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#363 Li Lu and Charlie Munger and Warren Buffett
Founders
Investing: Own, Don't Trade
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View yourself as an owner of a business in investing rather than a trader. Embrace a long-term investment philosophy that aligns your fortune with the outcome of the business, minimizing frequent buying and selling. This approach reduces brokerage costs and taxes, ultimately enhancing returns. Focus on acquiring businesses with strong economic fundamentals and hold them for years, as consistent trading can lead to unnecessary expenses and hinder performance.
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