Doujiao Value豆角滚雪球
Open navigation

Journal

Deep insights

Long-term notes on business quality, capital allocation and research craft.

8 min read

What still counts as a moat in the AI era?

Reframing competitive advantage through distribution, proprietary data, workflow depth and learning speed.

Read article
6 min read

Why profit growth is not cash growth

A practical look at working capital, capital expenditure and equity compensation.

Read article
9 min read

Capital allocation is management's most important product

Even a great operation can be consumed by poor reinvestment and acquisition decisions.

Read article