The Legends Speak

In 2006, value investor Bruce Greenwald invited Li Lu – sometimes referred to as the “Chinese Warren Buffett” – to speak to his Columbia University class about his investment philosophy. Here are highlights from his 90-minute “masterclass” on value investing (from Brandon Beylo via Twitter on August 23)…

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Bruce Greenwald invited Li Lu to speak to his class on value investing.  The result is a 90 minute masterclass on how to be a value investor.  If you haven’t watched the video, do it now. If you have, it’s worth re-watching.  Here is a list of my favorite quotes from Li Lu 👇 PERSONALITY
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Berkshire Hathaway Chairman Warren Buffett’s classic explanation of his real estate investments should be required reading for every investor (from Finding Compounders via Twitter on July 8)…

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“Investment is most intelligent when it is most businesslike.” – Benjamin Graham, The Intelligent Investor It is fitting to have a Ben Graham quote open this essay because I owe so much of what I know about investing to him. I will talk more about Ben a bit later, and I will even sooner talk
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Billionaire investor Howard Marks on “taking the temperature” of the markets (from the Financial Times on July 10)…

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How can an investor make useful observations regarding the status of the markets? Most of the time, markets are near the middle ground — perhaps a little high or a little low, but not so extreme as to permit dependable conclusions. Investors’ records of success with calls in markets such as these are poor. Even
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Legendary value investor Seth Klarman joins the great Jim Grant for a rare public conversation on investing and markets (from Grant’s Current Yield Podcast on July 12)…

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You can listen here or via YouTube using the linked timestamps below: Introduction: 0:00 Charity: 2:36 Why a seventh edition of “Security Analysis”: 3:20 Spirit of Gram and Dodd: 7:11 Margin of Safety: 14:56 Buying the Dip: 18:37 Market Efficiency: 23:06 Human Progress: 26:29 Social Media: 31:34 Blitzscaling: 36:45 Growth and Change: 39:08 Opportunity: 40:33