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Ravi Nagarajan
Ravi Nagarajan
Articles (5983)  | Author's Website |

Li Lu’s Lecture at Greenwald’s Columbia University Value Investing Class

May 18, 2010

In recent weeks, there has been some speculation that Li Lu may be a potential candidate for Chief Investment Officer at Berkshire Hathaway once Warren Buffett retires. Berkshire Hathaway’s succession plans call for Warren Buffett’s job to be split into two roles. The new CEO will have ultimate responsibility for Berkshire Hathaway and one or more investment officers will have oversight responsibility for investment operations and will report to the CEO.

Who is Li Lu? According to his Wikipedia entry, Li Lu was an organizer of the student protest movement in China and took part in the Tiananmen Square protests of 1989. After the post-Tiananmen crackdown, Mr. Lu had to flee mainland China and moved to the United States where he became one of the first students in the history of Columbia University to complete three degrees simultaneously: a B.A. in Economics, a J.D. from Columbia Law School, and a M.B.A. from Columbia Business School. Mr. Lu founded Himalaya Capital in 1997 and ran the fund until 2004. In 2004, he founded a long only investment vehicle named LL Investment Partners.

During the Berkshire Hathaway annual meeting, Charlie Munger made a vague reference to a candidate for the CIO position who returned 200 percent in 2009. At the Wesco meeting the following week, Mr. Munger mentioned Li Lu in the context of the BYD investment. While no specific reference has been made to Li Lu, it is obvious why there is some speculation regarding the possibilities.

In the video shown below, Li Lu speaks to Bruce Greenwald’s value investment class at Columbia University.

Instructions for viewing video: Please click on the red play button at the center of the display. The embedded video will then ask you to select the video quality. Do not select a quality but instead click on the green play button. The video will then play within your browser. Apologies for the very confusing interface provided by this video service. The actual lecture starts around the three minute mark.

For RSS Feed Subscribers, please click on this link for the video. Note that registration is not required to view the video. Simply click on the play button in the center of the display. Do not select a video quality. The site will open up an unrelated window but should begin streaming the main presentation. The actual lecture starts at about the three minute mark.

Disclosure: The author owns shares of Berkshire Hathaway.

Ravi Nagarajan

http://www.rationalwalk.com


About the author:

Ravi Nagarajan
Ravi Nagarajan is a private investor and Editor of The Rational Walk website. Ravi focuses on applying value investing techniques to find securities trading well below intrinsic business value. Ravi has over 15 years of experience in the financial markets and started investing on a full time basis in 2009. From 1996 to 2009, Ravi held a number of technical and executive level positions in the commercial software industry. Ravi graduated Summa Cum Laude from Santa Clara University with a degree in finance. Visit his website The Rational Walk

Visit Ravi Nagarajan's Website


Rating: 3.5/5 (25 votes)

Comments

Valueseekr
Valueseekr - 7 years ago    Report SPAM
How did you get permission to post this video?
rnagarajan
Rnagarajan - 7 years ago    Report SPAM
It was available on a public web site. I assume the operator of that website had permission. They provided embedding code on their site.
Hester1
Hester1 - 7 years ago    Report SPAM


THANK YOU very much. Great video!
achitpatel
Achitpatel - 7 years ago    Report SPAM
Excellent lecture.

A worthwhile listen.

charliet
Charliet - 7 years ago    Report SPAM
I wasn't able to view the whole video. It stopped when Li Lu started talking about how to make the real big money. Does anyone know how to see the entire video or what he says after? Thanks
batbeer2
Batbeer2 premium member - 7 years ago
Well worth watching; thank you.

@ Charliet

You only get 54 mins of free viewing a day from megavideo. You can probably revisit that video now and skip ahead to see the rest.
jdg
Jdg - 7 years ago    Report SPAM
Great lecture! Well worth watching in its entirety.

Not sure if it was funny or sad that he had to also lecture them on the importance of homework. As he said, how can you expect to be a successful investor if you're not willing to do your homework?

@ Batbeer2

You are correct. You can watch the first portion, and then later come back to it and skip forward to see the rest.
Sivaram
Sivaram - 7 years ago    Report SPAM


Haven't read yit fully but here is a transcription...
zangdook
Zangdook - 7 years ago    Report SPAM
That's Mr Li, not Mr Lu. If you read his Wikipedia article you should know that.
superguru
Superguru - 7 years ago    Report SPAM
I guess since Li Lu is mostly into international investing it is not possible to get his data in gurufocus.
fk
Fk - 7 years ago    Report SPAM
fantastic lecture!

I wonder what was the intentionally unnamed 50 bagger he missed out on that he called his biggest mistake (because he had an inside track and should have known better)? Unless it was a small international company, there can't be that many 50 baggers in the USA of the last 15 years.
aigleracer
Aigleracer - 7 years ago    Report SPAM


My best guess would be ntes or sohu. sohu more likely.
PRanger
PRanger - 6 years ago    Report SPAM
The video is no longer available.

Does anyone know where I could find it?
vuasu
Vuasu - 6 years ago    Report SPAM
Li, Lu
Mark_F
Mark_F - 6 years ago    Report SPAM
BE AWARE!!!! The video has been removed.

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