Investing
Equities, digital assets and ongoing market exploration.
My personal investment experience spans China A-shares, US equities, crypto assets, NFTs and digital collectibles. I focus on the sources of value, market structure and asset pricing, with attention to trading mechanisms, holder rights and liquidity across asset classes.
Public equities · Personal investing
I invest personally in China’s A-share market, focusing on company performance, industry cycles, policy and the relationship between market expectations, prices and trading activity.
AI infrastructure investment generates revenue for suppliers, while the builders pay capital expenditures upfront and recognise depreciation and related expenses over time. Earnings and free cash flow can therefore diverge. When assessing this growth, I consider whether new investment can sustainably earn more than its cost of capital, and what the current price assumes about demand, margins and the timing of returns.
For application protocols with fee mechanisms, I examine whether value can consistently accrue to token holders after necessary operating and incentive costs. Higher fees may drive users elsewhere; buybacks need to be assessed alongside changes in circulating supply, actual selling pressure and the stability of allocation rules. The key is whether demand can withstand the withdrawal of subsidies and competition, and how much economic value holders retain as supply and governance evolve.
I view diversification as reducing dependence on shared sources of risk. Equities and digital assets can come under pressure together if they rely on easy financing and risk appetite. Where collateralised borrowing is involved, falling prices can also trigger liquidations and further selling. I therefore consider funding conditions, buyer depth and cash needs together, asking whether a portfolio can avoid a forced exit at an unfavourable moment.
An empirical examination of macroeconomic drivers of UK long-term interest rates and the 2026 outlook.
A student Long CATL / Short BYD pitch combining fundamental research and scenario valuation.