李录关于能力圈的一段谈话

From Li Lu’s 2010 Columbia University Lecture:

So how do you really understand and gain that great insight? Pick one business. Any business. And truly understand it. I tell my interns to work through this exercise – imagine a distant relative passes away and you find out that you have inherited 100% of a business they owned. What are you going to do about it? That is the mentality to take when looking at any business. I strongly encourage you to start and understand 1 business, inside out. That is better than any training possible. It does not have to be a great business; it could be any business. You need to be able to get a feel for how you would do as a 100% owner. If you can do that, you will have a tremendous leg up against the competition. Most people don’t take that first concept correctly, and it is quite sad. People view it as a piece of paper and just trade because it is easy to trade. But if it was a business you inherited, you would not be trading. You would really seek out knowledge on how it should be run, how it works. If you start with that, you will eventually know how much that business is worth.

"A certain industry might have characteristics that make it different than others. In certain industries you might have better prospects than others. Find the best of the players in the industry and the worst players. And see how they perform over time. And if the worst players perform reasonably well relative to the great players — that tells you something about the characteristics about the industry. That is not always the case but it is often the case. Certain industries are better than others.

So if you can understand a business inside out you can then eventually extend that to understanding an industry. If you can get that insight, it is enormously beneficial. If you can then concentrate that on a business with superior economics in an industry with superior economics with good management and you get them at the right price — the chances are that you can stay for a very long time.

我个人觉得这段话比较有意思，与我的一些投资思考有相似 。 

加国的银行业的特点，

一百多年的时间里，任何时候以任何价格买入加国银行股长期持有，都能获得丰厚的利润。
而TD 和 RY 又是行业中明显的姣姣者，投资TD和RY的长期回报大大超出其它银行。 

在加国，银行业是个很能挣钱的行业，投资这个行业 ，怎么投都能挣钱，如果能够选其中的优秀者，能挣更多的钱。