Li Lu's Stock Portfolio
Li Lu runs Himalaya Capital as an extremely private operation. There is no public website, no shareholder letters, and almost no media appearances. The few talks below represent essentially his entire public output — which makes them all the more worth your time.
Overview
Li Lu is the founder of Himalaya Capital and is perhaps best known as the investor Charlie Munger called the best he had ever seen outside of Warren Buffett. Born in China and a student leader during the Tiananmen Square protests, he arrived in the US with nothing and eventually made his way to Columbia Business School, where he heard Buffett speak and was converted. His early discovery of BYD — before Berkshire's investment — cemented his reputation. He almost never speaks publicly, but when he does, the quality of thought is extraordinary. His lectures at Columbia and Peking University are among the most intelligent investing talks available anywhere.
Primary Resources
Straight from the investor or their firm — the highest-signal material available.
One of the most intellectually ambitious investing lectures ever given. Li Lu connects the history of science, compounding, and civilisation to make the case for long-term value investing. Required reading.
The only public window into his US portfolio. His positions are few and held for years — the 13F is unusually informative for a fund this concentrated.
Key Talks & Interviews
Curated, not exhaustive — the one or two appearances worth your time if you're new to this investor.
The single best extended look at Li Lu's thinking. He covers his background, how he thinks about moats and quality, and his investment framework. One of the most watched investing lectures on YouTube.
A later lecture that goes deeper on his views about China, economic development, and the future of value investing globally.