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Jingshu’s Substack

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Latest Issues

Haitian International & Its Global Aspiration

Disclosure: This is not investment advice, please do your own work. I hold Haitian International (海天国际) myself and for all my clients. This article is written by myself (yes, not AI).

Here we go again, that familiar feeling — the Hongkong...

13 days ago
19
2

Q3 2026 GVI Letter

In the third quarter of 2026, we delivered a net return of 9.50%, while S&P 500 returned 2.30% inclusive of dividend. Our YTD (year-to-date) net return until the end of Q3 is 1.07%, while S&P 500’s return inclusive of dividend is 12.7%.

L...

a month ago
16
4

The Great Depression & Generational Wealth

When reading The Crash and Its Aftermath, a 1985 financial history book by Barrie A. Wigmore that details the 1929 stock market crash and the subsequent economic decline through President Franklin D. Roosevelt's first One Hundred Days in 19...

3 months ago
13
6

Q2 2026 GVI Letter

In the second quarter of 2026, we delivered a net return of -3.86%, while S&P 500 ripped 15.2% inclusive of dividend. I cannot recall a quarterly underperformance as dramatic as this one since I started investing about a decade ago.

The m...

4 months ago
36
12

Franchise or Management Team?

Buffett is attributed with the quote that “when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact”. This quote is often used by inv...

5 months ago
17

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