Investment Letters and Ideas

How Have We Reorganized Our Portfolio in Q4

3Q 2024 Investor Letter

Excellent Odds for Patient Investors who can Tolerate Volatility Dear Readers: On August 26, PDD Holdings (PDD), the parent company of...

Increasing Western Exposure as Dividend Aristocrats Rally in China Before I start with this quarter’s letter, I’d like to share with you...

In the Age of "Roaring Kitties"

To A Market That Did Not Have a 2% Correction in 6 Months

In Q4 2023, we are finally warming up to Meituan’s valuation. Despite its incessant decline in equity price recently, we have been gradually

How We Plan to Navigate the Worst-Case Scenario in China

Well-positioned in the longest historical decline of Hang Seng Index

To A Gamma Squeezed World

The Opposite Treatment of US and Chinese Equities

Regional financials present attractive opportunities for stock pickers

And Why I Favor WAL/PA and WBS in Particular

A potential compounder picking low hanging fruits in Minneapolis

When Should We Concentrate? Excerpts From 22Q4 Letters

Excerpts From My First 3Q 22 Investor Letter