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:
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
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:
Below is my letter for 19Q3
New positions commented: 1268.HK (China Meidong Auto) & SE (Sea Ltd.)
Download pdf:
Below is my letter for 19Q1
Download pdf: taovalue_2019_q1_final
Below is my newsletter for 18Q4
Below is my newsletter for 18Q3
Download pdf: TaoValue_2018_Q3_final
Below is my newsletter for 18Q2
Download pdf: TaoValue_2018_Q2_final
Below is my investor letter for 18Q1
Download pdf: TaoValue_2018_Q1_final
