The stances below are c8alpha's editorial distillation of Li Lu's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Li Lu is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
2026-10-15
CHINESE EQUITIES
bullish
Value Investing with Legends · video
A decade of real estate collapse has destroyed middle-class confidence and suppressed domestic demand, creating a bifurcation where world-competitive Chinese manufacturing, EV, battery, and semiconductor companies now trade at very low prices—offering better…
“some of the greatest companies that are world competitive trading at very low prices”
36th Annual Graham & Dodd Event with Li Lu '96, Founder and Chairman of Himalaya Capital
2026-10-15
CRYPTOCURRENCY
bearish
Value Investing with Legends · video
Crypto is fundamentally worthless as a currency or store of value because it lacks the sovereign enforcement mechanism—backed by state force—that makes any settlement medium redeemable and enforceable; without that, it is merely speculative convention.
“just some guys that created out of the garage doesn't really do the job”
36th Annual Graham & Dodd Event with Li Lu '96, Founder and Chairman of Himalaya Capital
2026-07-24
BYD
bullish
Li Lu · video
BYD's sales grew from 1 billion yuan to nearly 1 trillion yuan over Himalaya Capital's 22-year hold and 'hasn't reached its limit,' continuing to create value despite repeated 50–80% drawdowns that tested but confirmed the circle of competence
“its sales grew from 1 billion yuan to nearly 1 trillion yuan, and it hasn't reached its limit”
90d -16.7%
Li Lu: Global Value Investing in Our Era (2024-12-07) English Transcript Audio
2022-09-08
NON-VOTING PREFERRED SHARES (BRAZIL-STYLE) AT STEEP DISCOUNT TO COMMON
bullish
Li Lu · video
Non-voting preferred shares in companies with enduring, decades-long compounding franchises trade at 70-80% discount to voting common despite families already controlling the vote, making the voting difference irrelevant and the discount unjustified
“trading at 80 discount I'm not talking about 20 discount 80 discount trading over 20 cents on the dollar”
How Would Li Lu Invest a Small Sum of Money? | FAME 2012 【C:L.L Ep.38】
2021-04-10
CHINESE FINANCIAL SERVICES SECTOR
bullish
Li Lu · video
Chinese financial services is poised for a major expansion as the government actively opens the sector to global firms and the economy transitions from over 80% bank-dominated indirect financing toward direct market-based financing via equity and fixed income
“the financial service industry actually is about to take off in a big way”
[CCBC] Fireside Chat - Value Investing in China
2021-04-10
China Equities
bullish
Li Lu · video
China's security market remains structurally underdeveloped relative to its real economy, with immature retail investors driving high-turnover speculation that systematically misprice quality businesses — creating an unusually rich opportunity set for…
“China remains one of the best markets if you're a value investor”
90d -4.7% · 180d -14.6% · 1y -31.2%
[CCBC] Fireside Chat - Value Investing in China
2021-04-10
ELECTRIC VEHICLE MANUFACTURERS
bullish
Li Lu · video
Government mandates in Europe and China to phase out ICE vehicles cement the EV electrification mega-trend as durable; companies combining unique technology, sufficient scale, and strategic focus will be multi-decade winners in one of the world's largest…
“five years from now that trend will become even more prominent than what it is today”
[CCBC] Fireside Chat - Value Investing in China
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