Explore the remarkable investing journey of Li Lu, who draws inspiration from Warren Buffett and Charlie Munger. The discussion emphasizes the importance of financial discipline and the value of thorough research in business. Insights into Munger’s unique problem-solving approach reveal how understanding failures can enhance investment strategies. The podcast also highlights the power of independent thinking and trusting one's own judgment in navigating the unpredictable world of investments. Personal anecdotes and philosophical insights add depth to this engaging conversation.
01:24:22
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Meeting Munger
Li Lu met Charlie Munger, initially finding him distant and focused on his own thoughts.
However, a conversation in 2003 led to Munger becoming his investment partner and mentor.
insights INSIGHT
Inverted Thinking
Charlie Munger's thinking process starts by inverting; he studies failures to understand success.
This approach, "I want to know where I'm going to die so I will never go there," shaped his decision-making checklist.
volunteer_activism ADVICE
Circle of Competence
Recognize your limitations and operate within your circle of competence.
True insights are limited; make decisions where you have sufficient understanding.
Get the Snipd Podcast app to discover more snips from this episode
In 'Sam Walton: Made in America,' Sam Walton shares his personal and professional journey, from his early life in Kingfisher, Oklahoma, to the founding and expansion of Walmart. The book is a first-person account supplemented by quotes from friends, family, and colleagues. It highlights Walton's core values, such as the importance of hard work, customer satisfaction, and competitive pricing. The autobiography also provides insights into Walton's leadership style, his approach to business, and the lessons he learned throughout his career. The book was published posthumously in 1993 and offers a compelling and inspiring look at the life of one of America's most successful entrepreneurs.
Sam Walton
The Inside Story of America's Richest Man
Vance Trimble
This biography, written by Vance H. Trimble, explores the life and career of Sam Walton, from his humble beginnings to his success in building the Wal-Mart empire. The book is based on interviews with hundreds of Wal-Mart associates and provides insights into Walton's hard work, integrity, business acumen, and human relations skills. It also touches on his personal life, including his passion for quail hunting and tennis, and his preference for a simple lifestyle despite his immense wealth.
The snowball
Warren Buffett and the Business of Life
Alice Schroeder
This book provides an unprecedented look into the life and investment philosophy of Warren Buffett. Written by Alice Schroeder, who gained unparalleled access to Buffett and his inner circle, it delves into the complexities and paradoxes of Buffett's life. The book covers his work, opinions, struggles, and triumphs, and highlights key principles such as intrinsic value, margin of safety, and long-term perspective. Buffett’s legacy is not just his wealth, but the principles and ideas that have enriched people’s lives.
Poor Charlie's Almanack
The Essential Wit and Wisdom of Charles T. Munger
Charles T. Munger
Peter D. Kaufman
Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007. Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making. It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
I sent a friend this text: I'm working on another Li Lu episode but this one is about his remarkable investing career. Can be summarized by: 1. Studied Buffett and Munger. 2. Did that. Last episode was about how Li Lu survived one of the most horrific childhoods imaginable. This episode covers how he thinks about investing and entrepreneurship—in his own words.
Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here.
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here.
----
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Founders 
