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thank you for watching I will be explaining a four step investing checklist that Charlie Munger gave in 2009 to the BBC the checklist is a simplification but I will interject with the thinking's and philosophy of Warren Buffett and Charlie Munger for each of the steps also I highly recommend watching the original minute long clip before this explanation we have to deal with things that we're capable of understanding Charlie Munger and Warren Buffett describes one's capacity with the circle of competence basis of the circle at the practice of humility and our abilities to assess investments for instance Bitcoin has been all over the news but remember Facebook destroyed myspace because it was just a better version so if you don't understand the technology it's for coming Forks competing coins future regulation especially in the u.s.
hack threats on the platform wallets and training centers and don't forget global economics then it's outside of your circle granted you don't have to be a programmer to invest but you need a level of exposure to be capable to understand therefore it's always best to start with what you know and more importantly what interests you look at what hobbies you have freee where you live we assess everything we pay for and with some thought on your interests and spending habits you can find an investment after some research that you are capable of understanding and then once we're over that filter we have to have a business with some intrinsic characteristics that give it a durable competitive advantage coined by Warren Buffett a moat is the sum of the intrinsic characteristics of a business and just like the width of a moat determines how well it protects castle the amount and quality of the intrinsic characteristics matters for the business the major categories that the intrinsic characteristics fall under is one intangible assets such as brand like Nike to switching for instance Apple once you're fully integrated with your apps it's really tough to leave three network effects such as railroad and no one's going to build the competing tracks so they're good and for cost advantages such as Disneyland has an amazing location of being in Southern California where the weather's great year-round for visitors and then of course we would vastly prefer a management in place with a lot of integrity and talent as everyday investors we aren't able to meet with management of any investment but we are able to track their performance by examining the growth rates and making sure they're sound by looking at industry specific trends through quarterly and annual reports in comparing them to their competitors and lastly how is management compensated where executives get their money is important because investors must assess management success and how that aligns with us game Wester finally no matter how wonderful it is it's not worth an infinite price so we have to have a price that makes sense and gives a margin of safety considering the natural business if goods of life the final step is waiting for the margin of safety which is the strategy of not buying until the price is below the evaluated value of the investment thank you for watching I will be further explaining each of these steps in trouble mongers investing checklist in future videos as well as how to evaluate companies like Charlie Munger Warren Buffett and other great value investors do so if you liked the video please like it and if you want more content on value investing finance and cryptocurrency please subscribe
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