Columbia Business School

Li Lu × Tano Santos

Li Lu defines wealth as ownership of global purchasing power, built by holding great businesses bought at advantageous prices while they create value over time.He warns that AI’s recurring costs and capital needs persist, and argues humans must remain in control; concentration around market leaders may meanwhile leave overlooked businesses attractively priced.In China, semiconductor restrictions have helped domestic producers improve, while falling home prices have sharply weakened household wealth and demand; Li expects equities eventually to play a larger role, with timing uncertain.