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.
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