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Investor Letter

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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Investor Letter – 2019 2Q

08/08/201908/10/2019 taovalue Investor Letter Investor Letter

Below is my letter for 19Q2

Download pdf: 

TaoValue_2019_Q2_finalDownload

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Investor Letter – 2019 1Q

04/23/201904/23/2019 taovalue Investor Letter Investor Letter

Below is my letter for 19Q1

Download pdf: taovalue_2019_q1_final

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Investor Letter – 2018 4Q

01/28/201901/28/2019 taovalue Investor Letter Investor Letter

Below is my newsletter for 18Q4

taovalue_2018_q4_finalDownload

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Investor Letter – 2018 3Q

10/30/2018 taovalue Investor Letter Investor Letter

Below is my newsletter for 18Q3

Download pdf: TaoValue_2018_Q3_final

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Investor Letter – 2018 2Q

07/22/2018 taovalue Investor Letter Investment Process, Investor Letter

Below is my newsletter for 18Q2

Download pdf: TaoValue_2018_Q2_final

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