Below is my letter for 2021 Q4. I looked back to our first 5 years and looked forward on where the Market may go.
Investor Letter
Investor Letter – 2021 Q3
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).
Investor Letter – 2021 Q2
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.
Investor Letter – 2021 Q1
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).
Investor Letter – 2020 Q4
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:
Investor Letter – 2020 Q3
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:
Investor Letter – 2020 Q2
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:
Investor Letter – 2020 Q1
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
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:
Investor Letter – 2019 3Q
Below is my letter for 19Q3
New positions commented: 1268.HK (China Meidong Auto) & SE (Sea Ltd.)
Download pdf:
Tao of Value 