Li Lu

“In 95 years. I have given Munger family money to an outsider to run once, once in 95 years. And that is a Li Lu and he has hit it out of the park.”

“He only let one other person run, one other outsider manage Munger family money. That was a Leeloo. And he said in nine, nine, once in 95 years, he gave money to an extra, to an outside person. He's like, can Leeloo.”

“I read Barron's Magazine for 40 years for 50 years, I found one idea I could act on in that 50 years of reading that magazine. I made forty million, no, I made eighty million dollars on that, Charlie, Charlie speaking, Charlie's like, I made eighty million dol…”

“That it's better to have no experience than bad experience. Better to have no habits than bad habits.”

“In the next 12 years, the capital grew more than 20 times.”

“Sit on your ass investing. You're paying less to brokers. You're listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per year. This important investment philosophy assumes that one is better off b…”

“Reading Barron's magazine for 50 years made him like four hundred million dollars, and he described why, because he's like, I read Barron's magazine for 50 years, the entire 50 years that I read Barron's magazine, I found one actionable insight that I could ac…”

“I put a shitload on them. And over the next two years, the damn thing went up seven times.”

“This is why all my employees I had never went to business school. They never worked in an established management firm, and some of them never even had accounting. Because I find it's easier to train them than somebody who did.”

“I made hundreds of thousands of dollars just taking this class, just listening to the 14 or 15 people. But I did a lot of work.”

“In 95 years, I have given Munger family money to an outsider to run once. Once in 95 years, and that is Li Lu.”

“And he says their biggest ideas, meaning Munger and Buffett's, their biggest ideas really gave them 10,000 times their money.”

“Look at the top 50 companies in America every 10 years. By the time 20 or 40 years go by, two thirds of them are gone. By the time it goes to a hundred years, there might be only a couple left.”

“The founder only raised 300,000 in venture capital before the IPO. He raised money in an IPO and then Buffett gave him two hundred million dollars. And so at this point they had 160,000 employees, six to seven billion in revenue and five hundred million in net…”

“It is extremely rare to find no-brainer great opportunities. You certainly do not want to diversify away from the opportunity that you have been waiting patiently for a long time to discover. For some really inferior other opportunities. Investing is essential…”

“So he was the first investor in this company called Capital IQ. But what was fascinating is the insight that he learned about Bloomberg through CapitalIQ because they started CapitalIQ to compete with Bloomberg.”

“I don't invest anything outside of the fund. I put all of my investment capital into my funds.”

“I don't spend my time studying other investors. We spend our time studying industries and studying specific companies.”

“He said, I read Barron's Magazine for 50 years. In 50 years, I found one investment opportunity in Barron's, out of which I made about eighty million dollars, with almost no risk. I took the eighty million and gave it to Lee Lu, who turned it into 400 or five …”

“He's like, I read Barron's every all the time for 50 years. I found one idea that I can act on. I made fifty million dollars on that deal, and then I took that fifty million and I gave it to Lee Lu. Is that the? Oh, yeah, yeah. In Seattle. I gave that fifty mi…”

“That Charlie and Li Lu Lu Li Li Lu gave the founder advice and he ignored it. And he was right. He's like, don't go in electric cars or whatever it was that he did.”