A June 2025 reading of Iran's Hormuz threat across oil, crypto, U.S. stocks, the Fed, China's supply chains and A-shares.

Why the Swiss franc surged in 2025, what a strong currency does to Switzerland, and why I see CHF as a hedge rather than a trade.

Investing and trading use different clocks, skills and risk controls. Here is why most non-professionals need a long-term plan first.

Wealth is not the same as cash. A useful framework separates liquidity from assets, then asks whether you can earn, keep and actually use what you own.

A look at how Section 174's five-year and 15-year amortization rules changed the economics of American R&D centers in China.

A forecast of China opening further to manufacturing and exports while tightening institutional control, and why that bargain may not last.

A short February 2024 note arguing that China's stock rout reflected both deteriorating fundamentals and a wider restructuring of local government debt.

A December 2023 argument that China's economic malaise is tied to a culture of satisfaction, stability and weak appetite for abstract exploration.

A personal framework for measuring wealth as a share of an economy rather than a nominal amount in fiat currency.

A September 2023 macro view of China's demographic crisis, down cycle, US-China conflict and Belt and Road strategy.

China's pursuit of technological self-reliance may reduce vulnerability at home while making its products harder to trust abroad.

An August 2023 snapshot of the RMB, property debt, local government borrowing, banks and liquidity, with blunt forecasts for the year ahead.

A July 3, 2023 forecast on the RMB, US-China relations, chips, property, stimulus and liquidity in China's economy.