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[Music] foreign is one of the most critical things that you have to have as a rule one investor I'm sure I've said this before and you've probably heard it before but our investing strategy is simply laziness bordering on sloth and what we mean by that is we almost always do nothing doing nothing is almost always the right answer but occasionally we take really aggressive action now when I say we're doing nothing what I really mean is we're just kind of going about our lives doing our lives like we're doing them but we're reading the books on companies we're reading 10ks on companies we're just getting deep into our Canyon so that we can build a little list of companies what we call a watch list of five to ten companies that we really understand that we want to buy and then we're done that's really it from that point on you're checking in about once a quarter on these 10 companies to take a look at how they're doing and your course continue reading maybe you can find an 11th company but essentially as I've said before if you end up with 20 companies in your entire life you've done you've done it right 20 Max so what are we doing we're being patient we're essentially just sitting there waiting for this company to do what it inevitably will with the fluctuations of the market that are natural to the market movement the market will put this on sale in fact hahaha what uh Ben Graham who's Warren Buffett's Mentor came up with this brilliant idea that the market itself is actually like a person he calls him Mr Market that Mr Market is this person that's pretty normal most of the time meaning that Mr Market will price businesses at what they're worth much of the time but what people don't understand is that Mr Market is also manic depressive when he gets off his meds he can become irrationally exuberant and just think woo this is always going to go up and he'll price things Higher and Higher and Higher and Higher ridiculously high and in that market we want to be a seller to Mr Market on the other hand Mr Market gets depressed then the sun's not even going to come up tomorrow there's just hopelessness everywhere and in that case we want to buy great companies from Mr market so Mr Market is our partner and what we want to do is be very patient for Mr Market to go deeply into one of these emotional crises where he's either extremely over exuberant and we can sell or he's extremely depressed and we can buy and patience is where we're at most of the rest of the time it's really quite fun when you think about it you do the work you get a watch list and then you're patient and you wait and what comes from that is great...