Wealth Isn't Money — It's What Lets You Earn It
A number on the account can evaporate; the capacity to produce cannot. That half-century-old line from Professional Speculation deserves to be read as a test for any balance sheet.
4 min readInvesting
Priced in New York, Traded in Hong Kong
Southbound money bought a record quarter and still doesn't set tech-stock prices. The session that prices Hong Kong opens nightly in New York.
4 min readInvesting
The Deeper the Fall, the Smaller the Cap
Everyone talks about stop-losses on single stocks; nobody runs one on total exposure. This counterintuitive rule — the deeper the fall, the lower the position cap — rests not on point forecasts but on systemic risk. It looks like waste in calm years; on the day things break, it is the account's airbag.
4 min readInvesting
Going First Means Paying Everyone's Tuition
First-mover advantages are real, and so is the first-mover invoice; both pages of the ledger count.
3 min readMarketing
A Persona Is a Contract You Can't Exit
Why does Lei Jun keep getting criticized? Because in 2011 he signed an invisible contract with consumers. A persona brings a premium — and sets the penalty for breach. And he cannot walk away.
3 min readBusiness
What's Overrated, What's Underrated
Judge overrated versus underrated not by price but by narrative density: overrated is the part with stories and no execution; underrated is the sector whose fundamentals are fine but whose attention has been pulled away. Over- and under-rating is an attention problem, not a value problem.
3 min readInvesting
One Company, Three Bosses
Nvidia didn't rally three times — the same company was taken over in turn by three cycles: gaming fed it, Bitcoin paid its toll, AI gave it the throne.
3 min readInvesting
These Do Not Count as Fundamentals
Anything that vanishes with results or sentiment — short-term revenue, one-off subsidies, hit products, management promises — is not fundamentals and cannot anchor a valuation.
4 min readInvesting
Companies That Live a Century Keep Arriving as Outsiders
Nokia changed trades three times in a century, entering each as an amateur; survival meant rewriting its own identity.
3 min readMarketing
Nobody Gets Fired for Buying IBM
Part of the premium buys the product; the rest buys silence when things break.
4 min readMarketing
No One Left to Copy
After reaching number one, no one is left to copy; humility is the only free insurance of leadership.
3 min readMarketing
Silence Is What a Bottom Sounds Like
Bitcoin hasn't been falsified or disappeared — its narrative priority has simply been siphoned off by AI. Being forgotten is an observable phase of the cycle, and it tends to mark the bottom.
3 min readInvesting