Investor Letter

Investor Letter – 2021 Q3

taovalue Investor Letter , ,

Below is my letter for 2021 Q3, in which I shared my thoughts on the issue of Facebook and of social platforms as a whole. I also discussed extensively about our new position – Roblox (RBLX).

TaoValue_2021_Q3_finalDownload

Click to access taovalue_2021_q3_final.pdf

Investor Letter – 2021 Q2

taovalue China, Investor Letter ,

Below is my letter for 2021 Q2, in which I shared my thoughts on Chinese political & economic system, and its implication on regulatory impact on our portfolio companies.

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Investor Letter – 2021 Q1

taovalue China, Investor Letter , , ,

Below is my letter for 2021 Q1, in which I shared my thoughts concerning Chinese education businesses and commented on new positions of Tianli Education (1773.HK), TAL Education (TAL) & Futu Holdings (FUTU).

Click to access taovalue_2021_q1_final.pdf

Investor Letter – 2020 Q4

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Below is my letter for 2020 Q4, in which I commented on new position of Yihai (1579.HK), PLTR & GBTC. I also shared my analysis & thoughts on the “Retailization” of the market.

pdf below:

Click to access taovalue_2020_q4_final.pdf

Investor Letter – 2020 Q3

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Below is my letter for 2020 Q3, in which I commented on new position of BEKE, WORK, & API. I also shared the case studies of why focusing on “mindful compounders” is important.

pdf below:

Click to access taovalue_2020_q3_final.pdf

Investor Letter – 2020 Q2

taovalue Investor Letter , , , , ,

Below is my letter for 2020 Q2, in which I commented on individual holdings of PDD, YY, AVLR & CIH. I also shared my process of evaluating opportunity cost of trading actions, and how it improves learning from own past successes, misses & biases.

pdf below:

Click to access taovalue_2020_q2_final.pdf

Investor Letter – 2020 Q1

taovalue Investor Letter , , ,

Below is my letter for 20Q1, in which I commented on 1268.HK, GILD, CACC, NXRT, BILI, and shared a research on how momentum based “rebalancing” did during the GFC.

Download pdf: TaoValue_2020_Q1_final

Investor Letter – 2019 Q4

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Below is my letter for 19Q4

In it, I shared a fun research of using Machine Learning to explore the reasons for value factor’s struggle and ways to improve it.

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TaoValue_2019_Q4_final