欧鹏

In 2002, Zhang Yongping bought NetEase for $2 million when the stock price was below $1. He held it long-term and exited around 2010, earning more than 100x returns.
The behind-the-scenes founder of OPPO and vivo, and the mentor of Huang Zheng of Pinduoduo. He spent $620,000 and had lunch with Buffett.
He has held a heavy position in Apple and Kweichow Moutai for over ten years.
Over more than a decade of answering investment questions on Snowball, he has intermittently shared his core principles. I’ve distilled the key ones he repeatedly emphasized:
Three stock-picking standards

Right business — Is the business model good? Can it consistently generate cash flow?

Right people — Is management reliable? Is the company culture healthy and proper?

Right price — Is the price reasonable? Compared with the discounted value of future cash flows, is there a margin of safety?

Only when all three are met do you make a move. If any one is missing, don’t.

Investment principles he repeatedly stressed

Buy stocks is to buy companies — “When I see this sentence, I understand everything. That’s all you need.”

Circle of competence — “Knowing where the boundary of your circle of competence is matters far more than how big it is.”

Don’t easily expand your circle of competence — “Understanding a business often takes many years. Don’t jump in just because you’ve grasped two concepts.”

Look long-term, not short-term — “It’s harder to look three or five years ahead than ten years ahead, and the shorter the horizon, the harder it is.”

How to know you’ve really understood — “You won’t want to ask someone, ‘Do I understand it?’ If you still have doubts, it means you don’t.”

The prerequisite for holding is that you understand — “Most people can’t hold, because they don’t understand.”

Don’t do what you don’t understand — “Doing the right thing means knowing not to do what’s wrong.”

His real-world cases

NetEase: Bought for under $1 in 2002, held long-term, and ultimately returned more than 100x

Apple: Started buying in 2011, earlier than Buffett, and has held a heavy position ever since

Kweichow Moutai: Bought with a heavy position in 2013, never sold a single share, and held it for over 10 years

Judgment standards: The heavy-position stocks he has invested in over a lifetime can be counted on one hand—NetEase, Apple, Kweichow Moutai, and Tencent.

One reminder: Zhang Yongping’s method looks simple, but “simple” and “easy” are two different things. Most people’s problem isn’t that they don’t know these principles—it’s that they can’t do them. Understand first, then practice.

Zhang Yongping’s current holdings: Apple $AAPL , Tencent $TENCENT , Pop Mart $POPMART

Zhao Changpeng Cz entrepreneurship journey:
CZ was born in rural Jiangsu, immigrated to Canada at age 12, and worked at a McDonald’s in Vancouver and at a gas station. He later entered McGill University to study computer science, and subsequently worked in financial technology in Tokyo and New York. By age 25, he was leading a team of about 60 people at Bloomberg, with an annual salary of $390,000.

In 2005, CZ went to Shanghai to found a fintech company, but after running it for 8 years, the equity he held became zero when he left.
After first encountering Bitcoin in 2013, he sold his Shanghai property and invested the funds into Bitcoin. The coin’s price then dropped by about two-thirds, followed by a sideways trend for roughly a year and a half.
In 2017, CZ founded Binance and raised $15 million through ICO financing. The platform token fell 40% on the first day of its listing, but about five months after the company was established, Binance became the crypto exchange with the highest global trading volume.

US stock close: crypto concept stocks broadly rose, $CRCL rose nearly 10%‼️
The mainstream coins pulling back are about time to get on board—$BTC 、$ETH are bullish 🚀🚀

Strategy After a two-month gap, increased holdings again last week by 4,603 BTC at an average price of $80,318; $STRC
Bitmine increased its Ethereum holdings by 53,501 last week for the 65th consecutive week;
$BMNR

Historical experience shows that September is often the month when performance is worst, with #美股 . In 2026, an election year, and given the strong early performance of the stock market, seasonal factors may change.

#黄金 test 4430 position, the more and the less have arrived at the critical point‼️

KOSPI index in South Korea turns upward, wiping out the prior 3.6% drop! The KOSPI made a V-shaped reversal during the day—jumping down 3.6% from the open and then erasing the decline. This level of volatility has already become the norm in 2026.
Meanwhile, Samsung $SAMSUNG , SK hynix $SKHYNIX , and the US stock $SKHY also rebounded with the V-shaped reversal, and their levels look pretty good, suggesting a bullish outlook.
US stock NVDA’s pre-market data is also rising 🚀

Apple $AAPL and Corning $GLW both plan to open a new innovation center in central Kentucky—will this be good for US stocks?
Apple’s position is average, while Corning’s at 148 is quite decent 🤔

Although I don't like $QCOM , the position where it was able to retrace to $164 is indeed worth attention.

Here are the 15 best-performing U.S. stocks in 2026
1. $SNDK +526%
2. MRNA +368%
3. $TWST +346%
4. $AEHR +300%
5. $DELL +262%
6. $AXTI +259%
7. $MU +227%
8. $AAOI +205%
9. $WDC +167%
10. $MRVL +155%
11. $PENG +153%
12. $NBIS +150%
13. $LITE +143%
14. $INTC +142%
15. $BE +142%

#美股 Key macro events to watch next week are as follows:
🟡 From Monday to Tuesday, the G20 finance ministers and central bank governors meeting will be held;
🔵 Tuesday 21:45, the U.S. will release the final August S&P Global Manufacturing PMI; 22:00, the U.S. will release the August ISM Manufacturing PMI;
🟢 Wednesday 20:15, the U.S. will release August ADP employment figures; 21:45, the Bank of Canada will announce its interest rate decision, with the market expecting it to keep the rate unchanged at 2.25%;
🔴 Thursday 02:00, the Fed will release the Beige Book on economic conditions; 20:30, the U.S. will release initial jobless claims, and Fed Governor Waller will give an interview; 22:00, the U.S. will release the August ISM Non-Manufacturing PMI;
🟡 Friday 03:00, FOMC voting member for 2026 and Cleveland Fed President Hammack will deliver remarks; 20:30, the U.S. will release August nonfarm payrolls and the unemployment rate.

📺 As for earnings reports, Dell $DELL will release its second-quarter results after the close on Tuesday in the U.S. stock market; the market expects its adjusted EPS to be $4.91. Broadcom $AVGO will release its third-quarter results for fiscal 2026 after the close on Wednesday; the market expects revenue of about $29.4 billion and EPS of $3.24. The performance and guidance from both companies will further test demand for AI servers, custom chips, and networking equipment.

WTI crude oil was the best-performing major asset in 2026, significantly outperforming stocks, gold, and Bitcoin.
=> WTI crude oil: +45.6%$BZ => Nasdaq: +13.6%
=> S&P 500: +12.4%$SPY
=> Gold: +4.4%$XAU
=> U.S. Dollar Index: +1.3%
=> Bitcoin: -11.0%
=> Ethereum: -18.6%
WTI is also 25 percentage points higher than Nvidia.

SK Hynix $SKHY CEO: Memory chip shortage will continue until 2030‼️
On August 30, SK Hynix CEO Kwak Noo-jung said that the global memory chip shortage is expected to continue through the end of 2030, and the risk of oversupply is low because in the AI era, memory chips are no longer “just standardized commodities.” Although the market is concerned about an AI investment bubble, he said he “does not see” signs of an oversupply risk or a potential memory downturn cycle, because demand from AI customers remains strong. “If we cross the AI peak, or if another downturn cycle occurs in the future, challenges may arise. But I think the next downturn cycle will be different from the slumps we experienced in the past several decades. Even if a downturn comes, I don’t think it will be a sudden drop—rather, demand will decline slowly, and may even stabilize.”
$SKHYNIX (SK Hynix, South Korea)

#美股 McDonald's$MCD.US is down 21% from its historic high:
✅ One of the largest holders of high-quality real estate
✅ Revenue is still growing
✅ EPS compound growth of 7%
✅ Forward P/E of 19.97 vs. historical average 24.45
✅ Dividend yield of 2.77%
Who will miss out?

Charlie Munger: “Big money isn’t made in buying and selling—it’s made in waiting.”

In an interview at Wharton Business School, Howard Marks explained why:

“As I recall, during the 1999 tech bubble, Amazon’s stock price was $90. Then when the bubble burst in 2000 or 2001, it dropped to $6.

So it fell from $90 to $6—that’s a 93% decline. So if you were smart enough to buy it at $6?

When it rises to $12, do you hold it? Or do you say, ‘Well, I’ve doubled my money. I’m going to lock in some profits. I’m going to take out my principal and let the profits keep running.’

Let’s say you held it when it was at $12. You’re very strong.

When it rises to $60 and you’ve made 10x, do you sell? Most people would.

When it rises to $600 and you’ve made 100x, do you sell half? Sell a quarter? Sell 90%?

As I write these words—again, as I recall—Amazon’s stock price is $3,300. So if you sold it at $600, after it had risen 100x, you basically left 85% of your money on the table.”

Peter Lynch put it this way: “If the company’s fundamental story hasn’t changed, keep holding your stock.”

Most people take this as a reminder when a stock falls…

But it also encourages you to hold long enough when a stock rises—so you can achieve 100x or even more returns.

Elon Musk: The next major bottleneck for artificial intelligence will be power.
“Several years ago, I made a very obvious prediction: that the limitations of AI would be chips—that still are, in terms of chip-like constraints—and then it would be power equipment. Because you need to bring electricity from a voltage that could be as high as 300,000 volts down to the 400 volts that computers require.
So you need step-down transformers, and you need a lot of them, as well as a large number of cables, wiring, and fuses. Essentially, it’s a massive number of transformers, and the power transformer industry isn’t accustomed to demand changing dramatically. Then, once we solve the transformer shortage problem, there will basically be a power generation shortage. We’ll get to that point very soon.”

White-haired stock god talks $NVDA 、$MU

Broadcom’s earnings release after the close on Wednesday will become the focus of the market.
$AVGO

Why is the central bank continuously buying gold? $XAU
The core lies in three strategic needs: risk avoidance, diversification of reserves, and confidence in monetary credibility:
1. Optimize the structure of foreign exchange reserves, reduce reliance on a single sovereign currency such as the U.S. dollar. Currently, China’s share of gold reserves is far below the global central-bank average, leaving ample room for allocation.
2. Hedge uncertainties stemming from global geopolitical conflicts and financial market volatility. As the ultimate means of payment without sovereign credit risk, gold plays the role of an “anchor asset.”
3. Strengthen the underlying support for RMB credit and pave the way for internationalization of the renminbi.
4. When gold prices experience periodic pullbacks, buy more at lower prices to spread out and reduce the long-term allocation cost.