GFRhodes Posted March 15, 2017 Share Posted March 15, 2017 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 Link to comment Share on other sites More sharing options...
redhots Posted March 15, 2017 Share Posted March 15, 2017 Very cool. Thanks for sharing. Looking forward to reading this. Link to comment Share on other sites More sharing options...
alpha Posted March 15, 2017 Share Posted March 15, 2017 Thanks Link to comment Share on other sites More sharing options...
crastogi Posted March 15, 2017 Share Posted March 15, 2017 thanks for sharing! Link to comment Share on other sites More sharing options...
Poor Charlie Posted March 15, 2017 Share Posted March 15, 2017 Thanks for sharing this! Link to comment Share on other sites More sharing options...
KCLarkin Posted March 15, 2017 Share Posted March 15, 2017 Wonderful. Thanks! Link to comment Share on other sites More sharing options...
InvestingOnSale Posted March 15, 2017 Share Posted March 15, 2017 Fantastic. Thanks for the hard work, GFR! Link to comment Share on other sites More sharing options...
Gardener Posted March 15, 2017 Share Posted March 15, 2017 Thanks! Link to comment Share on other sites More sharing options...
hu1682 Posted March 15, 2017 Share Posted March 15, 2017 Thanks for the effort. Can you please also share the original Chinese version? Link to comment Share on other sites More sharing options...
fareastwarriors Posted March 15, 2017 Share Posted March 15, 2017 Thanks for the effort. Can you please also share the original Chinese version? Isn't the link in the pdf already? Link to comment Share on other sites More sharing options...
Aurelius Posted March 15, 2017 Share Posted March 15, 2017 Wow, thanks a lot!!! Looking forward reading it! Link to comment Share on other sites More sharing options...
cubsfan Posted March 15, 2017 Share Posted March 15, 2017 What an effort - thank you for your contribution ! Link to comment Share on other sites More sharing options...
hillfronter83 Posted March 15, 2017 Share Posted March 15, 2017 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. Link to comment Share on other sites More sharing options...
spartansaver Posted March 15, 2017 Share Posted March 15, 2017 Thank you very much for doing this! Has anyone found the "Sixteen Lectures on Modernization" that he refers to in the lecture? Link to comment Share on other sites More sharing options...
jb85 Posted March 15, 2017 Share Posted March 15, 2017 Great read, thanks for posting. Does anyone have approximate performance numbers for Himalaya capital? Link to comment Share on other sites More sharing options...
GFRhodes Posted March 15, 2017 Author Share Posted March 15, 2017 Thanks for the effort. Can you please also share the original Chinese version? Part 1: http://36kr.com/p/5040874.html Part 2: http://36kr.com/p/5040866.html?from=guess Link to comment Share on other sites More sharing options...
gr33ngi4nt Posted March 16, 2017 Share Posted March 16, 2017 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 Link to comment Share on other sites More sharing options...
GFRhodes Posted March 16, 2017 Author Share Posted March 16, 2017 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 Link to comment Share on other sites More sharing options...
skanjete Posted March 16, 2017 Share Posted March 16, 2017 Thank you very much. Indeed a very interesting lecture! Link to comment Share on other sites More sharing options...
cubsfan Posted March 16, 2017 Share Posted March 16, 2017 What an effort - thank you for your contribution ! That was really a great read. Link to comment Share on other sites More sharing options...
CC Posted March 16, 2017 Share Posted March 16, 2017 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 Link to comment Share on other sites More sharing options...
villainx Posted March 16, 2017 Share Posted March 16, 2017 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! Link to comment Share on other sites More sharing options...
Guest notorious546 Posted March 16, 2017 Share Posted March 16, 2017 Where can i find "16 lectures on modernization"? Link to comment Share on other sites More sharing options...
DocSnowball Posted March 16, 2017 Share Posted March 16, 2017 Thanks so much for sharing this, it's such an interesting talk. Pages 16-20 were such a treat to read as a beginner! Link to comment Share on other sites More sharing options...
InvestingOnSale Posted March 18, 2017 Share Posted March 18, 2017 Where can i find "16 lectures on modernization"? Here is his blog in English, as translated by Google: https://translate.google.com/translate?hl=en&sl=zh-CN&u=http://liluchineseblog.tumblr.com/&prev=search Link to comment Share on other sites More sharing options...
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