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  Innovative Investment Philosophy: Alpha comes from bias of the majority

  • The current stock price reflects the information received and interpreted by the market majority. non-differentiating investment behavior may only achieve an average market return. 

  • Bias of the majority is the source of market inefficiency and mispricing that the Alpha comes from.

  • In addition to conventional investment research, we put more efforts finding the areas that misunderstanding, misjudgment and extreme sentiment exist.


 Creative Methodology: Application of behavioral finance in China market

  • Enlightened by behavioral finance, we are focusing on identifying frequently occurred bias. 

  • We find high risk/reward ratio investment opportunities in the area that majority investors have bias.

  • According to this methodology, we discovered majority bias and irrational behaviors in terms of Demand and Supply, Scarcity, Allocation, Valuation  and Sentiment.



For previous years investment thoughts, please lick link: “Letter to Investors”

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