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Investor Letter

Investor Letter – 2021 Q4

02/22/2022 taovalue Investor Letter Investor Letter, Retail Flow

Below is my letter for 2021 Q4. I looked back to our first 5 years and looked forward on where the Market may go.

Click to access taovalue_2021_q4_final.pdf

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Investor Letter – 2021 Q3

10/27/202103/11/2022 taovalue Investor Letter Facebook, Investor Letter, Roblox

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

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Investor Letter – 2021 Q2

08/06/202103/11/2022 taovalue China, Investor Letter China, Regulation

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.

Click to access taovalue_2021_q2_final.pdf

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Investor Letter – 2021 Q1

04/28/2021 taovalue China, Investor Letter FUTU, Investor Letter, TAL, Tianli

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

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Investor Letter – 2020 Q4

01/20/2021 taovalue Investor Letter 1579.HK, Bitcoin, GBTC, Investor Letter, Palantir, PLTR, Retail Flow, Yihai

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

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Investor Letter – 2020 Q3

10/26/2020 taovalue Investor Letter, Uncategorized Agora, API, Beike, BEKE, Investment Process, Investor Letter, Mindful Compounder, Slack, WORK

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

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Investor Letter – 2020 Q2

07/24/202008/04/2020 taovalue Investor Letter AVLR, CIH, Investment Process, Investor Letter, PDD, YY

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

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Investor Letter – 2020 Q1

05/04/2020 taovalue Investor Letter BILI, Bilibili, Investor Letter, Rebalance

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

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Investor Letter – 2019 Q4

02/26/202003/06/2020 taovalue Data Science, Investor Letter, Quantamental Clustering, Data Science, Investor Letter, Machine Learning, Quantamental, Value Factor

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.

Download pdf:

TaoValue_2019_Q4_final

 

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Investor Letter – 2019 3Q

10/31/201910/31/2019 taovalue Investor Letter Investor Letter

Below is my letter for 19Q3

New positions commented: 1268.HK (China Meidong Auto) & SE (Sea Ltd.)

Download pdf:

TaoValue_2019_Q3_final

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