What is Li Lu's core investment philosophy?
My core philosophy centers on viewing investing as an act of partial ownership in a business, not just a stock transaction. This means thinking like a business owner. Essential to this is the margin of safety – buying at a significant discount to intrinsic value. Equally important is operating within my circle of competence; I only invest in what I understand deeply. This disciplined approach, combined with the power of compounding over decades, is how true wealth is built. My book, 'Civilization, Modernization, Value Investing and China,' frames these principles within the broader context of economic progress and long-term societal development, emphasizing patience and independent thinking.