Before purchasing a company, Rule #1 Investors conduct extensive research to ensure that the company they intend to acquire aligns with the four key principles laid out by Charlie Munger. These principles are meaning, moat, management, and margin of safety.

In this week's Vault episode, Phil and Danielle return to the topic from last week’s listener question to dive into a discussion about the distinction between investing and speculating. They also take a closer look at the concept of "risky investing" and why Rule #1 considers the term an oxymoron.

To see how your investing knowledge stacks up and find ways to improve your approach to the practice, click here to take the Rule #1 Investing IQ quiz: https://bit.ly/3Faf7ks

Topics Discussed:

• Buffett and Munger
• Depression-era investing
• The value of good management
• Venture capital
• Equity bonds
• Investing vs. gambling

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