qfx

In his first dispatch as CEO (a rather formal term, when you think about it – dispatch. Sounds like carrier pigeons are involved), Abel highlighted the dividend income from these long-held positions. The numbers, it turns out, are… substantial. Enough to make you question the very nature of money, and whether it isn’t, in fact, just a collective hallucination. But let’s not dwell on existential crises just yet. Let’s talk about the cash.

I’ve been tracking this for a while now, and it’s clear he’s not trying to beat the market. He’s trying to outlast it. It’s a very different approach. Units of Cryptocurrency Lost: 12. Hours Spent Watching Charts: 9. Number of Panicked Texts to Friends: 24. I’ve definitely been on the wrong side of that equation more than once. And it’s not just him, of course. Warren Buffett’s fingerprints are all over this, which is hardly surprising. The man understands value investing like no other. Though, let’s be honest, even he occasionally makes questionable decisions. Remember Coca-Cola? Still, you can’t argue with the results.

They’re always tinkering, these engineers. Trying to build a better chip. More efficient. It’s a decent enough thing to do, I suppose. And right now, the interesting bit is making chips that help chatbots think faster. Or, at least, seem to think faster. That’s the goal, anyway.

Let’s be clear: Taikang isn’t exactly throwing pennies at the problem. They’ve got a hefty portfolio. Here’s the breakdown of their top holdings as of December 31st, 2025, because transparency is so sexy in the financial world:

Structural strength, you see, doesn’t eliminate structural risk. It merely changes the shape of the abyss you’re staring into. Unlike the whims of interest rates or the erratic dance of trading volumes, these risks creep up on you. They accumulate quietly, through the machinations of regulators, the shifting sands of geopolitics, and the inevitable evolution of institutions. For the long-term investor, these are the things that truly matter. The things that keep a sensible historian awake at night.