This is 重新开始's independent financial analysis. No price predictions — only mechanisms taken apart. The market is a distributed computer run by billions of people, and what I try to do is see what it is computing.

Topics span equities, currencies, assets, macro, and occasional reflections on order and human nature. Original, independent, and representing nothing but my own biases. Updated daily; English editions of new articles are published alongside the Chinese originals.

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