1/ Who is this person?
"For many years up until the pandemic I had dinner with Charlie Munger every Tuesday night."
"For many years up until the pandemic I had dinner with Charlie Munger every Tuesday night."
2/ He has said:
"We normally don’t talk about specific companies. Once you achieve a certain notoriety in a certain field, people tend to really copy that. This is not the behavior we want to encourage. Instead of giving people fish, it is much better to teach them how to fish."
"We normally don’t talk about specific companies. Once you achieve a certain notoriety in a certain field, people tend to really copy that. This is not the behavior we want to encourage. Instead of giving people fish, it is much better to teach them how to fish."
3/ "To have a business that generates above average returns over a long period in a compounded fashion is against the natural order of things. Only a small slice of all businesses and companies belong in that category. They are rare."
roiss.substack.com/p/transcript-o…. Li Lu: "Financial markets seem to be there to catch human weaknesses. If you don’t understand something, and just pretend to, you will be busted at some point. Only when you truly understand you will be able to add when the security is down 50% or more."
"You want to be a specialist in the company you choose to invest, but a generalist of business. That way your circle of competence can constantly evolve and enlarge over time."
"Your focus on value evolves over time and different individuals tend to focus on different areas."
"Your focus on value evolves over time and different individuals tend to focus on different areas."
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