1Q23 Investor Letter

“When it comes to our investments, we view them from two perspectives. Firstly, we act as your representatives by casting votes on your behalf. This includes voting on both value creation and value destruction. While our voting power is not overwhelming, the two-directional votes carry the weights that we believe are instrumental to sociality. Secondly, we see our performance as a record of what we did right and did wrong. We kept reflecting (but not over-reflecting) on it to improve our subsequent judgment's quality. So, what we have learned?”

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