Fang Li is the Founder and Managing Partner of Baleen Capital, a hybrid public/private firm that invests in companies with amazing products, growth potential, unit economics, and people. In particular, Baleen looks for people and companies that make things that their customers love.


I have a different way of thinking about outsiders. I think about them from the point of view of the customer. Investors tend to look at companies from the point of view of investors. This statement may seem obvious, yet it points to something subtle but important. Looking at a company only as an investor leads to an overemphasis on the things that are important to investors, such as capital allocation. A company is reduced to dollars and cents, growth and profits, efficiencies and returns.

By comparison, looking at a company from the customer’s perspective helps us understand things on a different level. The customers are the ones who pay the bills, so it stands to reason that the quality of their experience is an underlying driver to a company’s sales, growth, profits, and over time, financial returns.

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