During the 2018 Daily Journal Annual Meeting, Charles Munger was asked about the talent of Li Lu. Here’s an excerpt from the meeting:
Munger: The second question was Li Lu. What was unusual about Li Lu. Li Lu is one of the most successful investors. Imagine him, he just popped out of somebody’s womb and he just assaulted life the best he could and he ended up pretty good at it.
But he was very good at a lot. He’s ferociously smart. It really helps to be intelligent. He’s very energetic. That also helps. And he has a good temperament. And he’s very aggressive, and he’s willing to patiently wait and then aggressively pounce.
A very desirable temperament to have. And if the reverse comes, he takes it well. Also a good quality to have. So it’s not very hard to figure out what works. But there aren’t that many Li Lu’s.
In my life, I’ve given money to one outside manager, and that’s Li Lu. No others in my whole life. And I have no feelings that it would be easy to find a second. It’s not that there aren’t others out there, but they’re hard to find. It doesn’t help you if a stock is a wonderful thing to buy if you can’t figure it out.
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