Li Lu: The Only Investor Charlie Munger Ever Trusted (Full Story)
Автор: LAMILAB
Загружено: 2025-12-23
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Discover the story of Li Lu, the only investor Charlie Munger trusted. Learn how he built Himalaya Capital and mastered the art of value investing.
From his early days as a student activist to managing billions, we break down Li Lu’s venture capital secrets, his BYD success, and his key failures.
00:00 - The Refugee who became a Billionaire
00:37 - Early Life: Born into the Cultural Revolution
01:46 - The 1976 Tangshan Earthquake: A lesson in fragility
02:33 - Finding Economics and the road to activism
03:30 - Tiananmen Square (1989) and the escape to America
05:07 - Arriving in NYC: 3 Degrees at Columbia in 6 years
06:29 - The lecture that changed everything: Meeting Warren Buffett
07:52 - First Investment: Borrowing $300k for Russian Oil
09:36 - Building Himalaya Capital and early struggles
10:24 - The pivot to Long-Only investing
11:11 - Discovering BYD: The investment of a lifetime
12:42 - Thanksgiving 2003: Meeting Charlie Munger
14:11 - Restructuring Himalaya Capital under Munger’s mentorship
15:41 - Extraordinary Returns: 29% CAGR vs. the S&P 500
16:16 - Introducing Munger and Buffett to BYD
18:29 - The Secret Weapon: Patience and holding through 80% drops
19:25 - Investing in Kweichow Moutai
20:03 - The 3 Foundations of Li Lu’s Investment Philosophy
21:31 - The Research Process: "Accurate and Complete Information"
22:45 - Extreme Concentration: Why fewer than 10 stocks?
23:38 - The Baseball Analogy: Waiting for the "Fat Pitch"
25:06 - The Edge: Bridging East and West
26:28 - Temperament: Why 50% drawdowns don't scare him
28:04 - Circle of Competence: Avoiding the Dotcom and Crypto bubbles
29:22 - Why he turned down managing Berkshire Hathaway’s money
30:52 - Current Portfolio Deep Dive: Alphabet, BofA, and PDD
32:41 - Handling Failures and Learning from Mistakes
33:33 - Philanthropy: The Asian-American Foundation
34:52 - Li Lu’s Books and Intellectual Legacy
35:45 - The Power of Integration: History, Psychology, and Investing
37:13 - Advice for starting over today
38:10 - Why character and temperament win
40:04 - The 10-year Predictability Rule
#LiLu #ValueInvesting #CharlieMunger
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