Li Lu on Value Investing

Good stuff from Li Lu’s talk at Columbia’s 36th Annual Graham & Dodd Event:

• Almost all intelligent investing is value investing.
• AI serves as a great synthesiser and equaliser, rather than a replacement for human judgement.
• Great, competitive companies can be found at attractive prices during stagnant periods (his example was China’s market over the past decade) by maintaining a rational investor perspective.
• Either you think the market is there to instruct you or to serve you.
• You get what you deserve in the end.