$XIAOMI-W(01810.HK)Posting about Xiaomi easily attracts haters, I've lost a lot on this stock historically. Occasionally jotting down my thoughts: Since its IPO, this company has taken far more from the market than it has contributed, doing so shamelessly and without hesitation. It recently did buybacks, which is positive, but don't forget how it raised billions from the market through a massive share placement at peak prices earlier this year. It's hard to be fully objective when evaluating something big, and this single point shouldn't be seen as a denial of Mr. Lei or Xiaomi as a company (or rather, they're still impressive and worthy of respect). But putting aside the positives, whether in their attitude toward capital markets or their marketing style, there's a clear bad smell (their biggest rival is the same).

But whether we're investing or consuming, making a decision isn't about passing a test. Not choosing doesn't lose points; choosing wrong does. If there's enough of a bad smell, even if there are many excellent aspects elsewhere, keeping your distance and not choosing is still a good approach.