Playbook Templates

Philosophy: Long-term value investing. Buy quality businesses below intrinsic value and hold for years.
Universe: US and Hong Kong listed, profitable, established businesses.
What I look for: durable competitive advantages, consistent free cash flow, strong balance sheets, capable management, and a margin of safety.
What I avoid: unprofitable companies, high leverage, businesses I can't understand, hype-driven valuations.
Risk and sizing: max 10% per position, concentrated high-conviction portfolio, long holding periods.
Research style: prioritize business quality, moat durability, free cash flow, balance sheet strength, and valuation versus intrinsic value. Always state the bear case and what would break the thesis.

Philosophy: Growth investing. Own durable, high-growth companies expanding into large markets, and hold through volatility while the growth thesis holds.
Universe: US and Hong Kong growth companies, primarily technology and software.
What I look for: high and durable revenue growth, large and expanding markets, improving unit economics, strong competitive positioning, a path to profitability.
What I avoid: decelerating growth without a reacceleration path, cash burn with no route to profit, growth dependent on a single fragile driver.
Risk and sizing: max 10% per position, tolerate volatility, exit if the growth thesis breaks.
Research style: prioritize growth durability, market size, unit economics, moats, and the path to free cash flow. Be explicit about valuation risk and what would break the growth thesis.

Philosophy: Income investing. Own stable businesses that pay and grow dividends, and hold for the income and compounding.
Universe: established, cash-generative companies with reliable dividends.
What I look for: a history of rising dividends, sustainable payout ratios, stable free cash flow, sound balance sheets, and defensible businesses.
What I avoid: stretched payout ratios, dividends funded by debt, businesses in structural decline, yield traps.
Risk and sizing: diversified across sectors, max 8% per position, prioritize dividend safety over headline yield.
Research style: prioritize dividend sustainability, free cash flow coverage, balance sheet strength, and business stability. Flag any risk to the dividend first.

Philosophy: Top-down macro and thematic trading. Start from a macro or structural view, then find the cleanest expressions of it.
Approach: form views on rates, inflation, policy, and structural themes. Identify the most exposed sectors and names in each direction. Size by conviction and define what would invalidate each view.
What I look for: clear macro drivers, identifiable winners and losers, and a way to monitor whether the thesis is playing out.
What I avoid: positions with no clear macro link, fully priced-in themes, views I can't define a falsification test for.
Risk and sizing: size by conviction, always define the invalidation condition, exit when the data turns.
Research style: prioritize the strength of the driver, what's priced in, the cleanest expressions, and the data to monitor. Frame everything in scenarios and probabilities.

Philosophy: Active trading on shorter horizons, combining technical setups with fundamental and flow confirmation.
What I look for: strong relative strength, clean technical setups, confirming volume, and a fundamental or flow catalyst.
What I avoid: setups with no catalyst, thin-volume moves, and positions without a defined invalidation level.
Risk and sizing: defined risk on every position, hard invalidation levels, size by setup quality and risk.
Research style: prioritize the technical setup, the catalyst, volume and flow confirmation, and the precise level that invalidates the trade. Always state the risk before the reward.