#362

05 Sep 2024 (14 days ago)

Li Lu's Early Life and Challenges

Li Lu is the founder of Himalaya Capital Management, an investment firm he has run for 30 years.
Li Lu's book, "Moving the Mountain," was written in his early 20s and details his childhood experiences in communist China.
Li Lu attended a boarding school for preschoolers where he was bullied for being the only student without a family.
At the boarding school, Li Lu was unafraid of the lizards, which other children believed to be poisonous, demonstrating his independent thinking and courage.
Li Lu rose to a position of prominence in his community but felt inferior due to his isolation from the outside world.
Li Lu's family lacked resources; he was the only child who did not leave the confines of the kindergarten.
To gain information about the outside world, Li Lu would ask detailed questions of other children returning from weekend outings.
At six years old, Li Lu was attacked by hornets, and his response demonstrated a strong will.
Following the incident, Li Lu's biological father took him from the kindergarten, explaining that they could no longer care for him due to their political situation.
Li Lu's father, considered a spy for listening to foreign broadcasts, took him to live with Big Dad, a friend from the coal mines, and his family.
Big Dad's family, including his wife, Big Mom, and their six sons, lived in poverty in a small shack.
Li Lu was told his father was a spy during a neighborhood fight, causing him distress and confusion about his biological father's identity.
Lelu's father died in a mining accident, leaving his family destitute.
At a young age, Lelu lived with multiple families and developed a strong desire to learn and become financially independent.
Lelu witnessed and intervened in an act of bullying, leading to threats against his teacher's family.
Lelu experienced the devastating 1976 Tangshan earthquake, which resulted in widespread destruction and loss of life.
The speaker recalls a traumatic memory of finding his family members crushed under their collapsed roof after an earthquake. He remembers his mother kneeling over his younger siblings in a protective gesture.

Li Lu's Observations and Experiences in Communist China

Li Lu observed the hypocrisy of authority figures, particularly the Zang family, who used their government connections to control resources and exert power over others.
The speaker describes the hypocrisy he observed at the Orchard commune, where the party leaders preached equality but enjoyed a higher standard of living than others. He notes the preferential treatment given to the party secretary's family, including better food and living conditions.
The speaker recounts the day Chairman Mao's death was announced. He describes the government's control over information and the intense emotional response of the people around him, highlighting the extent of their indoctrination.

Li Lu's Pursuit of Education and Success

Lee developed a strong work ethic and dedication to learning, particularly reading, which would later prove beneficial in his career.
Lee's approach to research was meticulous and thorough, often going to great lengths to understand the subject of his research, including attending their church or speaking with their neighbors.
Lee was critical of the preparedness of Columbia MBA students, highlighting the stark contrast between their approach to learning and his own rigorous research methods.
Lee's father encouraged him to pursue higher education, emphasizing the importance of hard work and competition as a path to success.
Lee, having faced a challenging upbringing, viewed college as a "road to Paradise" and a way to escape his circumstances.
Lee's dedication to learning led him to become one of the first individuals in Columbia's history to earn three degrees simultaneously: a BA in Economics, an MBA, and a JD.
Lee's grandmother, who had faced significant hardship, was a source of encouragement for him, recognizing his potential and instilling in him a belief in his abilities.
Discovering a library with thousands of books, Lee was awestruck, recognizing the power of books to transport him to different parts of the world and expand his horizons.
Charlie Munger believes that reading prevents time being wasted.