We See Ourselves as Owners of the Businesses We Invest In

“Buying stocks is buying businesses; buying businesses is buying the discounted value of future cash flows.” — Through in-depth research and close tracking of high-quality enterprises in the market, we firmly invest in businesses within our circle of competence. We believe that what we choose not to do is more important than what we choose to do in investing. Meanwhile, we exercise greater patience to seek and wait for opportunities, investing in high-quality enterprises with a margin of safety.

Focus on Business Value

We recognize that most businesses are either beyond our understanding or lack investment value. Therefore, within our circle of competence, we leverage our insights into industries and business operations to identify organizations with truly first-class business models and corporate cultures—entities we can effectively value and closely track—to capture the long-term compound returns of high-quality businesses. Again, we emphasize: what we choose not to do is more important than what we choose to do in investing.

Greater Patience

Rooted in ultra-long-term family wealth, we are not adversely affected by the volatile “Mr. Market.” Instead, we can patiently wait for reasonable or undervalued entry points in high-quality businesses. We also refrain from making non-value-driven investment decisions due to short-term performance fluctuations or market volatility.

Our Team

We are a group of individuals who believe in and are passionate about investing. With profound industry research and investment experience in the internet and consumer sectors, we practice the philosophy that “buying stocks is buying businesses.” Boasting over a decade of investment experience in Hong Kong and U.S. stock markets, we have effectively managed family wealth and multiple overseas sovereign funds. Day in and day out, we strive to uphold and expand our circle of competence. United by our passion for value investing and alignment with our corporate culture, we will continue to uncover business value for our investors and derive joy from this endeavor.

Our Understanding of Research

Research is iterable, extensible, and verifiable.

• Iterable: Every detail of our research corresponds to observable phenomena—if any of these phenomena change, the original research logic can no longer hold, ensuring the completeness of our current analysis. However, since society and business are dynamic, research must iterate on existing logic in response to evolving trends. This is the first and most crucial characteristic of research. It means that just as investments generate compound returns, the insights gained from research are not a linear function of time but an exponential one. Recognizing and adhering to this principle over the long term—allowing our knowledge to grow exponentially—grants us a sustained relative advantage.
• Extensible: When analyzing the underlying logic of business operations, the more fundamental the logic, the simpler it tends to be, and the more applicable it is across multiple fields. As our understanding of more and more domains grows exponentially, it in turn enriches our original research areas, forming a more systematic and comprehensive theoretical framework. Ultimately, we weave various fields of the world into a network of knowledge—one whose evolutionary speed surpasses that of individual cognitive growth.
• Verifiable: Verification is omnipresent and an indispensable prerequisite for iterability and extensibility. All of this is rooted in extreme curiosity about the world and a deep passion for research itself.

Long-term investing requires a sustained relative advantage, built on the exponential growth of insights derived from research. Recognizing this allows us to harmoniously unify research, cognition, and investment—enabling true focus and continuous evolution. This is the consistent way we engage with the world, now and always.

Supplementary Notes

• Value investing emphasizes that the purpose of investment is to generate returns, and holding periods should align with a company’s value and development stage. Positions should be adjusted promptly when the fundamental rationale for holding no longer exists.
• Wealth management institutions such as family offices focus on long-term, stable wealth inheritance strategies, which align with our patient investment philosophy rooted in ultra-long-term family wealth.
• According to UBS analysis, when constructing a diversified asset portfolio that balances returns and liquidity, patience in long-term allocation—rather than short-term speculation—is a key principle.
• Profound research and investment experience in specific sectors such as the internet and consumer goods help identify and invest in high-quality businesses within one’s circle of competence.