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Courage, Deep Insights, and Unconventional Thinking in Investing
The chapter emphasizes the significance of backing investment decisions with thorough insights and going against popular beliefs, advocating for continuous learning and rare key insights in investing. It depicts Li Lu's journey in restructuring his fund with Charlie Munger's guidance, transitioning from cheap securities to focusing on quality businesses like Alphabet, and explores challenges in the asset management industry regarding service quality and biases.