$Alphabet(GOOGL.US)Li lu2024 Value Investment Speech

1. Equity Mindset (Buying stocks is buying a company) 2. Mr. Market (The market can only reflect prices, not value) 3. Margin of Safety (The future is unpredictable; only a sufficiently cheap price can avoid losses) 4. High-Quality Companies (Only high-quality companies can create returns that exceed the market, but one must have a circle of competence to identify these companies) 5. Fishing Where the Fish Are (Individual and institutional investors don't need a huge market; what's important is being able to identify which market has fish and that this market is not fully priced) 6. Wealth is essentially purchasing power within an economy (The goal of investment is to own equity in the most dynamic companies within the most dynamic economies to preserve and grow wealth)$NVIDIA(NVDA.US)$Taiwan Semiconductor(TSM.US)$Apple(AAPL.US)