First Quarter 2018 Commentaries
During the first quarter of 2018, stocks finally behaved like stocks. The return of volatility served as a jolt that awakens investors from the complacency of the steadily rising market …
Newsletter
黄金的启示
美国近代最伟大的诗人罗伯特弗罗斯特观察自然和人生的盛衰，写下了这个著名的句子，
现金的风险
“因为找不到好的交易，我60%的资金都是银行存款。现在大多数股票在52周高点，我不想在这种时候买股票。
Will Stocks Continue to Rise in 2018?
For stock investors, 2017 was a remarkable year. The total advancement of 21.83% by S&P 500 was noteworthy but far from unprecedented. The steadiness of this advancement
Happy New Year 2018
We are sending out our 2018 calendar in this holiday season. The photographs are taken by Dong and his familyin recent years. We wish all our clients, …
德扑之王的抱怨（下）
《史记货值列传》记载说:“论其有余不足，则知贵贱。贵上极则反贱，贱下极则反贵。贵出如粪土，贱取如珠玉。”
德扑之王的抱怨（上）
在美国高赌注德扑圈里，大卫艾因霍恩(David Einhorn)是个常客。他文质彬彬、低声细语的样子和充满自信灼灼逼人的扑克强手形成鲜明对比。
First Quarter 2017 Commentaries
“Bull market climbs a wall of worries.” It was no exception for the first quarter of 2017. Despite record valuation, waves of political populism around the world and US Federal …