读尽人间书

With TSMC's impressive earnings report out today, the U.S. semiconductor sector is rallying again. As one of the key investment themes for 2026, here's a ranked list based on major investment banks' recommendations frequency - take your pick:

1. NVDA (NVIDIA)

2. AVGO (Broadcom)

3. ADI (Analog Devices)

4. LRCX (Lam Research)

5. MU (Micron Technology)

6. CDNS (Cadence Design Systems)

7. AMAT (Applied Materials)

8. NXPI (NXP Semiconductors)

9. KLAC (KLA Corporation)

10. SNPS (Synopsys)

11. ALAB (Astra Labs)

12. MTSI (MACOM Technology Solutions)

13. SNDK (SanDisk Corporation)

14. TER (Teradyne)

15. MCHP (Microchip Technology)

16. MRVL (Marvell Technology)

17. WDC (Western Digital)

18. TSM (TSMC)

19. ASML (ASML Holding)

20. AMBA (Ambarella)

21. ASX (ASE Technology Holding)

22. 0981.HK (SMIC)

23. CRDO (Credo Technology)

24. MKSI (MKS Instruments)

25. AEIS (Advanced Energy Industries)

26. TXN (Texas Instruments)

27. SITM (SiTime Corporation)

28. STX (Seagate Technology)

29. Q (Qnity Electronics)

8 most anticipated IPOs in 2026:

1. SpaceX valuation >1 trillion USD —— Expected to go public in Q3–Q4

2. OpenAI valuation 830 billion–1 trillion USD —— Expected to go public in late 2026 or early 2027

3. ByteDance valuation 480–500 billion USD —— Possibly going public in 2026

4. Anthropic valuation 230–300 billion USD —— Expected to go public in the second half of the year

5. Databricks valuation 134–160 billion USD —— Expected to go public in the first half of the year

6. Stripe valuation 915–120 billion USD —— Expected to go public in the first half of the year

7. Revolut valuation 75–90 billion USD —— Targeting 2026 for IPO

8. $Canva valuation 50–56 billion USD —— Expected to go public in the second half of the year

Which one are you most bullish on?

Munger said, my stock investment process is simple:

1. Maintain at least 90% investment ratio.

2. If the market falls 20%/40%/60%/80% from its historical high, pay 25% of available cash in one go*

3. Rinse and repeat this step until 100% is invested

* Also applicable to 25%/50%/75% declines

This is a very wise investment strategy!

$XIAOMI-W(01810.HK)Sales trend of flagship phones at the end of 2025

This time in the 13F Q3 report, there's no doubt that many fund companies have been switching back and forth in tech stocks, with the focus still on the "Magnificent Seven," though the position ratios and entry/exit timing differ. This indicates that tech stocks are still in an upward trend, but they are at a high level in the short term, with possibly some more room to rise.

The key point is still to mention Berkshire Hathaway's holdings, which have a significant feature: they bought Google, which doesn’t seem like Buffett’s usual style—it might have been bought by the next generation of leadership. This marks a major shift toward diversified investing. Looking at it, the position ratio isn’t large, but it does make up for Buffett and Munger’s past regret of missing out on Google. They might gradually expand their exposure to tech stocks in the future. Besides Google, there’s also Amazon, though the position is very small. Overall, Berkshire’s pure value stock nature will likely combine with some tech risk assets in the future. 🤔

Duan’s holding style has changed steadily, with heavy positions in Apple and a controlled shift toward tech stocks otherwise.

$XIAOMI-W(01810.HK)

Advance step by step and forge ahead

Part One: Executive Summary & The "Global Giant" Top 15 List A. Chief Analyst Memo This report is a strategic investment memo written for institutional investors seeking long-term (10-year) capital appreciation. Its core mission is based on a stark reality: we are facing the world of 10 years from now 1. In this world, China's comprehensive rise 1 will collide head-on with the existing global order. The user's request—"Who can survive till the end...

The most 'substantive' content output from an entrepreneur often appears in the years when they have just gained some fame but haven't yet become a 'big shot.' For example, Justin Sun's The Road to Financial Freedom Revolution. Looking back at his judgments and arguments from nine years ago, they have been discussed and reviewed repeatedly today, with many conclusions and trends partially validated by reality. More importantly, the methodology and decision-making framework behind them still hold reference value. Among them, the most impressive and widely discussed topic is 'Justin Sun's Three No's Principle': no buying a house, no buying a car, and no marriage before the age of 30. He is a permanent negation of houses, cars, and marriage...

$Apple(AAPL.US) Apple 342.2442 million shares 76.02 63.33%$Berkshire Hathaway(BRK.A.US) Berkshire B 33.813 million shares 18.01 15%$PDD(PDD.US) Pinduoduo 7.7539 million shares 9.18 7.65%$Occidental Petroleum(OXY.US) Occidental Petroleum 13.8261 million shares 6.82 5.68%$Alibaba(BABA.US) Alibaba 39.8211 million shares 5.27...

$Tesla(TSLA.US)  Come and get a massage. The money you invest should ideally be eggshell money, or money you can forget about for 20 years. Otherwise, it's impossible to hold stocks long-term, especially stocks like Tesla.

Besides teasing Minister Ma,

1. If you had enough money to buy Tesla, would you choose to be the boss yourself or let Elon be the boss? Or if you could pick anyone in the world, who would you choose to be Tesla's boss?

2. If you've experienced the last wave from 388 to 100, this wave from 488 to 222 isn't too bad. Going through multiple full cycles is the only way to truly get rich. The more cycles you experience, the richer you become.

3. If you were willing to buy Tesla at 400-488, what makes you afraid to buy at 222? Figure out whether you're thinking with emotions or your brain.

4. If the US really lets Tesla's stock price collapse, or, to take it to the extreme, gets shorted into bankruptcy, how is that supposed to attract global investors to this market?

Hold your stocks with peace of mind, use money you won't need in the short term to buy, sleep well, live well—money is just a reward for your understanding.

BTW, holding Tesla is a thrilling experience. For the best holding experience, you can also invest in QQQ, SPY, or USD money market funds.