Li Lu's 3 Important Rules of Investing (MUST WATCH) | CBS 2021【C:L.L Ep.14】

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01. okay so in terms of value investing education you actually played a big role in uh promoting and advocating value investing from the books to actually you under Rota this class that we talked about where I went to Beijing University and I think it still survives uh what's your vision for the kind of education that a new investor should embrace and where that education might be available well first of all thank you Bruce for uh come to uh teach at the Asian University battery investing classes that my colleague Gene chow and I started uh six years ago and now it's six years still running and running farewell and you have played an important role to that and I think our original inspiration for that class was originally based on pretty much your class and your classes are pretty much inspired and the continuation of the bank Ben Graham's class and Graham and Dunn and which had among others weren't Buffett as student and I'm your student it will be many more much brighter investors coming after us and that's a good thing so we're trying to really do our part to really to pass on both of the philosophy the thinking and the Practical Arts of battery investing uh back to the uh to the Next Generation in a sense so in terms of a younger uh students when you started today so I think a few things will be important um when I when I talk to Young students and people who started out trying to get into the field I say several things that's important I need to always adopt a owner's mentality and so I like to really ask y'all student or analyst for our firm basically to imagine all of a sudden that one of your unknown uncle died and hunted over 100 ownership to the company to you and that's the business you're going to study so any company think starting point that way unless you really kind of a think of your own 100 of it your mentality is totally different so you never know that business exists that now you'll 100 you have no idea how to run it you don't know the people who run it what do you do you want to know everything everything you can possibly get your hands on and a lot of the things you know you don't understand you just know the facts you don't understand it but that's okay you're going to continue to learn until you get a hundred with it and even if then because of the constant change you're going to continue to evolve your knowledge of it now if you adopt that mentality study any businesses you have really started the process of becoming real investor so that's the first thing the second thing is you really want to maintain intellectual honesty and that is very very important you have to be really honest of what you know what you assume what you pretend on subconsciously and what you don't know um is how do you really know uh that uh one of the things that Charlie have talked about that I think make the most offense is it always said that I'm never entitled to have a view until I could find the smartest of people on the planet who took the other side of that view and I can argue better that opposition than he does now when I can do that I would be entitled to have a view same thing and applies to uh investing in this case that intellectual honesty is a good life philosophy to begin with it is a critical it is a vital when it comes to investment because as I said the security Market almost exists to really point it to really to find your weaknesses your dishonesty your pretension um and if you do not really possess that fundamental attitude of intellectual honesty you'll get destroyed at some point during this uh do your career by the financial Market it was almost designed that way to catch you can and I can I say something about that because it was better than design that way okay every time you buy a security thinking it's going to do well somebody else is selling you that security thinking it's going to do bad and vice versa and one of you is always wrong so you better be sure that you're the one that's on the right side of that transaction that is there is some zero-sum aspect but not always oh no it's a hundred percent zero song the average return to all investors in any asset class and therefore in all those asset classes is the average return to all those assets it brings out just to take a slightly different view but I'm never going to argue against my professors it is a fair point it is a fair point another thing I want to say is that uh you you want to really devote as much time as possible uh to study of the history of the businesses and the history of a great businessman in the past Memorial study more companies the better you are when it comes to judgment on good opportunities and the judgment about the fundamental characteristic of the company of Interest and so I say all three things in one to start with me 100 owner mentality to continue to trim yourself to have a high degree of intellectual honesty and lastly to be a really a thorough student of the history of the businesses all three things are really going to be very helpful if you are beginning to get into the field of the investment or you want to really proof your game so good advice I'm not going to argue with that