham, who is one of Warren Buffett’s professors that he attributes to all of his success in the stock market. I’ve studied all those books that Benjamin Graham has written, and so has Stig. And between the two of us, we started a website online called buffetsbooks.com. And the aim of the site was to take all these complex books and make them simple and easy for people to understand. And so we created this website; we’ve written a couple of books; and so now, we’re standing up a podcast to give you a different medium to learn this information as you’re driving to work or any other time that you don’t have to sit down at a computer and learn. So in addition to teaching our listeners how to invest like Warren Buffett, we’re also going to conduct many interviews and have discussions about books by billionaires. So Stig and I would like to refer to these episodes as the Billionaire’s Book Club episodes. About every other week, Stig and I will choose a very interesting billionaire, entrepreneur, or highly successful investor, and have a discussion about the books and high points and overall philosophy that has made that particular person such a financial success. So in summary, our goal is to teach you how to think and invest exactly like Warren Buffett. And in addition to that, we want to explore the thought patterns and ideas of other billionaires and highlight their most valued guidance and secrets to their success. So that’s what we’re trying to accomplish here. All right, so let’s go ahead and move into the second segment. So in the second segment, what we’re going to do is we’re going to talk to you about the basics. We’re going to teach you from the ground level up. Give you a really good foundation on how it is that you can invest exactly like Warren Buffett, okay? So the first point that we’ve got in order for you to invest just like this billionaire, is that you have to treat these big, multibillion-dollar companies the same way that you would treat a small business just in like your local town. So that’s the first leap. That’s the first thing that you’ve got to understand. And if you don’t treat it in that respect, you’re going to have a hard time investing like him and some other, you know, billionaires that use this value-based approach that Buffett’s professor, Benjamin Graham, had taught them. So before we go any further, let’s go ahead and talk about that in a little bit more detail. Let’s go ahead and say that…let’s try to figure out what the value of a small business in your local town would be. And then we’ll kind of step it from there into like a larger scale business and then ultimately how you would value stock, okay? So when you look at a small business in your local town. If you were going to go and you were going to buy a small business, what would be one of the first questions that you would ask? So Stig, like let’s say that I, you know, you’re trying to buy a business and a local town here in the US, what would be one of the first questions you would ask the owner of that, of that business if you were trying to buy it?

Stig Brodersen 5:19
Okay, guys! I really need to learn with you here because I am mainly interested in profit. I guess I’m like everybody else here. If I need to buy something; if I need to buy a business, I would always ask the first question, “How much profit is the company making?”

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Preston Pysh 5:34
Okay. So that’s, that’s obviously a great question. You know, so you would look at the business, you’d see what it’s doing. And like Stig said one of the first things you want to know as an investor if you’re getting ready to own this business, let’s just call it a coffee shop on Main Street, you’re not going to go and buy this coffee shop if it’s not even profitable, okay? And I can tell you right now that might sound like a really basic question and something that doesn’t seem like it’d be, oh well, that’s, that’s obvious. But it’s not obvious because when you go on to the stock market and you look at businesses, you know, you might find that 30% or even higher are not even profitable, okay? And I think a lot of people have no idea and they really don’t understand that. So, Stig asked the question, “How much money is this small business making? How much is this, is this coffee shop making?” Okay, and so let me just come up with a generic figure to go back to him. Well, my coffee shop is making $10,000 a year after all of my employees are paid. That’s the money that’s sitting in my cash account in my bank account. There’s $10,000 of profits sitting there. So then, Stig, how would you, you know, how would you handle that? When you think about that response?

Stig Brodersen 6:43
Well, yeah. So first of all, I would need to make sure that it’s 10,000 every year. And of course, here in life, there are no certainties. But, do we expect the coffee shop to be something that we can hope for the long run, Preston? Do we expect 10,000 every year?

Preston Pysh 6:58
Yeah, and I think that for, are the basic scenario that we’re talking here, yes! Let’s, let’s make that assumption that every year, let’s say like last year, it was 9,500. This year it was 10,500. And you’re kind of, you’re right in between that 10,000 mark every year. As far as like in the town, you’re the only coffee shop. You don’t really see the potential for competitors. Just to kind of keep this scenario really basic and understandable.

Stig Brodersen 7:22
Okay, so if I could make $10,000 every year by owning this coffee shop, I would probably say something like a hundred thousand. I guess I would multiply it by ten. That’s a really good rule of thumb.

Preston Pysh 7:33
Okay. So what Stig did here is…in investing you’ll typically hear things called a P/E ratio, and we’re not going to get too in depth into some of the terminology because we’ll do that in following episodes. But with the P/E ratio is, is the price compared to the earnings. The price divided by the earnings. So when we talk about profit and investing, this is probably one of the most important terms you can understand, and this is something that you definitely want to take away from this episode. The profit; the bottom line; what the company’s making. That is often referred to as earnings or net income. So those are two terms that you absolutely got to understand, and don’t forget because when you hear earnings or net income that means profit. That’s that bottom line, okay?

Stig Brodersen 8:20
So in this situation, the P/E or the priced earnings that is ten. So that means I am spending a hundred thousand dollars to get 10,000 back in one year. Or you can also just say it cost me $10 for every dollar of the profit in the company.

Preston Pysh 8:36
Okay, so whenever you’re investing, and so you might hear people at work they’re, they’re constantly saying, “Oh, what’s the P/E ratio? What’s the P/E on that company?” Well, that’s exactly what we just described, okay? That’s the price to the earnings of the company. And the thing that you really got to think about is what does that ratio represent when you say the P/E is ten? Well, that’s the multiple. That’s ten times the earnings or the profit that you’re willing to pay for the company. So when you look at it that, in that light, what you can do is you can quickly understand what’s your return, okay? If that $10,000 a profit or earnings remains constant year after year, and he paid $100,000 to own it. Well, his return is 10%. Because 10,000 divided by 100,000 is 10%. So you can quickly see how, you know, whenever you’re buying that small business on Main Street, the first thing you want to know is how much money is this thing going to make or you’re just not going to buy it. I mean, if, if he was trying to buy this company, and he knew that the profit was 10,000, and maybe he paid 300,000 for it. Well, he’s already handicapped his future return because he’s only going to make a three or 4% return by owning that coffee shop because of the high price that he would have paid. So that’s the thing that really sets Warren Buffett apart from any other investor is he always does this value equation. He figures out what is this company worth before he goes out and buys it. And that’s what a lot of people, they never make that step, okay? They’ll go and buy a stock, and they’ll buy that stock because they like it or because it, you know, if it’s an Apple phone, I really like my Apple phone in my pocket. And so they’ll just go buy Apple, but they never think about, “Well, how much is this company worth? What am I buying this company for?” And when you’re doing that on, on Main Street, you’re doing that with that small business. The first question you ask is, “What’s it worth?” And unfortunately, in stock investing that’s the last question people ask. And that’s what sets Warren Buffett apart from them is, he asked that question first, instead of last. And he treats it just like any other small business that you would find in your local town. So, Stig, you had something that you wanted to add?

Stig Brodersen 10:43
Yeah, so we talked about that. It’s really important to ask the first question here, which is, “How much money is the company making?” But as Preston is saying, “The, the question you need to ask just after that is, ‘How much do I need to pay for that?’” And this is really where this price-to-earnings comes into the picture. So what Warren Buffett is doing is that he wants to find a company with a low price-to-earnings ratio. Now clearly that we have a lot of different metrics here, but this is one of the most important one, to have the lowest price to earnings as possible.

Preston Pysh 11:15
And, you know, as we get into further episodes we’re going to further define this because it’s just not, I mean, we’ve made this sound extremely simple, you know? And it is pretty simple. But there are further metrics in order to come up with a proper valuation of a company, so I just don’t want people to go out and just start acting on some of this information without going into further episodes or doing more research. But the important part is, you have to figure out what’s it worth. Okay, first. And then, second of all, you have to say, “Well, what’s the person willing to sell it for?” Because, you know, you might determine, “Hey, I’m willing to pay ten times earnings for this small business which will give me a 10% return.” But if you go to the owner and they want to sell it for 300,000, you know right then and there that because of that purchase price that the person wants to sell it for, if you buy it at that price point, you’re already handicapped to a 3% return on your money. So you got to think of investing anytime you buy anything, you need to think in those terms first. What is the return that I’m gonna get? First and foremost, that’s up front, okay? Because you know that if you’re going to get a 3% return or a 1% return on something that’s high risk, your analysis can stop right there. You don’t have to spend any more of your time in order to research that. You can just, you know, cut all ties. So, yeah. Go ahead, Stig!

Stig Brodersen 12:31
Yeah, and that’s really the, the beauty about stock investing. You don’t have to buy. I think Warren Buffett refers to this as you don’t have to swing at every pitch. So if you don’t like the price, if you really only want to buy a…shares in companies with a price earnings below 10, which means you get a 10% return. Then, you can just choose to buy these companies or you can just wait till really good companies are very cheap.

Preston Pysh 12:55
Yeah, so and real fast. Let’s, and we gave you a scenario where the price would have been higher, which would have been thirty times earnings at 300,000. But let’s just say that the price that the person came back, let’s say they were willing to sell it for $50,000, okay? So right there, now you’re, now you’re in a completely different situation where you’re gonna get 20% return on your money because you’re going to make $10,000 on the purchase price of 50,000. So without talking into too much of the specifics, I think, you really understand what we’re trying to get at here is you have to understand what the profit of the company is versus what you’re paying for it. And that is first and foremost how Warren Buffett sees things. So the next thing that we want to talk about here is we want to talk about how one share of a business is exactly the same as owning all the shares of the business, okay? And that’s the next thing that separates Warren Buffett’s thinking from the rest of, you know, a lot of investors is, when he buys one share of Coca-Cola, he looks at that ownership of that one share as in the same exact light as if he owned every single share of the business, okay? And when you make that leap; when you make that jump, it’s literally like a quantum leap in understanding for stock investing because what you’re going to start doing here is you’re gonna value that one share as if it’s, if it’s an entire business itself, okay? Go ahead, Stig.

Stig Brodersen 14:17
Yeah. So what, what Warren Buffett is doing is that he is making business decisions. He’s not making stock decisions. And I think to distinguish, to distinguish between those two, I think that’s really, really important. So if he buys stock in Coca-Cola for instance, he is making a business decision that he likes Coca-Cola; that he thinks it’s a great business. And that’s really not the same as doing stock investing. Well, again, that depends on how you define that. When a lot of people are thinking about stock investing, they think, “Okay, I buy a stock for $100. Hopefully, will increase to like $110 in a week from now. But that’s not how Warren Buffett looks at it. He looks at the business. And if he likes the business, if that business generates profit, well, he would benefit that with the, with the highest stock price later on, anyway.

Preston Pysh 15:06
Yeah, so I think what a lot of people don’t understand is what is a share, okay? And what a share is, is it’s a proportional ownership of equity in a business. So going back to our main street coffee shop, okay? That coffee shop, let’s say Stig was purchasing that coffee shop for $100,000. Let’s also say that there are, that we take that company, that one company, and we divide it up into a bunch of shares, okay? Let’s divide it up into 10,000 shares, so one share is the same as owning all 10,000 shares from a proportional valuation standpoint. So if we would divide that hundred thousand company; let’s say he bought that business for $100,000. If we divided it into 10,000 shares, each share is going to be worth $10 a share based on that purchase price. So that’s how things get a little confusing for people is they would, let’s say that it was on a stock market and you could buy it for $11. Well, if you could buy that one share for $11 that basically changed the valuation of the company to $110,000 immediately, okay? And that’s where people will kind of lose sight of this. They, they don’t treat that individual share price in the same proportional light that you would value the entire business. But when you understand that one share is the same as owning all the shares, all of that starts to change, okay? It’s all proportional.

Stig Brodersen 16:32
And I think that’s, that’s because when it’s a share, it’s only part of the company. And I think that that’s difficult for many people to get a grasp on. So say that you want to buy a car for instance. Well, some people might, might think that the car’s worth 10,000 or 11,000. But most people have a general idea of what, how much is the car worth. When you’re buying a fraction of a company, say that you’re buying one millionths of Apple. Well, how much is that really worth? And that’s much harder for people to valuate.

Preston Pysh 17:03
That’s spot on! That’s exactly the part that, that you really need to understand. Taking away from this episode, that’s what we need to hammer home is that point right there. One share is exactly the same as all the shares, and you need to do the valuation of what you think that that one share is worth. And when you do that, you’re going to be thinking in the same space, the same light that, that Warren Buffett thinks whenever he makes a business decision as, as Stig so eloquently said. So the next thing that, that you’re gonna be looking at whenever you’re buying stock is now that we understand this idea that one share is the same thing as owning the entire business. Now, all of a sudden, we want to start buying quality businesses. We want to buy businesses that have low amounts of debt. We want to buy stable businesses. We want to buy businesses that we understand. And so, whenever you understand what it is that a share actually represents, it’s amazing because your whole mindset, the way that you see things truly start to take a, an immediate turn from the way that you might have been previously investing. So let’s quickly talk about this quality aspect of investing. So whenever you’re buying a business, do you want a business that has a lot of competitors; that has a product that has low margins? And I think the answer is obviously no. So when you buy a company that, that is high quality; that has a good brand; that you feel is going to be around for the next 20 years; that’s a business that’s worth owning. And that’s a business that’s going to continue to give you those returns that you have a general idea of what you think you’re going to get back like the coffee shop, and that’s when you can really start seeing long term success. And Stig, I saw you had a point you wanted to say.

Stig Brodersen 18:45
Yeah! If you ever listened to an interview with Warren Buffett, you will often hear him talk about “Moat.” When he was talking about “Moat,” this is actually another word for a competitive advantage. So Preston was saying before, “Do we want a company that has a lot of competitors?” Well, clearly we don’t. But in the end of the day, almost all companies have their competitors. But if you have a moat, it doesn’t matter as much. And I think that Coca-Cola could be an example of, of that, Preston.

Preston Pysh 19:14
Yeah! Well, and so when Stig says a “Moat,” what, what Buffet’s referring to as a moat, when you go back into like the medieval times and you had a castle. The way that they would defend the castle was they put a moat around the outside of the perimeter of the castle. Because anyone who was trying to come and conquer that castle, the moat provided more standoff range, so that whenever they’re shooting archery or things like that, it was difficult to attack that castle. So the wider the moat, the more difficult it was for somebody to come and attack you. And so when Buffett calls it a “Moat,” what he’s saying is, “Does this company have some type of defense mechanism to it to protect it from competitors?” So when you look at a company like Coca-Cola, well, its moat is the fact that it has an incredible brand. It has a secret ingredient or secret sauce to how it’s made. That is the moat, okay? And when you buy a business; when Buffett buys a business, he tries to find a business that has a large moat, so that it can protect itself from future competitors. So these are some of the quality aspects. Yeah. Go ahead, Stig!

Stig Brodersen 20:26
So for instance, if you need to, to continue about, speaking about moat. A company like Walmart, for instance. And I got to say, at the moment, Warren Buffett both owns stocks in Coca-Cola and Walmart. But if you look in a company like Walmart, they also have a wide moat. And the reason why they have a wide moat is because they have a very low cost. It is very, very hard to find another retailer in the world that has the same low cost structure as Walmart. Because how can they actually do that is really not impossible because Walmart combined so lots of quantities (*inaudible*). And even though if you can stand up as a retailer selling exactly the same thing as Walmart, you probably won’t have a chance to buy as cheap from your suppliers, so you won’t have a chance to sell this as cheaply as Walmart.

Preston Pysh 21:11
So in short, okay? You’re hearing different companies that Warren Buffett owns and the kind of his thought process and buying businesses with the shares that he purchases. And the thing that you got to really understand is that you’re not going to make a whole lot of money really fast. You’re not going to turn around and two years from now and be a millionaire. That’s just not gonna happen. That’s fine! It’s the approach. It’s making good solid picks time and time again, so that you don’t lose your principal. If you work really hard and you make $10,000, the last thing you want to do is lose that $10,000. And I think the thing that you’re really going to take away from this podcast is you’re going to feel enlightened. You’re gonna feel, you’re gonna sleep better at night because you’re gonna know what to do with your money, and you’re gonna be putting it into ownership of businesses that are safe, stable, sound businesses that have good returns, and they’re giving you a much higher return than you’d get in your savings account.

Stig Brodersen 22:07
I really come to think of a quote here, Preston. It’s a quote by Warren Buffett, and it goes like this, “Rule number one: Don’t lose money. Rule number two: Don’t forget rule number one.” I really love that quote.

Preston Pysh 22:21
Yeah. And, and you know that you couldn’t have concluded kind of what we’re talking about here in this first episode better than that. We’re gonna to try to help you protect your principal, and you’re going to make your return in the process. You’re not gonna become a millionaire next year by listening to this podcast, but what you will have is the principal and the money that you initially invested because you’re going to be making strong business decisions; and you’re going to be acquiring more and more equity; more and more shares of these businesses over time. And eventually, it’s going to become a weighing machine and not a voting machine. And you’re not going to be, you know, logging in to check your Scottrade account and trading day to day. You’re going to be just making decisions and checking it from time to time. And you’re going to continue to see your equity grow in each of these, you know, fantastic businesses that you would select.

Stig Brodersen 23:09
So, so, one question that is always really good to ask for making a business decision is, “Do I really want to own this stock if the stock market closed for like five years?” And if you can answer yes to that, then you probably have a very good business.

Preston Pysh 23:24
Yeah. Okay! So we’ll go ahead and conclude the first episode, kind of with that note. To hit the highlights, Warren Buffett, he buys businesses, big businesses, billion dollar businesses, the same way he buys small businesses on Main Street. He always starts off with what’s the value of this stock that I’m buying. And then he looks at what’s the market offering me on the price to purchase it. Always start with, “What do I think it’s worth,” and “What can I buy it for?” He treats one share exactly the same as owning all of the shares, okay? It makes no difference. It’s all proportional. It’s, it’s divided up, it’s like, eating one slice of pizza would be the same taste as the whole pizza itself. The taste doesn’t change. He’s trying to find a very high quality business with a low amount of debt. He’s trying to find something that’s stable and understandable. And we’ll go into a lot more depth and discussion on all this stuff as we go into future episodes, but those are the high points. So the one thing that I want to say as we kind of wrap things up is that if this podcast is helpful, we would really appreciate your help and your support. The best way to keep us motivated is to leave a review on iTunes. This way, we can continue to help you learn more things about Warren Buffett, Benjamin Graham, who is Buffett’s professor at Columbia, and countless others. You can also go to buffetsbooks.com, and you can watch some of the videos that Stig and I have created. Also, everything on this site, on the Buffets Book site is completely free, and it’s all video-based. So if you want to watch in and see how things move dynamically, and maybe it’d be more understandable for you, you can go to Buffets Books and check that out. If you’d like to be a guest on our show or you would like to advertise on our show, you can do that by going to theinvestorspodcast.com. Or you can go to asktheinvestors.com, and ask your questions. And we’re going to be able to play your questions. There’s a device there to record your question. We can play your question on the air, and if that happens, we’ll send you a free signed copy of Stig and I’s book, the Warren Buffett Accounting book, and we’ll send that in the mail to you. All you gotta do is just record your question or type up your question at asktheinvestors.com, and send that off to us. And we’ll play it on the show. All right, so we really appreciate you guys joining us for this first episode. We look forward to learning more and teaching more in the second episode, and we’ll see you then!

So one of the things that Stig and I are very strict about is not endorsing any kind of service or product that we don’t personally use ourselves. So with that said, we give our full endorsement of our sponsor’s content, realvisiontv.com. Real Vision is a site that Stig and I personally use ourselves and it has had a profound impact on the way that we view the financial markets. One of the most important things a person can do is seek the knowledge of highly successful investors and business leaders, and more importantly understand their thought process and how they make decisions. And with Real Vision, you get exclusive and in-depth interviews and presentations from the world’s sharpest independent analysts, fund managers, geopolitical strategists, economists, and investors all in the same place. And right now because you’re listening to this show, we have a special offer for everyone in the TIP community. If you go to realvisiontv.com and put in our special offer code: T-I-P, which stands for The Investor’s Podcast, you get 10% off your subscription to Real Vision TV. And if you’re not sure if you want to get a subscription to the site without seeing the videos and content first, we completely understand that! That’s why Real Vision is offering the TIP community a free week trial to see if you like their service. So trust me, you cannot afford to ignore the value that Real Vision creates with these in depth full length interviews from famous investors like Kyle Bass, Jim Rogers, Tim Ferriss, and many more. The people being interviewed often have a net worth far exceeding hundreds of millions of dollars. And watching Real Vision is like being able to sit in the corner of a room and listen to a conversation that you’re not supposed to have access to. So don’t pass up this amazing offer to tap into the world’s smartest investors all in one place, and go to realvisiontv.com. Don’t forget, use the discount code: T-I-P for your free week and 10% discount today.

Extro 27:39
Thanks for listening to The Investor’s Podcast. To listen to more shows or access to the tools discussed on the show. Be sure to visit www.theinvestorspodcast.com. Submit your questions or request a guest appearance to The Investor’s Podcast by going to www.asktheinvestors.com. If your question is answered during the show, you will receive a free autographed copy of the Warren Buffett Accounting Book. This podcast is for entertainment purposes only. This material is copyrighted by the TIP network, and must have written approval before commercial application.


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