Ex-CFO turned independent investor, based in Hong Kong. Deep focus on China equities. Real theses, real positions, real mistakes.
Hong Kong
Joined May 2023
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Philip Reschke retweeted
Code Arena now measures fullstack capabilities!
View overall rankings across AI models on full-stack web development tasks: multi-step reasoning, tool use, and end-to-end app generation.
- Kimi K3 (Max) takes #1
- GPT 5.6 Sol (xHigh) at #2
- Claude Fable 5 at #3
See more scores at: arena.ai/leaderboard/code/we…
Code Arena just leveled up with fullstack capabilities 🚀
Introducing the new Fullstack Code Arena. We’re moving beyond frontend prototypes to fullstack development complete with databases, API keys, and fast deployments. Build, iterate, and ship real-world software — all in one place.
Models now act as agents in the Code Arena, using structured tool calls to plan, execute, and refine in real time with real world tasks.
Read more about it in the thread 🧵
OpenAI should likely have gone public much earlier while they had a lead. Today, they are not only trailing Anthropic but also Chinese Open Source models. Maybe greed was not good this time around?
OpenAI delaying its IPO has nothing to to with SpaceX's stock volatility,
... but it's own marketshare loss and fundamentally bad leadership decisions, failures on product and poor execution relative its absurd levels of funding, circular financing support and horrendous debt by Oracle and Softbank on its behalf.
Trust in OpenAI has plummeted in proportion to Anthropic, a much younger company, not only attracting the best AI talent but accelerating revenue much faster. A glorified B2C AI player has barely any moat in a complicated and crowded AI market.
The higher the marketshare they aim for, the most outrageous their slipping marketshare will look. CEO Sam Altman is reportedly holding firm on a $1 trillion valuation target for the public debut, calling any lower figure a "non-starter." Clearly not someone familiar with markets or IPO performance.
Wall Street advisers have cautioned OpenAI about mounting volatility in tech stocks and acute "AI capital expenditures fatigue" among public investors. But the real reason is the decline of trust in OpenAI's prospects overall relative to more talented AI startups and products with a sustainable future.
ChatGPT was a great catalyst for an AI boom, but OpenAI has not lived up to its ideals, potential or promises and going public in such an environment would be a disaster. (either in 2026 and unlikely to change for 2027).
Shenzhen’s July 1 rule change opens the door to wider robotaxi deployment. Another regulatory tailwind for operators in the city, including $PONY
english.news18a.com/news/eng…
A selloff doesn’t test calm. It tests preparation.
Last year in Budapest, I sat through a six-figure drawdown because I knew what I owned and why.
Without that work, conviction is borrowed.
cohonglane.com/p/volatility-…
Chinese OpenSource AI companies are closing in on US frontier models!
Introducing GLM-5.2: Frontier Intelligence, Open Weights
- Significant improvements in coding and agentic tasks
- Strong long-horizon capabilities with a 1M context window
- Two levels of reasoning effort: GLM-5.2 (max) pushes the limits, while GLM-5.2 (high) strikes a strong balance between performance and token efficiency
- MIT-licensed open weights
- Same API pricing as GLM-5.1
Tech Blog: z.ai/blog/glm-5.2
Weights: huggingface.co/zai-org/GLM-5…
API: docs.z.ai/guides/llm/glm-5.2
Coding Plan: z.ai/subscribe
Chat: chat.z.ai
My operating manual for investing in #China along the 15th Five-Year Plan, on one page.
