Li Lu

Chinese American investor and businessman (born 1966)

For the Olympic slalom canoeist, see Li Lu (canoeist). For the Chinese Paralympic athlete, see Li Lu (sprinter).

In this Chinese name, the family name is  Li.

Li Lu

Born|  (1966-04-06) April 6, 1966 (age 59)

Tangshan, Hebei, China

Education| Nanjing University
Columbia University (BA, JD, MBA)
Known for| Founder and Chairman of Himalaya Capital
Awards| World Economic Forum Global Leader for Tomorrow (2011)
Chinese name
Traditional Chinese| 李錄 or 李祿
Simplified Chinese| 李录
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Lǐ Lù

Li Lu (Chinese: 李录; born April 6, 1966)[1] is a Chinese-born American value investor, businessman and philanthropist. He is the founder and chairman of Himalaya Capital. Prior to immigrating to America, he was one of the student leaders of the 1989 Tiananmen Square student protests. In 2021, he also co-founded The Asian American Foundation and serves as its chairman.[2]

## Early life and education

[edit]

Li Lu was born in April 1966, in Tangshan, China. He was a survivor of 1976 Tangshan earthquake, one of the deadliest in recorded history.[3][4] During Mao Zedong's Cultural Revolution of the 1960's, his parents were sent to labor camps by the government. As a consequence, he transitioned through multiple orphanages and caretakers as he grew up.[4]

In 1985, he went to Nanjing University, where he majored in physics but later transferred to economics. In 1989, he participated in the Tiananmen Square student protests and became one of the student leaders. He helped organize the students and participated in a hunger strike. After the crackdown on the movement, he fled the PRC and went to New York City at the age of 23, where his grandfather had received his PhD at Columbia University.[3]

In 1990, he published a book about his experience in China titled Moving the Mountain: My Life in China. The book was the basis of a 1994 feature-film documentary, Moving the Mountain, produced by Trudie Styler and directed by Michael Apted, which probed the origins of the 1989 protests in Tiananmen Square and the consequences of the movement in the lives of several of the movement's student leaders.[5] The book recounts a symbolic marriage ceremony on May 22, 1989, between Li Lu and his then girlfriend, Zhao Ming, at the Heroes' Monument.[6] Students gathered at the wedding to congratulate the married couple and sang the "Wedding March," which gradually turned into "The Internationale."[7] Chai Ling quotes Li Lu in her book as saying the marriage was meaningless.[8]

At Columbia, Li first enrolled in the American Language Program to learn English. He then studied in the School of General Studies and later transferred to Columbia College. He ended up joining the college, law school and business school over a six-year period.[3] Li Lu was one of the first in Columbia's history to receive three degrees simultaneously: a B.A. in economics, a M.B.A., and a J.D. in 1996.[9]

## Investment career

[edit]

Main article: Himalaya Capital

Li was inspired to get into investment after hearing Warren Buffett, a Columbia alumnus, give a lecture at Columbia in 1993. As detailed in the Foreword to the Chinese Edition of Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Li Lu found Buffett's lecture on the principles of investing in the stock market "concise, logical and convincing."[10] Shortly thereafter, Li Lu began investing in stocks while a student at Columbia University.[11]

He began his career in investment banking as a corporate finance associate at Donaldson, Lufkin & Jenrette in 1996. In 1997, he founded Himalaya Capital, known for its disciplined and value-oriented approach to investing.[12]

Charlie Munger, vice-chairman of Berkshire Hathaway and a long-time partner of the legendary investor Warren Buffett, was one of the investors of his fund, and a "mentor and good friend" (in Li Lu's own words).[13] Li Lu met Charlie Munger on Thanksgiving 2003 and they had been lifetime friends. Munger has stated that Li Lu is the only outside manager he has ever invested with and has described him as the "Chinese Warren Buffett."[14]

Li Lu's investing mantra is "accurate and complete information," including understanding the character of a CEO by visiting his local church and speaking to his neighbors.[15] He believes the most important thing in investing is intellectual honesty, recognizing that there is always a possibility that "you don't know that you don't know."[16] According to a 2021 interview by Columbia Business School Professor Bruce Greenwald, Li Lu's investment strategy attempts to identify and invest in long-term compounders, focusing on the nature of a business' competition "such that one could predict the outcome in 10 years, even with all the up and downs in the macro environment" which he says is the most important.[17]

Li Lu has been known as the man who introduced the Chinese battery and electric car maker BYD Company to Charlie Munger and Warren Buffett. He is an informal advisor to BYD. His investment partnership owns about 2.5% of BYD.[18]

Li was rumored to be the front runner to manage a large portion of Berkshire Hathaway's investment portfolio once Warren Buffett steps down. A report in The Wall Street Journal quoted Charlie Munger as saying he regards it as "a foregone conclusion" that Li Lu would be one of Berkshire's top investment officials after Warren Buffett retires. This was also hinted several times in some conversations with Buffett.[11] In 2010, it was revealed that Li Lu had withdrawn himself from consideration for the job.[19]

## Philanthropy & other activities

[edit]

In May 2021, Li Lu alongside several Asian-American business leaders, including Jerry Yang, co-founder of Yahoo, and Joseph Tsai, co-founder of Alibaba, launched The Asian American Foundation (TAAF) a nonprofit organization with $125 million in initial commitments from the board. TAAF's mission statement is to serve the 23 million Asian Americans and Pacific Islanders (AAPI) in three key areas: anti-hate programs, education, and data and research.[20] Li Lu serves as co-founder and chairman of the board of The Asian American Foundation (TAAF).[21] Since launch, TAAF has raised over $1 billion to support AAPI communities.[22]

In January 2020, Li Lu co-founded the Guardians of the Angeles Charitable Foundation to combat the global COVID-19 crisis and now serves as Chairman of the Board of the Foundation.[23]

In May 2010, Li Lu helped to translate and publish the Chinese version of Poor Charlie's Almanack, The Wit and Wisdom of Charles T. Munger (ISBN 978-7-208-08994-5) in China and wrote a foreword for the book.[24] In 2020, Li Lu wrote and published a book in China titled Civilization, Modernization, Value Investment and China.[25]

Li Lu currently serves as a trustee of Columbia University[26] and California Institute of Technology (Caltech).[27]

## Recognition

[edit]

Li Lu was elected to The American Academy of Arts and Sciences in 2020.[28] He is a past recipient of the John Jay Award from Columbia College, the Raoul Wallenberg Human Rights Award from the Congressional Human Rights Foundation, and the Reebok Human Rights Award. He is featured in the Smithsonian Institute's Family of Voices, a part of the ongoing twenty-year Exhibition, starting in 2017, "Many Voices, One Nation" at the National Museum of American History.[29]

## Published works

[edit]

* 文明、现代化、价值投资与中国 (Civilization, Modernization, Value Investing and China, 2020) (ISBN 9-7-87521-712-59-9)
* Foreword to the Chinese Edition of Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger (2010) (ISBN 978-7-208-08994-5)
* Moving the Mountain: My Life in China (ISBN 0-399-13545-6)

## References

[edit]

1. ^ Date information sourced from Library of Congress Authorities data, via corresponding WorldCat Identities linked authority file (LAF).
2. ^ "Asian-American leaders launch US$250 million effort to combat hate". South China Morning Post. May 4, 2021. Retrieved August 31, 2021.
3. ^ a b c "Family of Voices - Li Lu," Smithsonian, retrieved 25 August 2021.
4. ^ a b Olcott, Eleanor (September 7, 2023). "No other investor has a life story quite as unbelievable as Li Lu". Financial Times. Retrieved April 9, 2024.
5. ^ Moving the Mountain, directed by Michael Apted (Los Angeles, CA: Hallmark Home Entertainment, 2000), DVD.
6. ^ Li Lu, Moving the Mountain, 174.
7. ^ Li Lu, Moving the Mountain, 173.
8. ^ Ling Chai, A Heart for Freedom. Carol Stream, Illinois: Tyndale House, 2011, ISBN 978-1-4143-6246-5.
9. ^ "2005 Columbia Investment Management Conference". Columbia Business School. Archived from the original on June 20, 2006. Retrieved July 25, 2011.
10. ^ Louis Li, "Foreword," Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Chinese Edition, retrieved 2 October 2021.
11. ^ a b Pulliam, Susan (July 30, 2010). "From Tiananmen Square to Possible Buffett Successor". The Wall Street Journal. Retrieved August 19, 2021.
12. ^ Li, Lu (2012). "Asia Society" (PDF). Retrieved May 4, 2016.
13. ^ Li Lu's Foreword for the Chinese version of Poor Charlie's Almanack Archived May 24, 2010, at the Wayback Machine
14. ^ Jonathan Stempel, "Charlie Munger targets active managers, Elon Musk; praises China," Reuters, 14 February 2019.
15. ^ Value Investment Institute (September 1, 2010). "Buffett-ites or Bluff-it-ites?" (PDF). Value Investment Institute. Archived from the original on November 3, 2011. Retrieved July 5, 2016.
16. ^ "Li Lu — Know What You Don't Know" (PDF). Graham & Doddsville. New York: Columbia Business School. Spring 2013. Retrieved September 23, 2021.
17. ^ Lewis, Richard (April 13, 2021). "Li Lu: Value Investing in China, Full Transcript". Latticework Investing. Retrieved September 25, 2021.
18. ^ "Buffett's Chinese electric car company". Marcgunther.com. April 13, 2009. Archived from the original on May 20, 2010. Retrieved July 25, 2011.
19. ^ Ovide, Shira (October 26, 2020). "Todd Combs: For Buffett, Is Good Help Hard to Find?". The Wall Street Journal. Retrieved August 19, 2021.
20. ^ Ax, Joseph (May 3, 2021). "Asian-American business leaders launch $250M effort to fight hate". Reuters. Retrieved August 16, 2021.
21. ^ "Our Team". The Asian American Foundation. Retrieved September 7, 2021.
22. ^ Hadero, Haleluya (May 20, 2021). "Foundation raises $1 billion to fight anti-Asian hate". Associated Press. Retrieved August 16, 2021.
23. ^ "For US-China groups, the adversary is COVID-19 – not a country," The Christian Science Monitor, 18 May 2020, retrieved 15 September 2021
24. ^ "Chinese version of Poor Charlie's Almanack". Amazon.cn. Retrieved July 25, 2011.
25. ^ "Case Study: Li Lu's Investment in Timberland". www.gurufocus.com. Retrieved April 8, 2024.
26. ^ "Alexander Navab and Li Lu Elected to Columbia Board of Trustees | Columbia News". news.columbia.edu. Retrieved December 17, 2019.
27. ^ "Board of Trustees". www.bot.caltech.edu. Archived from the original on October 16, 2021.
28. ^ "New Members". American Academy of Arts & Sciences.
29. ^ "Li Lu". National Museum of American History. March 16, 2017. Retrieved December 17, 2019.

## External links

[edit]

* Moving the Mountain at the Internet Movie Database

* v
* t
* e

Columbia University

Schools|

| Undergraduate|

* College
* Engineering
* General Studies

|

Graduate|

* Architecture
* Arts
* Arts and Sciences
* Business
* Climate
* Dental
* International Affairs
* Journalism
* Law
* Library Service (former)
* Medicine
* Nursing
* Professional Studies
* Public Health
* Social Work

Affiliated|

* Barnard
* List College
* Teachers College
* Union Theological Seminary

Centers and
Institutes|

* Women
* Radiological
* Oral History
* Computer Music
* Earth
* Global
* Goddard Institute
* Harriman
* Social and Economic Research
* Social Research (former)
* Tele-Information
* War and Peace Studies
* Earth Observatory
* Neurological
* Nevis
* RARAF
* Psychiatric
* East Asian

Libraries|

* Law
* Architectural and Fine Arts
* Burke
* Butler
* East Asian
* Gottesman
* Jewish Theological Seminary
* Rare Book and Manuscript

Athletics|

| Teams|

* Columbia Lions
* Football
* Baseball
* Men's basketball
* Women's basketball
* Men's soccer
* Men's squash
* Women's squash
* Fencing

|

Spirit|

* Columbia blue
* Columbia–Cornell football rivalry
* Deans' Cup
* Liberty Cup
* "Roar, Lion, Roar"
* Roar-ee the Lion

Venues|

* Campbell Sports Center
* Commisso Soccer Stadium
* Lawrence A. Wien Stadium
* Levien Gymnasium
* Robertson Field at Satow Stadium

Campus|

| Academic|

* Barnard Hall
* Buell Hall
* Casa Italiana
* Hamilton Hall
* Havemeyer Hall
* Hotel Theresa
* Lamont Campus
* RV Marcus G. Langseth
* Lewisohn Hall
* Milbank, Brinckerhoff, and Fiske Halls
* Arthur Ross Greenhouse
* Philosophy Hall
* Prentis Hall
* Pupin Hall
* Rutherfurd Observatory
* Reid Hall
* Schermerhorn Hall

|

Residential|

* Broadway Hall
* Brooks and Hewitt Halls
* Carman Hall
* East Campus
* Furnald Hall
* Hartley Hall
* Hogan Hall
* John Jay Hall
* Schapiro Hall
* Wallach Hall

Statues|

* Alexander Hamilton
* Alma Mater
* Bellerophon Taming Pegasus
* The Great God Pan
* Thomas Jefferson
* John Howard Van Amringe
* Letters and Science
* Life Force
* Le Marteleur
* Reclining Figure 1969–70
* The Thinker
* Three Way Piece No.1: Points
* Tightrope Walker

Other|

* Columbia Transportation
* 116th Street–Columbia University station
* Alfred Lerner Hall
* Audubon Ballroom
* The Colosseum
* Delta Psi, Alpha Chapter
* Earl Hall
* Low Memorial Library
* Miller Theatre
* President's House
* Rat Rock
* St. Paul's Chapel
* Studebaker Building
* Tunnels
* Sundial
* Wallach Art Gallery

Student life|

| Organizations|

* Columbia Bartending Agency
* Conversio Virium
* Nacoms
* Philolexian Society
* Postcrypt Coffeehouse
* Queer Alliance
* Sachems
* St. Anthony Hall

|

Publications|

* The Birch
* Bwog
* Daily Spectator
* Jester
* The Blue and White
* The Current
* The Morningside Post
* The Federalist

Radio|

* WKCR
* WBAR

Traditions|

* Columbia University traditions
* Academic regalia
* Commencement
* Heraldry
* Barnard Greek Games
* Joyce Kilmer Memorial Bad Poetry Contest
* "Stand, Columbia"
* The Varsity Show

Former|

* Boar's Head Society
* I Wor Kuen
* Marching Band
* Peithologian Society
* West End Bar

Academic
publications|

* Columbia Business Law Review
* Columbia Human Rights Law Review
* A Jailhouse Lawyer's Manual
* Columbia Journal of Environmental Law
* Columbia Journal of European Law
* Columbia Journal of Law & the Arts
* Columbia Journal of Tax Law
* Columbia Journal of Transnational Law
* Columbia Journalism Review
* Columbia Law Review
* Columbia Political Review
* Journal of International Affairs
* The Journal of Philosophy
* Journal of Politics & Society
* Journal of the Ancient Near Eastern Society
* Revista Hispánica Moderna
* Teachers College Record

People|

* Trustees
* President
* Alumni and attendees
* Nobel laureates

Related|

* Antisemitism at Columbia University
* Bicentennial
* Calderone Prize
* Club of New York
* Core Curriculum
* History
* In popular culture
* Press
* Pulitzer Prize
* Record
* Science Honors Program
* Student activism
* 1968 protests
* 2021–22 strike
* 2024 protests

* Category

* v
* t
* e

1989 Tiananmen Square protests and massacre

Background|

* May Fourth Movement
* Proclamation of the People's Republic of China
* 1976 Tiananmen Incident
* Boluan Fanzheng
* New Enlightenment
* Beijing Spring
* Reform and opening up
* Campaign against spiritual pollution
* 1986 Chinese student demonstrations
* Corruption
* Household responsibility system
* Socialism with Chinese characteristics
* Criticism of communism

Chronology|

* April 26 Editorial
* April 27 demonstrations
* Hunger Strike
* Dialogue between students and the government
* Funding of student organizations
* Mao portrait incident
* Sino-Soviet Summit
* June 9 Deng speech
* Military involvement

Communist
Party|

| Elders|

* Deng Xiaoping
* Chen Yun
* Yang Shangkun
* Li Xiannian
* Wang Zhen
* Peng Zhen
* Bo Yibo

|

Standing Committee|

* Zhao Ziyang
* Li Peng
* Qiao Shi
* Hu Qili
* Yao Yilin

Regional leaders|

* Li Ximing
* Chen Xitong
* Jiang Zemin
* Zhu Rongji
* Hu Jintao

Others|

* Bao Tong
* Hu Yaobang
* Luo Gan
* Yan Mingfu
* Yuan Mu
* Wan Li
* Wen Jiabao
* Wu Xueqian

Protesters|

| Leading figures|

* Bei Dao
* Chai Ling
* Cui Jian
* Dai Qing
* Ding Zilin
* Fang Lizhi
* Fang Zheng
* Feng Congde
* Liu Gang
* Han Dongfang
* Hou Dejian
* Li Lu
* Liu Xianbin
* Liu Xiaobo
* Qin Benli
* Shen Tong
* Tang Baiqiao
* Wang Bingzhang
* Wang Dan
* Wang Youcai
* Wu'erkaixi
* Xiong Yan
* Yan Jiaqi
* Yu Dongyue
* Zhang Boli
* Zhao Changqing
* Zhou Yongjun

|

Groups|

* Beijing Workers' Autonomous Federation
* Beijing Students' Autonomous Federation

Military|

| Generals|

* Liu Huaqing
* Chi Haotian
* Yang Baibing
* Qin Jiwei
* Hong Xuezhi
* Liang Guanglie
* Xu Qinxian
* Li Lianxiu

|

Army units|

* 12th
* 15th
* 20th
* 24th
* 26th
* 27th
* 28th
* 38th
* 39th
* 40th
* 54th
* 63rd
* 64th
* 65th
* 67th

Works|

* Almost a Revolution
* A Tiananmen Journal
* Collection of June Fourth Poems
* The Critical Moment – Li Peng Diaries
* Escape from China
* Execution
* The Gate of Heavenly Peace
* A Heart for Freedom
* Leica advert
* Moving the Mountain
* Prisoner of the State
* Quelling the People
* Sunrise Over Tiananmen Square
* Tiananmen Exiles
* The Tiananmen Papers
* Pillar of Shame
* Chimerica
* TV series

Human rights
groups|

* China Support Network
* Democracy Party of China
* Hong Kong Alliance
* Human Rights in China
* Information Centre for Human Rights and Democracy
* Operation Yellowbird
* Tiananmen Mothers

Anniversaries|

* 10th (1999)
* 20th (2009)
* 21st (2010)
* 24th (2013)
* 25th (2014)
* 30th (2019)
* 31st (2020)
* 32nd (2021)

Icons|

* "Nothing to My Name"
* Tank Man
* June 4th Museum
* Goddess of Democracy
* Hong Kong

Related|

* Reactions to the protests and massacre
* Arrest and trial of Chen Ziming and Wang Juntao
* Human rights in China

Authority control databases

International|

* ISNI
* VIAF
* FAST
* WorldCat

National|

* Germany
* United States
* France
* BnF data
* Netherlands

Other|

* IdRef
* SNAC

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template