Stands in for a noun already mentioned, or points vaguely at an unnamed thing
Encoding Strategies:
repetition

The most useful translation for lo is it, which points at something without explicitly naming it0.
lo
it, him (masculine direct object)
Replaces a masculine noun that's already been mentioned, just like "it" or "him" in English.
- ¿Dónde está el libro? No lo veo = Where is the book? I don't see it.
- Vi a tu hermano ayer. Lo saludé en la calle = I saw your brother yesterday. I greeted him on the street.
lo que
what, that which
When followed by 'que', we add additional information describing the vague 'it'.
- No entiendo lo que dices = I don't understand what you're saying (I don't understand the thing that you're saying)
- Lo que me molesta es la falta de respeto = What bothers me is the lack of respect (the thing that bothers me is the lack of respect)
lo [adjective]
the ... thing
When modified by an adjective, the 'it' is just a vague thing described by that adjective.
- Lo bueno de vivir aquí es el clima = The good thing about living here is the weather.
- Lo difícil fue despedirse = The hard part was saying goodbye (the difficult thing was saying goodbye)
lo [adjective / adverb] que
how
When modified by an adjective or adverb, the 'it' is just a vague thing that expresses the degree or intensity of something. The 'que' then anchors that degree to a specific situation.
- No sabes lo difícil que es = You don't know how difficult it is (you don't know the difficult thing it is)
- Me sorprende lo rápido que aprendió = It surprises me how quickly she learned (it surprises me the rapid way that she learned)