Money and Finance
From Tariq Ali’s Notes from Li Lu’s 2010 Lecture at Columbia
- Shane Parrish's 2016 Daily Journal Meeting Notes
Shane Parrish has finished his extensive notes from the 2016 Daily Journal Meeting. Shane is charging $33 for them until March 1st (then the price will rise to $49) . And while there are free notes from the meeting out there as well as an audio of the...
- Seth Klarman Quote
From Seth Klarman, via Margin of Safety:Because investing is as much an art as a science, investors need a margin of safety. A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human...
- Li Lu On Understanding A Business…
Via notes from his 2010 lecture at Columbia:You can’t truly understand everything about a business in 1 week. It took me 10 years and I am still learning new things about BYD. It is a continuous learning process. You could spend a lifetime studying...
- Li Lu: Berkshire Hathaway Cio Candidate? - By Tariq Ali
This past weekend was the Berkshire Hathaway (NYSE:BRK.A / BRK.B) annual shareholder meeting. At one point during the Q&A, a questioner asked Warren Buffett about the status of Berkshire’s CIO candidates. Charlie Munger remarked that one candidate...
- Berkshire Hathaway 2007 Annual Meeting - Valuation/irr Question
Some thoughts from Mr. Buffett and Mr. Munger that I thought might be good to review:-QUESTION – AREA 8: A follow up on the other valuation questions. -WB: Well, if government bonds earn 2%, we aren't going to buy something because it earns 3 or...
Money and Finance
Li Lu on talking with management
From Tariq Ali’s Notes from Li Lu’s 2010 Lecture at Columbia
The key in investing is to know what you know and know what you don’t know. You can know about management teams without meeting with them. Every situation is slightly different. So I come back to the point that if you know enough on other things that there is enough margin of safety. Even if you meet with management, you may not learn something. Obviously, actions speak louder. You want to see what they have done. Everything being equal, the more you know about management, the more honest and upfront they are, the more motive they have, the better the situation is and the deeper the discount. You have to analyze it all. The key to analyzing it is you have to ask: Do I really know what I think I know? Do I really know what I don’t know? If you can’t answer that question, chances are you are gambling.
- Shane Parrish's 2016 Daily Journal Meeting Notes
Shane Parrish has finished his extensive notes from the 2016 Daily Journal Meeting. Shane is charging $33 for them until March 1st (then the price will rise to $49) . And while there are free notes from the meeting out there as well as an audio of the...
- Seth Klarman Quote
From Seth Klarman, via Margin of Safety:Because investing is as much an art as a science, investors need a margin of safety. A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human...
- Li Lu On Understanding A Business…
Via notes from his 2010 lecture at Columbia:You can’t truly understand everything about a business in 1 week. It took me 10 years and I am still learning new things about BYD. It is a continuous learning process. You could spend a lifetime studying...
- Li Lu: Berkshire Hathaway Cio Candidate? - By Tariq Ali
This past weekend was the Berkshire Hathaway (NYSE:BRK.A / BRK.B) annual shareholder meeting. At one point during the Q&A, a questioner asked Warren Buffett about the status of Berkshire’s CIO candidates. Charlie Munger remarked that one candidate...
- Berkshire Hathaway 2007 Annual Meeting - Valuation/irr Question
Some thoughts from Mr. Buffett and Mr. Munger that I thought might be good to review:-QUESTION – AREA 8: A follow up on the other valuation questions. -WB: Well, if government bonds earn 2%, we aren't going to buy something because it earns 3 or...