Li Lu

Li Lu
Born	6 4, 1966
Birthplace	Tangshan, Hebei, China
Nationality	American
Occupation	Investor, businessman, philanthropist
Known for	Founder and Chairman of Himalaya Capital Management
Education	Columbia University (BA, JD, MBA)
Children	yes
Awards	World Economic Forum Global Leader for Tomorrow (2001)

Li Lu (Template:Zh; born April 6, 1966) is a Chinese-born American value investor, businessman, and philanthropist who founded and chairs Himalaya Capital Management, a Seattle-based investment firm. His life story traces one of the more extraordinary arcs in the world of modern finance: from surviving the devastating 1976 Tangshan earthquake as an infant, to emerging as one of the prominent student leaders of the 1989 Tiananmen Square protests, to eventually building a multibillion-dollar investment firm grounded in the principles of value investing. Li arrived in the United States as a political exile and enrolled at Columbia University, where he simultaneously earned a Bachelor of Arts degree, a Juris Doctor from Columbia Law School, and a Master of Business Administration from Columbia Business School. He subsequently founded Himalaya Capital Management, which became known for its concentrated, long-term approach to investing in both American and Asian markets. His close relationship with the late Charlie Munger, who entrusted Li with managing his family's investment portfolio, cemented Li's reputation as one of the foremost practitioners of value investing in the contemporary era. Li has also been active in philanthropic endeavors, co-founding The Asian American Foundation in 2021 and making significant donations to Columbia University, including a $15 million gift to rename and renovate the Columbia Law School library.

Early Life

Li Lu was born on April 6, 1966, in Tangshan, Hebei province, China. His early life was shaped by extraordinary hardship. On July 28, 1976, when Li was ten years old, the Tangshan earthquake—one of the deadliest natural disasters of the twentieth century—struck the city, killing an estimated 242,000 to 655,000 people and leveling much of the urban area. Li survived the catastrophe, which profoundly influenced his outlook on life and resilience in the face of adversity.

Growing up in the aftermath of the earthquake and during a period of significant political and social transformation in China, Li pursued his education and enrolled at Nanjing University. It was during his time as a university student that the political upheaval of the late 1980s drew him into activism. In the spring of 1989, pro-democracy protests erupted across China, with the most prominent demonstrations taking place in Tiananmen Square in Beijing. Li became one of the recognized student leaders of the movement, which called for democratic reforms, freedom of the press, and government accountability.

The protests ended with the Chinese government's violent crackdown on June 4, 1989, an event that resulted in an unknown number of civilian casualties and drew international condemnation. In the aftermath, Li was forced to flee China. He initially made his way to France before ultimately emigrating to the United States, where he would begin the next chapter of his life as a student and, eventually, as an investor. Li's experiences during the Tiananmen Square protests and his subsequent exile became the subject of public documentation, including in the 1995 documentary film The Gate of Heavenly Peace and through accounts held at the Smithsonian Institution's National Museum of American History as part of its Family Voices collection.

Education

After arriving in the United States, Li Lu enrolled at Columbia University in New York City, where he pursued an ambitious course of study across multiple schools within the university. He simultaneously earned a Bachelor of Arts degree from Columbia College, a Juris Doctor from Columbia Law School, and a Master of Business Administration from Columbia Business School, completing all three degrees in 1996.

It was at Columbia that Li first encountered the intellectual framework that would define his career. Columbia Business School has long been associated with the tradition of value investing pioneered by Benjamin Graham and David Dodd, and Li immersed himself in this school of thought. His education at Columbia Law School also provided him with analytical rigor and an understanding of corporate governance and legal structures that would inform his investment approach. The university would remain a central institution in Li's life; he later served on the Columbia University Board of Trustees and became one of the school's most prominent donors.

Career

Founding of Himalaya Capital Management

Following his graduation from Columbia University, Li Lu entered the investment management industry and founded Himalaya Capital Management, a value-oriented investment firm based in Seattle, Washington. The firm's investment philosophy centers on identifying high-quality businesses trading at prices below their intrinsic value and holding them for the long term—principles derived from the value investing tradition associated with Benjamin Graham, Warren Buffett, and Charlie Munger.

Li's approach is characterized by a concentrated portfolio strategy. Rather than diversifying across dozens or hundreds of holdings, Himalaya Capital typically maintains significant positions in a relatively small number of companies in which Li has the highest conviction. This concentrated approach reflects Li's belief that deep understanding of a limited number of businesses yields better results than spreading investments thinly across many positions. As of the latest quarter reported in early 2026, Himalaya Capital Management held an equity portfolio valued at approximately $3.23 billion, reflecting the firm's substantial growth over its history.

Himalaya Capital has been known for investing in both American and Asian markets, with a particular expertise in Chinese and East Asian companies. Li's bilingual and bicultural background has given him an advantage in evaluating opportunities in markets that many Western investors find difficult to assess. His investment in BYD Company, the Chinese electric vehicle and battery manufacturer, became one of the most notable investments associated with his career. Li is credited with introducing BYD to Charlie Munger and, through Munger, to Berkshire Hathaway, which made a significant investment in the company.

Relationship with Charlie Munger

Li Lu's relationship with Charlie Munger, the longtime vice chairman of Berkshire Hathaway and investing partner of Warren Buffett, was one of the defining professional relationships in both men's careers. Munger became an early and ardent supporter of Li, entrusting him with managing a significant portion of his family's investment portfolio through Himalaya Capital. This was a notable expression of confidence from one of the most respected figures in the investment world, as Munger was known for being extraordinarily selective about the people and businesses in which he placed his trust.

According to reporting by Yahoo Finance, Munger's decision to hand over his family fortune to Li proved to be highly profitable, with the portfolio growing to approximately $400 million. Munger reportedly described the returns generated by Li as "unholy good." The relationship went beyond a typical investor-manager arrangement; Munger served as a mentor and intellectual companion to Li, and the two shared a deep commitment to the principles of rational, long-term value investing. Li, in turn, was sometimes referred to in financial media as "The Chinese Warren Buffett," a moniker that reflected both his investment style and his prominence within value investing circles.

The connection between Li and Munger also had broader consequences for the investment world. Li's recommendation of BYD to Munger, and Munger's subsequent advocacy for the investment to Berkshire Hathaway, resulted in Berkshire taking a stake in BYD in 2008 that became one of the conglomerate's most successful international investments. The BYD investment highlighted the potential for value investing principles to be applied successfully in emerging markets, a thesis that Li has championed throughout his career.

Investment Strategy and Portfolio

Li Lu's investment philosophy emphasizes what practitioners of value investing call a "circle of competence"—investing only in businesses and industries that the investor thoroughly understands. His strategy involves conducting deep fundamental research on a company's competitive advantages, management quality, and long-term economic prospects before making an investment.

The concentrated nature of Himalaya Capital's portfolio is a distinctive feature. As reported by The Acquirer's Multiple, the firm's $3.23 billion equity portfolio in early 2026 revealed "a characteristically focused" approach to investment. Li has also demonstrated a willingness to make strategic adjustments to his portfolio when he identifies compelling opportunities. In early 2026, for example, Himalaya Capital made a significant addition of Crocs Inc to its portfolio, as reported in filings with the U.S. Securities and Exchange Commission.

Li's investment approach also avoids reacting to short-term market fluctuations, a hallmark of the value investing tradition. He has been described as focusing on "high-quality businesses and avoiding market" noise, preferring instead to maintain positions over extended periods and allowing the underlying value of businesses to compound over time.

Public Speaking and Thought Leadership

Li has been a featured speaker at investment conferences and academic institutions. He spoke at the Columbia Investment Management Association (CIMA) conference in 2005, where he was introduced as one of the notable figures in the value investing community. He has also been associated with discussions at the Asia Society, where his biographical materials have been presented in connection with events related to U.S.-Asia economic relations.

Li also authored a book about his experiences during the Tiananmen Square protests, published in Chinese. The book provided a firsthand account of the student-led democracy movement and its aftermath, contributing to the historical record of the events of 1989.

Personal Life

Li Lu is a naturalized American citizen who resides in the Seattle area, where Himalaya Capital Management is headquartered. He has children, though he maintains a relatively private personal life compared to his public profile as an investor and philanthropist.

Li has maintained a deep connection to Columbia University throughout his adult life. In addition to his philanthropic gifts to the institution, he was elected to the Columbia University Board of Trustees, one of the highest governance positions within the university's structure. The university's announcement of his election highlighted his contributions both as an alumnus and as a leader in the investment and philanthropic communities.

His life story—spanning a devastating natural disaster, a political revolution, exile, and reinvention as one of America's notable investors—has been documented by multiple institutions. The Smithsonian Institution's National Museum of American History includes Li's story in its Family Voices collection, which documents the diverse experiences of American families and individuals.

Philanthropy

Li Lu has engaged in significant philanthropic activity, with a particular focus on education and Asian American civic engagement.

Columbia University Donations

In 2025, Li made a $15 million gift to Columbia Law School to support the renovation of its library. The donation was the largest single gift by an individual in the Law School's history. In recognition of the gift, the renovated facility was named the Li Lu Law Library. The library, which encompasses approximately 50,000 square feet of renovated space, opened in December 2025 following a ribbon-cutting ceremony.

Columbia University's official coverage of the gift noted that Li graduated from the university in 1996 with degrees from Columbia College, Columbia Law School, and Columbia Business School, using the designations '96CC, '96LAW, and '96BUS. The renovation project was described as both a physical transformation of the library space and a commitment to supporting legal education and scholarship.

The Asian American Foundation

In 2021, Li co-founded The Asian American Foundation (TAAF), a nonprofit organization established to address issues facing Asian Americans, including anti-Asian hate, civic engagement, and representation. Li serves as the chairman of the foundation. TAAF was launched with substantial financial commitments and has worked to fund community organizations, educational initiatives, and research related to the Asian American experience in the United States.

Recognition

Li Lu has received recognition from multiple institutions for his achievements in business, investment, and civic life.

In 2001, the World Economic Forum named him a Global Leader for Tomorrow, a designation given to individuals under the age of 40 who have demonstrated leadership in their respective fields and a commitment to improving the state of the world.

In 2020, Li was elected as a member of the American Academy of Arts and Sciences, one of the oldest and most respected honorary societies in the United States. The Academy recognizes individuals who have made significant contributions to scholarship, the arts, business, and public affairs.

Li's election to the Columbia University Board of Trustees further reflected his standing within the academic and business communities. His story has been documented by the Smithsonian Institution as part of its effort to chronicle the experiences of notable American families and individuals, a recognition of the broader cultural significance of his life journey from China to the United States.

In financial media, Li's track record at Himalaya Capital and his close association with Charlie Munger have made him one of the more closely followed investors. His 13F filings with the Securities and Exchange Commission are regularly analyzed by investment publications and financial news outlets seeking to understand his portfolio moves and investment thesis.

Legacy

Li Lu's career represents an intersection of political history, immigration, and modern finance. His journey from the Tiananmen Square protests to the upper echelons of American value investing has been cited as one of the more remarkable personal trajectories in the financial world.

His role in connecting Western value investors with opportunities in China—most notably through the BYD investment that he brought to Charlie Munger's attention—helped demonstrate that the principles of value investing developed by Benjamin Graham and practiced by Warren Buffett could be applied across international borders and in emerging market contexts. The success of the BYD investment, which saw Berkshire Hathaway's stake appreciate substantially over many years, became a case study in cross-cultural investment and the importance of on-the-ground expertise in foreign markets.

Munger's public endorsement of Li and his willingness to entrust his family's wealth to Himalaya Capital served as one of the strongest forms of validation available in the investment community. The reported growth of Munger's family portfolio to approximately $400 million under Li's management demonstrated the practical results of Li's concentrated, long-term investment approach.

Through his philanthropic work—including the founding of The Asian American Foundation and his substantial gifts to Columbia University—Li has sought to address issues of representation, education, and civic participation for Asian Americans, a community whose contributions and challenges he has experienced firsthand. The naming of the Li Lu Law Library at Columbia Law School stands as a physical testament to his connection to the institution that provided him with a new start after his exile from China.

Li's memoir of the Tiananmen Square protests ensures that his earliest public role—as a student leader calling for democratic reform in China—remains part of the historical record, even as his subsequent career in finance has become the primary basis for his public recognition in the United States.