Yue Li

Yue Li learned to be an investment manager on the biggest imaginable stage, overseeing diversified investments for the China Investment Corp., the sovereign wealth fund of China. Starting as an intern not long after the company began, she worked her way up to become a portfolio manager and senior vice president who helped shape billion-dollar investment strategies. She brought together diverse investment philosophies to generate significant returns. Now at Stanford GSB, she’s expanding her horizons even further.

“Eventually, I figured out something like a Venn diagram,” says Li, who already has degrees in finance, and international relations. “I knew I was good at math and numbers, and I like to create.”

She saw asset management sitting neatly in the overlap of those two circles, but she also felt something more can be added. “Coming to GSB has allowed me to broaden my perspective — integrating what I’m good at and what I enjoy with a new dimension on leadership and impact. ”

Tell us about your upbringing in China.

I spent my childhood and about half of my life in Qingdao until I went to Peking University. Shortly after that, I went to Washington University in St. Louis. Qingdao is on the east coast of China between Beijing and Shanghai. My childhood was a happy and worry-free one, except for one thing: my dad enrolled me in the city sports school to train for competitive swimming.

During my elementary school years, I swam about seven to eight kilometers a day. That was a nightmare because I wasn’t very good at swimming, and I was practicing something that I had no interest in and was extremely exhausting.

What lessons from that experience did you apply to other aspects of your life?

My dad told me “You must never give up on the things you chose.” When I became an adult, I realized, “OK, I didn’t choose swimming. You chose that for me.” But somehow, I still hung in there, becoming one of the 10 finalists out of an initial 1,000 candidates. I practiced swimming every day from ages six to 12 and learned that if I could stand out in an area I had no interest in or talent for, I’m strong enough to conquer any obstacle in life. Hanging in there was the right thing to do. I can’t always stay in my comfort zone. This early experience taught me the value of discipline and systematic practice. Whether it’s touching the pool wall more than 300 times a day or analyzing market trends, success comes from consistent effort and methodical approach. And in this same spirit, I have never missed a class at the GSB.

Can you share the path that led you to Stanford GSB?

My path was shaped by a commitment to bridging diverse perspectives. When I founded the Sino-U.S. Exchange at Peking University, I first realized my passion for connecting different worlds of thought. At China Investment Corp, I further developed my approach to global investment, integrating Eastern and Western perspectives to generate billions in portfolio returns. Each step of my career reinforced my belief that understanding diverse viewpoints is crucial to creating meaningful impact. Stanford GSB represents the natural progression of my mission. The school’s position at the heart of innovation and its strong focus on human-centered leadership aligned perfectly with my vision for the future of investment management. Here, I can continue deepening my expertise in global markets while building connections that can truly transform understanding across cultures. I believe the best investments aren’t just about numbers. They’re about understanding people and unlocking possibilities.

What started you on the road to asset management?

It was a gradual accumulation of self-knowledge and my knowledge of the world. I didn’t know initially what I liked, but trying various things was an important process in discovering my real passions. Investing is actually seeing the growth of the assets you manage. You’re creating values, giving you the autonomy to do creative thinking. The intellectual reward is what I really like. Investment is not just a return, but a process with philosophy. It’s the arts and sciences of how you look at the world.

What superpower explains your remarkable rise from 2011–2023 from intern to senior vice president at China Investment Corp.?

I grew together with China Investment Corp. I first interned with CIC as an undergrad, and sovereign wealth funds then became my undergraduate thesis topic. I thought CIC was my dream company, so I wanted to work there. China Investment Corp. was just established and trying to expand at the time. I did a lot of zero-to-one projects, creating something from nothing. I had a strong feeling of ownership and felt responsible not just for my projects but also for the future of all the other people who relied on my work. China accumulated foreign reserves through the years, so managing investments there gave me the feeling that I was helping to grow the wealth for the whole nation.

You focus on “multi-asset portfolios.” What specific challenges about those attract you?

Speaking of multi-asset, it naturally involves the question how to best mix different asset classes. Managing a multi-asset portfolio feels like leading a diverse team — balancing different strengths to achieve a shared goal. I am also very curious about what’s going on in different corners of the world. Different things happening in the world can impact the markets in different ways and it can be extra challenging to manage a multi-asset portfolio when your exposures are wide. I need to keep a close eye on the news and stats all the time. This type of life is fast-paced, but I enjoy the interactive relationship between me and the world. Investments serve as the bridge for me to get to know it.

How important is experience in your decision-making?

People who have worked in investments for over 20 years are assets. We call it gut feelings, but it’s actually a quick reaction based on years of experience. I recently thought about the difference between AI investments versus human beings. AI processes past information to predict the future, but humans process information in amazing ways. For AI to recognize a cat, you need to fit the AI with thousands of pictures of cats. But after watching one episode of Tom & Jerry my cousin’s four-year-old son quickly recognized a cat when one ran through the garden. He said, “Tom!” The human brain works differently from AI. However, while the mechanism might differ, don’t underestimate the experience-based human power to make complex decisions.

Do you feel like you’ve made any personal sacrifices to follow your career path?

I don’t think so. I’ve enjoyed my experience very much. If you don’t love what you do, you can’t work for the same company for 12 years. I was growing and learning with the company. As the company matured, I became more mature in my investment expertise and how I look at the world. The year I left CIC, they published the annual report in which I was quoted anonymously, sharing my personal story as a more-than-ten-year employee. They memorialized me, and I’m grateful.

Any cultural differences that challenge you?

People always highlight differences, but I believe that, as human beings, we share more commonalities than differences. At the end of the day, it’s always about respecting other people and their cultures. I’ve been to almost 50 countries so far and have experienced vast differences in cultures. Wherever I go, people are always extremely friendly, warm-hearted, nice, and kind. That’s the fundamental nature of human beings.

What foods do you miss?

I love everything as long as it’s tasty. When in America, I discovered buffalo chicken wings and cherry-flavored Coke, which are high on my favorites list. Later, I found out that cherry-flavored Coke is also Warren Buffett’s favorite.

Do you plan to live and work in China after GSB?

I don’t have a specific plan for now. Let’s see where life brings me. The organization itself is more important than the geographics because it needs to fit my values. It’s not where you work, it’s which group of people you work with that makes the most difference.

Any particular classes at the GSB that you think will be helpful as you move forward?

I recommend the Winning Writing class with Glenn Kramon. What I learned from the first session of that class is that you should say what you like and would like rather than what you don’t like. It’s very simple guidance for your writing, but it’s an important part of approaching things. I also liked Strategic Communication with Allison Kluger and Burton Alper. I speak English as a second language, so I need to know how to communicate my ideas to an audience in an American way. That class helped me a lot. A third is Political Communication: How Leaders Become Leaders with David Demarest. That class discusses how political leaders communicate, which deepened my understanding of the U.S. political system.

What do you do outside of work to relax and enjoy life?

I swim in the Stanford pool because I’ve never trained in an open-air pool. That’s new to me. I also spend my time traveling to different places in the world. Just like curiosity drives you to research investments, it’s the same with travel. It’s about making discoveries.

Photos by Elena Zhukova