“Andrew’s unique blend of direct private and public equity experience has been key in refining our investment strategy. His robust investment framework and deep research capabilities have greatly strengthened our global public equity portfolio. Notably, his quality company framework and other research, such as AI and China macro, have deepened our analytical depth. Andrew’s attention to detail and strong execution have been essential in mitigating unforeseen risks.
“As a generalist at Inatai, Andrew shows a growth mindset, constantly expanding his expertise across various asset classes. Leveraging his deep knowledge of China’s economic landscape and extensive on-the-ground network, he provides insights that enrich our investment perspectives. Committed to sharing knowledge, he has translated seven investment books from English to Chinese, contributing to industry education. His passion for creating a positive impact through investing was clear as far back as business school, when he led his team to win the Pershing Square Value Investing Challenge and donated $50,000 prize to support scholarships and initiatives. Today, he leverages his talents and expertise to manage capital, driving real change that reshapes the balance of power in Washington and beyond.
“Beyond his investment acumen, Andrew is a strong contributor to our team culture. He supports junior team members by sharing strategies for efficiency and resilience. His integrity, dedication and proactive approach make him a natural leader. I am confident Andrew is on track to excel as a chief investment officer.”
—Peng Wang, CIO, Inatai Investment Management Company
The CHIEF INVESTMENT OFFICER Editorial Team shared a dozen questions with all our NextGen nominees and asked them each to pick six to answer. Their answers informed our decision to include them as a NextGen. Below are Andrew Lin’s answers.
CIO: What is the best way to bring more diversity to the financial industry?
Lin: Diversity enhances the resilience of financial markets and society alike. In my view, improving education, mentorship and early career access are essential strategies to promote greater diversity in the financial industry. Talented individuals from diverse backgrounds require more than just advice—they need advocates who actively support their growth, guide them through industry complexities and open doors to meaningful opportunities.
I have personally benefited from dedicated mentors who invested deeply in my professional development, and I’m committed to paying that forward. At Inatai Foundation, I actively support internship programs aimed at providing hands-on experience for students from diverse backgrounds. Additionally, I directly mentor students, guiding them toward educational and career opportunities in finance. Recently, I coached a student team from UCLA and Peking University that won a stock pitch competition—mirroring my own experience leading a team to victory in the Pershing Square Challenge. At Columbia Business School, I collaborate closely with Women in Investing initiatives, helping students refine their stock pitches and prepare for job interviews. To further broaden educational access, I’ve translated seven influential investment books from English into Chinese, several of which are now used as textbooks in university finance courses.
CIO: What asset classes offer the best options for avoiding or mitigating drawdown risk in an institutional portfolio?
Lin: At Inatai, we define capital preservation as maintaining or increasing our relative share of global purchasing power. Drawdown risk, therefore, is the potential loss of this relative share, typically arising from insufficient understanding of what we own. Without deep insight, we become vulnerable to risks such as weak business fundamentals, excessive leverage, fraud, mismanagement and regulatory or geopolitical disruptions. Guided by Charlie Munger’s principle—‘Invert, always invert’—we proactively mitigate these risks by thoroughly understanding our managers and their investments, allocating capital to high-quality businesses operating within the world’s most productive economies.
This philosophy directly informs our manager selection process. First, we select managers employing rigorous due diligence frameworks, conducting deep assessments of business quality, competitive advantages, financial strength, governance and management integrity. Second, we favor managers who consistently invest with a meaningful margin of safety, acquiring assets below intrinsic value. Third, recognizing that asset management inherently involves substantial fiduciary leverage, we closely scrutinize managers’ incentives, organizational culture and psychological alignment with long-term value creation. Collectively, these strategies build a resilient portfolio designed explicitly to withstand economic fluctuations, navigate uncertainty, ensure the resilience of our purchasing power and sustainably generate value over the long term.
CIO: How can allocators address the growing global headwinds of demographics, geopolitical tensions, trade wars and changing supply chains?
Lin: To effectively navigate today’s global headwinds—demographic shifts, geopolitical tensions, trade wars and evolving supply chains—allocators must combine long-term conviction with strategic adaptability. At Inatai, we build a resilient, forward-looking portfolio through global diversification and targeted investments in innovation and inefficiencies.
Our approach begins by anchoring our portfolio in the U.S. while thoughtfully allocating capital to regions with structural, long-term growth potential. We strategically invest in Japanese equities, where shareholder activism can unlock substantial value; selectively deploy capital in Europe during periods of market dislocation; and maintain a meaningful exposure to China when valuations provide sufficient compensation for geopolitical risks. Additionally, we proactively explore opportunities in India, Southeast Asia and Latin America, regions benefiting from favorable demographics and the realignment of global supply chains.
We seek pricing inefficiencies arising from dislocation, limited research coverage or structural barriers, particularly in overlooked international equities and early-stage ventures. Concurrently, through our managers, we emphasize innovation by investing in companies that leverage artificial intelligence, automation and advanced manufacturing to navigate the impacts of deglobalization. This integrated strategy enables us to construct portfolios resilient enough to withstand volatility and positioned to sustainably compound value over the long term.
CIO: What traditional and/or alternative asset classes do you think are most important for institutional portfolios, and why?
Lin: Public equity is central to institutional portfolios due to its unique combination of access to the world’s highest-quality businesses, liquidity, transparency and global diversification potential.
First, companies with durable competitive advantages, robust governance structures and prudent capital allocation strategies are typically publicly listed, providing consistent opportunities to compound returns over long time horizons. To effectively harness these opportunities, we partner with external managers who demonstrate deep proficiency in fundamental analysis, maintain valuation discipline and commit to long-term ownership of high-quality businesses.
Second, the inherent liquidity of public equities provides an essential margin of safety across multiple levels—manager, allocator and institution. Liquidity allows managers and allocators to promptly correct investment errors or rebalance strategies, while institutions can efficiently manage immediate funding and spending needs, significantly reducing operational risks.
Third, transparency in public markets empowers proactive engagement on critical issues such as sustainability, diversity, equity and responsible governance. Partnering with managers committed to active stewardship amplifies our impact, aligning our investments with broader societal values.
Finally, investing in public equities through skilled managers allows dynamic adjustment across geographic, sector and thematic exposures, helping navigate economic cycles while achieving strategic, long-term objectives.
CIO: What investing decision have you made for your organization that you’re most proud of?
Lin: The investment decision I am most proud of at Inatai is building and implementing a clearly defined quality investment framework, which led us to strategically rebalance our public equity portfolio toward managers who emphasize high-quality assets. Recognizing that high-quality investments offer essential resilience amid growing geopolitical tensions and economic uncertainties, we specifically targeted businesses with durable competitive advantages, robust financial health, prudent management teams and conservative leverage levels. These characteristics significantly reduce the risk of permanent capital impairment in scenarios such as trade conflicts, regulatory upheavals and market volatility. Additionally, high-quality companies inherently possess adaptability through stable cash flows, strong pricing power and operational flexibility, enabling them to thrive during challenging global conditions.
To implement this strategy, we clarified and elevated our internal standards for defining asset quality. We then conducted a focused review of our managers by assessing their portfolio holdings against these refined criteria, emphasizing our strengthened definition of high-quality assets. As a result, we selectively adjusted our manager allocations, prioritizing those whose portfolios closely align with our enhanced quality expectations. This approach ensures our investments consistently reflect our increased emphasis on resilience, adaptability and sustainable value creation amid uncertain conditions.
CIO: Who in asset management (a person, not a firm) has most influenced your growth as an institutional asset manager?
Lin: Li Lu, founder and chairman of Himalaya Capital—where I spent more than six transformative years—has profoundly shaped my professional and personal development. As an investor, Li Lu taught me the critical importance of intellectual honesty and a true ownership mindset—thinking like a long-term business owner, rather than a conventional investor. This approach fundamentally enhanced my ability to conduct deep research, identify genuinely resilient businesses and pursue sustainable compounding. Additionally, Li Lu’s expansive intellectual framework, spanning civilization, modernization, market economies and technological advancement significantly broadened my macro perspective and sharpened my asset allocation decisions.
Working closely alongside him—a legendary investor and extraordinary mentor—I also internalized invaluable lessons on fiduciary responsibility, personal frugality, generosity toward society, embracing a win-win mindset, and cultivating the mental and physical resilience essential for sustained success. A powerful illustration of his influence occurred when I significantly improved my health and well-being, motivated by Himalaya’s internal “Health Challenge.” This deepened my appreciation for longer horizons, extending beyond investment returns to include compounding knowledge, relationships, health and social impact. Li Lu’s example continues to inspire me daily, guiding how I invest, live and lead with purpose, integrity and vision.
