Li Lu

The Cross-Border Holder

You look across markets for the rare business you can hold for twenty years, and when you find it you put almost everything into it. You think in decades and in civilizational change, not in quarters.

Position on the six dimensions

Where this method has an edge

• Extreme patience gives you unusual odds
• You can hold a position nobody else will
• You see opportunity where coverage is thin

Where it can hurt you

• Being wrong on a 90% position is unrecoverable
• Illiquidity and long waits wear most people down
• Very few people can actually tolerate this much concentration

One rule from this method

Name the one position you would keep if the market closed for five years. If you cannot name it, your portfolio is not built the way you think it is.

The other nine