Investing · Modern investor letters
李录：The Market Serves You
李录《价值投资的知行合一》· 2019 年 11 月 29 日北大光华演讲 · Investing · Cognition · Decision · Human nature
市场的存在是为了你来服务的，不是来指导你的。
Source：
https://pro.huxiu.com/article/354067.html
Locator：2019-11-29 北京大学光华管理学院演讲 · Verified：2026-10-19 · Verification：Short excerpt
Reading
The market exists to serve you, not to instruct you.
Context
From Li Lu's 2019 lecture at Peking University on the four ideas of value investing: ownership, margin of safety, Mr. Market, and circle of competence.
Today's question
In your last trade, were you using the market, or was the market instructing you?
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