Alphabet (Google): Business, Investment Case and Outcomes
A plain-language guide to Google's profit engine, the AI and Cloud investment, its dated risk-return, and the conditions for winning or losing.
PUBLIC RESEARCH LIBRARY
Public Research Library
All public research records are organised here by time, topic, and language. Each note keeps the question, evidence, reasoning, counter-arguments, and review markers; family allocation records and account-level execution remain private.
FOUNDATION NOTE
Method & Investment Principles
Before reading the individual notes, this page sets out how we do research, how we define risk, and how we try to avoid false precision. It is not a clever formula; it is a discipline for making decisions reviewable, executable, and correctable.
01 / TIMELINE
Read By Time
The newest notes appear first. Dates refer to the data or model date used in the public draft.
Chinese Equities: Investable, but Not as One Trade
We separate large-cap A-shares, growth A-shares and offshore platforms, then show what each owns, its dated odds, and how it wins or loses.
Microsoft: Business, Investment Case and Outcomes
A plain-language guide to Microsoft's profit engine, its two possible AI revenue paths, Azure investment, dated risk-return, and the conditions for winning or losing.
Required Return: Not What We Want, but What We Need
We work backwards from goals, withdrawals, tax, fees and risk, then test whether the required return is realistic instead of prescribing one number.
NVIDIA: Platform Advantage, Investment Case and Outcomes
We explain what NVIDIA sells and where profit comes from, then test customer returns, custom silicon, capital commitments, valuation and outcomes.
Amazon: Business, Investment Case and Win-Loss Conditions
A plain-language guide to what Amazon does, where profit comes from, how the investment can win, and what would make it lose.
AI Trends and Asset Allocation
A way to separate the AI technology story from the harder question of who earns durable cash flow and asset returns.
Global Multi-Theme Portfolio
A disciplined model for keeping global market exposure at the core while expressing a small number of long-term active views.
02 / THEMES
Browse By Topic
Topics are not product categories. They are the questions that organise the research.
Wealth Benchmark
Research on the return objective long-term family capital needs after taxes, fees, withdrawals, and real-world compounding.
Company Research
Deep dives on company structure, business quality, counter-arguments, and the conditions that would break the case.
China Equities
Research on investability across per-share returns, governance, profit recovery, technology monetisation, and market coverage.
Structural Themes
Long-horizon research on AI, demographics, energy, and global order: slow changes that may still be large enough to matter.
Portfolio Frameworks
Research that connects single ideas back to diversification, risk exposure, thematic tilts, and long-term execution.
03 / LANGUAGES
Open By Language
English pages are public reading versions; Chinese pages remain the primary research record.
公司研究Alphabet (Google): Business, Investment Case and Outcomes
中国市场Chinese Equities: Investable, but Not as One Trade
公司研究Microsoft: Business, Investment Case and Outcomes
财富基准Required Return: Not What We Want, but What We Need
公司研究NVIDIA: Platform Advantage, Investment Case and Outcomes
公司研究Amazon: Business, Investment Case and Win-Loss Conditions
结构性主题AI Trends and Asset Allocation
组合框架Global Multi-Theme Portfolio