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In the year In 2004, Charlie Munger gave $88 million to Li Lu when the hedge fund launched a new fund.
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Warren Buffett’s right-hand man says he’s made four or five times his money since then.
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Munger discusses BYD and Lee’s other top stock picks in a new interview.
Charlie Munger bequeathed nearly $90 million of his family’s fortune to Li Lu in the early 2000s. The value investor, Manner He named it “The Warren Buffett of China” has since grown his fortune to nearly $400 million.
Munger told the Financial Times: Li’s new profile. “The $88 million has quadrupled or quintupled.”
Munger, 99, is Buffett’s business partner. Berkshire HathawayVice Chairman. In the year
Lee’s winning bets are Kweichow Moutai, a brand of distilled liquor that has risen in value over the past two decades and is now one of China’s largest companies.
“It was actually cheaper, four to five times the revenue,” Munger said. “And Li Lu backed up the truck and killed everyone he could.”
However, Lee’s most popular stock pick is undoubtedly BYD. In the year In 2002, he invested in a battery and electric-vehicle manufacturer, paving the way for Buffett and Munger. Buy their shares after six years. The stock is one of Berkshire’s best performers in the past 15 years.
“It was great, the early investment in BYD was a bit of a miracle,” Munger told the newspaper.
The Nigerian businessman also reflected on Lee’s history as a student protester in Tiananmen Square.
“Li Lu is no longer a revolutionary,” Munger said. “He’s a capitalist. You can’t find a more capitalist capitalist than Li Lu.”
Buffett, Munger and Lee Way back. For example, Lee decided to pursue an investment career after hearing Buffett speak at Columbia University in 1993.
Munger said Lee was the only outsider he trusted with the money and predicted Lee would eventually take a leadership role at Berkshire.
Moreover, Lee moved his Himalayan Capital Management firm from New York to California to be closer to Munger before relocating it to low-tax Washington state in 2018. He also set up his office as a mini-Berkshire, with a team of analysts digging into the nominees. Few companies have shared their findings directly with him, the FT reported.
Himalaya held $306 million of Berkshire’s stock at the end of June. Securities and Exchange Commission filings show. Buffett’s company is one of the few holdings in his $1.8 billion U.S. stock portfolio, along with Alphabet, EastWest Bancorp and Berkshire’s two main holdings: Apple and Bank of America.
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