Wei Fook

"A company like Apple has like 3 billion of active devices out there, has a great ecosystem, very secure systems... these are the companies that would be resilient and in fact would thrive on AI." While AI poses an existential threat to smaller tech companies, mega-cap tech firms with massive installed user bases and wide moats will successfully integrate and monetize AI. Furthermore, the hardware backbone required for this transition will directly benefit semiconductor foundries in North Asia (Taiwan/Korea) through a sustained CapEx boom. LONG because wide-moat tech ecosystems and the underlying semiconductor infrastructure are the safest, most profitable ways to play the AI secular trend. Regulatory crackdowns on mega-cap tech monopolies or geopolitical disruptions in the Taiwan Strait impacting semiconductor supply chains.

"A company like Apple has like 3 billion of active devices out there, has a great ecosystem, very secure systems... these are the companies that would be resilient and in fact would thrive on AI." While AI poses an existential threat to smaller tech companies, mega-cap tech firms with massive installed user bases and wide moats will successfully integrate and monetize AI. Furthermore, the hardware backbone required for this transition will directly benefit semiconductor foundries in North Asia (Taiwan/Korea) through a sustained CapEx boom. LONG because wide-moat tech ecosystems and the underlying semiconductor infrastructure are the safest, most profitable ways to play the AI secular trend. Regulatory crackdowns on mega-cap tech monopolies or geopolitical disruptions in the Taiwan Strait impacting semiconductor supply chains.

"China, we think, has that elements of both... income generating assets. For example, we like the large banks they pay very attractive and sustainable dividend... on the secular growth side, e-commerce cloud computing... trading like 25, 30% discount vis a vis the US." Chinese equities currently offer an extreme valuation mismatch. Investors can build a "barbell" portfolio by capturing high, sustainable yields from state-owned banks while buying secular growth tech giants at a deep discount. Because China makes up a small sliver of global indices, even a marginal reallocation of global capital back to Asia will trigger a disproportionate upward re-rating of these assets. LONG because the extreme valuation discount provides a margin of safety, and capital reallocation will drive significant upside. Renewed US-China trade wars, tariffs, or a failure of the Chinese domestic economy to transition toward a consumption-led model.

"China, we think, has that elements of both... income generating assets. For example, we like the large banks they pay very attractive and sustainable dividend... on the secular growth side, e-commerce cloud computing... trading like 25, 30% discount vis a vis the US." Chinese equities currently offer an extreme valuation mismatch. Investors can build a "barbell" portfolio by capturing high, sustainable yields from state-owned banks while buying secular growth tech giants at a deep discount. Because China makes up a small sliver of global indices, even a marginal reallocation of global capital back to Asia will trigger a disproportionate upward re-rating of these assets. LONG because the extreme valuation discount provides a margin of safety, and capital reallocation will drive significant upside. Renewed US-China trade wars, tariffs, or a failure of the Chinese domestic economy to transition toward a consumption-led model.

"Central banks are buying up gold. And in the last two years, if you look at the amount of gold they have been buying is like three X or what they have been buying the prior decades." Sustained, price-insensitive demand from central banks seeking to de-dollarize is colliding with a fixed, scarce above-ground physical supply. This structural supply-demand imbalance will drive prices significantly higher, acting as a primary portfolio diversifier regardless of short-term Fed rate paths. LONG because the structural demand from central banks provides a massive tailwind for gold prices. A sharp, unexpected resolution to geopolitical conflicts combined with aggressive Fed rate hikes could strengthen the US Dollar and temporarily suppress gold prices.

"China, we think, has that elements of both... income generating assets. For example, we like the large banks they pay very attractive and sustainable dividend... on the secular growth side, e-commerce cloud computing... trading like 25, 30% discount vis a vis the US." Chinese equities currently offer an extreme valuation mismatch. Investors can build a "barbell" portfolio by capturing high, sustainable yields from state-owned banks while buying secular growth tech giants at a deep discount. Because China makes up a small sliver of global indices, even a marginal reallocation of global capital back to Asia will trigger a disproportionate upward re-rating of these assets. LONG because the extreme valuation discount provides a margin of safety, and capital reallocation will drive significant upside. Renewed US-China trade wars, tariffs, or a failure of the Chinese domestic economy to transition toward a consumption-led model.

"China, we think, has that elements of both... income generating assets. For example, we like the large banks they pay very attractive and sustainable dividend... on the secular growth side, e-commerce cloud computing... trading like 25, 30% discount vis a vis the US." Chinese equities currently offer an extreme valuation mismatch. Investors can build a "barbell" portfolio by capturing high, sustainable yields from state-owned banks while buying secular growth tech giants at a deep discount. Because China makes up a small sliver of global indices, even a marginal reallocation of global capital back to Asia will trigger a disproportionate upward re-rating of these assets. LONG because the extreme valuation discount provides a margin of safety, and capital reallocation will drive significant upside. Renewed US-China trade wars, tariffs, or a failure of the Chinese domestic economy to transition toward a consumption-led model.

"A company like Apple has like 3 billion of active devices out there, has a great ecosystem, very secure systems... these are the companies that would be resilient and in fact would thrive on AI." While AI poses an existential threat to smaller tech companies, mega-cap tech firms with massive installed user bases and wide moats will successfully integrate and monetize AI. Furthermore, the hardware backbone required for this transition will directly benefit semiconductor foundries in North Asia (Taiwan/Korea) through a sustained CapEx boom. LONG because wide-moat tech ecosystems and the underlying semiconductor infrastructure are the safest, most profitable ways to play the AI secular trend. Regulatory crackdowns on mega-cap tech monopolies or geopolitical disruptions in the Taiwan Strait impacting semiconductor supply chains.