Li was inspired to get into investment after hearing Warren Buffett, a Columbia alumnus, give a lecture at Columbia in 1993. After graduation, he founded Himalaya Capital Management, known for its disciplined and value-oriented approach to investing. From 1998 to 2004, he managed both a hedge fund and a venture capital fund. His fund suffered a 19% percent loss in 1998 from the Asian Financial Crisis. In late 2004, he transformed the hedge fund into a long-only investment vehicle, LL Investment Partners, LP, which is currently focused on global investment opportunities.