#363 Li Lu and Charlie Munger and Warren Buffett

whatshot 1859 snips

Sep 6, 2024

Explore the remarkable investing journey of Li Lu, who draws inspiration from Warren Buffett and Charlie Munger. The discussion emphasizes the importance of financial discipline and the value of thorough research in business. Insights into Munger’s unique problem-solving approach reveal how understanding failures can enhance investment strategies. The podcast also highlights the power of independent thinking and trusting one's own judgment in navigating the unpredictable world of investments. Personal anecdotes and philosophical insights add depth to this engaging conversation.

01:24:22

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

question_answer

ANECDOTE

Not a Trader

Li Lu realized he wasn't a trader after working with Julian Robertson.
He learned by experimenting and observing others' trading habits.

volunteer_activism

ADVICE

Devour Shelves

Gain encyclopedic knowledge by thoroughly reading resources like Value Line.
Deep, comprehensive study speeds up your learning process.

volunteer_activism

ADVICE

Accurate and Complete

Strive for accurate and complete information in your research and analysis.
Go the extra mile to ensure the thoroughness of your understanding, especially when standing alone.

Get the Snipd Podcast app to discover more snips from this episode

Insights from Charlie Munger

03:29 • 34min

chevron_right

The Importance of Diligence and First Principles in Business Analysis

37:15 • 3min

chevron_right

Insights from Legendary Investors

40:43 • 38min

chevron_right

The Power of Independent Thinking

01:18:35 • 6min

chevron_right

#102

• Mentioned in 168 episodes

Poor Charlie's Almanack

The Essential Wit and Wisdom of Charles T. Munger

Charles T. Munger

Peter D. Kaufman

Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007. Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making. It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.

#591

• Mentioned in 54 episodes

The snowball

Warren Buffett and the Business of Life

Alice Schroeder

This book provides an unprecedented look into the life and investment philosophy of Warren Buffett. Written by Alice Schroeder, who gained unparalleled access to Buffett and his inner circle, it delves into the complexities and paradoxes of Buffett's life. The book covers his work, opinions, struggles, and triumphs, and highlights key principles such as intrinsic value, margin of safety, and long-term perspective. Buffett’s legacy is not just his wealth, but the principles and ideas that have enriched people’s lives.

#5734

• Mentioned in 9 episodes

Sam Walton

The Inside Story of America's Richest Man

Vance Trimble

This biography, written by Vance H. Trimble, explores the life and career of Sam Walton, from his humble beginnings to his success in building the Wal-Mart empire. The book is based on interviews with hundreds of Wal-Mart associates and provides insights into Walton's hard work, integrity, business acumen, and human relations skills. It also touches on his personal life, including his passion for quail hunting and tennis, and his preference for a simple lifestyle despite his immense wealth.

#877

• Mentioned in 41 episodes

In 'Sam Walton: Made in America,' Sam Walton shares his personal and professional journey, from his early life in Kingfisher, Oklahoma, to the founding and expansion of Walmart. The book is a first-person account supplemented by quotes from friends, family, and colleagues. It highlights Walton's core values, such as the importance of hard work, customer satisfaction, and competitive pricing. The autobiography also provides insights into Walton's leadership style, his approach to business, and the lessons he learned throughout his career. The book was published posthumously in 1993 and offers a compelling and inspiring look at the life of one of America's most successful entrepreneurs.

I sent a friend this text: I'm working on another Li Lu episode but this one is about his remarkable investing career. Can be summarized by: 1. Studied Buffett and Munger. 2. Did that. Last episode was about how Li Lu survived one of the most horrific childhoods imaginable. This episode covers how he thinks about investing and entrepreneurship—in his own words.

Sources:

The forward to the Chinese edition of Poor Charlie’s Almanack written by Li Lu

Li Lu's Colombia Business School lecture 2006

Li Lu’s San Francisco State University lecture 2012

Graham & Doddsville interview with Li Lu

13th Colombia Business Conference 2021

Li Lu's Reflections On Reaching Fifty

----

Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more.

----

Build relationships with other founders, investors, and executives at a Founders Event

----

Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here.

----

Join my free email newsletter to get my top 10 highlights from every book

----

Follow Founders Podcast on YouTube (Video coming soon!)

----

“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

Be like Gareth. Buy a book: All the books featured on Founders Podcast

----

Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here.

----

Be like Gareth. Buy a book: All the books featured on Founders Podcast

Home Top podcasts Popular guests Top books