📖Li Lu
Wisdom for Investing and Life
Investment principles apply to life too.
The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life.
🏠 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：Character virtues drive success in investing and life.
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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
BYD Early Investment (2002)
Li Lu invested in Chinese battery maker BYD when it was small, cheap, and misunderstood, with a strong technological edge and capable management.
✨ Outcome：Huge multi‑bagger over the next decade, validating a deep margin-of-safety approach based on intrinsic value and business quality.
2
Financial Crisis Bank Bets (2008)
During the global financial crisis, high‑quality U.S. financials traded at distressed prices despite strong franchises and survivable balance sheets.
✨ Outcome：Purchases made at large discounts to conservative intrinsic value estimates produced substantial gains as panic subsided and earnings normalized.
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