September 2026 Portfolio Review: In a Closed Pool, Averaging Down Means Selling Winners
A month with no trades erased my YTD gain, and showed me that in a fixed pool, averaging down means selling winners to fund losers.
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Tesla Is Making a Big Tech-Sized AI Bet Without Big Tech Margins
Singapore’s National Day Rally made me more bullish on robotaxis generally, but not on Tesla specifically. The stock is running a Big Tech-style AI bet without Big Tech margins to fund it — here’s why I’m staying on the sidelines for now.
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The Company Kept Winning. I Started Questioning The Moat.
Hesai keeps winning customers and growing shipments, but falling margins and rising rivals like RoboSense have me questioning whether it captures the value.
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Momenta Just IPO’d. It Doesn’t Belong in My Robotaxi Basket.
Momenta’s technology is strong enough to attract nine of the world’s top ten automakers, but as a software supplier rather than a vehicle owner, it doesn’t capture value the way Tesla or XPeng do. I’m watching it, not buying it — unless its cross-automaker learning advantage turns out to be real.
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When Grantham Rings the Alarm Bell
If he is right, my portfolio is exactly where the damage would happen. Here is how I thought it through.
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May 2026 Portfolio Review: China Is Dragging Everything Down
May 2026 portfolio review is up. The headline +0.4% hides a tale of two portfolios — non-China up +28% YTD, China down -15.2%. I break down what’s dragging, why I’m still holding the AV names, and what I’m doing in June ahead of the FOMC on June 17.
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My China Stocks: Ground-Level Reality vs What the Market Is Pricing
I was in Beijing when China’s Q1 GDP came in at 5.0%. The number and what I saw on the ground didn’t quite tell the same story. Here’s how my China positions benchmarked against HSCI — and what I’m watching next.
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WeRide: The Cheapest Pure-Play Bet on Autonomous Driving
WeRide (NASDAQ: WRD, HKEX: 0800) is the world’s first publicly listed robotaxi company — already running commercial driverless rides in Abu Dhabi, Singapore, and across Europe. It trades at 24x EV/Revenue vs Waymo’s 360x. Here’s why it’s my 4th stock pick for 2026.