“In simple terms, bubbles are booms that went bad. Not all booms are bad.” — Proessor Goetzmann GS’s Peter Oppenheimer published a very interesting research paper on Mar 22, 2021. I recommend everybody should read this. The link for this paper is at the end of this article. …

It was 2006, a very early day of my career when Fir Tree’s founder, Jeff Tennenbaum, gave us a “lecture” on SPAC. It was still a nascent market with very limited participants and Fir Tree was one of them. Jeff eventually connected us with EarlyBirdCapital, the only investment bank specialized…

On April 4, China observes Qingming Festival, a tomb-sweeping day, this year. Ahead of this memorial day, the Wuhan government decided to release ashes of virus victims from the city’s 7–8 crematoriums. Each crematory plans to distribute 500 per day, up to Qingming Festival. Some people are speculating that the…

Originally published on June 27, 2016 “Like Michelangelo’s paintings and sculptures, successful businesses are the by-product of inspiration, hard work, and no small amount of genius. And like the works of the Great Masters, only a small minority stand the test of time and last over the long run.” J.P…

Originally published on 7 August 2017 “Nothing to Do with Value” The May 5, 2017 edition of Grant’s Interest Observer featured an interview with Mr. Frank Brosens, co-founder of Taconic Capital. Brosens, who succeeded Goldman Sachs’ risk arbitrage department after Bob Rubin became U.S. Treasury Secretary for President Clinton, and a master of risk, all…

Yale Investment Office published the endowment’s 2019 performance (between July 2018 to June 2019). During the period, the endowment asset value rose 5.7%, bringing the total size to $30.3 bn. Some critics said the endowment model is not working as it underperformed S&P 500 significantly during the period and praised…

Last year we launched Generation Z Investment Club (“Z Club”) with 22 students. We had a lot of fun and learned a lot together. We organized an online investment education session, ran several investment case studies, managed their own portfolios, wrote newsletters and met with incredibly talented and experienced investment…

Dear Friends, We are pleased to share with you the second monthly newsletters for the portfolios managed by the Generation Z Investment Club (“Z Club”).

Dear Friends, We are pleased to share with you the monthly newsletters for the portfolios managed by the Generation Z Investment Club (“Z Club”). As you know, Z Club is a non-profit organization established by my partner Tiffany Liu (Vice President) and me in 2018 with the aim of helping…