Li Lu No Longer Candidate to Succeed Buffett

Wall Street Journal today reported that Warren Buffett has "tapped a little-known hedge fund manager as the leading candidate to succeed him as the chief investment officer of Berkshire Hathway Inc." The action means that the former 1989 student leader Li Lu, whose candidacy for the same position was much hyped only a couple of months ago, is no longer in the running:

Mr. Buffett says Mr. Li "decided he would prefer to be where he was. In effect he didn't want the job. I think he made a lot of money doing what he is doing and he has a very good position in life." Mr. Li has developed a close relationship with Charles Munger, Berkshire's 86-year old vice chairman, and manages a large portion of Mr. Munger's family's money that isn't in Berkshire.

Mr. Li said, "I've decided to stay where I am." He declined to elaborate further.

Li Lu was widely credited for bringing Buffet into a profitable investment in China's BYD. However, his fortune may also have suffered along with a series of setbacks by that company.