Скачать или смотреть Value Investing Lecture by Li Lu: Rare Insights from a Columbia Lecture with real examples

Dive into the treasure trove of value investing with Li Lu as we unearth a hidden gem – a 2006 guest lecture at Columbia that reveals his investment philosophy through real-life examples. Li Lu, hailed by Charlie Munger as the Chinese Warren Buffett, shares insights on Timberland and Hyundai Department Store, breaking the silence on his investment choices.

🔍 Key Takeaways:

1. Assess the opportunity: Is it cheap?
2. Evaluate the business quality (Moat).
3. Trustworthy management is crucial.
4. Cultivate curiosity to understand the current state of affairs.

💡 Timberland Case:
Li Lu’s approach:

• Initial valuation using the price-to-book ratio.
• High return on invested capital, revenue growth, and improving margins.
• Investigating shareholder lawsuits and management concerns.
• Emphasizes the importance of going deep to uncover hidden value.

💼 Hyundai Department Store Case:
Li Lu’s thorough process:

• Market cap, earnings, P/E ratio assessment.
• Unveiling hidden value in assets (fixed assets, cash, equity stakes).
• Overcoming the challenge of understanding Korean managers in a family-controlled business.
• Achieving a 5-6x return on investment.


Full lecture video:    • Greenwald Li Lu CBS 2006  

TimeCodes:
00:00 - Who is Li Lu
02:34 - Investment Checklist
03:46 - Timberland Case Study
29:24 - Commentary on Timberland
31:13 - Hyundai Department Store Case Study
49:35 - Commentary on Hyundai

#lilu #valueinvesting #timberland #hyundai