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b'\\u201cWe both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.\\u201d \\u2015 Charles T. Munger\\n\\nThis further proves the point that reading is so fundamental to being an investor.\\xa0\\n\\nStart with what you know and with what you love. If you don\\u2019t understand a business as if you owned the company, stop and move on to the next company. This is the most important, and perhaps the easiest to overlook, part of Rule #1 investing.\\n\\nWhen you think of buying stocks, think of it as purchasing the entire business. Once you find a business that you love, your next step is to research the company inside and out, by reading 10-K reports and any articles you can get your hands on.\\n\\nYou can start by thinking about all of the things you are talented at, and make a list. This can be things like running, playing piano, creative writing, and more. Next, think about where your passions lie. Maybe you love reading, seeing new movies, or giving back to the community! Lastly, make a note of all the ways you\\u2019re already spending your money. Do you go out to eat? Do you buy new clothes regularly? Do you travel a lot?\\xa0These are things you might want to consider when finding excellent companies to invest in.\\n\\nIn this episode of the InvestED podcast, Phil and Danielle discuss more of their favorite Charlie Munger quotes, and explain why researching companies you already know and love is a critical step in investing.\\n\\nLearn how to pick Rule #1 approved stocks with this 3-Circles Guide. Click the link here to download: https://bit.ly/3x7ABcb\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'