#363 Li Lu and Charlie Munger and Warren Buffett

Founders

David Senra

Business, Technology, Entrepreneurship, History

4.8 • 2.4K Ratings

🗓️ 6 September 2024

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

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Summary

I sent a friend this text: I'm working on another Li Lu episode but this one is about his remarkable investing career. Can be summarized by: 1. Studied Buffett and Munger. 2. Did that. Last episode was about how Li Lu survived one of the most horrific childhoods imaginable. This episode covers how he thinks about investing and entrepreneurship—in his own words. Sources: The forward to the Chinese edition of Poor Charlie’s Almanack written by Li Lu Li Lu's Colombia Business School lecture 2006 Li Lu’s San Francisco State University lecture 2012 Graham & Doddsville interview with Li Lu 13th Colombia Business Conference 2021 Li Lu's Reflections On Reaching Fifty ---- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ---- Build relationships with other founders, investors, and executives at a Founders Event ---- Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ---- Join my free email newsletter to get my top 10 highlights from every book ---- Follow Founders Podcast on YouTube (Video coming soon!) ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast

Transcript

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0:00.0	I sent a friend this text this week. I said I'm working on another Lulu episode, but this one is about his remarkable investing career.
0:05.6	Can be summarized by, number one, studied Buffett and Munger. Number two, did that.
0:11.1	In all the talks and interviews that Lulu gave gave over the last two decades he's constantly referencing the lessons that he learned from studying Warren Buffett and Charlie Munger and he shares their obsession with finding great companies.
0:23.0	So many times when I was reading the words and listening to the words of Lulu and I was researching the podcast,
0:27.5	I thought of this book, which I've mentioned multiple times in this episode,
0:30.5	and I think is the best book on Buff and Munger I've ever read.
0:33.0	It's called All I Want to Know is Where I'm Going to Die,
0:35.5	So I'll Never Go There.
0:36.5	Buffett and Amonger, a study in simplicity and uncommon, common sense.
0:40.0	And there's a few sections from this book that I want to read to you
0:42.0	because it's really Buffett describing what makes a great business.
0:45.2	And he says every day in countless ways, the competitive position of each of our businesses grows either weaker or stronger.
0:51.2	If we are delighting customers, eliminating unnecessary costs and
0:55.8	improving our products and services, we gain strength. But if we treat customers
1:00.1	with indifference, our tolerate bloat, which means don't watch our costs, our businesses will
1:04.7	wither. On a daily basis, the effect of our actions are imperceptible. Cumulatively, though,
1:10.6	their consequences are enormous.
1:13.0	Later on in the book, Buffett has asked,
1:15.0	how should you be running your business?
1:16.0	He says, just do what you always do.
1:18.0	Wyden the moat, build enduring competitive advantage,
1:21.0	delight your customers, and relentlessly fight costs.
	...

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