Li Lu

“The biggest investment risk is not volatility, but permanent loss of capital.”

“Investing is not about IQ; it’s about temperament.”

“You make the most money by owning a few great businesses for a long time.”

“If you don’t lose money, most of the time you will make money.”

“Avoiding stupidity is more important than seeking brilliance.”

“The first rule is to not lose; the second rule is to not forget the first.”

“If you really understand a business, you don’t need 50 of them.”

“Concentration is the natural result of knowledge.”

“The best investments look obvious in hindsight, not in advance”

“Charlie taught me to think in terms of mental models, not formulas”

“Good judgment comes from experience, and experience often comes from bad judgment.”

“Invert, always invert.”

“Time is the friend of a good business”

“If you want short-term excitement, investing is the wrong profession.”

“Patience is a competitive advantage.”