저자: MohnishPabrai · 외국인
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Mohnish Pabrai가 투자자 Li Lu에 대해 말한 내용을 정리한 영상이다. 결론: Li Lu는 Charlie Munger가 신뢰해 자금을 맡긴 비범한 투자자이며, 그 실적과 행보가 높이 평가된다. Li Lu의 배경: 1980년대 말 천안문 시위의 주요 학생 지도자 중 한 명이었으나, 정부의 탄압을 피해 홍콩을 거쳐 미국으로 건너갔다. 영어를 못한 상태에서 컬럼비아 대학에 장학금으로 입학해 법학 학위와 MBA를 동시에 취득했고 모두 수석에 가까운 성적을 냈다. 초기 투자: 학비와 생활비로 받은 자금을 굴려 학업 중에 약 100만 달러를 모았다. 졸업 후 초기 벤처캐피털에서 좋은 성과를 냈고, 이후 자신의 펀드를 설립했다. Munger와의 관계: Munger는 Li Lu의 실적을 보고 투자를 결정했다. 약 8,000만 달러를 맡겼고 약 8억 달러로 불어났으며, 현재 약 12~14억 달러 수준으로 언급됐다. 투자 철학: Li Lu는 익숙하지 않은 국가와 상황에서도 투자하는 것을 꺼리지 않는다. 말이 아닌 실적과 실제 행동을 보라는 원칙을 강조하며, Pabrai는 이를 '이상치(anomaly)'를 찾는 관점으로 설명한다. 사례 - 아모레퍼시픽: Li Lu가 추천했으나 Pabrai는 한국어 자료 등으로 이해가 어려워 투자하지 않았고, 이후 주가가 수백 퍼센트 올라 기회를 놓쳤다. 사례 - 마오타이: Li Lu가 자료를 정리해 주어 Pabrai가 투자했고 주가가 바로 상승했다. 다만 Pabrai는 이후 매도한 것을 실수였다고 인정했다. 병당 제조원가 약 1.5달러에 판매가 약 1,400달러로 이익률이 매우 높다고 평가됐다. 아마존 관련: Pabrai는 Jeff Bezos와 아마존을 이상치로 꼽았다. 대부분의 가치투자자가 고평가로 보고 놓쳤으며, 닷컴 버블 때 90% 이상 하락한 뒤에도 보유한 투자자만 성과를 봤다는 점을 짚었다. 리스크와 한계: 정보가 한국어·중국어 등 외국어 중심이어서 이해 장벽이 크다. 영상 내 성과 수치는 출연자의 발언이며 검증되지 않았다. 과거 실적은 미래를 보장하지 않는다. 출연자 전망: 특정 종목의 1~3개월 가격 방향에 대한 명확한 예측 발언은 없고, Li Lu에 대한 장기적 신뢰와 긍정적 평가가 중심이다.
다듬은 글
what Manish February has said about legendary investor Lee Lou lilu hasn't given many interviews over the years so it's interesting to see what his friend and colleague Manish pepperay has to say about him so let's get straight into it Peppers talked about lilu and a few q a sessions one from just a couple of months ago and what he said was he asked Charlie manga his friend Charlie Manga why he gave lilu money to invest as a fund manager when he's never done that before and Charlie Munger said well it was a no-brainer monish Charlie said by looking at lilu's track record he could tell he was looking at an investor who was highly unusual and investing anomaly Monroe said that Charlie Munger gave lilu about 80 million dollars from previous Investments and lilu turned that into 800 million dollars pretty quickly and he said now that's sitting about 1.2 to 1.4 billion so he's done very well with Charlie munger's money honors tells the brief and fascinating story of how lilu came to become a great investor he was actually one of the top four or five student leaders in the protest of Tiananmen Square in China back in the late 1980s and when the Crackdown came when the Chinese government cracked down they were after Lee Lou they wanted to put him in jail and perhaps he would never be seen again some people helped smuggle lilu into Hong Kong and from there some business people in Hong Kong helped lilu moved to the U.S where he got a scholarship to go to Columbia University at Columbia they allowed him to enroll in three degrees at the same time which is very unusual including a law degree and an MBA at Columbia business school and he came top in the class in all those degrees which is amazing considering when he came to the US he didn't speak any English at all mono said that Colombia University and other supporters that helped him with loans and grants to help him with his degree and with his living expenses when he said that at the beginning of each semester lilu got some money not very much money but a lump sum to get him through living expenses and tuition fees and he invested that money he used it like a float and he invested it putting into practice what he'd learned at Columbia's business school and investing while he was still learning there minor said it wasn't very much money about ten thousand dollars every three or four months for his living expenses and tuition but he managed to invest some of it and he left Colombia with about a million dollars from his investing already money said that after Colombia lilu worked an early stage venture capital and did very well and then went on to start his own fund to invest and then of course lilu went on to start doing very well and invest in catching the attention of Charlie Munger who said it was a no-brainer to start investing with him and investing anomaly a highly unusual investor mono said that lilu is okay being in uncomfortable situations where others wouldn't want to get into in terms of investing what pepper I meant by lilu being okay in uncomfortable situations is that he used to have a lot of investments in Korea which he's did very well at but he doesn't speak the language he's unfamiliar with the country it's said that he'd be pretty much the same as him have the same level of knowledge and competence in career but he did very well out of it so he managed to navigate the country very well not knowing much about it when he said that part of the lesson here is that in a life and in investing look at the track record it doesn't matter what people say or a company say look at the track record look at what they actually do and we look at Lee Lou we can look at his track record and Charlie Munger picked up on that and mono said that in life look for anomalies we need to look for anomalies in investing so he said that Charlie manga is an anomaly Warren Buffett's an anomaly and companies like Amazon and Aaron anomaly and that's what we're looking for if I do consider content in the future staying with Amazon for a moment as an anomaly we could say that Jeff Bezos was an anomaly as a Founder as an entrepreneur one of the best entrepreneurs of the last few decades and he's LED Amazon to great success and a lot of people question that including value investors most value investors actually missed Amazon thinking that it was too highly priced all the way up and maybe didn't see that Jeff Bezos was actually the mode for Amazon we could say that so a lot of in value investors missed except for next sleep who worked out this scale economy shared model like Costco and saw that Amazon was there and invested in it really early and wrote it all the way up but there were very few people very few value investors very few even growth investors who saw Amazon and stuck with it through thick and thin before that.com bubble and through the.com bubble where it went down over 90 percent and then went up over the next couple of decades monish has also told us a little bit about how he got to know lilu how he met him and how he started to learn from him he said that when he first got to know Charlie manga which was of course through Warren Buffett when he had the charity lunch with Warren Buffett Warren Buffett introduced him to Charlie Munger and then Charlie manga now says that pep rice should have lunch with Lee Lou on some month and pepper I said that well okay if lilu wants to have lunch with me once a month I'd be perfectly willing to do that no problem at all this is when they were all living in California and pepper said that lilu has since moved to Seattle and of course pepper has moved to Austin Texas in the meantime as well now at one of these lunches lilu started to tell pepper about this company called Amor Pacific he was encouraging him to look into the company so pep right after the lunch went back and started to look into it and everything was in Korean he couldn't make head or tale of the companies he went to some stores where the products were in California to have a look at them he said it was way outside his circle of competence so he left the company alone he didn't invest in it he couldn't work it out and so many months later pepper I was having lunch with Lilo again and lilu asked him if he invested in that company animal Pacific and Manish told him that he couldn't make a head or tail of it so he didn't invest in it and Lilo said well it's gone up hundreds of percent and pepper I said he missed that opportunity but now lilu was telling him about another company which was Mao Thai in China which is a very old Spirit spanned alcohol brand in China well pepper I said I'm gonna go away and it's going to be the same thing it's going to be in Chinese I'm not going to be able to work it out so can you spoon feed me information can you tell me about the company spoon feed me the information and tell me why I should invest it in it and lilu did that and Pedro did invest in it and it did very well when he said that it became clear to him that maltai was an excellent business they were able to make bottles of this spirit for about a dollar fifty and they were selling at about fourteen hundred dollars so their profit margin was huge and so he did invest in it and he said that after he did invest in it it started to kind of rock it's pretty much straight away after he bought it it started its run up so Lily was correct about this company actually in other Q A's pepper acidity since sold maltai and he also said that that was a mistake he shouldn't have sold it it was back when he was value investing in the way that you buy undervalued company companies and you wait till they get to fair value or above and then sell them and buy something else is more into long-term compounding buying cheap companies good companies and holding for the long term now he said it was a mistake it also reminds me that in investing with Tom's podcast he interviewed Monsoon pep right Manish pep Rye's daughter who also an investor has a fund and she said that she owns Malta she still owns it and she went on the trip with Manish to see the company with guy spear as well there went to see the company even though he doesn't even drink alcohol not drinking alcohol you could say that it really isn't in his circle of competence if he doesn't like it he said that he tried it and it was burning inside him for about three days so it kind of wasn't in a circle of confidence if he doesn't even drink but he still invested in it he trusted lilu lilu told him about it he went to visit it and it did very well for him but it could have done better if he if he'd held it he said so it's clear that lilu as an investor has the absolute respect of these other Legend legendary investors Manish pepbray and Charlie Munger who's given money to lilu to invest and it's done very well over time if you're curious about what's in lilu's portfolio I made a video about that a few months ago put it up here if you're on YouTube or in the description if you're watching or listening elsewhere it's interesting to see what he's buying including Google so go and see that now
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