Investment Letters and Ideas

And Why We Believe It Presents Attractive Risk-Reward

AI Conquering the World

An Endeavor to Create Value Through Connecting the Dots

In the second quarter of 2025, we delivered a 5.75% positive return net of all fees, carries, and expenses, while S&P 500 returned 10.94% inclusive of dividend. Our main contributors include NetEase and TD Synnex , which we have discussed before. We massively added to TD Synnex after its puzzling panic sell-off after its last earnings call. It is now one of our top positions. Our main detractors include PDD, Kaspi, and Meituan, with the former two as core positions. We belie

An Observation, and A Theory

“It’s been about six years now since our Japanese investments. I was just going through a little handbook that probably had two or three thousand Japanese companies in it. One problem I have is that I can’t read that handbook anymore – the print’s too small. But there were these five trading companies selling at ridiculously low prices . So I spent about a year acquiring them. And then we got to know the people better, and everything that Greg and I saw, we liked better as we

... And Keep Accumulating In Competition Demystified , Professors Bruce Greenwald and Judd Kahn describe niche market leaders as companies that attain dominance by leveraging specific, durable advantages within narrowly defined segments. These advantages often arise from a combination of customer captivity, economies of scale, and the absence of vigilant, dominant competitors. (Fig 1: Competition Demystified, a seminal book on corporate competition and sustainable competitive

Navigating Tariff Uncertainties

For my subscribers who follow my Snowball account, this article is a rehash of my former article on this subject. I notice these thoughts haven’t been made available on Substack, therefore making it difficult to reference in future investor letters. Miniscule and anonymous as I am, I hope to contribute some of my own ideas to the investment society. “Resonating Cycles”, coupled with “ Divergent Expectation ”, form my “water based”, Taoist philosophy of portfolio management

One of The Most Profitable Ways to Make Excess Return

How Have We Reorganized Our Portfolio in Q4

3Q 2024 Investor Letter