Hailey Xu, CFA

Hailey’s interest in investing took shape during undergraduate internships in investment banking and consulting, where she discovered how much she enjoyed researching companies and industries. She was especially attracted to investing because it offered the opportunity to turn that research into concrete investment decisions, see the results over time, and be accountable for the outcomes.

Two investors who have helped shape Hailey’s thinking are Charlie Munger and Howard Marks. Munger’s focus on the underlying economics of a business taught her to consider what sustains its competitive advantage, who captures the value it creates, and whether it can reinvest at attractive rates, while Marks’s work taught her to assess where we stand in the cycle and calibrate risk, return expectations, and the margin of safety accordingly. These ideas align with Burgundy’s investment approach and are particularly useful when investing in emerging markets and China, where innovation often coexists with pronounced capacity cycles and shifts in policy and liquidity.