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The largest IPO in US history: SpaceX $75 billion vs Alibaba $21.8 billion, a 3.4x scale difference.

Previously, the US IPO fundraising record was held by Alibaba in 2014, raising $21.8 billion on the NYSE (with greenshoe, it peaked around $25 billion). On June 12, 2026, SpaceX hit the Nasdaq, raising $75 billion and boasting a valuation of $1.75-1.77 trillion, smashing the US record by 3.4x.

#价值投资 #段永平

That's too funny! Everyone who bought Spacex stocks on Binance got wrecked and had to pay fees to boot, right? The RWA narrative is just too hilarious.

#价值投资 #Duan Yongping

My Obsidian sync setup: Fast Note Sync plugin

I've been using Obsidian for two years, and my note library has grown from a few hundred to thousands. Cross-device sync has always been a pain. Git setup is a hassle, and when conflicts arise, I have to pull manually; the mobile experience is even worse. Obsidian's official Sync costs money and isn't self-hosted. I wanted a private, real-time, and simple solution.

I saw someone recommend Fast on the Obsidian Chinese forum.

#价值投资 #段永平

Here are some numbers for $meta:

TTM PE 20.66 (below the 10-year average of 26.86), Forward PE 15.72 (below the 5-year/10-year average);

Q1 2026 revenue projected at $56.311 billion (+33% YoY)

#价值投资 #Duan Yongping

If you keep stacking the top 50 trending tokens on the market,

you'll end up with a capital curve like this

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The Closer You Get to Tech, the Further You Drift from Business: Why the Deeper Your Tech Skills, the Harder It Is to Make Bank

Summary: Those with stronger tech skills often fall into the 'perfectionist trap.' They pour 90% of their energy into code, models, and algorithms, neglecting user pain points, business models, and monetization paths. The result? The deeper the tech, the further they stray from cash. This article breaks down the logic behind this phenomenon and offers actionable balance methods.

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SpaceX IPO SPCX: How long until retail investors break even? Who's the next bag holder? A recap of cross-platform arbitrage rule differences

Summary:

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E2EAI: How End-to-End Deep Learning Framework Restructures the Whole Process of Active Investment | Paper Review

Abstract: Traditional active investing breaks down factor selection, stock scoring, and portfolio construction into separate modules, which often leads to sub-optimal outcomes. This 2023 arXiv paper introduces the E2EAI framework, using a deep learning system to connect the entire process, optimizing portfolio return goals in unison, and validating the results with real stock data.

Body:

#价值投资 #Duan Yongping

Not bad

#价值投资 #Duan Yongping

Free Cash Flow ETF (159222): Is the strategy to avoid financial "fake cash" really reliable?

I've been diving into 159222 (E Fund National Certificate Free Cash Flow ETF) lately, sparked by someone asking me whether we can trust the cash reported by financial firms. The cash on the books for financial stocks often corresponds to a mountain of liabilities—bank deposits, insurance reserves, broker financing—which is a whole different ball game compared to the "cash in hand" that industrial companies can actually use.

#价值投资 #Duan Yongping

AIPO ETF Portfolio Breakdown: Are AI Power Stocks' Balance Sheets and Cash Flows Healthy?

I went through the AIPO ETF's holdings detail from June 8, 2026, thoroughly. This ETF has a clear theme—AI power and data center infrastructure. The top 4 assets (PWR, ETN, GEV, VRT) account for over

#价值投资 #Duan Yongping

The real cost of developing Agentic AI: Code Review consumes 59% of tokens, how to implement 5 types of communication tax-saving protocols

I read the MSR '26 paper from Concordia University twice, and I also completed the SDLC standard process, the logic behind ChatDev selection, and several practical token-saving protocols. The target audience is those who want to see hard data and also care about AI

#价值投资 #段永平

The college entrance exam ended almost twenty years ago.

As I approach forty, many classmates are stuck in the system, living just above the poverty line with only a few trips a year.

In contrast, colleagues at foreign companies and big firms have benefits and insurance maxed out, plus they’re sitting on several hundred in savings!

#价值投资 #Duan Yongping

Hidden Signals in the AI Credit Market: DoubleLine and Oaktree are Preparing for a Potential Downturn

Recently, a report from Bloomberg Credit Weekly caught my attention with a detail worth digging into: DoubleLine and Oaktree, two firms known for their credit investments, are selectively buying up those assets 'in case the AI boom turns into a credit downturn'

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Is high leverage in hedge funds dangerous? The official OFR study reveals the truth

I was recently checking out a working paper published by the Office of Financial Research (OFR) under the U.S. Treasury, titled 'Leverage and Risk in Hedge Funds.' This paper uses real regulatory data to address a burning question for retail traders: Does borrowing so much money in hedge funds mean the risk is particularly high?

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AI Funding by Alphabet and Meta: Who's Getting the Cash Through Dilution, Bond Issuance, and Money Flow

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"Day Trading Strategy Breakdown: ORB Opening Breakout Entry and Exit Rules, Risk Management, and Backtesting Results"

I recently read a paper "Can Day Trading Really Be

#价值投资 #Duan Yongping

Bitcoin On-Chain Metrics Overview (June 4):

Current BTC price is around $61,000–$64,000. The AHR999 indicator has dropped to 0.32, sitting in the deep buy/accumulation zone (<0.45).

Long-term holders (LTH) are sitting on about 16.3 million BTC (making up roughly 80% of the supply), nearing historical highs, with strong HODL sentiment.

Network average cost (Realized

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Trading and Exchanges: Notes for Retail Traders

After finishing Larry Harris's "Trading and Exchanges", I didn’t feel anything particularly harsh. My biggest takeaway was actually pretty straightforward: there are certain trading strategies that I should completely steer clear of.

#价值投资 #Duan Yongping

Here's a bit of advice for high school seniors:

1. With just 3 days until the big exam, once it's done, don't sweat over answer keys—just enjoy your break to the max.
2. If it's scorching out, keep cool and consider packing some essential oils or ice packs to chill out.
3. Keep pumping yourself up—you've got this; aim for those top scores!
4. Partying and celebrations? Plan those for after the exam; there's plenty of time.
5. Just like a small spark can ignite a fire, believe that we can all be dark horses in this race.

#价值投资 #段永平