A Sector Comes in Three Waves
A sector upgrade arrives in three waves: base stations first, equipment next, the device-upgrade cycle last. Each wave crowns a different protagonist — ask which wave it is before asking what to hold.
Investing
A Good Company Is Not a Good Stock
A good stock equals a good company plus an undervalued gap; paying any price for a great company is the most common form of pseudo-value investing.
Investing
Fundamentals Are the Part That Doesn't Change
Fundamentals are not last quarter's earnings sheet — they are whether this business still opens its doors tomorrow. Short-term results are noise; permanent damage is the signal.
Investing
Four Cycles, One Nest
The economy doesn't oscillate in one cycle. It stacks four cycles whose time scales differ by an order of magnitude. The layer you trade in decides which indicators you should watch.
Investing
Direction Is Right; Stay Inside the Lines
Above stock-picking sit four iron rules: nation sets the floor, rates set the ratio, coordinates set value, discipline sets restraint. Method decides how much you make; the rules decide whether you live to settle.
Investing
First in Fundraising, Nowhere in Returns
HKEX topped the global IPO league. Its ten-year return chart is where the bill shows up.
Investing
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.
Investing
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.
Investing
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.
Investing
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.
Investing
The Dollar Gate
The dollar is the gate of global capital: read the gate, and the external water level makes sense.
Investing
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.
Investing