INVERT

DO NOT LOSE MONEY

[Aidan @0xAidanAi]

In 1993 a broke student walked into a lecture at Columbia because he thought the word "buffet" meant free food

There was no food. There was Warren Buffett

The student was Li Lu. Four years earlier he had been a student leader on Tiananmen Square and had to flee China with nothing

He landed in New York deep in debt and barely speaking English

Today he runs Himalaya Capital
Charlie Munger gave him his own family money, the only outside manager Munger ever trusted with it

This tape is his 2006 lecture inside Bruce Greenwald's classroom at Columbia
Not a podcast, not a summary. The actual class

His idea is brutally simple
Stop behaving like an investor, start behaving like a journalist

He walks through Timberland, a company he bought at around 5 times earnings with a fortress balance sheet, ignored because analysts had quietly stopped covering it

Nobody had read the filings. He had

A seat in that room costs over $250,000
This is 1 hour 46 minutes, free

134,000 people opened it
Almost none of them read a single annual report that week

↓

[Noah @antibearthesis]

Best investment advice you’ll see today.

[INVERT @alwaysINVERT69]

A car is generally a family's 2nd highest purchase.

NIO, Onvo or Firefly EVs are not cheap for its target consumer segments.

However, if you want a profitable business, I agree that it's better to sell to the affluent than to sell to the cheap & cheerful.

[INVERT @alwaysINVERT69]

I am a long NIO.

I probably have more NIO than 90% of the retail investors.

If anything, I wish that NIO goes to sub-$3 to shake out the non-believers.

If you need to read random twitter posts by strangers to have a conviction in NIO, you should be doing something easier.

💝

[INVERT @alwaysINVERT69]

This might be the longest flat &/ dump cycle that NIO has gone through over 52 weeks.

The 40% to 50% YOY Growth Projections were not realistic.

Expanding by 30% YOY till 2030 is plenty and it's something realistic.

[Arthur Shen @ArthurShen]

At a closed-door meeting following the release of NIO’s Q2 2026 financial results, William Li spent more than 3 hrs talking about “operational quality” and “doing the math.”

This is the first piece. More details will be shared gradually. $NIO https://t.co/5efjbMbFOU

[Arthur Shen @ArthurShen]

NIO Closed-Door Q&A — Part 1: Finance & Operations

I’ve categorized the key takeaways from the 3-hour, in-depth Q&A session to make it easier for you to find the information you’re looking for.

Part One focuses on NIO’s finance and operations. $NIO https://t.co/vSDqOQZLem

[Arthur Shen @ArthurShen]

NIO Closed-Door Q&A — Part 2: Battery Swapping & Battery Technology

I’ve categorized the key takeaways from the three-hour, in-depth Q&A session to make it easier for you to find the information you are looking for. $NIO https://t.co/oNqaKsc0mU

[INVERT @alwaysINVERT69]

https://t.co/026YizLTmT

Content from
Chamath Palihapitiya

[Chamath Palihapitiya @chamath]

I turn 50 today. This is a message to my kids but I offer it to you in case any of it rings useful.

I was born in Sri Lanka in 1976 in a country that, at the time, was about to enter a decades long civil war. My father was able to get stationed at the Sri Lankan High Commission in Canada for four years in the early 80s - when some of the fighting was most severe - and which from our vantage point in Canada gave us some respite from an otherwise omnipresent conflict.

He came as a diplomat but then my father filed for refugee status after four years when his life was threatened by militants. We stayed in Canada as refugees. My dad never really landed on his feet and we grew up on welfare.

My mom stepped up. She did an incredible thing and put our family on her back and kept marching forward. Sometimes the steps were very small but she always tried to keep moving forward.

I worked at Burger King starting at 14, giving my paycheck to my mom and dad to support our family in the role that I was assigned - earn enough to pay for our bus passes because we couldn’t afford a car.

I was a loser growing up. Some friends, some good memories but mostly forgettable and lonely. I wasn’t very studious but did get my act together in my final year and got into a great university.

I immigrated to the US soon after graduating and found an opportunity. Things clicked and I have been traveling a path to find myself ever since. Only in America is this possible…

I worked hard, followed the rules, paid my taxes and stayed in California out of loyalty for the opportunities it has given me despite its dysfunction.

I found my wife here. Had my kids here. Found my tribe here.

There have been some very hard times as well - deaths, divorce, financial pain, mistakes of omission and mistakes of commission. You can’t dwell on these things - they are weights that will pull you down if you’re not careful. Learn from them. Respect them. BUT MOVE ON.

To think 50 years ago I could have ever gotten a chance to meet the people I’ve met and have had the experiences I’ve had would have been mind boggling to my parents. It’s mind boggling to me now.

We forget often and try to convince others it’s not true but America truly is the best country in the world. Everything and anything is possible here. I can testify. Be grateful to be here.

This is the only place that gives EVERYONE a chance to live a great adventure. The first 50 years have been that for me - an incredible adventure.

Notice there is nothing here about accomplishments or money. Because it doesn’t matter and it won’t matter.

You will be dust in less than 100 years from now and the decision to be remembered won’t be yours so stop sweating it. It’s not in your control.

So what is in your control?

Be kind. Have fun. Work on something meaningful to you. Find your tribe. Try to find perspective. Find an incredible partner. Have a bunch of kids. Live an adventure. Forgive your parents - they were doing the best they could even if that wasn’t what you deserved.

I will do what I can to make my next 50 years a wild ride.

You should too.

I love you and thank you. ❤️

🙏🏽🙏🏽

[INVERT @alwaysINVERT69]

There have been some very hard times as well - deaths, divorce, financial pain, mistakes of omission and mistakes of commission.

You can’t dwell on these things - they are weights that will pull you down if you’re not careful.

Learn from them.

Respect them.

BUT MOVE ON.

[Chamath Palihapitiya @chamath]

I turn 50 today. This is a message to my kids but I offer it to you in case any of it rings useful.

I was born in Sri Lanka in 1976 in a country that, at the time, was about to enter a decades long civil war. My father was able to get stationed at the Sri Lankan High Commission in Canada for four years in the early 80s - when some of the fighting was most severe - and which from our vantage point in Canada gave us some respite from an otherwise omnipresent conflict.

He came as a diplomat but then my father filed for refugee status after four years when his life was threatened by militants. We stayed in Canada as refugees. My dad never really landed on his feet and we grew up on welfare.

My mom stepped up. She did an incredible thing and put our family on her back and kept marching forward. Sometimes the steps were very small but she always tried to keep moving forward.

I worked at Burger King starting at 14, giving my paycheck to my mom and dad to support our family in the role that I was assigned - earn enough to pay for our bus passes because we couldn’t afford a car.

I was a loser growing up. Some friends, some good memories but mostly forgettable and lonely. I wasn’t very studious but did get my act together in my final year and got into a great university.

I immigrated to the US soon after graduating and found an opportunity. Things clicked and I have been traveling a path to find myself ever since. Only in America is this possible…

I worked hard, followed the rules, paid my taxes and stayed in California out of loyalty for the opportunities it has given me despite its dysfunction.

I found my wife here. Had my kids here. Found my tribe here.

There have been some very hard times as well - deaths, divorce, financial pain, mistakes of omission and mistakes of commission. You can’t dwell on these things - they are weights that will pull you down if you’re not careful. Learn from them. Respect them. BUT MOVE ON.

To think 50 years ago I could have ever gotten a chance to meet the people I’ve met and have had the experiences I’ve had would have been mind boggling to my parents. It’s mind boggling to me now.

We forget often and try to convince others it’s not true but America truly is the best country in the world. Everything and anything is possible here. I can testify. Be grateful to be here.

This is the only place that gives EVERYONE a chance to live a great adventure. The first 50 years have been that for me - an incredible adventure.

Notice there is nothing here about accomplishments or money. Because it doesn’t matter and it won’t matter.

You will be dust in less than 100 years from now and the decision to be remembered won’t be yours so stop sweating it. It’s not in your control.

So what is in your control?

Be kind. Have fun. Work on something meaningful to you. Find your tribe. Try to find perspective. Find an incredible partner. Have a bunch of kids. Live an adventure. Forgive your parents - they were doing the best they could even if that wasn’t what you deserved.

I will do what I can to make my next 50 years a wild ride.

You should too.

I love you and thank you. ❤️

🙏🏽🙏🏽

[INVERT @alwaysINVERT69]

从错误中 学习
面对 现实
永不 言败
继续 往前

李录

Learn from Your Mistakes
Face the Reality
Never Give Up
Continue to Press Forward

LI LU.
Manages 1/3 of Berkshire Hathaway's Portfolio.
Met Charlie Munger every Tuesdays at Dinner.

[INVERT @alwaysINVERT69]

Oddly Fortunate.

[INVERT @alwaysINVERT69]

1. I turned a $250k loss into a 20%* increase in my shareholdings.

2. The average cost per share was also lowered as a result, despite the $250k loss.

3. The above is not repeatable.

4. + I will not put other peoples' problems ahead of mine, ever again.

*22.38% to be exact.

[Self Upgrade @selfupgrade222]

HOW TO READ PEOPLE:

1. Hypocrites - are always overly nice.
2. The envious - put others down.
3. The noble - help in silence.
4. The brave - admit their fears.
5. Small minds - talk about others.
6. Great minds - talk about ideas.
7. The weak - look for someone to blame.
8. The strong - know how to forgive.
9. The ignorant - think they know everything.
10. The wise - know when to stay silent.

[For all Curious @fascinatingonX]

🚨JUST IN: China surprises the world by announcing a cure for Type 1 and Type 2 Diabetes using Stem Cells and allowing the body to produce Insulin again

[楚狂 @chukuang2018]

为什么感谢共产党，自己看。

[Shen Shiwei 沈诗伟 @shen_shiwei]

🇲🇾Malaysian PM @anwaribrahim raised a good point: Why the Global South's call of asserting themselves had been swallowed by the big powers?

The period where we had🇮🇳Jawaharlal Nehru,🇮🇩Sukarno,🇨🇳Zhou Enlai and🇬🇭Nkrumah was the hope for the future. Emerging and newly independent countries asserting themselves.

[LinaHua @Linahuaa]

China doesn't have a company valued >1T USD, because there is COMPETITION.

They don't have one Apple, they have Oppo, Xiaomi, Huawei

They don't have one Tesla, they have BYD, Nio, XPeng, Li Auto

They don't have one Amazon, they have Taobao, Douyin shops, JD.

US trillion dollar companies are protected monopolies.
Might be cool for the shareholders, but consumers have to put up with shitty Pixel phones, buggy Windows, overpriced mid Teslas, and Facebook bot-slop.

Chinese consumers get better products for less money.