PDD被低估，为价值投资者提供机会，尽管存在风险。

He more than more than doubled their Pinduoduo stake this quarter, adding 133% and it's now sitting at over a fifth of his entire portfolio. So, for anyone that doesn't know the company, Pinduoduo is a Chinese e-commerce group known for their group buying model, but most outside of China just know them as the company behind Temu.

Now, I must admit I've left this one until the very end because this one is quite firmly outside my own circle of competence, you know, at least for the time being. But, we can still have a look through the numbers and see some pretty interesting stuff going on.

For example, Pinduoduo carries zero debt and is sitting on roughly 64 billion US dollars worth of cash and short-term investments against a total market cap of only around 120 billion US dollars.

So, more than half of the company's market value is just cash in the bank. Then, on top of that, it trades at a PE of only 8.5 times earnings and Simply Wall Street's kind of cash flow model has it at 53% undervalued.

Now, some will still argue that it's a genuine case of being cheap for a reason, you know, earnings and free cash flow have stagnated over recent years and there's the ongoing regulatory and delisting risks of Chinese ADRs, whatever that might be.

I'm not going to pretend to be an expert on that, but for a value investor like Li Lu, who is originally from China, who cut his teeth also under Charlie Munger, that gap between what he's seeing as price and value is probably the opportunity that he's jumping at.

And with that, we now get to the fifth and final story from this quarter's 13Fs, and we have Li Lu buying a big lot of Pinduoduo.