Archive
171 posts, newest first.
2026(130 posts)
- 09-13The Two-Layer Interface Principle: Software Interaction Architecture for the AI Era
- 09-12Leverage Can't Buy Time
- 09-10Holding Is Buying
- 09-10One Person, Hundreds of AI Employees: Translated into Engineering, It's Five Layers
- 09-08Loud in the Mall, Silent on the Tag
- 09-06Pull the Weeds, Water the Flowers
- 09-04Wait for Confirmation
- 09-02Verify, Don't Forecast
- 08-31The Answer in Four SIM Slots
- 08-29Waves Follow the Soil
- 08-27Treating Everyone Equally Punishes the Best Customers
- 08-25Drops Are the Fuel of Drip Investing
- 08-23One Ledger, Two Pages
- 08-21Two Trades, One Incomplete Education
- 08-19The Strongest Businesses Fall First
- 08-17Five Signals of a Top, Five Signals of a Bottom
- 08-15Telling Time Is Free, What Gets Worn Is Not
- 08-13Three Sentences or Pass
- 08-11Match the Ruler to the Asset
- 08-09Tracks Are Rented, Discipline Is Yours
- 08-07Survive the Cycle First
- 08-05Valuation's First Cut Is a Pair of Scissors
- 08-03The Compliment Was Scheduled
- 08-01Money That Doesn't Bet on Direction
- 07-30The Door Speculation Keeps Shut
- 07-28Most Lose by Trading, Not by Choosing
- 07-26Slow Is the Fast Attack
- 07-24Cheap Enough To Sleep On
- 07-22When You Can't Read It, Don't Play
- 07-20The Business That Produces at a Loss
- 07-18A Rally Only Ranks Its Leader
- 07-16Scaling Is No Longer a Bigger Number
- 07-14Octopus Died in Australia, and Lived in Hong Kong
- 07-12Russia's Fortune Hangs on the Oil Price
- 07-10Three People Can't Make a Decision
- 07-08A Bull-Bear Cycle Is a Campaign, Not a Decision
- 07-06Stopping Out Is the Shareholder's Core Right
- 07-04One Point Of Retention, Five Points Of Profit
- 07-02Responsibility Has Layers; Donations Record Only One
- 06-30The Organization That Wanted to Change, and Died Wanting
- 06-28Industry First, Then the Business, Then the Numbers
- 06-26Repeat Buyers Are Not Loyal Buyers
- 06-24The Smallest Unit of Service Is a Name
- 06-22Only What Can Be Redeemed Counts as an Asset
- 06-20Recognized, Not Watched
- 06-18Twice a Year, Put the Judgment Back on the Scale
- 06-16Stocks Are Just Chips to a Quant
- 06-14Quality Got Localized Too
- 06-12Wealth Isn't Money — It's What Lets You Earn It
- 06-10Priced in New York, Traded in Hong Kong
- 06-08The Deeper the Fall, the Smaller the Cap
- 06-06Going First Means Paying Everyone's Tuition
- 06-04A Persona Is a Contract You Can't Exit
- 06-02What's Overrated, What's Underrated
- 05-31One Company, Three Bosses
- 05-29These Do Not Count as Fundamentals
- 05-27Companies That Live a Century Keep Arriving as Outsiders
- 05-25Nobody Gets Fired for Buying IBM
- 05-23No One Left to Copy
- 05-21Silence Is What a Bottom Sounds Like
- 05-19The Life Cycle of Money
- 05-17Clear the Mines Before You Talk Value
- 05-15The Method That Publishes Its Own Price List
- 05-13Four Lanes, Four Scripts in Pharma
- 05-11Investing Is the Means, Living Is the End
- 05-09The Day the Martini Shrank
- 05-07The Market Has Worn Four Faces
- 05-05Mr. Market Is Manic-Depressive
- 05-03A Million Jobs Won't Save a Casino
- 05-01Loyalty Does Not Expire When the System Does
- 04-29Low Money Is Still Money
- 04-27The Order Is the Knowledge
- 04-25Lead Users Know Tomorrow's Demand First
- 04-23Koreans Aren't Born Gamblers.
- 04-21Winners Study the Crowd, Losers Study the Stock
- 04-19The Bubble Died, the Rails Remained
- 04-17A Sector Comes in Three Waves
- 04-15The Data Executes the Hypotheses, and Apologizes to No One
- 04-13Easy to Take a Booking, Hard to Keep It
- 04-11The Birthday Greeting That Sells Nothing
- 04-09A Good Company Is Not a Good Stock
- 04-07Fundamentals Are the Part That Doesn't Change
- 04-05Four Cycles, One Nest
- 04-03Direction Is Right; Stay Inside the Lines
- 04-01First in Fundraising, Nowhere in Returns
- 03-30The Look of Defense, the Bones of a Cycle
- 03-28Beyond the Balance Sheet, Vote with Your Feet
- 03-26Hunt Fast, Farm Slow
- 03-24Defense Is Designed, Not Endured
- 03-22The System Was a Guess
- 03-20The Dollar Gate
- 03-18Diversifying to Catch the Big Fish
- 03-16The Next Product Is Never in the Survey
- 03-14A Cycle Isn't One Force. It's Three.
- 03-12No Proposal Under a Hundred Million
- 03-10Credit Is Spending Borrowed From the Future
- 03-08Rolling the Cost Basis to Zero
- 03-06Expensive Compared to What?
- 03-04Bullish, But Not Stubborn
- 03-02The Ones Who Complain Have Not Left
- 02-28Competing Upward
- 02-26Clean Was Never the Point
- 02-24Churn Has Only Three Doors
- 02-22Position Size Follows Certainty, Not Nerve
- 02-20A Billion Dollars Buys a Head Start
- 02-18Buy, Then the Homework Starts
- 02-16Buy Divergence, Sell Consensus
- 02-14The Loudest Bears Load Up Fastest
- 02-12No Core Position, No Wealth
- 02-10Baijiu Is a Cyclical Asset Too
- 02-08Knowing When to Sell Beats Knowing What to Buy.
- 02-06Ask Whose Writing It Is, and It Says Whoever You Suggest
- 02-04Even Actuaries Can't Predict the Future
- 02-02The Existence of Sales
- 01-31Refuse to Change, and It's Over
- 01-29Rearview-Mirror Epistemology
- 01-27Open Source Is Immortality
- 01-25This Didn't Have to Happen
- 01-23Be Greedy When Others Are Fearful, Written as Code
- 01-21Don't Ask Where the Money Went, Ask Where the Dog Is
- 01-19The Rich Are Rich Because They Do the Math
- 01-17Yes, Yes, Yes — the Most Expensive Labor Cost
- 01-15The Money That Actually Lands
- 01-13The Poor Pay an Attention Tax
- 01-11The Crime of Forward-Adjusted Prices
- 01-09Self-Reliant and Controllable — Controllable by Whom?
- 01-07I Wanted the Book, Not Your Tool
- 01-05The Tonghuashun Paradox
- 01-03Invest in Platforms: The Tollbooth Theory
- 01-01Shells Were Money Too. What Happened?
2025(41 posts)
- 12-30The Three Values of Self-Hosting
- 12-28The Retail Investor's Structural Edge
- 12-26The Axis Shift in Quant Trading
- 12-24Why PCs Never Got Their Own Android
- 12-22The Impossible Triangle of Consumer Operating Systems
- 12-20I Only Buy Common Stock
- 12-18No Root, No Agent
- 12-16My Server Uploads, My Phone Downloads
- 12-14Microsoft Can't Even Say Whether the App Opened
- 12-12Microsoft Won Purely by Being Early
- 12-10A Model's Memory Is Vendor Lock-In
- 12-08Is Duan Yongping's Pop Mart Buy a Mistake?
- 12-06How I Interrogate an AI
- 12-04No Games, No WeChat. No Games, No CUDA.
- 12-02AI Writes Everything Now. What's Left for Frameworks?
- 11-30The Feigou Plan: Essentially, I'm Selling Insurance
- 11-28Everything Is a Prompt
- 11-26Make the Easy Money, Not the Hard Money
- 11-24Docker Is Just a Software Store
- 11-22I Filed Docker a Cascading Bug
- 11-20Payback Math: I Watch the Dividend
- 11-18Disk Health Ratings Can't Be Trusted
- 11-16Don't Trust the Data, Trust the Business
- 11-14Impotent After One Hour of Gaming. Eighteen Hours of Code, No Problem.
- 11-12CUDA: Moat, or Code That Can Be Translated?
- 11-10Tencent Wins by Copying Better
- 11-08The Death of the Consumer GPU
- 11-06Feeding a Million Characters at Once Is Expensive and Bad
- 11-04Apple Is Becoming IBM
- 11-02An Annual Subscription Is a Lock-In
- 10-31AI Has No Bubble. AI Stocks Do.
- 10-29No Human Matches AI's Cognition. Not One.
- 10-27Build It, and Have AI Rewrite It as You Go
- 10-25The Adversary Mechanism for Decisions
- 10-2350TB for 800 Yuan, Eight Years: The Ledger That Doesn't Balance
- 10-05Businesses with Long-Term High Margins
- 10-01First Principles of Making Money
- 09-21Musk's Five-Step Working Method
- 09-15The Complete Problem-Solving Workflow of a Programmer
- 08-30A Bank Teller's Existential Crisis
- 08-28The Rapid Development of Artificial Intelligence