“We’re trying to buy $10 bills for $5.” – Phil Town
In this week’s episode of InvestED, Phil and Danielle talk about the importance of creating checklists that are precise, efficient, easy to use under difficult circumstances, do not try to spell out everything and provide reminders about the most important steps.
Danielle suggests checklists are the bones of every good investor because they help us stay rational when we become emotional. Most importantly, they keep us focused and on-track.
Need a helpful tool to learn more about checklists? In the episode, they highlight the Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.
Fear changes the way people think. The advice given in this episode is to sell when the market is greedy and buy when they’re fearful. The markets go through this fluctuation regularly and the result is you are able to get a bargain. Having a checklist allows you to stay calm and organized when fear arises.
If you want to learn more about the importance of checklists, join us on the podcast today!
- Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger by Charlie Munger and Peter D. Kaufman
- Checklist Manifesto by Atul Gawande
- Invested by Phil and Danielle Town
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