Announcer: 00:00 You’re tuned in to the Investing for Beginners podcast. Finally, step by step premium investment guidance for beginners led by Andrew Sather and Dave Ahern to decode industry jargon, silence crippling confusion and help you overcome emotions by looking at the numbers, your path to financial freedom starts now.
Dave: 00:36 All right folks, we’ll welcome to the Investing for Beginners podcast. This is episode 93 tonight we’re going to discuss it. Buy and sell rules. Well actually we’re going to discuss buy rules. We recently got a great listener email that wanted to chime in on his ideas of some by rules. Andrew and I have discussed those several times in a podcast. Episode 32 we discussed buy and sell rules and that was really popular. And then we also touched on those as well with Braden in episode 88 and so we’ve got this great listener email that I mentioned and we wanted to talk about his bye bye rules. So Andrew, why don’t you go ahead and read the first by rule and then we can talk about it a little bit.
Andrew: 01:21 Yeah, sure. So obviously super inspiring. I think it’s really cool when people who are listening to our stuff take it and run with it. I’ve said that before. So the first viral that, um, this is Daniel f first viral that Daniel, um, shared with us is it must score under 250 on the Vti and must file a readable tank k that demonstrates good finances that indicate I am getting a bargain. Do you agree or disagree? I definitely agree. Yeah, me too. That one’s easy. Next,
Dave: 01:57 next a must pay a dividend and allowed directly reinvestment a drip grows as investment. Well that’s kind of a no brainer. Yeah, it’s got to pay a dividend and it’s got allowed direct reinvestment cause that’s how we grow our wealth.
Andrew: 02:10 Your thoughts? Yeah. Uh, can we talk about drip every single episode?
Dave: 02:15 I think I would be so extended if we did that every single time we would be. Because you are the DRIP king after all,
Andrew: 02:24 I always buy stocks with paying a dividend. It’s how you get compound interest. You need an income at northern to reinvest and make that money compounds. So how do you do that? While you can buy stocks and get them to drip and as you do that, whether the stock market goes up, down or sideways, you’re going to be collecting those dividend checks and then if you reinvest them you are slowly accumulating a greater and greater percentage of a company or a business. One of the things I shared today on on the page I was having some back and forth was with some people on there, excuse me, and I was trying to explain from a very basic beginner premise what compound interest is and and trying to explain it to somebody who kind of has no idea, like no concept of it because it’s one thing for us to say it and, and as Dave and I, we’ve been doing this teaching this for years, right?
Andrew: 03:28 And we’ve been in the market for a long time as well. It’s something that’s kinda second knowledge to us. We kind of don’t think about it just like you don’t think about walking downstairs, but there is a lot that is behind it. And so if we can really kind of highlight exactly what about compound interest is so exciting, then you can get people fired up and they may maybe start buying their own dividend stocks, maybe start investing themselves and getting drip because you can have knowledge and stuff. And this applies to so many things in life. You can have the knowledge and you can have the wisdom, but if you’re not excited about doing it, you probably won’t do it even though even if you know it’s, it’s good for you. So what I get excited about with compound interest is not only the idea that you know it’s going to grow and it’s going to multiply, but it’s this idea, if you compare it like you compare the first year of compound interest versus let’s say the 15th year.
Andrew: 04:29 And so I use the example of let’s say Warren Buffet. He was able to return, you know, depending on what time period you talk about 2020 5% say you call even 20% a year. So if you’re taking $100 and you make 20% on that, the first year it’s only $20 that you made, it’s only $120. Uh, as that grows and the compounds, now you’re going to have instead of compound interest on the hundred dollars, you’re having a on $120. So now that’s like $24 instead of $20. So an extra $4 because you’re getting compounding on not only the original investment, but the original investment plus some income. And so that grows and grows and grows. And then I showed, you know what if it got up from $100, now you’re at $1,000 and you’re continuing this compounding while now, what’s 20% of $1,000? That’s $200 now I can get excited because originally we were talking about making like 20 bucks and one year.
Andrew: 05:30 Now we’re talking about making $200 in one year. And I started with a hundred. So I think when you kind of zoom out and you try to really think about what does those, what do those percentages mean? As it grows over time, that’s how you get excited about stocks that might pay a 3% dividend, a 4% dividend, and you’ll see it compound and you’ll see it grow. And if you know how to do the right calculations, you’ll, you can see it happen kind of quickly. So I have a stock as an example. Uh, it’s called Cisco and, it’s not really a a buy recommendation now because it’s done so well ever since I bought it. But I’m sure everybody knows what Cisco is or Tech Company. They’re there in the networking space. I think it has something to do with Wifi. But what I saw was a stock at a great price with a high yield and all these great financial characteristics.
Andrew: 06:24 And so I bought it and, and I’ve been tracking what’s the yield on that original investment. And I’m a above 6% on that. You’ll on costs within just a few years. So, you know, I was talking about that 20% number just a second ago. Now we’re talking about 6% in one year, uh, which started at 3%. And so, you know, if we’re going to fast forward five or 10 years, we could be talking about, you know, 20% of a lot, 50% of a lot rather than just 3% of a level. So I hope by putting in some like concrete numbers on there, you can start to really understand why compound interest is so powerful. And when you understand and, and, and when you get excited about it, then that’s when you have the patients to buy and hold these types of stocks. That’s when you go out and seek them. And that’s when you put a rule like this as your number two, almost as important as the number one. Make sure you’re getting that drip. And I will say that time and time again.
Dave: 07:34 Perfect. Well said. All right. Do you want to do three? Sure. Uh, must be significantly cheaper than 52 week high shows room to grow and increases the chance that I’m buying at a bargain. Ideally, the current dip and price is temporary. I would definitely agree with this. This is something that is doesn’t get talked about a lot but is a great thing to look for when you’re looking at the company and trying to decide whether the intrinsic value calculations you’ve come up with are in the ballpark. And if you look at their 52 week high and low, you can see kind of where it is sitting in that realm. So if it’s like two or $3 off of its 52 week high, then maybe you might want to wait on the company. But if it’s closer to the low of the 52 week low, then that may be a great chance for you to buy in at a steel depending on what’s going on with a company and the all the other things that could be going on with it. And that’s a great way to find something that may be beaten down in that curtain curtain, a portion of the market for whatever reason at that time.
Andrew: 08:46 I feel like picking a fight today, so I’m going to take the opposite stance. Of course I would take it even if I wasn’t in a fighting mood. So you use the word must. That’s a very dangerous word. If it’s not a real must have, so I don’t, I definitely don’t agree that it must be cheaper. Then your 52 week high you have to consider a stock can still be cheap even as it’s growing. So especially when you have stocks that are in these businesses were where they’re really doing a great job at growing the bottom line, growing the top line, having that, that growth that’s going to hopefully lead to the dividend growth that I’ve been talking about with the drip. Then you know, you could get into a situation where a stock is at its 52 week high and it can continue to go that way for quite awhile. I’ve had, so I’ve had success. It’s tough, right, because they say that human psychology is when you have, if you, if you win $10 or you lose $10 losing those $10 is going to burn nine times more than actually winning. The $10 feels it hurts worse than than the good part felt. So that’s why when I think about buying up 52 week highs and 52 week lows, I think of like stocks like um, okay James, stop. You remember that one day if you still have that one. Okay.
Andrew: 10:15 I do. Okay. That one, that one hurt real bad. Yup. That one I pulled the hand off and, and unfortunately I got out and I don’t know where, where the price, what the price has done since then. But I, I don’t even want to look at the game stop when I walk by one now. Yeah, I think it’s right. I looked at it the other day. I think it’s around 1173 a share or something like that. It’s pretty bad. Okay. So it was like that one, I think foot locker was close to its 52 week low. That one actually ended up being a great stock pick, but I timed it wrong. Uh, I chalk it up to being more of a novice as, as far as not understanding completely the, the importance of, of holding longer term. And when I think of some of the 52 week highs I bought, I think of accompany like Lam research where that’s been one of my best if not the best performing stock in my portfolio and just let you look at the financials and the top line is just this perfect straight line.
Andrew: 11:18 The earnings are in a perfect straight line. Then it’s all tracking up and the stock price was going up when I bought it. And you know it wasn’t cheap, cheap obviously if it’s near its 52 week high but from a complete picture standpoint, their earnings, the sales, it had low debt and still continues to it. It was, it was an other reasonable valuation even though the stock had been climbing. And so I bought into that and like I said, it’s been one of my best picks. So I see the value and I see the, the idea behind wanting to, to buy a stock that’s cheaper than its 52 week high, especially significantly cheaper cause what you’re getting there is an indication that the street is really hating the stock. But I think when you, when you mix it in and, and you and you make it a requirement, you can find a lot of stocks at great valuations where you don’t necessarily need to be buying one.
Andrew: 12:16 When there’s maximum pessimism, you know, this tends to happen with stocks where if they have some lawsuit, if they have uh, a chain, a complete makeover and management, if they have any sort of huge uncertainty factor that’s surrounding the stock echo really be the stock down and it can be, it can be like treading and really rough waters feels like you’re out in the middle of the ocean in a storm. On the flip side, you can still get stocks where maybe they’re in an industry where it’s slick, cyclical in a, in a not as, it’s like not as cyclical bull, I don’t want to call it like a cyclical bear, but eh, maybe, maybe the industry as a whole is in the cycle where it’s just not loved by Wall Street. At the same time, there’s been nothing big as far as news coming out of this company.
Andrew: 13:16 So it’s not trading their 52 week low, maybe it’s not training their 52 week high. And so you just have kind of this lukewarm situation where it could be a great buy and it could still very well be at a spot where you’re getting a nice discount to intrinsic value. You could be getting a nice discount to intrinsic value. Like I said with the growth picture where there’s just so much growth and evaluations are still reasonable and you know, and, and you see it as as a good deal. So I, I don’t agree with this one. I think it’s one, maybe you might consider scratching out, maybe change the wording to, I would prefer it to be cheaper than a 52 week high with, if it’s not, that’s not like a red flag for me. So those are my thoughts and I guess I talked long enough where you don’t have time to rebuttal something I said 10 minutes ago.
Andrew: 14:13 So I think that’s a great debate. Strategy is certainly is. All right. So moving on, moving on to the next question. Uh, or the next, uh, by rural Andrew, why don’t you go ahead and read that one? Okay. So he says if buying more, it must be cheaper than current cost spaces. What this does is reduce costs basis, making it more likely that I’m getting a good deal to make it simple. In simple terms, it’d be like buying a stock at a hundred. If it goes up to 105 I’m not going to add more because it needs to be cheaper than what I paid. So he’s saying I would want it to be like at 95 or 94 and by doing it that way, he’s trying to ensure that he’s, he’s picking up a stock, I think. Good deal. I’m curious to hear what you, how you feel about this one. Cause I feel like it could go either way.
Dave: 15:07 I could go either way. I probably am not going to be with this one. I probably would not be hard and fast on this simply for the fact if I’m buying a really good company and I feel like let’s say you used a hundred dollar mark, let’s say that I feel like the company is really worth 200 if the next time I have an opportunity to buy it, it’s 105 versus a hundred I first bought it at, I’m still gonna pull the trigger on it because I’m still buying it at a discount for me. And I think, you know, money invested in the market for the long term is better serve then sitting in my checking account or savings account.
Dave: 15:48 And so that’s where I would rather it be. And again, if I feel like the company is still a value and I’m still getting a deal on it, then I’m still going to pull the trigger even if it’s not less than the current price that I bought it at. So if I bought it at a hundred and it goes up to 105 hundred 10 even 120 depending on what I feel like the company is worth, I’m still, you know, if I’m still getting feeling like I’m still getting a margin of safety on what I’m buying and I still would feel like the company is, you know, a good investment, I’m still gonna pull the trigger on it. Your, what are your thoughts? Well, I, 100% of the Gri, you have to remember this is one of the common sayings on Wall Street. They say Wall Street doesn’t care or doesn’t remember where or when you invested.
Dave: 16:35 So a lot of people kind of use this idea where all while I’m going to get out, when, when I double my money or kind of like this, well I don’t want to buy more than what I bought in originally. The, the, the, the, the prices are going to flow regardless. And so by putting these strict rules, all you’re doing is constraining yourself and making yourself more vulnerable to the way the market can move up or down. What you’re doing. I mean you’ll have to consider, it’s just like stocks can be undervalued for a long time and this can happen for years. So just because you bought last month and it went up a couple percentage points, like you said Dave, why that doesn’t mean that all of a sudden it’s not cool. Yeah. Or it’s like close the gap for your intrinsic value. That’s just not the case anymore. You know that that’s that’s uh, it’s not a good way to look at it. Yup. I would agree with that. Okay. Moving on, moving on to the next one. If buying more favor, smaller positions over over those that already dominate or it’s fractions of the portfolio, tried to keep them all in the same 5% range had diversification, what are your thoughts, Andrew?
Andrew: 17:56 Yeah, I agree in the sense that, so I’ll try to be practical rather than theoretical here again with an example, because this is like an a, this is like a decision making process. I have and have had for the past several months with my leather, with what the real money portfolio. So I have some stocks where the position size is 10 to 15 to 20% so I look at those and those obviously dominate large portions of the portfolio and if it’s a tossup between maybe one of those and then I have another opportunity that’s much smaller. If I look at those stocks and I see him as evenly desirable, then yes I will pick the one that is smaller range. I won’t, however, I won’t pick a stock I like less just because it’s a smaller part of my portfolio just to fit this. But the only kind of a exclusion to that rule would be I’m going to set like a some sort of a max position size I’d be comfortable with and it’s not something that I’m sending as a, as a hard and fast rule, but it’s something where I’m taking a case by case and seeing how confident I am in a particular investment and how much do I have available and how much do I want to put towards it.
Andrew: 19:18 I haven’t to this date gone over like 25% of my portfolio in any one stock pick. I’m not sure if it’s even gotten over above 20% but that’s something where, okay, if, if I, if I love a stock, you know, and I love this other stock ones, bigger ones, smaller, maybe I’ll have the bigger one even more than the smaller one. But if it’s, if that bigger one is, is like a ridiculous, like 20% already have my portfolio, then maybe I go to the less desirable one just because 20% are they a lot. And I feel like that’s the upper range of where I want to be. So in that case, I would really go to a less desirable stock because it’s smaller. But I think in any other case you want to go where the opportunity seems to be the best.
Dave: 20:09 And I, I agree with a lot of the things you were saying, but I want to throw something out there for you to, to kind of contemplate and, and tell our listeners what your thoughts are. So in the evolution of your portfolio as you’re going towards your ultimate goal of retiring someday your, you’re starting with, you know, uh, a group of around 20 stocks give or take. Sometimes it may be a little less, sometimes it’s going to be funny. It just kind of depends on what’s going on in the market. Right. So as your portfolio expands and grows and grows and grows, are you, do you envision that at some point 20 years the road where you have to start trimming the amount of positions you have because some of these other bigger positions have moved into larger portions of the, of the portfolio? Do you follow what I’m saying? I think I know where you’re going with it, but, so you’re saying why would I trim, well I’m guessing I guess kind of plays devil’s advocate. I’m thinking about somebody like like Uncle Warren or Charlie or muddies provide some of these guys that have smaller portfolios. I know Buffett has more than 25 but are 20 but Munger only has or in his portfolio and monies per right now is too. And so those are quite a bit smaller than 20. And so I guess my, I guess what I’m wondering is is that as some of your dividend fortresses start to, you know, take up a bigger portion of your portfolio. Do you ever envision you cutting back on the amount of companies that you invest in and putting more of your resources into some of those as you get farther into your investing portfolio, just because of the way that those are going to compound larger amounts because you have more money invested in them now 20 years from now you’re going to have even more invested in them just by the sheer fact of compounding. Do you understand? I mean, does that make sense?
Andrew: 22:16 Yeah. Okay. When you, when you mentioned the larger compounding high, it took my lesson from earlier. That’s perfect. Yeah, no, I get it. I get what you’re saying now. Okay. So what I trim positions, yes I already have or that I am adding to or both? Well, I guess a little bit of both.
Dave: 22:33 So, I mean, how do you see, you know, as, as you know, we focus a lot on people that are just starting out and beginners and whatnot, but let’s say we have people that are listening to us that are in the 2025 year, you know, stretch or not stretch run, but you know, there are about halfway to where they want to be. What are, what are your thoughts on how they handle that? If, you know, I’m just gonna throw out a company, let’s see, you have Johnson and Johnson as one of your big holdings in your portfolio and it’s obviously a dividend aristocrat.
Dave: 23:04 It’s, you know, paid, you know, a great dividend. It’s been doing it for, you know, the thousand years and it’s not going to stop, but that’s, you know, that’s going to be a big compounding factor in your portfolio. And can you really, they’d been dealing way to keep that at 20% is you’d have to sell shares to trim that down, that amount because it’s going to build, it’s going to build up and build up and build up that kind of what’s happened with, with buffet, I mean when you look at, you know, the largest portion of his portfolio, it’s really taking up by three or four companies, Wells Fargo, Coca Cola, American Express, and everything else is minuscule. I mean he’s, he’s put a big, big chunk of dough into apple recently. But other than that, it’s, they’re all smaller portions. Even Kraft Heinz, which he bought the company, you know, a few years ago is really position size in his portfolio is kind of smaller. And so he’s off what he’s 55 years into this journey. So it’s, you know, not, not apples to apples, but I guess what I’m saying is, is that, you know, as you grow your portfolio, this 5% range that he’s talking about, I don’t think is feasible. What are your thoughts?
Andrew: 24:34 Yeah, I would not trim just because it’s getting bigger and bigger and bigger. And so I, I get what you’re saying where some of them are going to be so small where it’s like, okay, we’ll do, I just let these kinds of fall off. Right. Just to get closer. Some other ones closer to a 5% range. I mean, I think that’s the ideal. That would be, that would be a first world problem, right? This is doing so well. Then it’s like, wow, do I want to trim it? And I think, I think the answer is simple. You, you wouldn’t want to, it’s like you’ve, that’s the whole goal of stock market investing is finding this company that’s compounding on such a higher rate that we’re talking about dividends that can sustain you dividends that you can, you can throw back and, and they, they keep throwing new back more dividends.
Andrew: 25:27 So yeah, I, I wouldn’t trim in that situation. I mean, unless maybe I felt the value, the valuation was absurd. Where it’s like, right. There is no way that this valuation is sustainable. You know, we’re talking about like what he have a hundred there’s something, but if he is okay, we’re out of the 25 or 30 PE, it’s not cheap, but it’s in a reasonable range and it’s spitting out these dividends and the company is continuing to grow and compound their own earnings. Well then yeah, I feel like it’d be dumb to, to sell it just to, just to, to get back down. And so, yeah. Now I guess you’re talking about new ballgame of position sizing, which I haven’t really even considered. And so I guess how would that change the rest of the position? Sizing is a good question too. Yeah.
Dave: 26:17 Yup. I think, you know, as, as you get older, that’s something that you’re going to have to think about. You know, your, you got all, you got longer to run than I do. So that’ll be something that you and the listeners we’ll have to think about and, and investigate as you guys get older and you’re investing career for sure.
Andrew: 26:35 Yeah. It’s like, what should we do with this pile of cash? Hmm.
Dave: 26:44 Yup. Exactly. All right, so moving on, we got next question. Or next. Uh, rural and avoid investing in more than 20 positions instead, increase smaller existing positions that meet these requirements. Avoid over diversification. I liked, yeah, I liked the wording here. He says a void where he doesn’t have the same must or must not. So uh, yeah, you, you want to try to avoid, but it’s okay if you go over 20, I’m trying to get around the 5% range, but like we talked about before, there’s always exceptions and, and lots of different discussions behind that. But yeah, as a general rule, I like it. Yeah, I do too. I definitely to it, you know, as you get older and you or you find, you know, those one or two companies that are really going to take you places, then obviously you can adjust things as you go along for sure.
Dave: 27:35 But yeah, the just the general rule is, especially starting out. That’s a, that’s a great rule to, to follow. All right. Moving on. Must be an American company, patriotic, but also reduces fear of dishonesty. Yes. Agree, agree, agree, agree. Yeah, that’s, that’s pretty easy. I’ve looked at, I have to be honest with you, I have looked at some foreign companies from time to time.
Andrew: 28:02 How dare you, you cheating on us?
Dave: 28:05 No, I’m not cheating, but you know, I, I’m just exploring. I’m just exploring just the, you know, I’m, I’m curious, I’m a curious person, so I like to, I like to look at things and see what I can figure out and yeah, it’s just trying to investigate some of those beyond my skillset. So I was like, yeah, okay. Maybe not. What didn’t you?
Dave: 28:34 Um, they were, well, for example, you know, of course I was, this will segue nicely into our next by rule. Uh, I was looking at a few banks from overseas and trying to, first of all, they were all in euro’s, so that made it a little more challenging because I was having to convert everything to dollar so I could kind of get my brain around it. And just the sheer fact of how they do their financial reports over there, or is this different? I’m not saying it’s wrong, but it’s just different and it’s harder to, harder to read. And I, I, in the back of my head the whole time I had this, there’s nobody auditing these. There’s nobody making sure that this dishonest kind of thing. I’m not saying that they were wrong or that there was any intentional dishonesty, but I did. I admit that it was in the back of my head was reading them and just made me uncomfortable. So yeah, I was going to make a joke like, oh, well what did they put the financial figures on the wrong side of the road, kind of a thing.
Dave: 29:39 I look at the financial statement for a Chinese stock and that’s exactly what the day I was like, well, I feel like I’m reading this thing. Like the numbers way. Yeah, it was strange. Yeah. Different typical like all right, go in the lab pretty much. Yeah, pretty much. All right, so the last by rule we have is avoid finance banking, rental property, car manufacturers and insurance producers and sellers of auto parts and medicines are fine. This rule is to avoid businesses prone to dishonesty. Calamity in politics in my opinion. All right. Andrew, why don’t you, do you want to do, would you like to draw swords in this one first or would you like to throw out on that? No, I feel, I feel like this isn’t one that we really, he said it’s, it’s kind of like a personal preference thing. We kind of talked about that last week, so, right.
Dave: 30:33 Do you, do you, I mean I love it. Like nobody, nobody needs to say where we need to put our money so everybody’s got their own thing. You do what you want. I like it. Right? Yup. I am not going to follow it obviously. Well, uh, yeah, that’s, that’s something that I will, you know, I will disagree on the finance, banking and insurance portion of that comment. Rental property and car manufacturers. I’m kind of, you know, whatever. But the other three, I definitely, the things that I will definitely take a swing at for sure. So, but like you said, you know, he, he does him and if that’s what makes him comfortable, then that’s really what it comes down to. I think the underlying theme behind this rule is he’s trying to stay within the circle of competence, which I think is very wise.
Andrew: 31:22 Yeah, very true. That’s a good point. So those are some great rules. I just want to add this little tidbit before we sign off. Um, Daniel also mentioned how he uses spread. So he’s using the VTI obviously the, the um, via Chapman, the care that I use anytime I buy buy or by herself stock, uh, easy formula. You can find out more on my website or on the email list. But basically what he said he does is he updates the annual report data every time there’s a new 10 k and then he has his spreadsheet to recalculate the share price, which he says he regularly updates. So if that makes sense. Um, if I could make it sound simpler. Basically everything, earnings, assets, cash, that’s all. It’s just all static, right? It’s just once a year it changes. So he only needs to update that once a year.
Andrew: 32:21 The only other thing that’s going to change is the stock price is going to move every day. Right? So he has it set up to kind of auto calculate and he can update quickly with a new stock price, which will, which will calculate a new price to earnings ratio, new price to sales ratio, which gives a new uh, VTI every time there’s a new stock price, uh, thing. And, and so I wanted to share the, actually that’s exactly what I used to and I, I haven’t talked about it, I don’t think on the podcast yet, but I basically took the VTI spreadsheet, I converted it to a Google sheet. And so there’s actually a way on Google sheets where you can have the, the Google sheet pull up the exact share price so it calculate it like it updates in real time so you don’t have to manually put it in.
Andrew: 33:12 And it somehow grabs the information from Google finance. And so every time I open up these spreadsheets and I have them set up for every stock I own, number one, it’s updating the, the share price immediately when I opened that spreadsheet and then it’s updating every VTI. So it’s kind of like this complex network I’ve set up through my Google drive, uh, of all these spreadsheets. But basically I have updating VTIs for every stock I own, every stock I’m looking at with the watch list and I have it populated on the central spreadsheet where you can see it update in realtime as the stock prices move. So that can be a very, very valuable tool if you have some sort of, um, prowess, I guess maybe is the right word, where, where you kind of know how to navigate these spreadsheets and can figure out how to do the Google sheet thing.
Andrew: 34:04 And it’s really, really cool. I think it saves a lot of time and that helps you to process and, and glance at a lot of stocks and save yourself a lot of time. You can’t ever outsource like the big decision making process. But you can use automation for things like that. And, and like I said, it can be really cool and you know, I’ll have to punch in there a spreadsheet every two seconds whenever you want to make an update. So I like it a lot and I think people should try to do it if that’s up their alley.
Dave: 34:38 Well that sounds awesome. Yeah, that uh, that would be fantastic. That is not up my alley. I’d have to have you help me with that. Okay. I’ll charge you 500 an hour. You can talk. Yeah. Okay. Yeah, I’ll have my people get back to your people that I know. That means big, fat, new. All right, so all right folks, we’ll, that is going to wrap up our discussion for tonight. I’d like to thank Daniel for sending in his email. Those were some fantastic rules and I really enjoyed discussing them as I know Andrew did. He felt a little bit feisty tonight, so we had some good discussion this evening. Uh, he had some great ideas on these by rules and if you have any other questions about this, we have those two episodes we’ve mentioned earlier, episode 32 and episode 88. You could go back and listen to those in the archives and they can help you get a little better or wrap an idea around to your head with rules. So without any further ado, I’m going to go ahead and sign us off. You guys have a great week and we’ll talk to you next week. Don’t forget to invest with a margin of safety episode and on safety.
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