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Li LuThe Chinese Warren Buffett

Himalaya Capital

United States

2.5

Li Lu — Investment style

Growth8Value

Seeks quality businesses with a margin of safety

Macro9Companies

Emphasizes company fundamentals over macro views

Quantitative7Qualitative

Balances financial figures with business quality

Short term9Long term

Holds strong businesses for long-term compounding

Concentrated2Diversified

Concentrates capital in a few high-conviction stocks

Aggressive7Conservative

Prioritizes capital safety despite concentration risk

Leveraged9Unleveraged

Favors patient equity capital over borrowed funds

Short9Long positions

Moved away from shorting toward long-only bets

Innovative5Traditional

Seeks durable moats across old and new sectors

Alternative assets9Stocks

Primarily invests in listed business equities

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns9/10

Over 29% annualized net in the first 12 years

Performance consistency7/10

Strong long run; full annual returns not public

Downside protection6/10

Lost about 19% during the early Asian crisis

Replicability6/10

Clear principles; deep research is hard to copy

Explosiveness9/10

Compounded about 36% yearly from late 2004 to 2009

Top 3 investment successes

Early BYD Investment : Li invested in Chinese battery maker BYD in 2002, recognizing its technology and management He later introduced the company to Berkshire Hathaway, which invested in 2008 By 2010, a reported $40 million position was valued near $400 million
Timberland Value Investment : In 1998 Li examined Timberland when financial-market turmoil and litigation fears weighed on its shares He found a strong brand and sound balance sheet and bought the stock Its split-adjusted price later climbed from roughly $12 to $70 over about two years
Hyundai H&S Deep-Value Investment : Around 2004 Li identified Korean-listed Hyundai Department Store H&S as trading far below the value of its cash and other assets After traveling to South Korea to verify the thesis, he invested The stock rose more than fivefold in roughly 18 months

Top 3 investment setbacks

Early Asian Crisis Loss : In 1998 the young fund lost about 19% as Asian equities and energy-related investments struggled A major investor subsequently withdrew, increasing pressure on the operation The episode reinforced Li’s emphasis on permanent-loss risk and patient capital
Opportunity Cost of Long–Short Trading : In the early 2000s Li pursued short selling partly in response to investor expectations, spending substantial time on trades and risk control He later described the resulting missed opportunities to study and buy his strongest long-term ideas as a major mistake
Pinduoduo Investment Setback : Himalaya bought Pinduoduo shares in late 2020, before Chinese internet stocks declined, and had exited by late 2021 Outside analysts estimated a loss of roughly 35% from public filings, but the actual realized profit or loss was not disclosed

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-08-14

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Alphabet Class A (GOOGL)	25%
2	Alphabet Class C (GOOG)	23%
3	PDD Holdings (PDD)	22%
4	Berkshire Hathaway (BRK.B)	15%
5	East West Bancorp (EWBC)	10%
6	Crocs (CROX)	3%
7	Tencent Music Entertainment (TME)	1%
8	Apple (AAPL)	1%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.