20210409 Li Lu fireside chat with Bruce Greenwald web stream - Value investing in China

[kiwing100]

 

ICYMI

https://youtu.be/FiHrWy2jGbA?t=1533

 

[ValueMaven]

wow thank you!

[MattR]

For anyone interested, I transcribed the whole thing:

https://roiss.substack.com/p/transcript-of-li-lu-and-bruce-greenwald?r=hv7lu&utm_campaign=post&utm_medium=web&utm_source=copy

[Morgan]

2 hours ago, MattR said:

For anyone interested, I transcribed the whole thing:

https://roiss.substack.com/p/transcript-of-li-lu-and-bruce-greenwald?r=hv7lu&utm_campaign=post&utm_medium=web&utm_source=copy

Awesome thanks! 

[DooDiligence]

2 hours ago, MattR said:

For anyone interested, I transcribed the whole thing:

https://roiss.substack.com/p/transcript-of-li-lu-and-bruce-greenwald?r=hv7lu&utm_campaign=post&utm_medium=web&utm_source=copy

Thank you for this massive effort. I quit listening about 30 minutes in because I couldn't stand hearing him clear his throat one more time (I know, I'm an ass).

His observations on China are brilliant.

Notably, he never once mentioned Alibaba?

[Krapdivad]

2 hours ago, MattR said:

For anyone interested, I transcribed the whole thing:

https://roiss.substack.com/p/transcript-of-li-lu-and-bruce-greenwald?r=hv7lu&utm_campaign=post&utm_medium=web&utm_source=copy

Thank you

[MattR]

 

53 minutes ago, DooDiligence said:

Thank you for this massive effort. I quit listening about 30 minutes in because I couldn't stand hearing him clear his throat one more time (I know, I'm an ass).

His observations on China are brilliant.

Notably, he never once mentioned Alibaba?

That is mainly why i decided to transcribe it. Pausing every few seconds and transcribing was easier than listening with him clearing his throat all the time. I hope you can get something out of it. Li Lu generally doesn't talk about his position. He doesn't like people cloning him and is an advocate for independent thinking.

 

[cubsfan]

^ MattR - you are a terrific guy for doing this for us all. Big thanks. And you're right - it was tough listening to the call!

Edited April 12, 2021 by cubsfan

[fareastwarriors]

1 hour ago, MattR said:

 

That is mainly why i decided to transcribe it. Pausing every few seconds and transcribing was easier than listening with him clearing his throat all the time. I hope you can get something out of it. Li Lu generally doesn't talk about his position. He doesn't like people cloning him and is an advocate for independent thinking.

 

Thanks Matt!

[nwoodman]

4 hours ago, MattR said:

 

That is mainly why i decided to transcribe it. Pausing every few seconds and transcribing was easier than listening with him clearing his throat all the time. I hope you can get something out of it. Li Lu generally doesn't talk about his position. He doesn't like people cloning him and is an advocate for independent thinking.

 

Thank-you.  Watched it yesterday and found it inspiring and frustrating at the same time.  Read your transcription today and got twice as much from it in a tenth of the time.  Great work Matt!

[kiwing100]

MattR,

Thank you for sharing your transcription.

[jobyts]

15 hours ago, MattR said:

 

Li Lu generally doesn't talk about his position. He doesn't like people cloning him and is an advocate for independent thinking.

 

Is that because he thinks the cloners get some free ride for the hard work he has done, or is it because he thinks cloners - without independent thinking - will not succeed in the investment game? Has he ever mentioned the reason in any of his previous interviews?

Edited April 13, 2021 by jobyts

[MattR]

4 minutes ago, jobyts said:

Is that because he thinks the cloners get some free ride for the hard work he has done, or is it because he thinks cloners - without independent thinking - will not succeed in the investment game? Has he ever mentioned the reason in any of his previous interviews?

The second one and he said that in several interviews. He argues that if you don't have deep understanding of why you know something it will be difficult to hold when something comes up. It also hinders you to load up when it goes on sale, or when it is a sale and it isn't. If he bought something during the Corona crash, he had a good reason, but the price for him might already be to expensive by the time he had to file the appropriate documents. It also not show you why he sells positions and why he keeps them.

He generally is a big advocate for independent thinking and not for cloning. Personally I think cloning has it's place as part of a portfolio -  but it shouldn't be the main driving force behind it. I mostly use the fillings as ideas that have been pre-screened, not as gospel.