📖Li Lu
Lifelong Learning
Knowledge compounds like interest for investors.
The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest.
🏠 Everyday Analogy
📖 Core Interpretation
Li Lu advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Continuous learning is a lifelong competitive advantage.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Bank of America Legacy Issues (2015)
Ongoing legal settlements and past misconduct at Bank of America highlighted culture and management integrity risks despite improving balance sheet.
✨ Outcome：Li Lu emphasized assessing current leadership’s character and incentives; concluded management had shifted toward prudence, making the bank an investable turnaround with substantial upside.
2
Dot-Com Bubble Discipline (1999)
Li Lu avoided most internet stocks despite market euphoria, focusing on businesses with proven cash flows and understandable models.
✨ Outcome：Preserved capital through the 2000–2002 crash, reinforcing his principle that intellectual honesty means resisting narratives unsupported by economics.
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