Phil Town

I was a $4,000-a-year river guide on the Grand Canyon when a man everyone called the Wolf sat me down and changed my life. He didn't hand me a formula and walk away. He taught me a way of thinking about money that I've spent the last four decades testing, breaking, and rebuilding into something I actually trust. That thinking became Rule #1: don't lose money. Buffett said it first, but I'm the one who turned it into a process a regular person could actually run. It's a lot like a life jacket. You don't strap one on because you're certain you'll fall in the water. You strap it on because if you do, you want to still be standing when it's over. Every deal I look at starts with the same question: what happens if I'm wrong? Out of that came the Four Ms, Meaning, Moat, Management, and Marg...