Investment is about making decisions on the balance between price and value. Even a good company needs a good price at this level. Brother Cai would never buy Tencent$TENCENT(00700.HK) at over 600 yuan. This is not a denial of the company; on the contrary, it is the highest recognition of Tencent: it is so good that it doesn't need to prove itself by chasing highs, so good that we must measure its price with the strictest ruler. Brother Cai's investment framework is simple, just three principles: first, pursue an almost risk-free annualized return of over 15% under the condition of an ultra-high moat (core targets)...