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The Pinduoduo Paradox
Three surprises in two weeks that change how I think about PDD
 • The Great Wall Street
The Wrong Question: Is AI a Bubble?
How to Position for the Inevitable Volatility. A framework for investing in AI.
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A 1x EV Business With a 50% Payout. Did It Just Bottom?
The company just restarted buybacks and signaled its decline may be over—while nobody was looking.
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On watering the weeds and cutting the flowers
A contrarian strategy for a broken market
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A User Manual for the Wrong Readers
Why You Shouldn’t Read This Substack
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Didi Q3 2025 Earnings - Worse Than Feared
The concerns I raised before turned out worse than I expected.
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PDD Q3 2025: The Earnings and the Long-Tail Risk I Was Missing
The only company talking risks while rivals sell fantasies.
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Tencent's Silent Encirclement
How Pony Ma's 2022 pivot positioned Tencent to dominate commerce in an AI-agent world
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How Alibaba’s Amap Beat Baidu Maps
And why Alibaba is now using it to challenge Meituan’s dominance in local commerce.
 • The Great Wall Street
The Great Wall Street
The Great Wall Street
Insights on Chinese stocks, policies, and key developments—without the noise. Straight from Shanghai. Clarity in every post, focused on what truly matters.
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