Li Lu
Li Lu | |
|---|---|
| Born | April 6, 1966 Tangshan, China |
| Occupation(s) | Value investor, entrepreneur, philanthropist |
| Known for | Founder and chairman of Himalaya Capital; co-founder and chairman of The Asian American Foundation |
Li Lu (Chinese: 李录; born April 6, 1966) is a value investor, entrepreneur, and philanthropist originally from China who now holds American citizenship. He established and chairs Himalaya Capital. Prior to relocating to the United States, he was actively involved as a student leader during the 1989 Tiananmen Square demonstrations. In 2021, he co-founded The Asian American Foundation and assumed the role of chairman.
Early life and education
Li Lu was born in April 1966 in Tangshan, China, and survived the devastating 1976 Tangshan earthquake. During the tumultuous 1960s Cultural Revolution, his parents were imprisoned in labor camps, resulting in his upbringing across several orphanages and under the care of multiple guardians.
He began his higher education at Nanjing University in 1985, initially pursuing physics before transitioning to economics. As a prominent student organizer during the 1989 Tiananmen protests, he played a key role in coordinating hunger strikes. After the government's suppression of the protests, Li fled China at age 23, relocating to New York City where his grandfather had previously earned a doctorate at Columbia University.
In 1990, Li authored Moving the Mountain: My Life in China, detailing his personal journey and involvement in the Tiananmen movement. This work later inspired the 1994 documentary Moving the Mountain, which examines the protests and their impact on student activists.
At Columbia University, Li initially enrolled in the American Language Program before transferring through the School of General Studies to attend Columbia College. Over six years, he simultaneously earned three degrees—a B.A. in economics, an M.B.A., and a J.D.—completing this unique academic combination by 1996.
Investment career
Li’s interest in investing was sparked after attending a lecture by Warren Buffett, a fellow Columbia alumnus, in 1993. In his Foreword to the Chinese edition of Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Li praised Buffett’s talk on stock market investing as "concise, logical and convincing." Soon thereafter, while still a student at Columbia, he began actively investing in equities.
His professional career commenced in investment banking as a corporate finance associate at Donaldson, Lufkin & Jenrette in 1996. The following year, he launched Himalaya Capital, which has gained recognition for its disciplined commitment to value investing principles.
Charlie Munger—vice-chairman of Berkshire Hathaway and Warren Buffett’s longtime partner—was among the earliest investors in Li’s fund and continues to serve as both mentor and close confidant. After meeting Munger in 2003, Li earned his endorsement as the only external manager Munger has personally invested with; Munger has referred to him as the "Chinese Warren Buffett."
Li’s investment strategy centers on obtaining "accurate and complete information," including evaluating CEO character through direct engagement with local communities. He places great importance on intellectual honesty and recognizes the boundaries of one’s knowledge. In a 2021 interview with Columbia Business School, Li emphasized his focus on identifying companies capable of long-term compounding by analyzing competitive advantages to forecast performance over ten years despite economic cycles.
He is credited with introducing BYD Company—a Chinese manufacturer specializing in batteries and electric vehicles—to Munger and Buffett. Li acts as an informal advisor to BYD, with his investment partnership holding approximately a 2.5% stake in the company.
Speculation once placed Li as a leading candidate to manage a substantial portion of Berkshire Hathaway’s portfolio following Buffett’s retirement. Charlie Munger described it as "a foregone conclusion" that Li would become one of Berkshire’s principal investment executives after Buffett stepped down. Nonetheless, Li withdrew from consideration for this position in 2010.
Philanthropy & Other Endeavors
In May 2021, Li Lu joined forces with prominent Asian-American entrepreneurs such as Yahoo co-founder Jerry Yang and Alibaba co-founder Joseph Tsai to establish The Asian American Foundation (TAAF), a nonprofit organization initially backed by $125 million in board commitments. TAAF's mission is to support the 23 million Asian American and Pacific Islander (AAPI) population through initiatives combating hate, advancing education, and promoting research. As co-founder and chairman, Li Lu has helped the foundation raise more than $1 billion to benefit AAPI communities.
Earlier, in January 2020, Li Lu co-founded the Guardians of the Angeles Charitable Foundation, created to respond to the global challenges posed by the COVID-19 pandemic, where he currently holds the position of Chairman.
In 2010, Li Lu contributed to the translation and publication of the Chinese version of Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, also penning its foreword. A decade later, in 2020, he authored Civilization, Modernization, Value Investment and China in China.
Li Lu is an active trustee at both Columbia University and the California Institute of Technology (Caltech).
Honors and Awards
In 2020, Li Lu was inducted into The American Academy of Arts and Sciences. His accolades include receiving Columbia College's John Jay Award, the Raoul Wallenberg Human Rights Award, and the Reebok Human Rights Award. Additionally, his story is highlighted in the Smithsonian Institution's ongoing exhibition "Many Voices, One Nation" at the National Museum of American History.
Selected Publications
- 文明、现代化、价值投资与中国 (Civilization, Modernization, Value Investing and China, 2020)
- Foreword for the Chinese Edition of Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger (2010)
- Moving the Mountain: My Life in China