About this site
Luming Capital is an independent publication launched in October 2025 by @hezhaox, where I publish my thoughts on investing, companies, and world economy. All contents are for members only, by signing up, you'll get access to the full archive of everything that's been published before and everything that's still to come.
About Me
My first investing experience was in 2007, right before the Great Financial Crisis, I participated in an online algorithmic trading contest from my college dormitory and won a $1200 prize. I had to figure out what W-8 BEN was in order to pay income tax for the first time in my life - to the United States IRS. At the time, stocks were just some numbers that go up and down to me, obviously you need to buy low and sell high, the higher the better, the faster even better. Fast forward to 2012, I came to United States and not long before I heard about Elon Musk and Tesla Motors, I was so excited and wanted invest in the company. However, I quickly dismissed this idea after I learned that to make a stock trade E*Trade charges $7.99 commission for buying and another $7.99 for selling, that's too much if I just want to trade for a few hundred dollars, so I opted for Betterment with low fee index funds. Later in 2015, Robinhood came out with $0 commission, I liquidated all my index funds and started buying individual stocks. My first stock purchased on Robinhood was Apple and I still hold to this day.
Since then I experimented a few different investment styles I observed from a few investors, and after reading The Intelligent Investor for the 3rd times, I decided to invest all my savings only following the idea of value investing.
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Disclaimer
All content on this website is for informational and entertainment purposes only. Do not take any of this information as investment advice. Always conduct your own research and consult with a certified financial professional before making any investment decisions. Investing in securities involves risk, and you could lose money.