01 / 11M&A SERIES
11 articlesAggregate & Separate: The M&A Capital Narrative
How mergers, spin-offs and conglomerate discounts reshape corporate capital and boundaries.
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Merge & Split: The Art of Capital Allocation
RESEARCH SERIES
Do not stop at one article. Read along the topics.
Series research puts the same capital-allocation question through multiple companies and events. What you get is not a case file — it is a judgment framework that takes shape step by step, and can be argued against.
Series research puts the same capital-allocation question through multiple companies and events. What you get is not a case file — it is a judgment framework that takes shape step by step, and can be argued against.
COLLECTIONS
11 research paths
Pick the question first, then read the series in order. Every path has a clear starting point — no reverse-engineering from the latest post.
01 / 11
02 / 11TRUST M&A
8 articlesTrust-Based M&A: The Never-Sell Promise
Comparing permanent ownership, operating systems, vertical control and opportunistic acquisitions.
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Five M&A Models: Trust vs. Control After Acquisition
03 / 11BDC SERIES
5 articlesPrivate Credit BDC Deep Research
BDC fundamentals, company research, ETFs and options income through a credit-risk lens.
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What Is a BDC? Complete Guide for Taiwan Investors
04 / 11AI BENEFICIARIES
18 articlesAI Beneficiaries
Companies turning AI adoption into pricing power, data advantages and incremental cash flow.
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[Compute Inflation]: The Nonlinear Value Amplification of AI Infrastructure — Deconstructing Vertiv (VRT)
05 / 11AI INFRASTRUCTURE
14 articlesAI Infrastructure
The AI capex chain across compute, connectivity, data planes, observability and power.
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Who Benefits From the Enterprise AI Wave? ── Four-Layer AI Investment Map × 20 Representative Companies
06 / 11ACTIVE vs PASSIVE
6 articlesActive vs Passive Investing
Testing alpha, beta and fees through SPIVA, fund records and ETF structures.
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Why Can't Active Funds Beat the Index Long-Term? The Buffett Bet and the SPIVA Verdict
07 / 11U.S. 2X ETF
6 articlesU.S. 2X ETF Playbook
Rules for leveraged exposure across daily reset, SSO/QLD, sizing, tolerance and options.
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What You Own Is Not Long-Term 2x: Daily Reset, Trend, and Volatility
08 / 11FCF FIVE DEFENDERS
4 articlesThe Five FCF Defenders
Free cash flow, pricing power, critical nodes and switching costs through the AI reset.
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FICO Q2 FY26: Pricing Power Meets Mortgage Revival
09 / 11SAASPOCALYPSE
4 articlesSaaSpocalypse
Which SaaS companies lose pricing power to AI, and which remain critical control points.
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ServiceNow Q1 FY26: Phase-3 Core Position in the SaaSPocalypse
10 / 11FINANCIAL MASTERY
8 articlesFinancial Statement Mastery
From the three statements and footnotes to advanced earnings and revenue quality analysis.
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Reading Financial Statements ① The Three Statements: How the Income Statement, Balance Sheet & Cash Flow Interlock
11 / 11TAIWAN STRATEGY
2 articlesTaiwan Strategic Upgrade
Reframing Taiwan through capital commitments, industrial interlocking and rule setting.
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Decoding the $500 Billion: Taiwan Isn't Paying Protection Money — It's Buying a Seat at the Table Where Global Rules Are Set
SERIES LIBRARY
The Series Library
Expand a series and build the full context in its intended reading order.
01Aggregate & Separate: The M&A Capital Narrative11 articles · M&A SERIES
01Merge & Split: The Art of Capital Allocation02GE Breakup Analysis: From Conglomerate Collapse to Focused Premium｜Merge & Split Series Part I03Abbott → AbbVie: One of the Most Successful Spin-offs Ever04eBay → PayPal: When the Child Outgrew the Parent05Siemens: The Focused Federation—Turning Spin-offs into a Repeatable Art06Daimler: Split into Two, Each Wheel Accelerates07Fiat → Ferrari: A Prancing Horse Runs Toward a Luxury Multiple08Broadcom: Hock Tan's M&A Compounding Machine — Disciplined 'Combining' at Its Peak09LVMH: Arnault's Luxury Empire — Combining Brands Into a Castle10AB InBev × 3G: The Acquisition Machine That Perfected Frugality — When Discipline Goes Too Far11Schneider Electric: Using M&A to Ride the Century Tailwind of Electrification
02Trust-Based M&A: The Never-Sell Promise8 articles · TRUST M&A
01Five M&A Models: Trust vs. Control After Acquisition02Berkshire's Permanent Home: How Buffett Built an Empire on Trust03Constellation Software: The Never-Sell Promise as Competitive Moat | Trust-Based M&A Series Part 304Danaher / DBS: We Buy You, Then Make You Better — System-Embedded M&A and the Boundaries of Trust05Foxconn Group: Control by Nodes, Control by Ownership06Foxconn × Sharp: I Didn't Buy You — I Bought the Panel That Makes Me Irreplaceable07Taiwan Steel Group: The Woodpecker Playbook of a Homegrown Private Equity Firm08Taiwanese M&A Manifesto: Trust-Based M&A
03Private Credit BDC Deep Research5 articles · BDC SERIES
01What Is a BDC? Complete Guide for Taiwan Investors02ARCC Deep Research: Moat, Financial Resilience & 10-Year Track Record03HTGC Deep Research: Tech BDC Leader — High Returns, Real Risks, and the Man Behind It All04BDC Covered Call Cash Flow Machine | ARCC × HTGC Complete Strategy Guide05BDC ETF Landscape: BIZD, PBDC & the Direct Holdings Decision Framework
04AI Beneficiaries18 articles · AI BENEFICIARIES
01[Compute Inflation]: The Nonlinear Value Amplification of AI Infrastructure — Deconstructing Vertiv (VRT)02The Trade Desk (TTD): A Rebound After a 55% Drop — a New AI Advertising Cycle?03Tempus AI Deep Dive: The Only AI Biotech Turning Data Directly Into Cash04Veeva: The Most Underrated Cash-Flow Machine of the AI Era — the Real Winner Isn't the One Building the AI05Schrödinger (SDGR): Not Making Drugs, But Holding the Long-Term Option on Future Drug Success06Illumina (ILMN) Deep Dive: The Shovel Seller's Real Position in the AI Gold Rush07Zscaler (ZS): The Biggest Beneficiary of the Cybersecurity War in the Age of AI Agents08ServiceNow (NOW): AI Is Putting SaaS Pricing Power on Trial — Can NOW Hold the Line?09Cloudflare (NET) Top-Down Research: Industry Map × Competition × SWOT10NET vs ZS Head-to-Head: In the Age of AI Agents, Should You Back the Highway Builder or the Tollbooth Operator?11CDNS | Cadence Design Systems Deep Dive: The Invisible Empire of Chip Design12FIG Deep Research Update: Re-Rating the Moat After Claude Design's Launch13FIG Deep Research: Mispriced Design Infrastructure, or an AI Overvaluation Trap?14Reddit (RDDT) Deep Dive: From Social Platform to AI Data Oil Company15Accenture (ACN) Deep Research: The Biggest Beneficiary of the AI War, the Indispensable Partner for Enterprise Transformation16ServiceNow v2.1: The Pricing-Power Defense — From UBS Downgrade to a $103 Rebound17NOW Q1 FY26 Earnings: Volume Surges on the Day of the UBS Downgrade, and the Bear Thesis Is Declared Wrong18ASML Research: Can EUV Monopoly Become a Platform?
05AI Infrastructure14 articles · AI INFRASTRUCTURE
01Who Benefits From the Enterprise AI Wave? ── Four-Layer AI Investment Map × 20 Representative Companies02MaxLinear (MXL) Deep Research: DSP Dark Horse — Can It Hold Ground in the 1.6T Era?03Astera Labs (ALAB) Deep Research: The AI Connectivity Monopolist — or Is Valuation Already Overextended?04AI High-Speed Connectivity Chips: The Four-Way Battle Between MRVL, CRDO, MXL & ALAB05Enterprise AI Adoption Trends & Challenges ── From Seven 2026 Reports, A View of the Agentic Era06NVIDIA (NVDA) Q1 FY2027 Earnings Deep Dive: $91B Guidance Despite China Zero — Ecosystem Expansion Phase III07Constellation Energy (CEG) Deep Research: Nuclear Power's Second Act in the Age of AI08Datadog (DDOG) Deep Research: The Observability Platform at the Center of AI Infrastructure09Snowflake (SNOW) Deep Research: The Data Plane Kingpin in the Enterprise AI Stack10Oracle (ORCL) Deep Research: Database Moat × OCI AI Infrastructure Surge11MongoDB (MDB) Deep Research: The RAG-Native Data Platform Powering Enterprise AI12Broadcom (AVGO) Deep Research: The AI Ecosystem L1/L2 Tollgate13Arista Networks (ANET) Deep Research: The Real Networking King of AI Data Centers14Cloudflare (NET) Q1 2026 Full Post-Earnings Analysis: 1,100 Layoffs, a $5B ARR Target, and the Cost of an AI-First Reset
06Active vs Passive Investing6 articles · ACTIVE vs PASSIVE
01Why Can't Active Funds Beat the Index Long-Term? The Buffett Bet and the SPIVA Verdict02The Marathon Fund "Beats 0050"? Switch to a Total-Return Yardstick and It Loses to the Market by a Length03A 100% Wipeout: The Awkward Truth About Taiwan's Large-Cap Active Funds — and One Twist04Active ETFs Arrive — You're Buying a Manager's Alpha Résumé, Not a Low Fee05The "2x ETF as Savings" Myth: 00631L Left the Market in the Dust — Alpha, or Amplified Beta?06The Homegrown-vs-Foreign Fight: Should Taiwan's "Native Dog" Retail Investors Fight for the Moment, or for Absolute Return?
07U.S. 2X ETF Playbook6 articles · U.S. 2X ETF
01What You Own Is Not Long-Term 2x: Daily Reset, Trend, and Volatility02The Passive Income Flywheel: Growing QLD with SPYI + QQQI — A 5-Year Compounding Plan That Runs Itself03The "2x ETF as Savings" Myth: 00631L Left the Market in the Dust — Alpha, or Amplified Beta?04Why SSO and QLD Can Look So Strong Long Term: Same 2x, Different Risk05Can You Eat It and Still Sleep? The Real Risk Test for 2X ETFs06The Question Is Not Which ETF, But How Much: Position Sizing and the Age Method
08The Five FCF Defenders4 articles · FCF FIVE DEFENDERS
09SaaSpocalypse4 articles · SAASPOCALYPSE
01ServiceNow Q1 FY26: Phase-3 Core Position in the SaaSPocalypse02Intuit (INTU) Deep Research v1.0: The Truth About the Moat — Four Engines, Four Artificial Barriers, One Management Team That Has Not Answered the AI Question03Salesforce (CRM) Deep Research v1.0: Valuation Floor × AI Governance Layer — The Most Undervalued Contrarian Window in SaaSpocalypse04The Five Defenders Series Finale: Natural Selection in the SaaSpocalypse — The More AI Is Used, the More Critical Node Holders Grow
10Financial Statement Mastery8 articles · FINANCIAL MASTERY
01Reading Financial Statements ① The Three Statements: How the Income Statement, Balance Sheet & Cash Flow Interlock02Reading Financial Statements ② The Income Statement: From Revenue to EPS03Reading Financial Statements ③ The Balance Sheet: Assets, Liabilities, Equity & Turnover Days04Reading Financial Statements ④ The Cash Flow Statement: The Defensive Report & Free Cash Flow05Reading Financial Statements ⑤ Four-Dimension Analysis: Growth, Profitability, Safety & Efficiency06Reading Financial Statements ⑥ The Devil in the Details: Footnotes, Tail Risk & Earnings Calls07Earnings Quality: Is That EPS Real?08Revenue Quality: Is the Growth Real?