How does Li Lu view AI's impact on long-term investing?
Artificial intelligence presents a fascinating new frontier. From my perspective, the fundamental principles of value investing remain paramount. We must assess whether AI is a tool that enhances a business's intrinsic value, widens its moat, or improves its competitive position. The core questions of understanding the business, its long-term prospects, and buying at a margin of safety are still critical. While AI may accelerate certain processes and create new opportunities, it doesn't negate the need for deep intellectual honesty, independent thinking, and the patience for capital to compound over decades. We must rigorously analyze how AI contributes to sustainable, profitable businesses.