Archive of Henry Chong’s letters to Fusang members — markets, philosophy, and the things worth writing down.https://henrychong.com/en-gbhttps://henrychong.com/letters/vision-mission-strategy-okrs/https://henrychong.com/letters/vision-mission-strategy-okrs/Where do you want to go? And how will you know when you get there?Sun, 27 Oct 2019 08:12:59 GMTceo-letterhttps://henrychong.com/letters/the-primary-question/https://henrychong.com/letters/the-primary-question/A question that will determine the course of your life.Sun, 29 Sep 2019 02:48:56 GMTceo-letterhttps://henrychong.com/letters/fusang-exchange-private-launch/https://henrychong.com/letters/fusang-exchange-private-launch/Proud to announce that the Fusang Exchange officially launched on 1 August for Private Clients & Partners.Sun, 18 Aug 2019 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-result-is-not-up-to-us/https://henrychong.com/letters/the-result-is-not-up-to-us/We are all constantly striving to achieve. But results are not up to us: only our actions.Sun, 21 Jul 2019 09:30:00 GMTceo-letterhttps://henrychong.com/letters/what-is-up-to-us/https://henrychong.com/letters/what-is-up-to-us/We are all constantly striving for control in our lives, and never want to admit that precious little is actually up to us.Sun, 16 Jun 2019 04:18:03 GMTceo-letterhttps://henrychong.com/letters/getting-the-world-to-do-the-work-for-you/https://henrychong.com/letters/getting-the-world-to-do-the-work-for-you/Learn to let Reality work for you, instead of against you.Sun, 19 May 2019 01:00:00 GMTceo-letterhttps://henrychong.com/letters/red-queen-effect/https://henrychong.com/letters/red-queen-effect/"Now here, you see, it takes all the running you can do just to keep in the same place." – Alice in WonderlandSun, 21 Apr 2019 10:46:39 GMTceo-letterhttps://henrychong.com/letters/basicland/https://henrychong.com/letters/basicland/WARNING: This is not a true story.Sun, 17 Mar 2019 05:45:07 GMTceo-letterhttps://henrychong.com/letters/digital-humans/https://henrychong.com/letters/digital-humans/How do you know if the person you follow online is real?Sun, 24 Feb 2019 07:00:00 GMTceo-letterhttps://henrychong.com/letters/predicting-the-future/https://henrychong.com/letters/predicting-the-future/In a world of constant and accelerating change, how do you predict the future?Sun, 27 Jan 2019 01:00:00 GMTceo-letterhttps://henrychong.com/letters/ghosts-of-christmas/https://henrychong.com/letters/ghosts-of-christmas/What will this year mean to you?Sun, 16 Dec 2018 11:29:04 GMTceo-letterhttps://henrychong.com/letters/why-you-shouldn-t-watch-the-news/https://henrychong.com/letters/why-you-shouldn-t-watch-the-news/Why the news is ruining your brain, relationships, and health.Sun, 18 Nov 2018 09:13:55 GMTceo-letterhttps://henrychong.com/letters/how-likely-is-likely/https://henrychong.com/letters/how-likely-is-likely/Sherman Kent, originally a Yale University history professor, spent 17 years in the CIA during World War II and the Cold War-era, where he pioneered…Sun, 21 Oct 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-only-moment-we-were-alone/https://henrychong.com/letters/the-only-moment-we-were-alone/Read this before taking photos on your next vacation.Sun, 16 Sep 2018 01:33:28 GMTceo-letterhttps://henrychong.com/letters/fusang-q2-2018/https://henrychong.com/letters/fusang-q2-2018/It's been an exciting second quarter of the year here at Fusang. In addition to managing our ongoing investments, we have been engaged in many exciting…Sun, 19 Aug 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/now-faith-is-the-substance-of-things-hoped-for-the-evidence-of-things-not-seen/https://henrychong.com/letters/now-faith-is-the-substance-of-things-hoped-for-the-evidence-of-things-not-seen/It's been over a year now of these Sunday Letters (this was the first one). You can view the archive of past letters here. At Fusang we've been working…Sun, 05 Aug 2018 03:15:00 GMTceo-letterhttps://henrychong.com/letters/mustard-iphones-rich-people/https://henrychong.com/letters/mustard-iphones-rich-people/How to predict if someone is wealthy.Sun, 29 Jul 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/risks-billionaires-hedge-against/https://henrychong.com/letters/risks-billionaires-hedge-against/Here's an infographic showing the 5 biggest market risks billionaires are hedging against. What do you hedge against? What keeps you up at night? Hit…Sun, 22 Jul 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-lonely-mountain/https://henrychong.com/letters/the-lonely-mountain/Over the past few weeks I've written about the challenges facing the blockchain industry, the market potential during a gold rush, the current digital…Sun, 15 Jul 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/token-classification-framework/https://henrychong.com/letters/token-classification-framework/In the past few weeks I've written about the challenges facing the blockchain industry, the market potential during a gold rush, and the current digital…Sun, 08 Jul 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-digital-asset-revolution/https://henrychong.com/letters/the-digital-asset-revolution/Blockchain technology has taken the world by storm. Discussions of cryptocurrencies play constantly on Bloomberg and CNBC. But is it all hype? What are…Sun, 01 Jul 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-best-way-to-get-rich-during-the-california-gold-rush/https://henrychong.com/letters/the-best-way-to-get-rich-during-the-california-gold-rush/[](https://content.henrychong.com/letters/the-best-way-to-get-rich-during-the-california-gold-rush/c50789e9-8e77-4133-9174-bb14f9cb8ed6.jpg) California Gold…Sun, 24 Jun 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/sec-chairman-on-investing-cryptocurrencies/https://henrychong.com/letters/sec-chairman-on-investing-cryptocurrencies/The US SEC Chairman has finally made definitive statements on cryptocurrencies.Sun, 17 Jun 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/investment-fallacies-risk/https://henrychong.com/letters/investment-fallacies-risk/What does risk really mean? What is the ultimate risk?Sun, 10 Jun 2018 01:32:07 GMTceo-letterhttps://henrychong.com/letters/investment-fallacies-volatility/https://henrychong.com/letters/investment-fallacies-volatility/Everyone today is talking about Volatility. But what does it really mean?Sun, 03 Jun 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-earth-is-not-a-cold-dead-place/https://henrychong.com/letters/the-earth-is-not-a-cold-dead-place/Too often we see the Earth either up close at street level, or as a flat Google Maps image. But by taking satellite photos of the Earth at an angle, we…Sun, 27 May 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/messaging-apps/https://henrychong.com/letters/messaging-apps/[](https://content.henrychong.com/letters/messaging-apps/3abe4a8a-e7c6-4d72-890c-451c4de31ef4.png) xkcd: Preferred Chat System Messaging has been to the…Sun, 20 May 2018 08:33:49 GMTceo-letterhttps://henrychong.com/letters/just-what-is-a-blockchain-fork/https://henrychong.com/letters/just-what-is-a-blockchain-fork/Here is a simple video explanationSun, 13 May 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/why-your-password-is-all-wrong/https://henrychong.com/letters/why-your-password-is-all-wrong/The most important and useful thing you'll read today.Sun, 06 May 2018 04:00:00 GMTceo-letterhttps://henrychong.com/letters/fusang-q1-2018/https://henrychong.com/letters/fusang-q1-2018/It's been an exciting first quarter of the year here at Fusang. In addition to managing our ongoing investments, we have been engaged in many exciting…Sun, 29 Apr 2018 05:45:53 GMTceo-letterhttps://henrychong.com/letters/wifi/https://henrychong.com/letters/wifi/[](https://content.henrychong.com/letters/wifi/8970be29-dc40-4b3a-a512-73a8ba3cde69.png) xkcd: WiFi WiFi is something we all use everyday. Much like the…Sun, 22 Apr 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-unicorn-hedge/https://henrychong.com/letters/the-unicorn-hedge/Should all incumbent companies be trying to buy out their disruptive competitors?Sun, 15 Apr 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-birth-and-death-of-the-day/https://henrychong.com/letters/the-birth-and-death-of-the-day/Why do some civilisations persist, and others crumble?Sun, 08 Apr 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/guns-germs-and-steel/https://henrychong.com/letters/guns-germs-and-steel/[](https://www.amazon.com/Guns-Germs-Steel-Fates-Societies/dp/0393317552) Guns, Germs, and Steel, by Jared Diamond (1997), is a seminal book on…Sun, 01 Apr 2018 07:43:36 GMTceo-letterhttps://henrychong.com/letters/public-private-key-encryption/https://henrychong.com/letters/public-private-key-encryption/The most important technology you've never heard about.Sun, 25 Mar 2018 09:19:40 GMTceo-letterhttps://henrychong.com/letters/bitcoin-ethereum-network-statistics/https://henrychong.com/letters/bitcoin-ethereum-network-statistics/"Money is a consensus hallucination, a bubble that never pops." – Naval Ravikant One of the fundamental features of Bitcoin, like many cryptocurrencies…Sun, 18 Mar 2018 01:44:06 GMTceo-letterhttps://henrychong.com/letters/investment-fallacies-liquidity-liquidity-and-not-a-drop-to-drink/https://henrychong.com/letters/investment-fallacies-liquidity-liquidity-and-not-a-drop-to-drink/"There's too much liquidity in this market" is a refrain we hear all the time. But what does that really mean?Sun, 11 Mar 2018 04:58:30 GMTceo-letterhttps://henrychong.com/letters/can-t-we-just-listen-to-the-silence/https://henrychong.com/letters/can-t-we-just-listen-to-the-silence/Teenagers today are less likely than ever to use drugs or alcohol. Perhaps they are simply far more responsible than previous generations. Or perhaps it…Sun, 04 Mar 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/how-the-economic-machine-works/https://henrychong.com/letters/how-the-economic-machine-works/From the largest hedge fund in the world.Sun, 25 Feb 2018 07:07:31 GMTceo-letterhttps://henrychong.com/letters/investment-fallacies-dividends-buybacks/https://henrychong.com/letters/investment-fallacies-dividends-buybacks/A continuation of my series on Investment Fallacies. Many stock analysts debate as to whether a company should use its cash reserves to issue a…Sun, 18 Feb 2018 11:00:34 GMTceo-letterhttps://henrychong.com/letters/eye-for-an-eye/https://henrychong.com/letters/eye-for-an-eye/"If a man destroy the eye of another man, they shall destroy his eye. If one break a man's bone, they shall break his bone." – Law #196, Code of Hammurabi Dear…Sun, 11 Feb 2018 05:22:12 GMTceo-letterhttps://henrychong.com/letters/fusang-q4-2017/https://henrychong.com/letters/fusang-q4-2017/2017 is now officially in the books! Thank you so much for all the support you have given us over this last year. Our team has grown rapidly to 14…Sun, 04 Feb 2018 02:28:15 GMTceo-letterhttps://henrychong.com/letters/but-then-what-is-blockchain/https://henrychong.com/letters/but-then-what-is-blockchain/Last week I wrote about Bitcoin, but many people are interested in the underlying mechanisms with which it works: Blockchain.Sun, 28 Jan 2018 09:43:36 GMTceo-letterhttps://henrychong.com/letters/ever-wondered-how-bitcoin-actually-works/https://henrychong.com/letters/ever-wondered-how-bitcoin-actually-works/Bitcoin has gone absolutely berserk. Notwithstanding the recent pullback, its price has increased parabolically, increasing by approximately 300% in…Sun, 21 Jan 2018 05:36:34 GMTceo-letterhttps://henrychong.com/letters/amateurs-vs-professionals/https://henrychong.com/letters/amateurs-vs-professionals/What is the difference in mindset between Amateurs and Professionals?Sun, 14 Jan 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/earthquakes/https://henrychong.com/letters/earthquakes/"If a financial crisis comes every 5 to 7 years, why are people always so surprised when it happens?" – Jamie Dimon's Daughter No one likes losing money…Sun, 07 Jan 2018 01:00:00 GMTceo-letterhttps://henrychong.com/letters/perspective/https://henrychong.com/letters/perspective/I took this picture at Ta Prohm, in Cambodia: the "Tomb Raider" temple. It's of a filthy, scummy pond, filled with detritus and debris. It stunk. But…Sun, 31 Dec 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/happy-holidays-from-fusang/https://henrychong.com/letters/happy-holidays-from-fusang/[](https://content.henrychong.com/letters/happy-holidays-from-fusang/24803b53-6c3a-41dd-b398-28ddd0a19a15.png) Whatever is beautiful. Whatever is…Sun, 24 Dec 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/investment-fallacies-bonds-ladders/https://henrychong.com/letters/investment-fallacies-bonds-ladders/Many people like bonds because they will eventually "mature" and you can get your principal back. How relevant is this?Sun, 17 Dec 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/how-to-predict-everything/https://henrychong.com/letters/how-to-predict-everything/[](https://content.henrychong.com/letters/how-to-predict-everything/df447ee6-db4e-4af2-a508-de652361e2d2.jpeg) The Copernican Planisphere, illustrated in 1661…Sun, 10 Dec 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/what-if-everything-happens-for-you-not-to-you/https://henrychong.com/letters/what-if-everything-happens-for-you-not-to-you/One of the most powerful videos I've ever watched.Sun, 03 Dec 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/a-tale-of-two-economies/https://henrychong.com/letters/a-tale-of-two-economies/Economic numbers appear fantastic, but they are based on averages. There has been a great divergence within the US economy.Sun, 26 Nov 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/fusang-q3-2017/https://henrychong.com/letters/fusang-q3-2017/How time flies! It's now been 1 year since we launched the Fusang Global Alpha and Fusang Income portfolios. I'm proud to report that both portfolios…Sun, 19 Nov 2017 04:22:53 GMTceo-letterhttps://henrychong.com/letters/explosions-in-the-sky/https://henrychong.com/letters/explosions-in-the-sky/Everywhere we turn, imminent dangers seem to loom in the world. And yet volatility looks like it is on life support. Why?Sun, 12 Nov 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/list-of-regulators-who-have-publically-commented-on-icos/https://henrychong.com/letters/list-of-regulators-who-have-publically-commented-on-icos/Cryptocurrencies are a hot topic now. Initial Coin Offerings (ICOs) are the sale of a new token, in much the same way that an Initial Public Offering…Sun, 05 Nov 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/white-smoke/https://henrychong.com/letters/white-smoke/Leaders run our countries. So how do we pick our leaders?Sun, 29 Oct 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/turning-lead-into-gold/https://henrychong.com/letters/turning-lead-into-gold/Innovation, in hindsight, often seems obvious. But at the time it is rarely clear which of the things we are working on will prove fruitful.Sun, 22 Oct 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/when-breath-becomes-air/https://henrychong.com/letters/when-breath-becomes-air/Paul Kalanithi spent his life as a doctor exploring death and the human condition. And then he was diagnosed with terminal cancer.Sun, 15 Oct 2017 02:01:04 GMTceo-letterhttps://henrychong.com/letters/power-punching/https://henrychong.com/letters/power-punching/What can knockout punching in boxing teach us about strategy and life?Sun, 08 Oct 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/have-you-passed-through-this-night-stranger/https://henrychong.com/letters/have-you-passed-through-this-night-stranger/Political and humanitarian crisis about everywhere we look. And yet they all seem strangely familiar.Sun, 01 Oct 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/run-from-what-s-comfortable/https://henrychong.com/letters/run-from-what-s-comfortable/How can you 10x your thinking, to create something that will have an impact in 100 years?Sun, 24 Sep 2017 02:18:32 GMTceo-letterhttps://henrychong.com/letters/what-great-thing-would-you-attempt-if-you-knew-you-could-not-fail/https://henrychong.com/letters/what-great-thing-would-you-attempt-if-you-knew-you-could-not-fail/I have one simple question for you today: let me know your answers. [](https://content.henrychong…Sun, 17 Sep 2017 01:10:41 GMTceo-letterhttps://henrychong.com/letters/innovation-innovation/https://henrychong.com/letters/innovation-innovation/Innovation is a buzzword echoing around boardrooms and classrooms alike. But why are we so bad at it?Sun, 10 Sep 2017 02:00:26 GMTceo-letterhttps://henrychong.com/letters/the-enemy-of-my-customer-is-my-friend/https://henrychong.com/letters/the-enemy-of-my-customer-is-my-friend/Just why are some businesses so bad at customer service? What happens when a business makes customers "the enemy"?Sun, 03 Sep 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/get-comfortable-with-the-uncomfortable/https://henrychong.com/letters/get-comfortable-with-the-uncomfortable/When we are are no longer able to change a situation - we are challenged to change ourselves. This week a guest post from Anja Chong.Sun, 27 Aug 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/6-reasons-warren-buffett-will-buy-your-company/https://henrychong.com/letters/6-reasons-warren-buffett-will-buy-your-company/If you’re interested in selling your business to Warren Buffett, here are 6 criteria you must meet.Sun, 20 Aug 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/three-surprising-ways-language-affects-net-worth/https://henrychong.com/letters/three-surprising-ways-language-affects-net-worth/Subtle changes in word choice can help promote rational financial decision making.Sun, 13 Aug 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/drive-it-like-you-stole-it/https://henrychong.com/letters/drive-it-like-you-stole-it/Anbang is today China's second biggest insurance company. Just 12 years ago, it was a small provincial car insurance company. How did it rise?Sun, 06 Aug 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/my-kind-of-contract/https://henrychong.com/letters/my-kind-of-contract/I came across this contract the other day. Food for thought.Sun, 30 Jul 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/fear-greed/https://henrychong.com/letters/fear-greed/"Bulls make money. Bears make money. Pigs? They get slaughtered." – Gordon Gecko, Wall Street Fear and Greed are two of the most powerful human emotions…Sun, 23 Jul 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/crisis-opportunity/https://henrychong.com/letters/crisis-opportunity/In the Fall of 1914, World War I was in full swing. French General Ferdinand Foch was selected to lead the newly formed Ninth Army. Only a week after…Sun, 16 Jul 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/the-obstacle-is-the-way/https://henrychong.com/letters/the-obstacle-is-the-way/Marcus Aurelius, born in 121 AD, was known as the last of the Roman "Five Good Emperors". He presided over a period of peace and prosperity, but his…Sun, 09 Jul 2017 01:00:00 GMTceo-letterhttps://henrychong.com/letters/welcome-letter/https://henrychong.com/letters/welcome-letter/"No reason to get excited The thief he kindly spoke There are many here among us Who feel that life is but a joke But you and I, we've been through that And…Thu, 06 Jul 2017 01:00:00 GMTceo-letter