First in Fundraising, Nowhere in Returns
HKEX topped the global IPO league. Its ten-year return chart is where the bill shows up.
4 min readInvesting
The Look of Defense, the Bones of a Cycle
The three financial brothers hang on the same hooks: insurers track the rate cycle, brokers feed on trading volume, and banks trading below book price carry embedded bad-loan doubts. Defense is the look; the cycle is the bones. Ask first what the revenue follows, then ask how long to hold.
4 min readInvesting
Beyond the Balance Sheet, Vote with Your Feet
Annual reports hold only the past; turning points live on the road and on the shelf. Do the fieldwork before you take a heavy position.
4 min readInvesting
Hunt Fast, Farm Slow
Advancing in investing means changing trades: chasing hot themes is hunting, rotating sectors is herding, holding a base position is farming — three stages in order of dependence, not rank.
4 min readInvesting
Defense Is Designed, Not Endured
In a crash, human reaction is always half a beat late: a self-built automated defense system uses rules plus index-futures shorts to absorb the shock.
4 min readInvesting
The System Was a Guess
The most expensive system failures are not technical; they begin when nobody asks the end user.
3 min readMarketing
The Dollar Gate
The dollar is the gate of global capital: read the gate, and the external water level makes sense.
4 min readInvesting
Diversifying to Catch the Big Fish
One net, two uses: academics cast it to smooth the curve; one system casts it to catch mispriced big fish.
3 min readInvesting
The Next Product Is Never in the Survey
Demand comes in two kinds: current demand can be asked for, and the answers only add up to incremental improvement; potential demand cannot be asked for — it gets claimed only after it is shown. Innovation does not answer surveys; it generates demand.
4 min readMarketing
A Cycle Isn't One Force. It's Three.
Debt decides survival, sentiment decides how crazy, structure decides what gets speculated — take the three layers apart and the cycle stops being mysticism.
4 min readInvesting
No Proposal Under a Hundred Million
The first reader of any proposal is the company culture, and the threshold decides before quality does.
3 min readMarketing
Credit Is Spending Borrowed From the Future
Credit doesn't move money around; it moves future spending into today. One person's spending is another's income — that's how cycles get built.
4 min readInvesting