Decoding markets beyond P/E. As an investor, I either put my money into low cost funds or in single stocks that (I think) are asymmetric bets. My portfolio is roughly 50/50 between the two. I like to write about Macro and Fundamentals, with the (painful) awareness that Momentum and Sentiment are what really matters. That’s the reason I never try to time the market and I only buy stocks if I am willing to hold them for at least 10 years.When it comes to fundamentals, I think everybody knows the market is for ...

投资理念 - 投资组合策略为50%投资于低成本基金，50%投资于被认为是不对称押注的单一股票[1] - 投资分析侧重于宏观和基本面，但认识到动量与市场情绪才是真正关键的因素[1] - 不进行市场择时，只购买愿意持有至少10年的股票[1] 市场分析方法 - 认为市场是前瞻性的，其本质是供需的汇合点，预测人类行为是关键[1] - 不单纯依据市盈率等估值指标判断股票是否“便宜”，而是试图理解数字背后的市场观点[1] - 分析方法需要理解行业、产业和长期增长趋势，有时需要逆流而上的勇气[1] 当前看好的资产 - 目前看好AMD、PLTR、TSLA等个股，以及广泛的美国股票和比特币[1]