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Li Lu's 2015 speech at Peking U


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Li Lu of Himalaya Capital spoke to students at Peking University's Guanghua School of Management in October 2015 on the "Prospects for Value Investing in China". There's a partial summary on Seeking Alpha based on a machine translation but transcripts have to date only been available in Mandarin. Well, after chipping away for many, many weekends, I'm happy to share a full English translation here. The speech is a long discourse on investment and ethics - almost 40 pages - and will give you an excellent insight into Li's mental models and how he sees China (and perhaps a clue as to Charlie Munger's views on the same). All mistakes are my own, of course.  Enjoy!

17_02_13_-_Li_Lu_-_Speech_at_Guanghua_School_of_Management_-_Translation.pdf

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Thanks for the effort. Can you please also share the original Chinese version?

 

Isn't the link in the pdf already?

 

I didn't know that Li Lu was teaching in China. Apparently he has a weibo account for those of you that are interested (李录_美国加州), which includes the article mentioned here.

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Thank you very much for doing this! Has anyone found the "Sixteen Lectures on Modernization" that he refers to in the lecture?

 

This might be the Chinese version. I can't read it unfortunately. http://liluchineseblog.tumblr.com

 

Yes, that looks like them.  Thanks!  The introduction to the first post says:  "Why is the disparity between China and the West so large?  How can China catch up with the West?  What will China look like after it catches up and can it reclaim its past glory?  Using New History and adding economics, biology and other natural sciences, as well as traditional studies of Chinese history, we can today place the question of China’s modernisation into the context of mankind’s overall development over the past millennia.  From this foundation, we can better understand and answer the three questions above and make more reliable forecasts about China’s future."

 

The blog also has Li's foreword to the Chinese edition of Poor Charlie's Almanac.  There's already a translation but the link doesn't work for me?

 

http://blog.enochko.com/2010/06/my-teacher-charlie-munger-english.html

 

 

 

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Thank you very much for doing this! Has anyone found the "Sixteen Lectures on Modernization" that he refers to in the lecture?

 

This might be the Chinese version. I can't read it unfortunately. http://liluchineseblog.tumblr.com

 

Yes, that looks like them.  Thanks!  The introduction to the first post says:  "Why is the disparity between China and the West so large?  How can China catch up with the West?  What will China look like after it catches up and can it reclaim its past glory?  Using New History and adding economics, biology and other natural sciences, as well as traditional studies of Chinese history, we can today place the question of China’s modernisation into the context of mankind’s overall development over the past millennia.  From this foundation, we can better understand and answer the three questions above and make more reliable forecasts about China’s future."

 

The blog also has Li's foreword to the Chinese edition of Poor Charlie's Almanac.  There's already a translation but the link doesn't work for me?

 

http://blog.enochko.com/2010/06/my-teacher-charlie-munger-english.html

 

It's available at archive.org

 

https://web.archive.org/web/20140701184816/http://blog.enochko.com/2010/06/my-teacher-charlie-munger-english.html

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Thank you very much for doing this! Has anyone found the "Sixteen Lectures on Modernization" that he refers to in the lecture?

 

This might be the Chinese version. I can't read it unfortunately. http://liluchineseblog.tumblr.com

 

Yes, that looks like them.  Thanks!  The introduction to the first post says:  "Why is the disparity between China and the West so large?  How can China catch up with the West?  What will China look like after it catches up and can it reclaim its past glory?  Using New History and adding economics, biology and other natural sciences, as well as traditional studies of Chinese history, we can today place the question of China’s modernisation into the context of mankind’s overall development over the past millennia.  From this foundation, we can better understand and answer the three questions above and make more reliable forecasts about China’s future."

 

The blog also has Li's foreword to the Chinese edition of Poor Charlie's Almanac.  There's already a translation but the link doesn't work for me?

 

http://blog.enochko.com/2010/06/my-teacher-charlie-munger-english.html

 

It's available at archive.org

 

https://web.archive.org/web/20140701184816/http://blog.enochko.com/2010/06/my-teacher-charlie-munger-english.html

 

 

Thanks!

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