Stephen Foley: Berkshire Hathaway's sensational new guru

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The Independent Online

US Outlook: So it is "foregone conclusion" that Li Lu, Tiananmen Square student protest leader-turned-millionaire hedge fund manager, will be one of Warren Buffett's successors at Berkshire Hathaway, according to the Oracle of Omaha's right-hand man, Charlie Munger. Mr Li's good-but-not-great investment performance to date is supplemented with an appropriately sensational life story, plus obvious intellectual prowess.

But what of the annual Berkshire shareholder meeting, when the company's investment gurus are called upon to dispense advice and bon mots to the faithful? Messrs Buffett and Munger are the Two Ronnies of American capitalism, but with Mr Li on stage we could be in for something a little bluer.

"This market is a woman's sex drive," he told The New York Observer a few years ago, when asked about the Dow Jones Industrial Average. "It is really experiencing a multiple climax, but even the woman has downtime. The traditional Chinese sentiment is that the woman has the capacity to climax 15 times... My girlfriend is around that number."

Berkshire shareholders, you have been warned. Leave your children at home next year.