在价值投资的世界中，方法论固然重要，但真正支撑长期成功的，是投资者内在的人格力量。

In the world of value investing, methodology matters — but what truly sustains long-term success is the investor’s inner character.

李录先生，这位深受查理·芒格和沃伦·巴菲特影响的投资大家，其非凡成就不仅源于卓越的智慧和判断力，更建立在他深厚而独特的个人品性之上。

Li Lu, a renowned investor deeply influenced by Charlie Munger and Warren Buffett, owes his remarkable achievements not only to intellect and judgment, but to a set of profound and distinctive personal traits.

一、谦逊低调，少露锋芒

Humble and Low-Key, Rarely Showy

李录先生极少出现在公众媒体面前，以谦逊低调著称。

Li Lu rarely appears in public media and is known for his humility and low profile.

他从不张扬自己的成就，因而常被外界所忽略。

He never flaunts his achievements, which often leads to him being overlooked by the public.

但从其二十多年卓越的投资业绩和管理的庞大资金规模来看，他已是全球最顶尖的投资人之一。

However, with over two decades of outstanding investment returns and billions in assets under management, he is undoubtedly among the world's top investors.

二、深刻的好奇心与卓越洞察力

Deep Curiosity and Exceptional Insight

他对人性、市场机制等常人熟视无睹的事物，抱有强烈而持续的好奇心，甚至到了“钻牛角尖”的地步。

He maintains an intense and persistent curiosity about human nature and market mechanisms — to the point of what some may call “obsessiveness.”

他曾指出，市场的存在是为了暴露人性的弱点，这一观点独树一帜。

He once observed that the market exists to expose human weakness — a uniquely insightful perspective.

他像学术研究者、侦探或记者般，对世界的运行逻辑保持永不满足的好奇心，也因此能够看到别人看不到的机会与本质。

Like a scholar, detective, or investigative journalist, he is tirelessly curious about how the world works, which allows him to see opportunities and truths others often miss.

三、真诚、不虚，言语有力量

Sincere, Authentic, and Powerful in Speech

他说话直率、坦诚，所言多为实话，因此极少有人能当面反驳他。

He speaks with frankness and sincerity, usually stating the unvarnished truth — making it hard for others to refute him face-to-face.

他并不多言，但一旦开口，常令场上许多似是而非的说法顿时失色。

Though not overly talkative, his words often outshine others' vague or shallow remarks the moment he speaks.

四、将对知识诚实视为道德底线

Honesty Toward Knowledge as a Moral Baseline

他强调对真知和智慧的追求，是资产管理行业从业者应具备的道德责任。

He emphasizes that the pursuit of truth and wisdom is a moral responsibility for anyone in the asset management industry.

他认为知道自己真正懂什么、不懂什么，是判断“是否懂”的分界线。

He believes the key to understanding lies in recognizing clearly what you know and what you don’t.

面对纷繁复杂的世界，唯一的办法是持续检视并修正自己的认知。

In a complex and chaotic world, the only reliable path is continuous self-examination and correction of one’s beliefs.

对知识的诚实，不仅是方法问题，更是一种人格修养。

Honesty toward knowledge is not just a method—it's a reflection of one’s moral character.

五、独立思考，乐于成为少数派

Independent Thinking and the Courage to Be a Minority

他指出真正的价值投资者常常是少数派，不随波逐流，不迎合多数。

He points out that true value investors are often in the minority—unwilling to follow the crowd or please the majority.

他们依据逻辑和证据做判断，不被外界看法左右，且乐于坚守孤独。

They make judgments based on logic and evidence, remain unaffected by public opinion, and embrace solitude.

能长期坚持下去，靠的是内在的独立思考能力。

The ability to persist over time stems from inner independence of thought.

六、强烈责任感与受托人精神

Deep Sense of Responsibility and Fiduciary Mindset

他一再强调资产管理者必须有受托人意识，把客户的钱视为父母一生辛苦积攒托付给自己打理的财富。

He repeatedly stresses that asset managers must adopt a fiduciary mindset—treating clients’ money as if it were the life savings of their own parents entrusted to them.

这是一种“牢不可破的道德底线”。

This, to him, is a "non-negotiable moral bottom line."

他也指出那些缺乏这种基因的人，不应进入这个行业，否则只会沦为财富的破坏者。

He adds that those lacking this mindset should not enter the industry, as they would become destroyers of wealth rather than stewards.

七、心理上的自知与理性控制

Psychological Self-Awareness and Rational Self-Control

他常说：“人最容易骗的是自己。”尤其在“卖方心态”下，人更容易自我说服。

He often says, “The easiest person to deceive is yourself”—especially under the influence of a sales-driven mindset, where self-persuasion becomes common.

他强调投资需要强大的客观理性，建议投资者亲身体验投资行为中的心理变化，甚至运用冥想等方法来“重新设计大脑”，培养更高程度的自我控制力。

He emphasizes that investing requires strong objectivity and reason. He encourages investors to observe their own psychological reactions and even use tools like meditation to “reprogram the brain” for better self-control.

他对人性有极深的理解，也与他亲历生死、深入反思生命意义的早年经历有关。

His profound understanding of human nature is deeply rooted in his early experiences of facing life and death, and reflecting on the meaning of life.

八、生理上对投机的厌恶

A Visceral Aversion to Speculation

他从不掩饰对投机行为的厌恶。

He makes no effort to hide his disdain for speculative behavior.

他指出，早期股市制度设计，本就迎合了人性中的懒惰、贪婪和赌性，而投机最终的净结果是“零”。

He notes that early stock market systems were designed to exploit laziness, greed, and gambling instincts in human nature — and the net outcome of speculation is ultimately zero.

九、持续学习的热情与广泛兴趣

Passion for Lifelong Learning and Broad Curiosity

他认为持续的兴趣是成就一件事情最强大的动力。

He believes sustained interest is the most powerful force behind long-term achievement.

真正的投资者需要像学者或记者一样，对各行各业、政治、技术、人性、历史乃至诗歌和文学都充满兴趣。

True investors must have a scholar’s or journalist’s mindset — being deeply curious about industries, politics, technology, human nature, history, even poetry and literature.

这种广度的学习，使他能跨越学科壁垒，形成独特认知体系。

This breadth of learning allows him to cross disciplinary boundaries and develop a unique cognitive framework.

十、刻苦与实干精神

Diligence and a Spirit of Hard Work

他曾指出，价值投资是一条“漫长且艰难”的道路，绝不轻松。

He once said that value investing is a “long and difficult” road, and never an easy one.

“不做是没用的”，真正的学习与研究必须“真刀真枪地干”。

“There’s no use in not doing”—real learning and research must be hands-on and rigorous.

他曾研究公司的诉讼资料，像调查记者般追溯每一个细节，这是他“实干型”学习态度的体现。

He once pored over company litigation records like an investigative journalist, chasing down every detail—an example of his hands-on learning mindset.

十一、坚韧与自我重塑

Resilience and Self-Reinvention

李录的童年伴随孤独与恐惧。

Li Lu’s childhood was marked by loneliness and fear.

他曾说过，成长过程是一个“让内心高大、摆脱恐惧”的旅程。

He has said that growing up is a journey of “expanding the mind and freeing oneself from fear.”

他早年为迎合客户做对冲交易，忙得焦头烂额，感觉像“被绑住手参加踢屁股比赛”。

In his early career, he tried to please clients by engaging in hedging trades, which left him overwhelmed — “like fighting in a kicking contest with hands tied.”

最终，他选择放弃这些“无意义的操作”，坚持价值投资的“正道”。

Eventually, he walked away from such “meaningless maneuvers” and committed fully to the righteous path of value investing.

十二、深沉的家庭情感

Deep Family Affection

他不仅在思维上深邃，在情感上也极为柔软。

Li Lu is not only intellectually profound, but also emotionally gentle.

他能在沉思中迅速切换为一个温柔的父亲，享受与家人共度的每一刻。

He can shift from deep contemplation to being a tender father who cherishes every moment with his family.

他曾放下工作应酬，只为听一听家长里短。

He once turned down business engagements just to listen to everyday family conversations.

他的亲情观来自骨子里，不浮于表面。

His sense of family runs deep — it’s internalized, not performative.

十三、价值导向与社会贡献意识

Value-Driven with a Sense of Social Responsibility

他认为，价值投资不只是赚钱的方式，更是一种价值观：在创造财富的同时，也为社会做出贡献。

He believes that value investing is not just a way to make money — it’s a worldview: to create wealth while also contributing to society.

他服务的客户主要是大学捐赠基金、慈善基金等，强调用“信任的钱”去创造更大的社会价值。

His clients are primarily university endowments, charitable foundations, and similar institutions — he emphasizes creating greater value with “trusted capital.”

他说，看着这些财富不断增长、最终用来帮助别人，是一种最安心、最不着急的生活方式。

He says that watching this capital grow and eventually help others is the most peaceful and unhurried way to live.

李录先生的品性，是他投资体系中不可分割的核心。

Li Lu’s personal character is an inseparable part of his investment philosophy.

他的谦逊、好奇、诚实、理性、勤奋与爱，让“价值投资”不仅是一种策略，更成为一种人生哲学。

His humility, curiosity, honesty, rationality, diligence, and compassion elevate value investing beyond strategy—it becomes a way of life.

他以人格为根，以思想为干，以实践为果，向世人展示了“投资”也可以是一种利他且深远的事业方式。

With character as his root, thought as his trunk, and action as his fruit, he shows that investing can be a deeply altruistic and far-reaching pursuit.

来源：蜗牛阿奇（ID：Snail-Archie）

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