Josh shared some notes from a Li Lu (Himalaya Capital) talk at Columbia. He asked that the notes not be distributed, so this is, for the record, the top take aways from his notes:
1. "Some of my biggest early winners were from value line" (in addition to the usual list of business readings). So that makes him, Joel Greenblatt and Pabrai. (Greenblatt uses Valueline in an example in his You Can Be A Stockmarket Genius book - along with the Beardstown Ladies!) Just checked the web and pricing is $500-1000 per year.
2. Deathcare as an industry with promising returns
3. "I worked as an associate in banking at DLJ for one year then started Himalaya. The best way to learn is to make the mistakes yourself. I started with my own money and a few others."
4. "A good way to tell if an industry is good is to look at the most brilliant successes and most miserable failures. If the most miserable failures are still okay, that’s probably a pretty good industry."
#4 might be a good exercise with any industry, such as railroad car manufacturing...
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2 comments:
hi ssaito,
hey do u know that Mr Li Lu through LL investment partners L.P and LL group LLC has a stake in a chinese company called byd-it, . the company is principally engaged in two core businesses, namely IT components, which include rechargeable batteries and handset components and automobiles.
According to the Company's Annual report
BYD is a leading rechargeable battery manufacture in the global arena with an extensive clientele of renowned international and domestic brand names. The Group currently produces a diversified range of Lithium-ion and Nickel battery models, which are widely aplied on mobile phones,cordless phones, power tools and other kinds of portable devices.
as per http://finance.yahoo.com/q?s=1211.HK the stock currently trades at a p/e of 14.
I dont think so many people in columbia business school know abt this.And as a matter of fact i m not a chinese investor but invest only in India. i discovered Mr. Li Lu's holdings bcoz i highly admire this guy.
any feedback is welcome
bye
hey u can reach me at
sandeshtrivedi at hotmail dot com
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